BWX vs. JEPI
BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) and JEPI (JPMorgan Equity Premium Income ETF) are both exchange-traded funds - BWX is a International Government Bonds fund tracking the Bloomberg Global Treasury x US Capped (Inception 8/31/2007), while JEPI is a Dividend fund actively managed by JPMorgan. BWX is passively managed, while JEPI is actively managed. Over the past 5 years, BWX returned -4.15%/yr vs 7.65%/yr for JEPI. At a 0.25 correlation, their price movements are largely independent. Both charge a 0.35% expense ratio.
Performance
BWX vs. JEPI - Performance Comparison
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Returns By Period
In the year-to-date period, BWX achieves a -1.42% return, which is significantly lower than JEPI's 1.89% return.
BWX
- 1D
- 0.27%
- 1M
- 1.08%
- YTD
- -1.42%
- 6M
- -1.46%
- 1Y
- -2.80%
- 3Y*
- 1.02%
- 5Y*
- -4.15%
- 10Y*
- -1.31%
JEPI
- 1D
- 0.59%
- 1M
- 1.56%
- YTD
- 1.89%
- 6M
- 1.70%
- 1Y
- 8.98%
- 3Y*
- 9.19%
- 5Y*
- 7.65%
- 10Y*
- —
BWX vs. JEPI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | -1.42% | 7.67% | -5.93% | 5.10% | -19.72% | -8.67% | 11.30% |
JEPI JPMorgan Equity Premium Income ETF | 1.89% | 8.09% | 12.57% | 9.83% | -3.49% | 21.52% | 18.39% |
Correlation
The correlation between BWX and JEPI is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since May 21, 2020 | 0.25 |
The correlation between BWX and JEPI shifts across timeframes, from 0.25 (3 years) to 0.37 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
BWX vs. JEPI — Risk / Return Rank
BWX
JEPI
BWX vs. JEPI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) and JPMorgan Equity Premium Income ETF (JEPI). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| BWX | JEPI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.50 | ||
| Sortino ratioReturn per unit of downside risk | -2.16 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.21 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.46 | 1.35 | -1.81 |
| Martin ratioReturn relative to average drawdown | -0.90 | 4.09 | -4.98 |
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Drawdowns
BWX vs. JEPI - Drawdown Comparison
The maximum BWX drawdown since its inception was -34.05%, which is greater than JEPI's maximum drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for BWX and JEPI.
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Drawdown Indicators
| BWX | JEPI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.05% | -13.71% | -20.34% |
Max Drawdown (1Y)Largest decline over 1 year | -6.16% | -6.68% | +0.52% |
Max Drawdown (3Y)Largest decline over 3 years | -10.22% | -13.26% | +3.04% |
Max Drawdown (5Y)Largest decline over 5 years | -30.78% | -13.71% | -17.07% |
Max Drawdown (10Y)Largest decline over 10 years | -34.05% | — | — |
Current DrawdownCurrent decline from peak | -23.60% | -3.18% | -20.42% |
Average DrawdownAverage peak-to-trough decline | -10.07% | -2.13% | -7.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.13% | 2.20% | +0.93% |
Volatility
BWX vs. JEPI - Volatility Comparison
SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) has a higher volatility of 2.49% compared to JPMorgan Equity Premium Income ETF (JEPI) at 2.12%. This indicates that BWX's price experiences larger fluctuations and is considered to be riskier than JEPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BWX | JEPI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.49% | 2.12% | +0.37% |
Volatility (6M)Calculated over the trailing 6-month period | 5.92% | 6.23% | -0.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.66% | 8.01% | -0.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.70% | 11.08% | -1.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.67% | 10.79% | -2.12% |
BWX vs. JEPI - Expense Ratio Comparison
Both BWX and JEPI have an expense ratio of 0.35%.
Dividends
BWX vs. JEPI - Dividend Comparison
BWX's dividend yield for the trailing twelve months is around 2.36%, less than JEPI's 8.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | 2.36% | 2.19% | 1.99% | 1.63% | 1.23% | 0.93% | 0.95% | 1.16% | 1.07% | 0.46% |
JEPI JPMorgan Equity Premium Income ETF | 8.13% | 8.25% | 7.33% | 8.40% | 11.68% | 6.59% | 5.79% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BWX and JEPI have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BWX has higher volatility (2.49%) compared to JEPI (2.12%). In terms of maximum drawdown, BWX dropped -34.05% vs JEPI's -13.71%.
On 5-year performance, JEPI leads with 7.65% vs -4.15% for BWX. Both ETFs have the same 0.35% expense ratio. On volatility, JEPI has been the lower-risk option at 2.12%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, JEPI has performed better with a 7.65% return vs -4.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BWX and JEPI have the same expense ratio: 0.35% per year.
JEPI has the higher dividend yield at 8.13%, compared with 2.36% for BWX.
BWX is categorized as International Government Bonds, while JEPI is Dividend. They also come from different issuers: State Street and JPMorgan.
JEPI currently has the higher Sharpe Ratio (1.13 vs -0.37), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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