CEPI vs. JELM

Last updated Aug 5, 2026

CEPI (REX Crypto Equity Premium Income ETF) and JELM (Janus Henderson Equity Linked Moderate Income ETF) are both Derivative Income funds. Both are actively managed. Their -0.16 correlation means they have often moved in opposite directions in the past. CEPI charges 0.85%/yr vs 0.59%/yr for JELM.

Performance

CEPI vs. JELM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in REX Crypto Equity Premium Income ETF (CEPI) and Janus Henderson Equity Linked Moderate Income ETF (JELM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CEPI

• 1D: 1.25%
• 1M: 2.09%
• 6M: 17.67%
• YTD: 18.92%
• 1Y: 21.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.94%

JELM

• 1D: 0.20%
• 1M: 1.29%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CEPI REX Crypto Equity Premium Income ETF	$1.24M	$1.26M	$1.60M
JELM Janus Henderson Equity Linked Moderate Income ETF	$199.95K	$786.17K	$963.17K

CEPI vs. JELM - Yearly Performance Comparison

	2026 (YTD)
CEPI REX Crypto Equity Premium Income ETF	10.24%
JELM Janus Henderson Equity Linked Moderate Income ETF	2.35%

Correlation

The correlation between CEPI and JELM is -0.16, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 22, 2026	-0.16

Return for Risk

CEPI vs. JELM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CEPI

CEPI Risk / Return Rank: 28
CEPI Sharpe Ratio Rank: 28
CEPI Sortino Ratio Rank: 29
CEPI Omega Ratio Rank: 28
CEPI Calmar Ratio Rank: 28
CEPI Martin Ratio Rank: 26

JELM

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CEPI vs. JELM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for REX Crypto Equity Premium Income ETF (CEPI) and Janus Henderson Equity Linked Moderate Income ETF (JELM). 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.

	CEPI	JELM	Difference
Sharpe ratio: Return per unit of total volatility	0.74	—	—
Sortino ratio: Return per unit of downside risk	1.18	—	—
Omega ratio: Gain probability vs. loss probability	1.15	—	—
Calmar ratio: Return relative to maximum drawdown	0.96	—	—
Martin ratio: Return relative to average drawdown	2.24	—	—

Drawdowns

CEPI vs. JELM - Drawdown Comparison

The maximum CEPI drawdown since its inception was -29.48%, which is greater than JELM's maximum drawdown of -0.69%. Use the drawdown chart below to compare losses from any high point for CEPI and JELM.

Drawdown Indicators

	CEPI	JELM	Difference
Max Drawdown Largest peak-to-trough decline	-29.48%	-0.69%	-28.79%
Max Drawdown (1Y) Largest decline over 1 year	-22.47%	—	—
Current Drawdown Current decline from peak	-4.56%	-0.25%	-4.31%
Average Drawdown Average peak-to-trough decline	-8.22%	-0.21%	-8.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.65%	—	—

Volatility

Volatility by Period

	CEPI	JELM	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.17%	—	—
Volatility (6M) Calculated over the trailing 6-month period	23.73%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	29.34%	3.69%	+25.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.88%	3.69%	+28.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.88%	3.69%	+28.19%

CEPI vs. JELM - Expense Ratio Comparison

CEPI has a 0.85% expense ratio, which is higher than JELM's 0.59% expense ratio.

Dividends

CEPI vs. JELM - Dividend Comparison

CEPI's dividend yield for the trailing twelve months is around 44.15%, more than JELM's 1.21% yield.

Position	TTM	2025
CEPI REX Crypto Equity Premium Income ETF	44.15%	50.78%
JELM Janus Henderson Equity Linked Moderate Income ETF	1.21%	0.00%

Frequently Asked Questions

Can I hold both CEPI and JELM in my portfolio?

CEPI and JELM have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CEPI or JELM?

On fees, JELM is cheaper at 0.59% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CEPI or JELM?

JELM is cheaper with a 0.59% expense ratio, compared with 0.85% for CEPI.

Which ETF pays a higher dividend yield, CEPI or JELM?

CEPI has the higher dividend yield at 44.15%, compared with 1.21% for JELM.

What is the main difference between CEPI and JELM?

They also come from different issuers: REX and Janus Henderson. Their fees differ too: 0.85% for CEPI and 0.59% for JELM.