CLOA vs. JEPI

Last updated Jun 14, 2026

CLOA (BlackRock AAA CLO ETF) and JEPI (JPMorgan Equity Premium Income ETF) are both exchange-traded funds - CLOA is a CLO fund actively managed by BlackRock, while JEPI is a Dividend fund actively managed by JPMorgan. Both are actively managed. Over the past 3 years, CLOA returned 6.62%/yr vs 9.13%/yr for JEPI. At a 0.11 correlation, their price movements are largely independent. CLOA charges 0.20%/yr vs 0.35%/yr for JEPI.

Performance

CLOA vs. JEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock AAA CLO ETF (CLOA) and JPMorgan Equity Premium Income ETF (JEPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CLOA achieves a 2.15% return, which is significantly higher than JEPI's 1.29% return.

CLOA

• 1D: 0.02%
• 1M: 0.30%
• YTD: 2.15%
• 6M: 2.54%
• 1Y: 5.12%
• 3Y*: 6.62%
• 5Y*: —
• 10Y*: —

JEPI

• 1D: 0.43%
• 1M: 0.97%
• YTD: 1.29%
• 6M: 1.18%
• 1Y: 8.34%
• 3Y*: 9.13%
• 5Y*: 7.45%
• 10Y*: —

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

CLOA vs. JEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CLOA BlackRock AAA CLO ETF	2.15%	5.44%	7.25%	8.38%
JEPI JPMorgan Equity Premium Income ETF	1.29%	8.09%	12.57%	7.83%

Correlation

The correlation between CLOA and JEPI is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (All Time) Calculated using the full available price history since Jan 12, 2023	0.11

Return for Risk

CLOA vs. JEPI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CLOA

CLOA Risk / Return Rank: 99
CLOA Sharpe Ratio Rank: 99
CLOA Sortino Ratio Rank: 99
CLOA Omega Ratio Rank: 99
CLOA Calmar Ratio Rank: 99
CLOA Martin Ratio Rank: 99

JEPI

JEPI Risk / Return Rank: 28
JEPI Sharpe Ratio Rank: 30
JEPI Sortino Ratio Rank: 29
JEPI Omega Ratio Rank: 28
JEPI Calmar Ratio Rank: 27
JEPI Martin Ratio Rank: 28

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CLOA vs. JEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock AAA CLO ETF (CLOA) 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.

	CLOA	JEPI	Difference
Sharpe ratio: Return per unit of total volatility	7.39	0.95	+6.44
Sortino ratio: Return per unit of downside risk	13.73	1.42	+12.31
Omega ratio: Gain probability vs. loss probability	3.33	1.17	+2.15
Calmar ratio: Return relative to maximum drawdown	29.15	1.14	+28.01
Martin ratio: Return relative to average drawdown	145.81	3.46	+142.35

CLOA vs. JEPI - Sharpe Ratio Comparison

The current CLOA Sharpe Ratio is 7.39, which is higher than the JEPI Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of CLOA and JEPI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CLOA vs. JEPI - Drawdown Comparison

The maximum CLOA drawdown since its inception was -1.34%, smaller than the maximum JEPI drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for CLOA and JEPI.

Drawdown Indicators

	CLOA	JEPI	Difference
Max Drawdown Largest peak-to-trough decline	-1.34%	-13.71%	+12.37%
Max Drawdown (1Y) Largest decline over 1 year	-0.18%	-6.68%	+6.50%
Max Drawdown (3Y) Largest decline over 3 years	-1.13%	-13.26%	+12.13%
Max Drawdown (5Y) Largest decline over 5 years	—	-13.71%	—
Current Drawdown Current decline from peak	0.00%	-3.75%	+3.75%
Average Drawdown Average peak-to-trough decline	-0.05%	-2.13%	+2.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.04%	2.20%	-2.16%

Volatility

CLOA vs. JEPI - Volatility Comparison

The current volatility for BlackRock AAA CLO ETF (CLOA) is 0.13%, while JPMorgan Equity Premium Income ETF (JEPI) has a volatility of 2.05%. This indicates that CLOA experiences smaller price fluctuations and is considered to be less risky than JEPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CLOA	JEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.13%	2.05%	-1.92%
Volatility (6M) Calculated over the trailing 6-month period	0.48%	6.23%	-5.75%
Volatility (1Y) Calculated over the trailing 1-year period	0.70%	8.02%	-7.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.31%	11.08%	-9.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.31%	10.79%	-9.48%

CLOA vs. JEPI - Expense Ratio Comparison

CLOA has a 0.20% expense ratio, which is lower than JEPI's 0.35% expense ratio.

Dividends

CLOA vs. JEPI - Dividend Comparison

CLOA's dividend yield for the trailing twelve months is around 4.95%, less than JEPI's 8.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
CLOA BlackRock AAA CLO ETF	4.95%	5.35%	6.01%	5.88%	0.00%	0.00%	0.00%
JEPI JPMorgan Equity Premium Income ETF	8.18%	8.25%	7.33%	8.40%	11.68%	6.59%	5.79%

Frequently Asked Questions

Can I hold both CLOA and JEPI in my portfolio?

CLOA and JEPI have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CLOA or JEPI?

JEPI has higher volatility (2.05%) compared to CLOA (0.13%). In terms of maximum drawdown, CLOA dropped -1.34% vs JEPI's -13.71%.

Which ETF is better, CLOA or JEPI?

On 3-year performance, JEPI leads with 9.13% vs 6.62% for CLOA. On fees, CLOA is cheaper at 0.20% per year. On volatility, CLOA has been the lower-risk option at 0.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CLOA or JEPI?

Over the 3-year period, JEPI has performed better with a 9.13% return vs 6.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CLOA or JEPI?

CLOA is cheaper with a 0.20% expense ratio, compared with 0.35% for JEPI.

Which ETF pays a higher dividend yield, CLOA or JEPI?

JEPI has the higher dividend yield at 8.18%, compared with 4.95% for CLOA.

What is the main difference between CLOA and JEPI?

CLOA is categorized as CLO, while JEPI is Dividend. They also come from different issuers: BlackRock and JPMorgan. Their fees differ too: 0.20% for CLOA and 0.35% for JEPI.

Which has better risk-adjusted returns?

CLOA currently has the higher Sharpe Ratio (7.39 vs 0.95), 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.