CVY vs. JEPI
CVY (Invesco Zacks Multi-Asset Income ETF) and JEPI (JPMorgan Equity Premium Income ETF) are both exchange-traded funds - CVY is a Diversified Portfolio fund tracking the Zacks Multi-Asset Income Index, while JEPI is a Dividend fund actively managed by JPMorgan. CVY is passively managed, while JEPI is actively managed. Over the past 5 years, CVY returned 7.49%/yr vs 7.45%/yr for JEPI. A 0.64 correlation means they provide meaningful diversification when combined. CVY charges 1.21%/yr vs 0.35%/yr for JEPI.
Performance
CVY vs. JEPI - Performance Comparison
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Returns By Period
In the year-to-date period, CVY achieves a 10.45% return, which is significantly higher than JEPI's 1.29% return.
CVY
- 1D
- 0.94%
- 1M
- 3.26%
- YTD
- 10.45%
- 6M
- 9.84%
- 1Y
- 18.64%
- 3Y*
- 15.39%
- 5Y*
- 7.49%
- 10Y*
- 8.96%
JEPI
- 1D
- 0.43%
- 1M
- 0.97%
- YTD
- 1.29%
- 6M
- 1.18%
- 1Y
- 8.34%
- 3Y*
- 9.13%
- 5Y*
- 7.45%
- 10Y*
- —
CVY vs. JEPI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
CVY Invesco Zacks Multi-Asset Income ETF | 10.45% | 11.00% | 10.28% | 17.87% | -9.27% | 25.31% | 32.14% |
JEPI JPMorgan Equity Premium Income ETF | 1.29% | 8.09% | 12.57% | 9.83% | -3.49% | 21.52% | 18.39% |
Correlation
The correlation between CVY and JEPI is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since May 21, 2020 | 0.64 |
The correlation between CVY and JEPI has been stable across timeframes, ranging from 0.64 to 0.70 - a consistent structural relationship.
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Return for Risk
CVY vs. JEPI — Risk / Return Rank
CVY
JEPI
CVY vs. JEPI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Zacks Multi-Asset Income ETF (CVY) 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.
| CVY | JEPI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.70 | ||
| Sortino ratioReturn per unit of downside risk | +0.99 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.17 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.46 | 1.14 | +1.32 |
| Martin ratioReturn relative to average drawdown | 8.22 | 3.46 | +4.76 |
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Drawdowns
CVY vs. JEPI - Drawdown Comparison
The maximum CVY drawdown since its inception was -66.86%, which is greater than JEPI's maximum drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for CVY and JEPI.
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Drawdown Indicators
| CVY | JEPI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.86% | -13.71% | -53.15% |
Max Drawdown (1Y)Largest decline over 1 year | -7.43% | -6.68% | -0.75% |
Max Drawdown (3Y)Largest decline over 3 years | -16.79% | -13.26% | -3.53% |
Max Drawdown (5Y)Largest decline over 5 years | -21.58% | -13.71% | -7.87% |
Max Drawdown (10Y)Largest decline over 10 years | -50.47% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -3.75% | +3.75% |
Average DrawdownAverage peak-to-trough decline | -10.40% | -2.13% | -8.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.21% | 2.20% | +0.01% |
Volatility
CVY vs. JEPI - Volatility Comparison
Invesco Zacks Multi-Asset Income ETF (CVY) has a higher volatility of 3.13% compared to JPMorgan Equity Premium Income ETF (JEPI) at 2.05%. This indicates that CVY'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
| CVY | JEPI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.13% | 2.05% | +1.08% |
Volatility (6M)Calculated over the trailing 6-month period | 7.89% | 6.23% | +1.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.04% | 8.02% | +3.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.22% | 11.08% | +5.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.55% | 10.79% | +8.76% |
CVY vs. JEPI - Expense Ratio Comparison
CVY has a 1.21% expense ratio, which is higher than JEPI's 0.35% expense ratio.
Dividends
CVY vs. JEPI - Dividend Comparison
CVY's dividend yield for the trailing twelve months is around 3.65%, less than JEPI's 8.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CVY Invesco Zacks Multi-Asset Income ETF | 3.65% | 3.99% | 4.07% | 4.41% | 5.18% | 2.37% | 3.40% | 3.22% | 4.44% | 3.94% | 4.50% | 5.89% |
JEPI JPMorgan Equity Premium Income ETF | 8.18% | 8.25% | 7.33% | 8.40% | 11.68% | 6.59% | 5.79% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CVY and JEPI have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CVY has higher volatility (3.13%) compared to JEPI (2.05%). In terms of maximum drawdown, CVY dropped -66.86% vs JEPI's -13.71%.
On 5-year performance, CVY leads with 7.49% vs 7.45% for JEPI. On fees, JEPI is cheaper at 0.35% per year. On volatility, JEPI has been the lower-risk option at 2.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, CVY has performed better with a 7.49% return vs 7.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JEPI is cheaper with a 0.35% expense ratio, compared with 1.21% for CVY.
JEPI has the higher dividend yield at 8.18%, compared with 3.65% for CVY.
CVY is categorized as Diversified Portfolio, while JEPI is Dividend. They also come from different issuers: Invesco and JPMorgan. Their fees differ too: 1.21% for CVY and 0.35% for JEPI.
CVY currently has the higher Sharpe Ratio (1.65 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.
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