EPRF vs. JEPI

Last updated Jun 23, 2026

EPRF (Innovator S&P High Quality Preferred ETF) and JEPI (JPMorgan Equity Premium Income ETF) are both exchange-traded funds - EPRF is a Preferred Stock/Convertible Bonds fund tracking the S&P U.S. High Quality Preferred Stock Index, while JEPI is a Dividend fund actively managed by JPMorgan. EPRF is passively managed, while JEPI is actively managed. Over the past 5 years, EPRF returned -2.09%/yr vs 7.51%/yr for JEPI. At a 0.47 correlation, their price movements are largely independent. EPRF charges 0.47%/yr vs 0.35%/yr for JEPI.

Performance

EPRF vs. JEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator S&P High Quality Preferred ETF (EPRF) 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, EPRF achieves a -2.56% return, which is significantly lower than JEPI's 1.34% return.

EPRF

• 1D: -1.18%
• 1M: -0.37%
• YTD: -2.56%
• 6M: -3.27%
• 1Y: 1.59%
• 3Y*: 3.00%
• 5Y*: -2.09%
• 10Y*: —

JEPI

• 1D: -0.05%
• 1M: 0.23%
• YTD: 1.34%
• 6M: 1.18%
• 1Y: 8.97%
• 3Y*: 9.13%
• 5Y*: 7.51%
• 10Y*: —

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

EPRF vs. JEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
EPRF Innovator S&P High Quality Preferred ETF	-2.56%	2.69%	3.46%	9.43%	-20.68%	1.37%	10.04%
JEPI JPMorgan Equity Premium Income ETF	1.34%	8.09%	12.57%	9.83%	-3.49%	21.52%	18.39%

Correlation

The correlation between EPRF and JEPI is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (All Time) Calculated using the full available price history since May 21, 2020	0.47

Return for Risk

EPRF vs. JEPI — Risk / Return Rank

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

EPRF

EPRF Risk / Return Rank: 10
EPRF Sharpe Ratio Rank: 11
EPRF Sortino Ratio Rank: 10
EPRF Omega Ratio Rank: 10
EPRF Calmar Ratio Rank: 10
EPRF Martin Ratio Rank: 10

JEPI

JEPI Risk / Return Rank: 30
JEPI Sharpe Ratio Rank: 32
JEPI Sortino Ratio Rank: 32
JEPI Omega Ratio Rank: 31
JEPI Calmar Ratio Rank: 28
JEPI Martin Ratio Rank: 30

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.

EPRF vs. JEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator S&P High Quality Preferred ETF (EPRF) 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.

	EPRF	JEPI	Difference
Sharpe ratio: Return per unit of total volatility	0.21	1.12	-0.91
Sortino ratio: Return per unit of downside risk	0.35	1.66	-1.32
Omega ratio: Gain probability vs. loss probability	1.04	1.21	-0.17
Calmar ratio: Return relative to maximum drawdown	0.19	1.35	-1.16
Martin ratio: Return relative to average drawdown	0.38	4.00	-3.63

EPRF vs. JEPI - Sharpe Ratio Comparison

The current EPRF Sharpe Ratio is 0.21, which is lower than the JEPI Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of EPRF 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

EPRF vs. JEPI - Drawdown Comparison

The maximum EPRF drawdown since its inception was -26.82%, which is greater than JEPI's maximum drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for EPRF and JEPI.

Drawdown Indicators

	EPRF	JEPI	Difference
Max Drawdown Largest peak-to-trough decline	-26.82%	-13.71%	-13.11%
Max Drawdown (1Y) Largest decline over 1 year	-8.59%	-6.68%	-1.91%
Max Drawdown (3Y) Largest decline over 3 years	-12.29%	-13.26%	+0.97%
Max Drawdown (5Y) Largest decline over 5 years	-25.23%	-13.71%	-11.52%
Current Drawdown Current decline from peak	-11.22%	-3.69%	-7.53%
Average Drawdown Average peak-to-trough decline	-7.39%	-2.13%	-5.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.24%	2.24%	+2.00%

Volatility

EPRF vs. JEPI - Volatility Comparison

The current volatility for Innovator S&P High Quality Preferred ETF (EPRF) is 2.08%, while JPMorgan Equity Premium Income ETF (JEPI) has a volatility of 2.35%. This indicates that EPRF 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

	EPRF	JEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.08%	2.35%	-0.27%
Volatility (6M) Calculated over the trailing 6-month period	5.47%	6.28%	-0.81%
Volatility (1Y) Calculated over the trailing 1-year period	7.63%	8.04%	-0.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.83%	11.08%	+0.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.46%	10.79%	+2.67%

EPRF vs. JEPI - Expense Ratio Comparison

EPRF has a 0.47% expense ratio, which is higher than JEPI's 0.35% expense ratio.

Dividends

EPRF vs. JEPI - Dividend Comparison

EPRF's dividend yield for the trailing twelve months is around 6.19%, less than JEPI's 8.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
EPRF Innovator S&P High Quality Preferred ETF	6.19%	6.03%	6.13%	5.71%	5.67%	4.70%	4.92%	5.01%	5.27%	2.59%
JEPI JPMorgan Equity Premium Income ETF	8.17%	8.25%	7.33%	8.40%	11.68%	6.59%	5.79%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EPRF and JEPI in my portfolio?

EPRF and JEPI have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EPRF or JEPI?

JEPI has higher volatility (2.35%) compared to EPRF (2.08%). In terms of maximum drawdown, EPRF dropped -26.82% vs JEPI's -13.71%.

Which ETF is better, EPRF or JEPI?

On 5-year performance, JEPI leads with 7.51% vs -2.09% for EPRF. On fees, JEPI is cheaper at 0.35% per year. On volatility, EPRF has been the lower-risk option at 2.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EPRF or JEPI?

Over the 5-year period, JEPI has performed better with a 7.51% return vs -2.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EPRF or JEPI?

JEPI is cheaper with a 0.35% expense ratio, compared with 0.47% for EPRF.

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

JEPI has the higher dividend yield at 8.17%, compared with 6.19% for EPRF.

What is the main difference between EPRF and JEPI?

EPRF is categorized as Preferred Stock/Convertible Bonds, while JEPI is Dividend. They also come from different issuers: Innovator and JPMorgan. Their fees differ too: 0.47% for EPRF and 0.35% for JEPI.

Which has better risk-adjusted returns?

JEPI currently has the higher Sharpe Ratio (1.12 vs 0.21), 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.