FCEF vs. JEPI
FCEF (First Trust CEF Income Opportunity ETF) and JEPI (JPMorgan Equity Premium Income ETF) are both exchange-traded funds - FCEF is a Diversified Portfolio fund actively managed by First Trust, while JEPI is a Dividend fund actively managed by JPMorgan. Both are actively managed. Over the past 5 years, FCEF returned 5.67%/yr vs 7.31%/yr for JEPI. A 0.69 correlation means they provide meaningful diversification when combined. FCEF charges 2.91%/yr vs 0.35%/yr for JEPI.
Performance
FCEF vs. JEPI - Performance Comparison
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Returns By Period
In the year-to-date period, FCEF achieves a 6.36% return, which is significantly higher than JEPI's 0.91% return.
FCEF
- 1D
- -0.25%
- 1M
- 0.08%
- YTD
- 6.36%
- 6M
- 7.05%
- 1Y
- 15.24%
- 3Y*
- 15.43%
- 5Y*
- 5.67%
- 10Y*
- —
JEPI
- 1D
- -0.43%
- 1M
- -0.19%
- YTD
- 0.91%
- 6M
- 0.64%
- 1Y
- 7.76%
- 3Y*
- 8.98%
- 5Y*
- 7.31%
- 10Y*
- —
FCEF vs. JEPI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
FCEF First Trust CEF Income Opportunity ETF | 6.36% | 14.39% | 17.51% | 10.27% | -19.51% | 19.50% | 30.22% |
JEPI JPMorgan Equity Premium Income ETF | 0.91% | 8.09% | 12.57% | 9.83% | -3.49% | 21.52% | 18.39% |
Correlation
The correlation between FCEF and JEPI is 0.63, 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 | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since May 21, 2020 | 0.69 |
The correlation between FCEF and JEPI has been stable across timeframes, ranging from 0.63 to 0.69 - a consistent structural relationship.
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Return for Risk
FCEF vs. JEPI — Risk / Return Rank
FCEF
JEPI
FCEF vs. JEPI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust CEF Income Opportunity ETF (FCEF) 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.
| FCEF | JEPI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.99 | ||
| Sortino ratioReturn per unit of downside risk | +1.28 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.18 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 2.18 | 1.17 | +1.01 |
| Martin ratioReturn relative to average drawdown | 9.66 | 3.44 | +6.21 |
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Drawdowns
FCEF vs. JEPI - Drawdown Comparison
The maximum FCEF drawdown since its inception was -44.81%, which is greater than JEPI's maximum drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for FCEF and JEPI.
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Drawdown Indicators
| FCEF | JEPI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.81% | -13.71% | -31.10% |
Max Drawdown (1Y)Largest decline over 1 year | -7.03% | -6.68% | -0.35% |
Max Drawdown (3Y)Largest decline over 3 years | -12.39% | -13.26% | +0.87% |
Max Drawdown (5Y)Largest decline over 5 years | -25.32% | -13.71% | -11.61% |
Current DrawdownCurrent decline from peak | -1.17% | -4.11% | +2.94% |
Average DrawdownAverage peak-to-trough decline | -6.25% | -2.13% | -4.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.58% | 2.26% | -0.68% |
Volatility
FCEF vs. JEPI - Volatility Comparison
First Trust CEF Income Opportunity ETF (FCEF) and JPMorgan Equity Premium Income ETF (JEPI) have volatilities of 2.31% and 2.38%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FCEF | JEPI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.31% | 2.38% | -0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 6.37% | 6.29% | +0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.81% | 8.03% | -0.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.20% | 11.08% | +1.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.39% | 10.78% | +4.61% |
FCEF vs. JEPI - Expense Ratio Comparison
FCEF has a 2.91% expense ratio, which is higher than JEPI's 0.35% expense ratio.
Dividends
FCEF vs. JEPI - Dividend Comparison
FCEF's dividend yield for the trailing twelve months is around 6.91%, less than JEPI's 8.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
FCEF First Trust CEF Income Opportunity ETF | 6.91% | 7.05% | 7.13% | 7.17% | 7.26% | 4.74% | 5.03% | 5.07% | 5.96% | 4.90% | 1.51% |
JEPI JPMorgan Equity Premium Income ETF | 8.21% | 8.25% | 7.33% | 8.40% | 11.68% | 6.59% | 5.79% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FCEF and JEPI have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JEPI has higher volatility (2.38%) compared to FCEF (2.31%). In terms of maximum drawdown, FCEF dropped -44.81% vs JEPI's -13.71%.
On 5-year performance, JEPI leads with 7.31% vs 5.67% for FCEF. On fees, JEPI is cheaper at 0.35% per year. Their volatility is very similar. 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 7.31% return vs 5.67%. 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 2.91% for FCEF.
JEPI has the higher dividend yield at 8.21%, compared with 6.91% for FCEF.
FCEF is categorized as Diversified Portfolio, while JEPI is Dividend. They also come from different issuers: First Trust and JPMorgan. Their fees differ too: 2.91% for FCEF and 0.35% for JEPI.
FCEF currently has the higher Sharpe Ratio (1.97 vs 0.97), 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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