FDGDX vs. JEPAX

Last updated Jun 4, 2026

FDGDX (Fidelity Advisor 529 Dividend Growth Portfolio Class D) and JEPAX (JPMorgan Equity Premium Income Fund Class A) are both mutual funds - FDGDX is a Dividend fund actively managed by Fidelity, while JEPAX is a Derivative Income fund managed by JPMorgan. Over the past 5 years, FDGDX returned 15.00%/yr vs 6.81%/yr for JEPAX. A 0.65 correlation means they provide meaningful diversification when combined.

Performance

FDGDX vs. JEPAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor 529 Dividend Growth Portfolio Class D (FDGDX) and JPMorgan Equity Premium Income Fund Class A (JEPAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FDGDX achieves a 17.18% return, which is significantly higher than JEPAX's -0.01% return.

FDGDX

• 1D: -0.05%
• 1M: 5.05%
• YTD: 17.18%
• 6M: 18.60%
• 1Y: 38.09%
• 3Y*: 26.37%
• 5Y*: 15.00%
• 10Y*: —

JEPAX

• 1D: 0.07%
• 1M: -1.25%
• YTD: -0.01%
• 6M: 0.34%
• 1Y: 7.32%
• 3Y*: 8.40%
• 5Y*: 6.81%
• 10Y*: —

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

FDGDX vs. JEPAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FDGDX Fidelity Advisor 529 Dividend Growth Portfolio Class D	17.18%	21.56%	26.30%	16.72%	-12.54%	27.06%	1.32%	14.96%
JEPAX JPMorgan Equity Premium Income Fund Class A	-0.01%	7.55%	12.07%	9.42%	-4.05%	19.13%	5.75%	7.45%

Correlation

The correlation between FDGDX and JEPAX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (All Time) Calculated using the full available price history since Mar 29, 2019	0.65

Over the past year, the correlation between FDGDX and JEPAX has dropped to 0.40 - well below their long-term average of 0.65, suggesting their price drivers have been diverging.

Return for Risk

FDGDX vs. JEPAX — Risk / Return Rank

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

FDGDX

FDGDX Risk / Return Rank: 88
FDGDX Sharpe Ratio Rank: 92
FDGDX Sortino Ratio Rank: 87
FDGDX Omega Ratio Rank: 84
FDGDX Calmar Ratio Rank: 87
FDGDX Martin Ratio Rank: 91

JEPAX

JEPAX Risk / Return Rank: 11
JEPAX Sharpe Ratio Rank: 11
JEPAX Sortino Ratio Rank: 12
JEPAX Omega Ratio Rank: 11
JEPAX Calmar Ratio Rank: 11
JEPAX Martin Ratio Rank: 11

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.

FDGDX vs. JEPAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor 529 Dividend Growth Portfolio Class D (FDGDX) and JPMorgan Equity Premium Income Fund Class A (JEPAX). 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.

	FDGDX	JEPAX	Difference
Sharpe ratio: Return per unit of total volatility	3.16	0.86	+2.30
Sortino ratio: Return per unit of downside risk	4.25	1.35	+2.91
Omega ratio: Gain probability vs. loss probability	1.57	1.16	+0.41
Calmar ratio: Return relative to maximum drawdown	4.30	0.99	+3.31
Martin ratio: Return relative to average drawdown	18.64	3.23	+15.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FDGDX vs. JEPAX - Sharpe Ratio Comparison

The current FDGDX Sharpe Ratio is 3.16, which is higher than the JEPAX Sharpe Ratio of 0.86. The chart below compares the historical Sharpe Ratios of FDGDX and JEPAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FDGDX	JEPAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.16	0.86	+2.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.91	0.60	+0.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.71	0.52	+0.19

Drawdowns

FDGDX vs. JEPAX - Drawdown Comparison

The maximum FDGDX drawdown since its inception was -38.44%, which is greater than JEPAX's maximum drawdown of -32.69%. Use the drawdown chart below to compare losses from any high point for FDGDX and JEPAX.

Drawdown Indicators

	FDGDX	JEPAX	Difference
Max Drawdown Largest peak-to-trough decline	-38.44%	-32.69%	-5.75%
Max Drawdown (1Y) Largest decline over 1 year	-10.23%	-7.41%	-2.82%
Max Drawdown (3Y) Largest decline over 3 years	-21.70%	-13.43%	-8.27%
Max Drawdown (5Y) Largest decline over 5 years	-21.70%	-13.74%	-7.96%
Current Drawdown Current decline from peak	-0.05%	-5.08%	+5.03%
Average Drawdown Average peak-to-trough decline	-5.43%	-3.08%	-2.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.25%	2.27%	-0.02%

Volatility

FDGDX vs. JEPAX - Volatility Comparison

Fidelity Advisor 529 Dividend Growth Portfolio Class D (FDGDX) has a higher volatility of 3.66% compared to JPMorgan Equity Premium Income Fund Class A (JEPAX) at 1.51%. This indicates that FDGDX's price experiences larger fluctuations and is considered to be riskier than JEPAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FDGDX	JEPAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.66%	1.51%	+2.15%
Volatility (6M) Calculated over the trailing 6-month period	11.14%	6.81%	+4.33%
Volatility (1Y) Calculated over the trailing 1-year period	13.92%	8.60%	+5.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.06%	11.48%	+5.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.40%	14.92%	+4.48%

Dividends

FDGDX vs. JEPAX - Dividend Comparison

FDGDX has not paid dividends to shareholders, while JEPAX's dividend yield for the trailing twelve months is around 7.90%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FDGDX Fidelity Advisor 529 Dividend Growth Portfolio Class D	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
JEPAX JPMorgan Equity Premium Income Fund Class A	7.90%	7.88%	6.95%	8.19%	11.98%	5.96%	11.35%	5.61%

Frequently Asked Questions

Can I hold both FDGDX and JEPAX in my portfolio?

FDGDX and JEPAX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDGDX or JEPAX?

FDGDX has higher volatility (3.66%) compared to JEPAX (1.51%). In terms of maximum drawdown, FDGDX dropped -38.44% vs JEPAX's -32.69%.

Which has better risk-adjusted returns?

FDGDX currently has the higher Sharpe Ratio (3.16 vs 0.86), 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.