FDGFX vs. JEPI

Last updated Jun 4, 2026

FDGFX (Fidelity Dividend Growth Fund) and JEPI (JPMorgan Equity Premium Income ETF) are both funds - FDGFX is a Large Cap Value Equities fund managed by Fidelity, while JEPI is a Dividend fund actively managed by JPMorgan. Over the past 5 years, FDGFX returned 16.05%/yr vs 7.26%/yr for JEPI. A 0.74 correlation means they provide meaningful diversification when combined. FDGFX charges 0.48%/yr vs 0.35%/yr for JEPI.

Performance

FDGFX vs. JEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Dividend Growth Fund (FDGFX) 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, FDGFX achieves a 17.51% return, which is significantly higher than JEPI's 0.15% return.

FDGFX

• 1D: -0.08%
• 1M: 5.10%
• YTD: 17.51%
• 6M: 19.03%
• 1Y: 39.07%
• 3Y*: 27.43%
• 5Y*: 16.05%
• 10Y*: 14.19%

JEPI

• 1D: 0.14%
• 1M: -1.54%
• YTD: 0.15%
• 6M: 0.47%
• 1Y: 7.70%
• 3Y*: 8.88%
• 5Y*: 7.26%
• 10Y*: —

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

FDGFX vs. JEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FDGFX Fidelity Dividend Growth Fund	17.51%	22.48%	27.58%	17.86%	-11.61%	27.96%	30.08%
JEPI JPMorgan Equity Premium Income ETF	0.15%	8.09%	12.57%	9.83%	-3.49%	21.52%	18.61%

Correlation

The correlation between FDGFX and JEPI is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (All Time) Calculated using the full available price history since May 22, 2020	0.74

The correlation between FDGFX and JEPI shifts across timeframes, from 0.56 (1 year) to 0.76 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FDGFX vs. JEPI — Risk / Return Rank

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

FDGFX

FDGFX Risk / Return Rank: 86
FDGFX Sharpe Ratio Rank: 90
FDGFX Sortino Ratio Rank: 84
FDGFX Omega Ratio Rank: 81
FDGFX Calmar Ratio Rank: 84
FDGFX Martin Ratio Rank: 89

JEPI

JEPI Risk / Return Rank: 26
JEPI Sharpe Ratio Rank: 27
JEPI Sortino Ratio Rank: 26
JEPI Omega Ratio Rank: 26
JEPI Calmar Ratio Rank: 24
JEPI Martin Ratio Rank: 26

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.

FDGFX vs. JEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Dividend Growth Fund (FDGFX) 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.

	FDGFX	JEPI	Difference
Sharpe ratio: Return per unit of total volatility	2.98	0.99	+2.00
Sortino ratio: Return per unit of downside risk	3.97	1.47	+2.50
Omega ratio: Gain probability vs. loss probability	1.53	1.18	+0.35
Calmar ratio: Return relative to maximum drawdown	3.96	1.16	+2.80
Martin ratio: Return relative to average drawdown	17.79	3.73	+14.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FDGFX vs. JEPI - Sharpe Ratio Comparison

The current FDGFX Sharpe Ratio is 2.98, which is higher than the JEPI Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of FDGFX 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.

Sharpe Ratios by Period

	FDGFX	JEPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.98	0.99	+2.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.97	0.66	+0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.74	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	1.01	-0.48

Drawdowns

FDGFX vs. JEPI - Drawdown Comparison

The maximum FDGFX drawdown since its inception was -60.77%, which is greater than JEPI's maximum drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for FDGFX and JEPI.

Drawdown Indicators

	FDGFX	JEPI	Difference
Max Drawdown Largest peak-to-trough decline	-60.77%	-13.71%	-47.06%
Max Drawdown (1Y) Largest decline over 1 year	-10.16%	-6.68%	-3.48%
Max Drawdown (3Y) Largest decline over 3 years	-21.37%	-13.26%	-8.11%
Max Drawdown (5Y) Largest decline over 5 years	-21.37%	-13.71%	-7.66%
Max Drawdown (10Y) Largest decline over 10 years	-41.29%	—	—
Current Drawdown Current decline from peak	-0.08%	-4.83%	+4.75%
Average Drawdown Average peak-to-trough decline	-7.52%	-2.12%	-5.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.26%	2.07%	+0.19%

Volatility

FDGFX vs. JEPI - Volatility Comparison

Fidelity Dividend Growth Fund (FDGFX) has a higher volatility of 4.03% compared to JPMorgan Equity Premium Income ETF (JEPI) at 1.35%. This indicates that FDGFX'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.

Volatility by Period

	FDGFX	JEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.03%	1.35%	+2.68%
Volatility (6M) Calculated over the trailing 6-month period	10.59%	6.07%	+4.52%
Volatility (1Y) Calculated over the trailing 1-year period	13.48%	7.85%	+5.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.59%	11.06%	+5.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.22%	10.80%	+8.42%

FDGFX vs. JEPI - Expense Ratio Comparison

FDGFX has a 0.48% expense ratio, which is higher than JEPI's 0.35% expense ratio.

Dividends

FDGFX vs. JEPI - Dividend Comparison

FDGFX's dividend yield for the trailing twelve months is around 8.12%, less than JEPI's 8.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDGFX Fidelity Dividend Growth Fund	8.12%	9.35%	9.81%	3.48%	11.46%	7.81%	1.89%	4.84%	22.93%	15.35%	1.58%	8.44%
JEPI JPMorgan Equity Premium Income ETF	8.27%	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

Can I hold both FDGFX and JEPI in my portfolio?

FDGFX and JEPI have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDGFX or JEPI?

FDGFX has higher volatility (4.03%) compared to JEPI (1.35%). In terms of maximum drawdown, FDGFX dropped -60.77% vs JEPI's -13.71%.

Which has better risk-adjusted returns?

FDGFX currently has the higher Sharpe Ratio (2.98 vs 0.99), 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.