FDL vs. JEPI

Last updated Aug 2, 2026

FDL (First Trust Morningstar Dividend Leaders Index Fund) and JEPI (JPMorgan Equity Premium Income ETF) are both exchange-traded funds - FDL is a Large Cap Value Equities fund tracking the Morningstar Dividend Leaders Index, while JEPI is a Dividend fund actively managed by JPMorgan. FDL is passively managed, while JEPI is actively managed. Over the past 5 years, FDL returned 13.98%/yr vs 7.40%/yr for JEPI. Their 0.68 correlation means they have sometimes moved together and sometimes differently. FDL charges 0.43%/yr vs 0.35%/yr for JEPI.

Performance

FDL vs. JEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Morningstar Dividend Leaders Index Fund (FDL) 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, FDL achieves a 18.16% return, which is significantly higher than JEPI's 4.52% return.

FDL

• 1D: 0.02%
• 1M: 3.27%
• 6M: 9.50%
• YTD: 18.16%
• 1Y: 27.65%
• 3Y*: 18.28%
• 5Y*: 13.98%
• 10Y*: 11.09%
• ALL TIME*: 8.94%

JEPI

• 1D: 0.33%
• 1M: 1.27%
• 6M: 2.16%
• YTD: 4.52%
• 1Y: 11.16%
• 3Y*: 9.21%
• 5Y*: 7.40%
• 10Y*: —
• ALL TIME*: 11.29%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FDL First Trust Morningstar Dividend Leaders Index Fund	$52.24M	$50.06M	$42.95M
JEPI JPMorgan Equity Premium Income ETF	$260.98M	$260.42M	$297.70M

FDL vs. JEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FDL First Trust Morningstar Dividend Leaders Index Fund	18.16%	14.79%	17.98%	2.94%	6.66%	26.10%	24.29%
JEPI JPMorgan Equity Premium Income ETF	4.52%	8.09%	12.57%	9.83%	-3.49%	21.52%	18.39%

Correlation

The correlation between FDL and JEPI is 0.52, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.52
Correlation (3Y) Balances recent behavior with more history.	0.64
Correlation (5Y) Shows whether the relationship held over a longer period.	0.70
Correlation (All Time) Calculated using the full available price history since May 21, 2020	0.68

The correlation between FDL and JEPI shifts across timeframes, from 0.52 (1 year) to 0.70 (5 years), reflecting how their relationship changes across market environments.

FDL vs. JEPI - Sectors Allocation Comparison

Sectors	FDL	JEPI
Consumer Defensive	24.3%	7.7%
Utilities	15.4%	4.9%
Financial Services	13.7%	8.9%
Healthcare	11.7%	12.9%
Communication Services	11.2%	6.1%
Energy	11.1%	2.6%
Consumer Cyclical	4.4%	9.8%
Technology	4.3%	15.4%
Industrials	3.6%	11.2%
Basic Materials	0.4%	1.6%
Real Estate	-	2.6%

Return for Risk

FDL vs. JEPI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FDL

FDL Risk / Return Rank: 92
FDL Sharpe Ratio Rank: 90
FDL Sortino Ratio Rank: 92
FDL Omega Ratio Rank: 88
FDL Calmar Ratio Rank: 96
FDL Martin Ratio Rank: 91

JEPI

JEPI Risk / Return Rank: 48
JEPI Sharpe Ratio Rank: 52
JEPI Sortino Ratio Rank: 53
JEPI Omega Ratio Rank: 52
JEPI Calmar Ratio Rank: 43
JEPI Martin Ratio Rank: 41

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FDL vs. JEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Morningstar Dividend Leaders Index Fund (FDL) 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.

	FDL	JEPI	Difference
Sharpe ratio: Return per unit of total volatility	2.26	1.25	+1.01
Sortino ratio: Return per unit of downside risk	3.41	1.85	+1.57
Omega ratio: Gain probability vs. loss probability	1.39	1.23	+0.16
Calmar ratio: Return relative to maximum drawdown	6.29	1.52	+4.76
Martin ratio: Return relative to average drawdown	14.86	4.32	+10.54

FDL vs. JEPI - Sharpe Ratio Comparison

The current FDL Sharpe Ratio is 2.26, which is higher than the JEPI Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of FDL 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

FDL vs. JEPI - Drawdown Comparison

The maximum FDL drawdown since its inception was -65.93%, which is greater than JEPI's maximum drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for FDL and JEPI.

Drawdown Indicators

	FDL	JEPI	Difference
Max Drawdown Largest peak-to-trough decline	-65.93%	-13.71%	-52.22%
Max Drawdown (1Y) Largest decline over 1 year	-4.27%	-6.68%	+2.41%
Max Drawdown (3Y) Largest decline over 3 years	-12.24%	-13.26%	+1.02%
Max Drawdown (5Y) Largest decline over 5 years	-16.46%	-13.71%	-2.75%
Max Drawdown (10Y) Largest decline over 10 years	-41.40%	—	—
Current Drawdown Current decline from peak	-1.96%	-0.68%	-1.28%
Average Drawdown Average peak-to-trough decline	-9.59%	-2.13%	-7.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.81%	2.36%	-0.55%

Volatility

FDL vs. JEPI - Volatility Comparison

First Trust Morningstar Dividend Leaders Index Fund (FDL) has a higher volatility of 4.96% compared to JPMorgan Equity Premium Income ETF (JEPI) at 2.38%. This indicates that FDL'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

	FDL	JEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.96%	2.38%	+2.58%
Volatility (6M) Calculated over the trailing 6-month period	8.97%	6.37%	+2.60%
Volatility (1Y) Calculated over the trailing 1-year period	11.95%	8.15%	+3.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.44%	11.10%	+3.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.16%	10.73%	+6.43%

FDL vs. JEPI - Expense Ratio Comparison

FDL has a 0.43% expense ratio, which is higher than JEPI's 0.35% expense ratio.

Dividends

FDL vs. JEPI - Dividend Comparison

FDL's dividend yield for the trailing twelve months is around 3.59%, less than JEPI's 7.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FDL First Trust Morningstar Dividend Leaders Index Fund	3.59%	4.04%	4.96%	4.58%	3.58%	4.59%	4.48%	3.75%	3.97%	3.18%	2.93%	3.65%
JEPI JPMorgan Equity Premium Income ETF	7.34%	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 FDL and JEPI in my portfolio?

FDL and JEPI have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDL or JEPI?

FDL has higher volatility (4.96%) compared to JEPI (2.38%). In terms of maximum drawdown, FDL dropped -65.93% vs JEPI's -13.71%.

Which ETF is better, FDL or JEPI?

On 5-year performance, FDL leads with 13.98% vs 7.40% for JEPI. On fees, JEPI is cheaper at 0.35% per year. On volatility, JEPI has been the lower-risk option at 2.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDL or JEPI?

Over the 5-year period, FDL has performed better with a 13.98% return vs 7.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDL or JEPI?

JEPI is cheaper with a 0.35% expense ratio, compared with 0.43% for FDL.

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

JEPI has the higher dividend yield at 7.34%, compared with 3.59% for FDL.

What is the main difference between FDL and JEPI?

FDL is categorized as Large Cap Value Equities, while JEPI is Dividend. They also come from different issuers: First Trust and JPMorgan. Their fees differ too: 0.43% for FDL and 0.35% for JEPI.

Which has better risk-adjusted returns?

FDL currently has the higher Sharpe Ratio (2.26 vs 1.25), 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.