FDVV vs. JEPI

Last updated Jun 9, 2026

FDVV (Fidelity High Dividend ETF) and JEPI (JPMorgan Equity Premium Income ETF) are both exchange-traded funds - FDVV is a Large Cap Blend Equities fund tracking the Fidelity Core Dividend Index, while JEPI is a Dividend fund actively managed by JPMorgan. FDVV is passively managed, while JEPI is actively managed. Over the past 5 years, FDVV returned 13.25%/yr vs 7.28%/yr for JEPI. A 0.79 correlation means they provide meaningful diversification when combined. FDVV charges 0.29%/yr vs 0.35%/yr for JEPI.

Performance

FDVV vs. JEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity High Dividend ETF (FDVV) 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, FDVV achieves a 7.59% return, which is significantly higher than JEPI's 0.04% return.

FDVV

• 1D: -0.21%
• 1M: 1.68%
• YTD: 7.59%
• 6M: 7.85%
• 1Y: 22.32%
• 3Y*: 19.56%
• 5Y*: 13.25%
• 10Y*: —

JEPI

• 1D: -0.31%
• 1M: -0.40%
• YTD: 0.04%
• 6M: 0.91%
• 1Y: 7.03%
• 3Y*: 8.80%
• 5Y*: 7.28%
• 10Y*: —

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

FDVV vs. JEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FDVV Fidelity High Dividend ETF	7.59%	17.08%	21.81%	18.00%	-4.21%	29.24%	28.58%
JEPI JPMorgan Equity Premium Income ETF	0.04%	8.09%	12.57%	9.83%	-3.49%	21.52%	18.61%

Correlation

The correlation between FDVV and JEPI is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since May 22, 2020	0.79

The correlation between FDVV and JEPI has been stable across timeframes, ranging from 0.74 to 0.81 - a consistent structural relationship.

FDVV vs. JEPI - Sectors Allocation Comparison

Sectors	FDVV	JEPI
Technology	29.1%	19.1%
Financial Services	17.0%	9.8%
Consumer Cyclical	13.6%	11.7%
Consumer Defensive	11.0%	9.6%
Real Estate	10.1%	3.5%
Utilities	8.7%	6.2%
Communication Services	3.7%	6.9%
Industrials	3.4%	13.8%
Healthcare	3.1%	14.1%
Basic Materials	-	1.9%
Energy	-	3.5%

Return for Risk

FDVV vs. JEPI — Risk / Return Rank

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

FDVV

FDVV Risk / Return Rank: 69
FDVV Sharpe Ratio Rank: 77
FDVV Sortino Ratio Rank: 78
FDVV Omega Ratio Rank: 77
FDVV Calmar Ratio Rank: 54
FDVV Martin Ratio Rank: 61

JEPI

JEPI Risk / Return Rank: 26
JEPI Sharpe Ratio Rank: 27
JEPI Sortino Ratio Rank: 27
JEPI Omega Ratio Rank: 27
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.

FDVV vs. JEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity High Dividend ETF (FDVV) 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.

	FDVV	JEPI	Difference
Sharpe ratio: Return per unit of total volatility	2.23	0.90	+1.33
Sortino ratio: Return per unit of downside risk	3.12	1.35	+1.77
Omega ratio: Gain probability vs. loss probability	1.41	1.17	+0.25
Calmar ratio: Return relative to maximum drawdown	2.41	1.06	+1.36
Martin ratio: Return relative to average drawdown	10.00	3.31	+6.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FDVV vs. JEPI - Sharpe Ratio Comparison

The current FDVV Sharpe Ratio is 2.23, which is higher than the JEPI Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of FDVV 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

	FDVV	JEPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.23	0.90	+1.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.90	0.66	+0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	1.01	-0.22

Drawdowns

FDVV vs. JEPI - Drawdown Comparison

The maximum FDVV drawdown since its inception was -40.25%, which is greater than JEPI's maximum drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for FDVV and JEPI.

Drawdown Indicators

	FDVV	JEPI	Difference
Max Drawdown Largest peak-to-trough decline	-40.25%	-13.71%	-26.54%
Max Drawdown (1Y) Largest decline over 1 year	-9.30%	-6.68%	-2.62%
Max Drawdown (3Y) Largest decline over 3 years	-15.90%	-13.26%	-2.64%
Max Drawdown (5Y) Largest decline over 5 years	-20.18%	-13.71%	-6.47%
Current Drawdown Current decline from peak	-1.85%	-4.93%	+3.08%
Average Drawdown Average peak-to-trough decline	-3.80%	-2.12%	-1.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	2.13%	+0.11%

Volatility

FDVV vs. JEPI - Volatility Comparison

Fidelity High Dividend ETF (FDVV) has a higher volatility of 2.96% compared to JPMorgan Equity Premium Income ETF (JEPI) at 1.48%. This indicates that FDVV'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

	FDVV	JEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.96%	1.48%	+1.48%
Volatility (6M) Calculated over the trailing 6-month period	8.08%	6.09%	+1.99%
Volatility (1Y) Calculated over the trailing 1-year period	10.07%	7.89%	+2.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.75%	11.06%	+3.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.99%	10.79%	+6.20%

FDVV vs. JEPI - Expense Ratio Comparison

FDVV has a 0.29% expense ratio, which is lower than JEPI's 0.35% expense ratio.

Dividends

FDVV vs. JEPI - Dividend Comparison

FDVV's dividend yield for the trailing twelve months is around 2.74%, less than JEPI's 8.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FDVV Fidelity High Dividend ETF	2.74%	2.89%	2.94%	3.77%	3.44%	2.70%	3.19%	3.93%	4.05%	3.66%	1.04%
JEPI JPMorgan Equity Premium Income ETF	8.28%	8.25%	7.33%	8.40%	11.68%	6.59%	5.79%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FDVV and JEPI in my portfolio?

FDVV and JEPI have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDVV or JEPI?

FDVV has higher volatility (2.96%) compared to JEPI (1.48%). In terms of maximum drawdown, FDVV dropped -40.25% vs JEPI's -13.71%.

Which ETF is better, FDVV or JEPI?

On 5-year performance, FDVV leads with 13.25% vs 7.28% for JEPI. On fees, FDVV is cheaper at 0.29% per year. On volatility, JEPI has been the lower-risk option at 1.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDVV or JEPI?

Over the 5-year period, FDVV has performed better with a 13.25% return vs 7.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDVV or JEPI?

FDVV is cheaper with a 0.29% expense ratio, compared with 0.35% for JEPI.

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

JEPI has the higher dividend yield at 8.28%, compared with 2.74% for FDVV.

What is the main difference between FDVV and JEPI?

FDVV is categorized as Large Cap Blend Equities, while JEPI is Dividend. They also come from different issuers: Fidelity and JPMorgan. Their fees differ too: 0.29% for FDVV and 0.35% for JEPI.

Which has better risk-adjusted returns?

FDVV currently has the higher Sharpe Ratio (2.23 vs 0.90), 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.