FMIL vs. JEPI

Last updated Aug 4, 2026

FMIL (Fidelity New Millennium ETF) and JEPI (JPMorgan Equity Premium Income ETF) are both exchange-traded funds - FMIL is a Large Cap Blend Equities fund actively managed by Fidelity, while JEPI is a Dividend fund actively managed by JPMorgan. Both are actively managed. Over the past 5 years, FMIL returned 16.98%/yr vs 7.50%/yr for JEPI. Their 0.71 correlation means they have sometimes moved together and sometimes differently. FMIL charges 0.59%/yr vs 0.35%/yr for JEPI.

Performance

FMIL vs. JEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity New Millennium ETF (FMIL) 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, FMIL achieves a 12.63% return, which is significantly higher than JEPI's 5.04% return.

FMIL

• 1D: 1.80%
• 1M: 2.12%
• 6M: 9.47%
• YTD: 12.63%
• 1Y: 22.64%
• 3Y*: 22.09%
• 5Y*: 16.98%
• 10Y*: —
• ALL TIME*: 20.49%

JEPI

• 1D: 0.50%
• 1M: 1.78%
• 6M: 2.32%
• YTD: 5.04%
• 1Y: 11.72%
• 3Y*: 9.69%
• 5Y*: 7.50%
• 10Y*: —
• ALL TIME*: 11.36%

*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)
FMIL Fidelity New Millennium ETF	$6.28M	$5.36M	$5.21M
JEPI JPMorgan Equity Premium Income ETF	$264.83M	$261.34M	$294.89M

FMIL vs. JEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FMIL Fidelity New Millennium ETF	12.63%	17.67%	27.89%	25.07%	-0.04%	24.53%	19.50%
JEPI JPMorgan Equity Premium Income ETF	5.04%	8.09%	12.57%	9.83%	-3.49%	21.52%	15.15%

Correlation

The correlation between FMIL and JEPI is 0.57, 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.	0.57
Correlation (3Y) Balances recent behavior with more history.	0.69
Correlation (5Y) Shows whether the relationship held over a longer period.	0.73
Correlation (All Time) Calculated using the full available price history since Jun 4, 2020	0.71

The correlation between FMIL and JEPI shifts across timeframes, from 0.57 (1 year) to 0.73 (5 years), reflecting how their relationship changes across market environments.

FMIL vs. JEPI - Sectors Allocation Comparison

Sectors	FMIL	JEPI
Technology	31.3%	15.4%
Financial Services	12.3%	8.9%
Industrials	11.8%	11.2%
Communication Services	10.3%	6.1%
Consumer Cyclical	10.1%	9.8%
Healthcare	8.9%	12.9%
Energy	4.6%	2.6%
Consumer Defensive	4.0%	7.7%
Basic Materials	2.1%	1.6%
Utilities	1.4%	4.9%
Real Estate	1.1%	2.6%

Return for Risk

FMIL vs. JEPI — Risk / Return Rank

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

FMIL

FMIL Risk / Return Rank: 68
FMIL Sharpe Ratio Rank: 69
FMIL Sortino Ratio Rank: 68
FMIL Omega Ratio Rank: 67
FMIL Calmar Ratio Rank: 63
FMIL Martin Ratio Rank: 76

JEPI

JEPI Risk / Return Rank: 56
JEPI Sharpe Ratio Rank: 61
JEPI Sortino Ratio Rank: 63
JEPI Omega Ratio Rank: 62
JEPI Calmar Ratio Rank: 48
JEPI Martin Ratio Rank: 44

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.

FMIL vs. JEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity New Millennium ETF (FMIL) 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.

	FMIL	JEPI	Difference
Sharpe ratio: Return per unit of total volatility	1.65	1.46	+0.19
Sortino ratio: Return per unit of downside risk	2.30	2.14	+0.17
Omega ratio: Gain probability vs. loss probability	1.29	1.27	+0.02
Calmar ratio: Return relative to maximum drawdown	2.28	1.76	+0.52
Martin ratio: Return relative to average drawdown	9.91	4.99	+4.92

FMIL vs. JEPI - Sharpe Ratio Comparison

The current FMIL Sharpe Ratio is 1.65, which is comparable to the JEPI Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of FMIL 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

FMIL vs. JEPI - Drawdown Comparison

The maximum FMIL drawdown since its inception was -19.72%, which is greater than JEPI's maximum drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for FMIL and JEPI.

Drawdown Indicators

	FMIL	JEPI	Difference
Max Drawdown Largest peak-to-trough decline	-19.72%	-13.71%	-6.01%
Max Drawdown (1Y) Largest decline over 1 year	-9.98%	-6.68%	-3.30%
Max Drawdown (3Y) Largest decline over 3 years	-19.72%	-13.26%	-6.46%
Max Drawdown (5Y) Largest decline over 5 years	-19.72%	-13.71%	-6.01%
Current Drawdown Current decline from peak	0.00%	-0.18%	+0.18%
Average Drawdown Average peak-to-trough decline	-2.95%	-2.13%	-0.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.29%	2.35%	-0.06%

Volatility

FMIL vs. JEPI - Volatility Comparison

Fidelity New Millennium ETF (FMIL) has a higher volatility of 4.00% compared to JPMorgan Equity Premium Income ETF (JEPI) at 2.21%. This indicates that FMIL'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

	FMIL	JEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.00%	2.21%	+1.79%
Volatility (6M) Calculated over the trailing 6-month period	11.07%	6.39%	+4.68%
Volatility (1Y) Calculated over the trailing 1-year period	13.84%	8.10%	+5.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.94%	11.11%	+5.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.61%	10.73%	+6.88%

FMIL vs. JEPI - Expense Ratio Comparison

FMIL has a 0.59% expense ratio, which is higher than JEPI's 0.35% expense ratio.

Dividends

FMIL vs. JEPI - Dividend Comparison

FMIL's dividend yield for the trailing twelve months is around 0.97%, less than JEPI's 7.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
FMIL Fidelity New Millennium ETF	0.97%	1.10%	0.82%	0.57%	1.67%	1.68%	0.89%
JEPI JPMorgan Equity Premium Income ETF	7.99%	8.25%	7.33%	8.40%	11.68%	6.59%	5.79%

Frequently Asked Questions

Can I hold both FMIL and JEPI in my portfolio?

FMIL and JEPI have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMIL or JEPI?

FMIL has higher volatility (4.00%) compared to JEPI (2.21%). In terms of maximum drawdown, FMIL dropped -19.72% vs JEPI's -13.71%.

Which ETF is better, FMIL or JEPI?

On 5-year performance, FMIL leads with 16.98% vs 7.50% for JEPI. On fees, JEPI is cheaper at 0.35% per year. On volatility, JEPI has been the lower-risk option at 2.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMIL or JEPI?

Over the 5-year period, FMIL has performed better with a 16.98% return vs 7.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMIL or JEPI?

JEPI is cheaper with a 0.35% expense ratio, compared with 0.59% for FMIL.

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

JEPI has the higher dividend yield at 7.99%, compared with 0.97% for FMIL.

What is the main difference between FMIL and JEPI?

FMIL is categorized as Large Cap Blend Equities, while JEPI is Dividend. They also come from different issuers: Fidelity and JPMorgan. Their fees differ too: 0.59% for FMIL and 0.35% for JEPI.

Which has better risk-adjusted returns?

FMIL currently has the higher Sharpe Ratio (1.65 vs 1.46), 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.