FTHY vs. JEPI

Last updated Jun 4, 2026

FTHY (First Trust High Yield Opportunities 2027 Term Fund) and JEPI (JPMorgan Equity Premium Income ETF) are both funds - FTHY is a High Yield Bonds fund managed by First Trust, while JEPI is a Dividend fund actively managed by JPMorgan. Over the past 5 years, FTHY returned 2.36%/yr vs 7.26%/yr for JEPI. At a 0.36 correlation, their price movements are largely independent. FTHY charges 0.02%/yr vs 0.35%/yr for JEPI.

Performance

FTHY vs. JEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust High Yield Opportunities 2027 Term Fund (FTHY) 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, FTHY achieves a -0.35% return, which is significantly lower than JEPI's 0.15% return.

FTHY

• 1D: -1.85%
• 1M: -0.73%
• YTD: -0.35%
• 6M: -0.35%
• 1Y: 2.84%
• 3Y*: 10.55%
• 5Y*: 2.36%
• 10Y*: —

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)

FTHY vs. JEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FTHY First Trust High Yield Opportunities 2027 Term Fund	-0.35%	7.80%	15.71%	14.65%	-26.09%	7.63%	4.66%
JEPI JPMorgan Equity Premium Income ETF	0.15%	8.09%	12.57%	9.83%	-3.49%	21.52%	19.16%

Correlation

The correlation between FTHY and JEPI is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (All Time) Calculated using the full available price history since Jun 29, 2020	0.36

Return for Risk

FTHY vs. JEPI — Risk / Return Rank

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

FTHY

FTHY Risk / Return Rank: 5
FTHY Sharpe Ratio Rank: 5
FTHY Sortino Ratio Rank: 5
FTHY Omega Ratio Rank: 5
FTHY Calmar Ratio Rank: 6
FTHY Martin Ratio Rank: 6

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.

FTHY vs. JEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust High Yield Opportunities 2027 Term Fund (FTHY) 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.

	FTHY	JEPI	Difference
Sharpe ratio: Return per unit of total volatility	0.39	0.99	-0.60
Sortino ratio: Return per unit of downside risk	0.59	1.47	-0.88
Omega ratio: Gain probability vs. loss probability	1.07	1.18	-0.11
Calmar ratio: Return relative to maximum drawdown	0.52	1.16	-0.63
Martin ratio: Return relative to average drawdown	1.44	3.73	-2.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FTHY vs. JEPI - Sharpe Ratio Comparison

The current FTHY Sharpe Ratio is 0.39, which is lower than the JEPI Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of FTHY 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

	FTHY	JEPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.39	0.99	-0.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.18	0.66	-0.48
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	1.01	-0.79

Drawdowns

FTHY vs. JEPI - Drawdown Comparison

The maximum FTHY drawdown since its inception was -31.17%, which is greater than JEPI's maximum drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for FTHY and JEPI.

Drawdown Indicators

	FTHY	JEPI	Difference
Max Drawdown Largest peak-to-trough decline	-31.17%	-13.71%	-17.46%
Max Drawdown (1Y) Largest decline over 1 year	-5.44%	-6.68%	+1.24%
Max Drawdown (3Y) Largest decline over 3 years	-8.70%	-13.26%	+4.56%
Max Drawdown (5Y) Largest decline over 5 years	-31.17%	-13.71%	-17.46%
Current Drawdown Current decline from peak	-3.10%	-4.83%	+1.73%
Average Drawdown Average peak-to-trough decline	-10.20%	-2.12%	-8.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.98%	2.07%	-0.09%

Volatility

FTHY vs. JEPI - Volatility Comparison

First Trust High Yield Opportunities 2027 Term Fund (FTHY) has a higher volatility of 2.75% compared to JPMorgan Equity Premium Income ETF (JEPI) at 1.35%. This indicates that FTHY'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

	FTHY	JEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.75%	1.35%	+1.40%
Volatility (6M) Calculated over the trailing 6-month period	5.67%	6.07%	-0.40%
Volatility (1Y) Calculated over the trailing 1-year period	7.37%	7.85%	-0.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.84%	11.06%	+1.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.28%	10.80%	+2.48%

FTHY vs. JEPI - Expense Ratio Comparison

FTHY has a 0.02% expense ratio, which is lower than JEPI's 0.35% expense ratio.

Dividends

FTHY vs. JEPI - Dividend Comparison

FTHY's dividend yield for the trailing twelve months is around 11.30%, more than JEPI's 8.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
FTHY First Trust High Yield Opportunities 2027 Term Fund	11.30%	10.66%	10.70%	10.22%	11.85%	7.83%	2.94%
JEPI JPMorgan Equity Premium Income ETF	8.27%	8.25%	7.33%	8.40%	11.68%	6.59%	5.79%

Frequently Asked Questions

Can I hold both FTHY and JEPI in my portfolio?

FTHY and JEPI have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FTHY or JEPI?

FTHY has higher volatility (2.75%) compared to JEPI (1.35%). In terms of maximum drawdown, FTHY dropped -31.17% vs JEPI's -13.71%.

Which has better risk-adjusted returns?

JEPI currently has the higher Sharpe Ratio (0.99 vs 0.39), 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.