GAUG vs. JEPI

Last updated Jun 4, 2026

GAUG (FT Cboe Vest U.S. Equity Moderate Buffer ETF - August) and JEPI (JPMorgan Equity Premium Income ETF) are both exchange-traded funds - GAUG is a Options Trading fund tracking the S&P 500, while JEPI is a Dividend fund actively managed by JPMorgan. GAUG is passively managed, while JEPI is actively managed. Over the past year, GAUG returned 14.06% vs 7.70% for JEPI. A 0.72 correlation means they provide meaningful diversification when combined. GAUG charges 0.85%/yr vs 0.35%/yr for JEPI.

Performance

GAUG vs. JEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Moderate Buffer ETF - August (GAUG) 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, GAUG achieves a 4.97% return, which is significantly higher than JEPI's 0.15% return.

GAUG

• 1D: -0.18%
• 1M: 1.59%
• YTD: 4.97%
• 6M: 5.40%
• 1Y: 14.06%
• 3Y*: —
• 5Y*: —
• 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)

GAUG vs. JEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GAUG FT Cboe Vest U.S. Equity Moderate Buffer ETF - August	4.97%	11.28%	11.78%	5.84%
JEPI JPMorgan Equity Premium Income ETF	0.15%	8.09%	12.57%	4.23%

Correlation

The correlation between GAUG and JEPI is 0.61, 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	0.61
Correlation (All Time) Calculated using the full available price history since Aug 22, 2023	0.72

The correlation between GAUG and JEPI shifts across timeframes, from 0.61 (1 year) to 0.72 (all time), reflecting how their relationship changes across market environments.

GAUG vs. JEPI - Sectors Allocation Comparison

Sectors	GAUG	JEPI
Technology	36.2%	19.1%
Financial Services	11.9%	9.8%
Communication Services	10.9%	6.9%
Consumer Cyclical	10.1%	11.7%
Healthcare	8.4%	14.1%
Industrials	8.1%	13.8%
Consumer Defensive	4.9%	9.6%
Energy	3.5%	3.5%
Utilities	2.3%	6.2%
Real Estate	1.9%	3.5%
Basic Materials	1.8%	1.9%

Return for Risk

GAUG vs. JEPI — Risk / Return Rank

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

GAUG

GAUG Risk / Return Rank: 80
GAUG Sharpe Ratio Rank: 77
GAUG Sortino Ratio Rank: 83
GAUG Omega Ratio Rank: 83
GAUG Calmar Ratio Rank: 71
GAUG Martin Ratio Rank: 86

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.

GAUG vs. JEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Moderate Buffer ETF - August (GAUG) 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.

	GAUG	JEPI	Difference
Sharpe ratio Return per unit of total volatility	2.48	0.99	+1.50
Sortino ratio Return per unit of downside risk	3.71	1.47	+2.24
Omega ratio Gain probability vs. loss probability	1.50	1.18	+0.32
Calmar ratio Return relative to maximum drawdown	3.52	1.16	+2.37
Martin ratio Return relative to average drawdown	18.35	3.73	+14.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GAUG vs. JEPI - Sharpe Ratio Comparison

The current GAUG Sharpe Ratio is 2.48, which is higher than the JEPI Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of GAUG 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

	GAUG	JEPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.48	0.99	+1.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.65	1.01	+0.64

Drawdowns

GAUG vs. JEPI - Drawdown Comparison

The maximum GAUG drawdown since its inception was -10.08%, smaller than the maximum JEPI drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for GAUG and JEPI.

Drawdown Indicators

	GAUG	JEPI	Difference
Max Drawdown Largest peak-to-trough decline	-10.08%	-13.71%	+3.63%
Max Drawdown (1Y) Largest decline over 1 year	-4.01%	-6.68%	+2.67%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.26%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-13.71%	—
Current Drawdown Current decline from peak	-0.18%	-4.83%	+4.65%
Average Drawdown Average peak-to-trough decline	-0.73%	-2.12%	+1.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	2.07%	-1.30%

Volatility

GAUG vs. JEPI - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Equity Moderate Buffer ETF - August (GAUG) is 0.75%, while JPMorgan Equity Premium Income ETF (JEPI) has a volatility of 1.35%. This indicates that GAUG experiences smaller price fluctuations and is considered to be less risky than JEPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GAUG	JEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.75%	1.35%	-0.60%
Volatility (6M) Calculated over the trailing 6-month period	4.33%	6.07%	-1.74%
Volatility (1Y) Calculated over the trailing 1-year period	5.70%	7.85%	-2.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.53%	11.06%	-3.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.53%	10.80%	-3.27%

GAUG vs. JEPI - Expense Ratio Comparison

GAUG has a 0.85% expense ratio, which is higher than JEPI's 0.35% expense ratio.

Dividends

GAUG vs. JEPI - Dividend Comparison

GAUG has not paid dividends to shareholders, while JEPI's dividend yield for the trailing twelve months is around 8.27%.

Position	TTM	2025	2024	2023	2022	2021	2020
GAUG FT Cboe Vest U.S. Equity Moderate Buffer ETF - August	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 GAUG and JEPI in my portfolio?

GAUG and JEPI have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GAUG or JEPI?

JEPI has higher volatility (1.35%) compared to GAUG (0.75%). In terms of maximum drawdown, GAUG dropped -10.08% vs JEPI's -13.71%.

Which ETF is better, GAUG or JEPI?

On 1-year performance, GAUG leads with 14.06% vs 7.70% for JEPI. On fees, JEPI is cheaper at 0.35% per year. On volatility, GAUG has been the lower-risk option at 0.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GAUG or JEPI?

Over the 1-year period, GAUG has performed better with a 14.06% return vs 7.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GAUG or JEPI?

JEPI is cheaper with a 0.35% expense ratio, compared with 0.85% for GAUG.

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

JEPI has the higher dividend yield at 8.27%, compared with 0.00% for GAUG.

What is the main difference between GAUG and JEPI?

GAUG is categorized as Options Trading, while JEPI is Dividend. They also come from different issuers: FT Vest and JPMorgan. Their fees differ too: 0.85% for GAUG and 0.35% for JEPI.

Which has better risk-adjusted returns?

GAUG currently has the higher Sharpe Ratio (2.48 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.