GLDM vs. JEPI

Last updated Jun 14, 2026

GLDM (SPDR Gold MiniShares Trust) and JEPI (JPMorgan Equity Premium Income ETF) are both exchange-traded funds - GLDM is a Gold fund tracking the LBMA Gold Price PM, while JEPI is a Dividend fund actively managed by JPMorgan. GLDM is passively managed, while JEPI is actively managed. Over the past 5 years, GLDM returned 17.41%/yr vs 7.45%/yr for JEPI. At a 0.12 correlation, their price movements are largely independent. GLDM charges 0.10%/yr vs 0.35%/yr for JEPI.

Performance

GLDM vs. JEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Gold MiniShares Trust (GLDM) 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, GLDM achieves a -2.40% return, which is significantly lower than JEPI's 1.29% return.

GLDM

• 1D: 0.11%
• 1M: -7.40%
• YTD: -2.40%
• 6M: -2.09%
• 1Y: 22.58%
• 3Y*: 29.27%
• 5Y*: 17.41%
• 10Y*: —

JEPI

• 1D: 0.43%
• 1M: 0.97%
• YTD: 1.29%
• 6M: 1.18%
• 1Y: 8.34%
• 3Y*: 9.13%
• 5Y*: 7.45%
• 10Y*: —

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

GLDM vs. JEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GLDM SPDR Gold MiniShares Trust	-2.40%	64.20%	27.08%	13.04%	-0.47%	-4.01%	8.54%
JEPI JPMorgan Equity Premium Income ETF	1.29%	8.09%	12.57%	9.83%	-3.49%	21.52%	18.39%

Correlation

The correlation between GLDM and JEPI is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (All Time) Calculated using the full available price history since May 21, 2020	0.12

Return for Risk

GLDM vs. JEPI — Risk / Return Rank

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

GLDM

GLDM Risk / Return Rank: 27
GLDM Sharpe Ratio Rank: 28
GLDM Sortino Ratio Rank: 25
GLDM Omega Ratio Rank: 31
GLDM Calmar Ratio Rank: 24
GLDM Martin Ratio Rank: 25

JEPI

JEPI Risk / Return Rank: 28
JEPI Sharpe Ratio Rank: 30
JEPI Sortino Ratio Rank: 29
JEPI Omega Ratio Rank: 28
JEPI Calmar Ratio Rank: 27
JEPI Martin Ratio Rank: 28

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.

GLDM vs. JEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Gold MiniShares Trust (GLDM) 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.

	GLDM	JEPI	Difference
Sharpe ratio: Return per unit of total volatility	0.90	0.95	-0.05
Sortino ratio: Return per unit of downside risk	1.26	1.42	-0.16
Omega ratio: Gain probability vs. loss probability	1.19	1.17	+0.01
Calmar ratio: Return relative to maximum drawdown	1.00	1.14	-0.14
Martin ratio: Return relative to average drawdown	2.87	3.46	-0.59

GLDM vs. JEPI - Sharpe Ratio Comparison

The current GLDM Sharpe Ratio is 0.90, which is comparable to the JEPI Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of GLDM 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

GLDM vs. JEPI - Drawdown Comparison

The maximum GLDM drawdown since its inception was -24.35%, which is greater than JEPI's maximum drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for GLDM and JEPI.

Drawdown Indicators

	GLDM	JEPI	Difference
Max Drawdown Largest peak-to-trough decline	-24.35%	-13.71%	-10.64%
Max Drawdown (1Y) Largest decline over 1 year	-24.35%	-6.68%	-17.67%
Max Drawdown (3Y) Largest decline over 3 years	-24.35%	-13.26%	-11.09%
Max Drawdown (5Y) Largest decline over 5 years	-24.35%	-13.71%	-10.64%
Current Drawdown Current decline from peak	-21.96%	-3.75%	-18.21%
Average Drawdown Average peak-to-trough decline	-6.27%	-2.13%	-4.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.44%	2.20%	+6.24%

Volatility

GLDM vs. JEPI - Volatility Comparison

SPDR Gold MiniShares Trust (GLDM) has a higher volatility of 7.73% compared to JPMorgan Equity Premium Income ETF (JEPI) at 2.05%. This indicates that GLDM'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

	GLDM	JEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.73%	2.05%	+5.68%
Volatility (6M) Calculated over the trailing 6-month period	23.93%	6.23%	+17.70%
Volatility (1Y) Calculated over the trailing 1-year period	27.15%	8.02%	+19.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.13%	11.08%	+7.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.98%	10.79%	+6.19%

GLDM vs. JEPI - Expense Ratio Comparison

GLDM has a 0.10% expense ratio, which is lower than JEPI's 0.35% expense ratio.

Dividends

GLDM vs. JEPI - Dividend Comparison

GLDM has not paid dividends to shareholders, while JEPI's dividend yield for the trailing twelve months is around 8.18%.

Position	TTM	2025	2024	2023	2022	2021	2020
GLDM SPDR Gold MiniShares Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
JEPI JPMorgan Equity Premium Income ETF	8.18%	8.25%	7.33%	8.40%	11.68%	6.59%	5.79%

Frequently Asked Questions

Can I hold both GLDM and JEPI in my portfolio?

GLDM and JEPI have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GLDM or JEPI?

GLDM has higher volatility (7.73%) compared to JEPI (2.05%). In terms of maximum drawdown, GLDM dropped -24.35% vs JEPI's -13.71%.

Which ETF is better, GLDM or JEPI?

On 5-year performance, GLDM leads with 17.41% vs 7.45% for JEPI. On fees, GLDM is cheaper at 0.10% per year. On volatility, JEPI has been the lower-risk option at 2.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GLDM or JEPI?

Over the 5-year period, GLDM has performed better with a 17.41% return vs 7.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLDM or JEPI?

GLDM is cheaper with a 0.10% expense ratio, compared with 0.35% for JEPI.

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

JEPI has the higher dividend yield at 8.18%, compared with 0.00% for GLDM.

What is the main difference between GLDM and JEPI?

GLDM is categorized as Gold, while JEPI is Dividend. They also come from different issuers: State Street and JPMorgan. Their fees differ too: 0.10% for GLDM and 0.35% for JEPI.

Which has better risk-adjusted returns?

JEPI currently has the higher Sharpe Ratio (0.95 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.