GTO vs. JEPI

Last updated Jun 3, 2026

GTO (Invesco Total Return Bond ETF) and JEPI (JPMorgan Equity Premium Income ETF) are both exchange-traded funds - GTO is a Intermediate Core-Plus Bond fund actively managed by Invesco, while JEPI is a Dividend fund actively managed by JPMorgan. Both are actively managed. Over the past 5 years, GTO returned 0.19%/yr vs 7.30%/yr for JEPI. At a 0.23 correlation, their price movements are largely independent. Both charge a 0.35% expense ratio.

Performance

GTO vs. JEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Total Return Bond ETF (GTO) 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, GTO achieves a 0.83% return, which is significantly higher than JEPI's 0.01% return.

GTO

• 1D: 0.02%
• 1M: 0.36%
• YTD: 0.83%
• 6M: 0.96%
• 1Y: 6.54%
• 3Y*: 4.91%
• 5Y*: 0.19%
• 10Y*: 2.95%

JEPI

• 1D: 0.02%
• 1M: -1.94%
• YTD: 0.01%
• 6M: 0.89%
• 1Y: 7.76%
• 3Y*: 8.83%
• 5Y*: 7.30%
• 10Y*: —

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

GTO vs. JEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GTO Invesco Total Return Bond ETF	0.83%	7.17%	2.63%	5.95%	-14.77%	-0.38%	7.32%
JEPI JPMorgan Equity Premium Income ETF	0.01%	8.09%	12.57%	9.83%	-3.49%	21.52%	18.61%

Correlation

The correlation between GTO and JEPI is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.25
Correlation (All Time) Calculated using the full available price history since May 22, 2020	0.23

The correlation between GTO and JEPI shifts across timeframes, from 0.23 (all time) to 0.36 (1 year), reflecting how their relationship changes across market environments.

GTO vs. JEPI - Sectors Allocation Comparison

Sectors	GTO	JEPI
Technology	24.2%	19.1%
Healthcare	13.6%	14.1%
Financial Services	13.5%	9.8%
Consumer Cyclical	12.5%	11.7%
Communication Services	10.8%	6.9%
Industrials	8.8%	13.8%
Consumer Defensive	7.0%	9.6%
Utilities	2.8%	6.2%
Real Estate	2.4%	3.5%
Energy	2.3%	3.5%
Basic Materials	2.3%	1.9%

Return for Risk

GTO vs. JEPI — Risk / Return Rank

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

GTO

GTO Risk / Return Rank: 53
GTO Sharpe Ratio Rank: 55
GTO Sortino Ratio Rank: 60
GTO Omega Ratio Rank: 57
GTO Calmar Ratio Rank: 46
GTO Martin Ratio Rank: 45

JEPI

JEPI Risk / Return Rank: 27
JEPI Sharpe Ratio Rank: 28
JEPI Sortino Ratio Rank: 28
JEPI Omega Ratio Rank: 27
JEPI Calmar Ratio Rank: 25
JEPI Martin Ratio Rank: 27

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.

GTO vs. JEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Total Return Bond ETF (GTO) 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.

	GTO	JEPI	Difference
Sharpe ratio Return per unit of total volatility	1.92	0.99	+0.93
Sortino ratio Return per unit of downside risk	2.86	1.48	+1.39
Omega ratio Gain probability vs. loss probability	1.36	1.18	+0.17
Calmar ratio Return relative to maximum drawdown	2.32	1.18	+1.14
Martin ratio Return relative to average drawdown	7.43	3.87	+3.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GTO vs. JEPI - Sharpe Ratio Comparison

The current GTO Sharpe Ratio is 1.92, which is higher than the JEPI Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of GTO 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

	GTO	JEPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.92	0.99	+0.93
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.03	0.66	-0.63
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	1.01	-0.48

Drawdowns

GTO vs. JEPI - Drawdown Comparison

The maximum GTO drawdown since its inception was -20.61%, which is greater than JEPI's maximum drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for GTO and JEPI.

Drawdown Indicators

	GTO	JEPI	Difference
Max Drawdown Largest peak-to-trough decline	-20.61%	-13.71%	-6.90%
Max Drawdown (1Y) Largest decline over 1 year	-2.73%	-6.68%	+3.95%
Max Drawdown (3Y) Largest decline over 3 years	-5.98%	-13.26%	+7.28%
Max Drawdown (5Y) Largest decline over 5 years	-20.61%	-13.71%	-6.90%
Max Drawdown (10Y) Largest decline over 10 years	-20.61%	—	—
Current Drawdown Current decline from peak	-1.47%	-4.96%	+3.49%
Average Drawdown Average peak-to-trough decline	-4.80%	-2.11%	-2.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.85%	2.04%	-1.19%

Volatility

GTO vs. JEPI - Volatility Comparison

The current volatility for Invesco Total Return Bond ETF (GTO) is 1.22%, while JPMorgan Equity Premium Income ETF (JEPI) has a volatility of 1.34%. This indicates that GTO 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

	GTO	JEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.22%	1.34%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	2.52%	6.10%	-3.58%
Volatility (1Y) Calculated over the trailing 1-year period	3.43%	7.85%	-4.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.68%	11.06%	-5.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.59%	10.80%	-5.21%

GTO vs. JEPI - Expense Ratio Comparison

Both GTO and JEPI have an expense ratio of 0.35%.

Dividends

GTO vs. JEPI - Dividend Comparison

GTO's dividend yield for the trailing twelve months is around 4.75%, less than JEPI's 8.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
GTO Invesco Total Return Bond ETF	4.75%	4.70%	4.42%	4.05%	3.47%	1.93%	4.04%	2.97%	5.25%	2.81%	2.57%
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 GTO and JEPI in my portfolio?

GTO and JEPI have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GTO or JEPI?

JEPI has higher volatility (1.34%) compared to GTO (1.22%). In terms of maximum drawdown, GTO dropped -20.61% vs JEPI's -13.71%.

Which ETF is better, GTO or JEPI?

On 5-year performance, JEPI leads with 7.30% vs 0.19% for GTO. Both ETFs have the same 0.35% expense ratio. On volatility, GTO has been the lower-risk option at 1.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GTO or JEPI?

Over the 5-year period, JEPI has performed better with a 7.30% return vs 0.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GTO or JEPI?

GTO and JEPI have the same expense ratio: 0.35% per year.

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

JEPI has the higher dividend yield at 8.28%, compared with 4.75% for GTO.

What is the main difference between GTO and JEPI?

GTO is categorized as Intermediate Core-Plus Bond, while JEPI is Dividend. They also come from different issuers: Invesco and JPMorgan.

Which has better risk-adjusted returns?

GTO currently has the higher Sharpe Ratio (1.92 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.