HEGD vs. JEPI

Last updated Aug 2, 2026

HEGD (Swan Hedged Equity US Large Cap ETF) and JEPI (JPMorgan Equity Premium Income ETF) are both exchange-traded funds - HEGD is a Equity Hedged fund actively managed by Swan, while JEPI is a Dividend fund actively managed by JPMorgan. Both are actively managed. Over the past 5 years, HEGD returned 8.12%/yr vs 7.40%/yr for JEPI. Their 0.70 correlation means they have sometimes moved together and sometimes differently. HEGD charges 0.88%/yr vs 0.35%/yr for JEPI.

Performance

HEGD vs. JEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Swan Hedged Equity US Large Cap ETF (HEGD) 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, HEGD achieves a 5.55% return, which is significantly higher than JEPI's 4.52% return.

HEGD

• 1D: 0.42%
• 1M: -0.08%
• 6M: 4.31%
• YTD: 5.55%
• 1Y: 13.35%
• 3Y*: 12.60%
• 5Y*: 8.12%
• 10Y*: —
• ALL TIME*: 9.29%

JEPI

• 1D: 0.33%
• 1M: 1.27%
• 6M: 2.16%
• YTD: 4.52%
• 1Y: 11.16%
• 3Y*: 9.21%
• 5Y*: 7.40%
• 10Y*: —
• ALL TIME*: 11.29%

*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)
HEGD Swan Hedged Equity US Large Cap ETF	$2.07M	$2.04M	$2.62M
JEPI JPMorgan Equity Premium Income ETF	$260.98M	$260.42M	$297.70M

HEGD vs. JEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
HEGD Swan Hedged Equity US Large Cap ETF	5.55%	12.95%	15.24%	14.16%	-11.25%	17.30%	0.75%
JEPI JPMorgan Equity Premium Income ETF	4.52%	8.09%	12.57%	9.83%	-3.49%	21.52%	1.77%

Correlation

The correlation between HEGD and JEPI is 0.55, 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.	0.55
Correlation (3Y) Balances recent behavior with more history.	0.67
Correlation (5Y) Shows whether the relationship held over a longer period.	0.70
Correlation (All Time) Calculated using the full available price history since Dec 23, 2020	0.70

The correlation between HEGD and JEPI shifts across timeframes, from 0.55 (1 year) to 0.70 (5 years), reflecting how their relationship changes across market environments.

HEGD vs. JEPI - Sectors Allocation Comparison

Sectors	HEGD	JEPI
Technology	38.5%	15.4%
Financial Services	11.6%	8.9%
Communication Services	9.9%	6.1%
Consumer Cyclical	9.5%	9.8%
Healthcare	8.9%	12.9%
Industrials	8.4%	11.2%
Consumer Defensive	4.5%	7.7%
Energy	3.0%	2.6%
Utilities	2.2%	4.9%
Real Estate	1.8%	2.6%
Basic Materials	1.7%	1.6%

Return for Risk

HEGD vs. JEPI — Risk / Return Rank

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

HEGD

HEGD Risk / Return Rank: 71
HEGD Sharpe Ratio Rank: 69
HEGD Sortino Ratio Rank: 68
HEGD Omega Ratio Rank: 66
HEGD Calmar Ratio Rank: 78
HEGD Martin Ratio Rank: 73

JEPI

JEPI Risk / Return Rank: 48
JEPI Sharpe Ratio Rank: 52
JEPI Sortino Ratio Rank: 53
JEPI Omega Ratio Rank: 52
JEPI Calmar Ratio Rank: 43
JEPI Martin Ratio Rank: 41

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.

HEGD vs. JEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Swan Hedged Equity US Large Cap ETF (HEGD) 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.

	HEGD	JEPI	Difference
Sharpe ratio: Return per unit of total volatility	1.57	1.25	+0.31
Sortino ratio: Return per unit of downside risk	2.20	1.85	+0.36
Omega ratio: Gain probability vs. loss probability	1.28	1.23	+0.05
Calmar ratio: Return relative to maximum drawdown	2.78	1.52	+1.26
Martin ratio: Return relative to average drawdown	9.03	4.32	+4.71

HEGD vs. JEPI - Sharpe Ratio Comparison

The current HEGD Sharpe Ratio is 1.57, which is comparable to the JEPI Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of HEGD 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

HEGD vs. JEPI - Drawdown Comparison

The maximum HEGD drawdown since its inception was -14.56%, which is greater than JEPI's maximum drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for HEGD and JEPI.

Drawdown Indicators

	HEGD	JEPI	Difference
Max Drawdown Largest peak-to-trough decline	-14.56%	-13.71%	-0.85%
Max Drawdown (1Y) Largest decline over 1 year	-4.39%	-6.68%	+2.29%
Max Drawdown (3Y) Largest decline over 3 years	-8.14%	-13.26%	+5.12%
Max Drawdown (5Y) Largest decline over 5 years	-14.56%	-13.71%	-0.85%
Current Drawdown Current decline from peak	-1.83%	-0.68%	-1.15%
Average Drawdown Average peak-to-trough decline	-3.61%	-2.13%	-1.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.35%	2.36%	-1.01%

Volatility

HEGD vs. JEPI - Volatility Comparison

Swan Hedged Equity US Large Cap ETF (HEGD) and JPMorgan Equity Premium Income ETF (JEPI) have volatilities of 2.49% and 2.38%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HEGD	JEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.49%	2.38%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	5.93%	6.37%	-0.44%
Volatility (1Y) Calculated over the trailing 1-year period	7.80%	8.15%	-0.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.50%	11.10%	-1.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.38%	10.73%	-1.35%

HEGD vs. JEPI - Expense Ratio Comparison

HEGD has a 0.88% expense ratio, which is higher than JEPI's 0.35% expense ratio.

Dividends

HEGD vs. JEPI - Dividend Comparison

HEGD's dividend yield for the trailing twelve months is around 0.34%, less than JEPI's 7.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
HEGD Swan Hedged Equity US Large Cap ETF	0.34%	0.36%	0.43%	0.39%	0.87%	0.31%	0.00%
JEPI JPMorgan Equity Premium Income ETF	7.34%	8.25%	7.33%	8.40%	11.68%	6.59%	5.79%

Frequently Asked Questions

Can I hold both HEGD and JEPI in my portfolio?

HEGD and JEPI have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HEGD or JEPI?

HEGD has higher volatility (2.49%) compared to JEPI (2.38%). In terms of maximum drawdown, HEGD dropped -14.56% vs JEPI's -13.71%.

Which ETF is better, HEGD or JEPI?

On 5-year performance, HEGD leads with 8.12% vs 7.40% for JEPI. On fees, JEPI is cheaper at 0.35% per year. On volatility, JEPI has been the lower-risk option at 2.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HEGD or JEPI?

Over the 5-year period, HEGD has performed better with a 8.12% return vs 7.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HEGD or JEPI?

JEPI is cheaper with a 0.35% expense ratio, compared with 0.88% for HEGD.

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

JEPI has the higher dividend yield at 7.34%, compared with 0.34% for HEGD.

What is the main difference between HEGD and JEPI?

HEGD is categorized as Equity Hedged, while JEPI is Dividend. They also come from different issuers: Swan and JPMorgan. Their fees differ too: 0.88% for HEGD and 0.35% for JEPI.

Which has better risk-adjusted returns?

HEGD currently has the higher Sharpe Ratio (1.57 vs 1.25), 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.