HYGW vs. JEPI
HYGW (iShares High Yield Corporate Bond Buywrite Strategy ETF) and JEPI (JPMorgan Equity Premium Income ETF) are both exchange-traded funds - HYGW is a High Yield Bonds fund tracking the Cboe HYG BuyWrite Index, while JEPI is a Dividend fund actively managed by JPMorgan. HYGW is passively managed, while JEPI is actively managed. Over the past 3 years, HYGW returned 5.70%/yr vs 9.01%/yr for JEPI. A 0.55 correlation means they provide meaningful diversification when combined. HYGW charges 0.69%/yr vs 0.35%/yr for JEPI.
Performance
HYGW vs. JEPI - Performance Comparison
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Returns By Period
In the year-to-date period, HYGW achieves a 2.12% return, which is significantly higher than JEPI's 1.40% return.
HYGW
- 1D
- 0.24%
- 1M
- 0.84%
- YTD
- 2.12%
- 6M
- 2.52%
- 1Y
- 6.56%
- 3Y*
- 5.70%
- 5Y*
- —
- 10Y*
- —
JEPI
- 1D
- 0.20%
- 1M
- 0.56%
- YTD
- 1.40%
- 6M
- 1.62%
- 1Y
- 9.04%
- 3Y*
- 9.01%
- 5Y*
- 7.73%
- 10Y*
- —
HYGW vs. JEPI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 2.12% | 6.19% | 6.99% | 7.31% | -0.39% |
JEPI JPMorgan Equity Premium Income ETF | 1.40% | 8.09% | 12.57% | 9.83% | -0.67% |
Correlation
The correlation between HYGW and JEPI is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Aug 22, 2022 | 0.55 |
The correlation between HYGW and JEPI shifts across timeframes, from 0.43 (1 year) to 0.55 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HYGW vs. JEPI — Risk / Return Rank
HYGW
JEPI
HYGW vs. JEPI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) 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.
| HYGW | JEPI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.17 | ||
| Sortino ratioReturn per unit of downside risk | +1.70 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.21 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 3.62 | 1.36 | +2.26 |
| Martin ratioReturn relative to average drawdown | 16.51 | 4.06 | +12.45 |
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Drawdowns
HYGW vs. JEPI - Drawdown Comparison
The maximum HYGW drawdown since its inception was -5.49%, smaller than the maximum JEPI drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for HYGW and JEPI.
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Drawdown Indicators
| HYGW | JEPI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.49% | -13.71% | +8.22% |
Max Drawdown (1Y)Largest decline over 1 year | -1.82% | -6.68% | +4.86% |
Max Drawdown (3Y)Largest decline over 3 years | -3.66% | -13.26% | +9.60% |
Max Drawdown (5Y)Largest decline over 5 years | — | -13.71% | — |
Current DrawdownCurrent decline from peak | 0.00% | -3.64% | +3.64% |
Average DrawdownAverage peak-to-trough decline | -0.60% | -2.13% | +1.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.40% | 2.23% | -1.83% |
Volatility
HYGW vs. JEPI - Volatility Comparison
The current volatility for iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) is 0.91%, while JPMorgan Equity Premium Income ETF (JEPI) has a volatility of 2.35%. This indicates that HYGW 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.
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Volatility by Period
| HYGW | JEPI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.91% | 2.35% | -1.44% |
Volatility (6M)Calculated over the trailing 6-month period | 2.24% | 6.30% | -4.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.87% | 8.03% | -5.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.67% | 11.09% | -6.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.67% | 10.79% | -6.12% |
HYGW vs. JEPI - Expense Ratio Comparison
HYGW has a 0.69% expense ratio, which is higher than JEPI's 0.35% expense ratio.
Dividends
HYGW vs. JEPI - Dividend Comparison
HYGW's dividend yield for the trailing twelve months is around 11.52%, more than JEPI's 8.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 11.52% | 12.53% | 12.30% | 15.98% | 8.71% | 0.00% | 0.00% |
JEPI JPMorgan Equity Premium Income ETF | 8.17% | 8.25% | 7.33% | 8.40% | 11.68% | 6.59% | 5.79% |
Frequently Asked Questions
HYGW and JEPI have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JEPI has higher volatility (2.35%) compared to HYGW (0.91%). In terms of maximum drawdown, HYGW dropped -5.49% vs JEPI's -13.71%.
On 3-year performance, JEPI leads with 9.01% vs 5.70% for HYGW. On fees, JEPI is cheaper at 0.35% per year. On volatility, HYGW has been the lower-risk option at 0.91%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, JEPI has performed better with a 9.01% return vs 5.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JEPI is cheaper with a 0.35% expense ratio, compared with 0.69% for HYGW.
HYGW has the higher dividend yield at 11.52%, compared with 8.17% for JEPI.
HYGW is categorized as High Yield Bonds, while JEPI is Dividend. They also come from different issuers: iShares and JPMorgan. Their fees differ too: 0.69% for HYGW and 0.35% for JEPI.
HYGW currently has the higher Sharpe Ratio (2.31 vs 1.13), 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.
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