HYHG vs. JEPI

Last updated Jun 5, 2026

HYHG (ProShares High Yield-Interest Rate Hedged) and JEPI (JPMorgan Equity Premium Income ETF) are both exchange-traded funds - HYHG is a High Yield Bonds fund tracking the Citi High Yield (Treasury Rate-Hedged) Index, while JEPI is a Dividend fund actively managed by JPMorgan. HYHG is passively managed, while JEPI is actively managed. Over the past 5 years, HYHG returned 6.99%/yr vs 7.37%/yr for JEPI. At a 0.43 correlation, their price movements are largely independent. HYHG charges 0.50%/yr vs 0.35%/yr for JEPI.

Performance

HYHG vs. JEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares High Yield-Interest Rate Hedged (HYHG) 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, HYHG achieves a 3.03% return, which is significantly higher than JEPI's 0.69% return.

HYHG

• 1D: 0.12%
• 1M: 0.64%
• YTD: 3.03%
• 6M: 3.57%
• 1Y: 7.52%
• 3Y*: 9.78%
• 5Y*: 6.99%
• 10Y*: 6.12%

JEPI

• 1D: 0.54%
• 1M: -0.71%
• YTD: 0.69%
• 6M: 1.05%
• 1Y: 8.25%
• 3Y*: 9.05%
• 5Y*: 7.37%
• 10Y*: —

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

HYHG vs. JEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
HYHG ProShares High Yield-Interest Rate Hedged	3.03%	5.31%	11.41%	14.69%	-1.71%	5.75%	11.77%
JEPI JPMorgan Equity Premium Income ETF	0.69%	8.09%	12.57%	9.83%	-3.49%	21.52%	18.61%

Correlation

The correlation between HYHG and JEPI is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (All Time) Calculated using the full available price history since May 22, 2020	0.43

Over the past year, the correlation between HYHG and JEPI has dropped to 0.17 - well below their long-term average of 0.43, suggesting their price drivers have been diverging.

HYHG vs. JEPI - Sectors Allocation Comparison

Sectors	HYHG	JEPI
Communication Services	1.1%	6.9%
Healthcare	0.6%	14.1%
Basic Materials	-	1.9%
Consumer Cyclical	-	11.7%
Consumer Defensive	-	9.6%
Energy	-	3.5%
Financial Services	-	9.8%
Industrials	-	13.8%
Real Estate	-	3.5%
Technology	-	19.1%
Utilities	-	6.2%

Return for Risk

HYHG vs. JEPI — Risk / Return Rank

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

HYHG

HYHG Risk / Return Rank: 52
HYHG Sharpe Ratio Rank: 39
HYHG Sortino Ratio Rank: 39
HYHG Omega Ratio Rank: 38
HYHG Calmar Ratio Rank: 75
HYHG Martin Ratio Rank: 68

JEPI

JEPI Risk / Return Rank: 29
JEPI Sharpe Ratio Rank: 30
JEPI Sortino Ratio Rank: 30
JEPI Omega Ratio Rank: 30
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.

HYHG vs. JEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares High Yield-Interest Rate Hedged (HYHG) 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.

	HYHG	JEPI	Difference
Sharpe ratio: Return per unit of total volatility	1.36	1.05	+0.31
Sortino ratio: Return per unit of downside risk	1.98	1.57	+0.41
Omega ratio: Gain probability vs. loss probability	1.24	1.19	+0.05
Calmar ratio: Return relative to maximum drawdown	3.74	1.24	+2.50
Martin ratio: Return relative to average drawdown	12.28	3.96	+8.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HYHG vs. JEPI - Sharpe Ratio Comparison

The current HYHG Sharpe Ratio is 1.36, which is comparable to the JEPI Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of HYHG 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

	HYHG	JEPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.36	1.05	+0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.86	0.67	+0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.67	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	1.02	-0.55

Drawdowns

HYHG vs. JEPI - Drawdown Comparison

The maximum HYHG drawdown since its inception was -25.71%, which is greater than JEPI's maximum drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for HYHG and JEPI.

Drawdown Indicators

	HYHG	JEPI	Difference
Max Drawdown Largest peak-to-trough decline	-25.71%	-13.71%	-12.00%
Max Drawdown (1Y) Largest decline over 1 year	-2.02%	-6.68%	+4.66%
Max Drawdown (3Y) Largest decline over 3 years	-7.47%	-13.26%	+5.79%
Max Drawdown (5Y) Largest decline over 5 years	-9.21%	-13.71%	+4.50%
Max Drawdown (10Y) Largest decline over 10 years	-25.71%	—	—
Current Drawdown Current decline from peak	-0.32%	-4.31%	+3.99%
Average Drawdown Average peak-to-trough decline	-3.04%	-2.12%	-0.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.61%	2.08%	-1.47%

Volatility

HYHG vs. JEPI - Volatility Comparison

ProShares High Yield-Interest Rate Hedged (HYHG) and JPMorgan Equity Premium Income ETF (JEPI) have volatilities of 1.42% and 1.46%, 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

	HYHG	JEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.42%	1.46%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	4.30%	6.10%	-1.80%
Volatility (1Y) Calculated over the trailing 1-year period	5.56%	7.87%	-2.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.16%	11.06%	-2.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.15%	10.80%	-1.65%

HYHG vs. JEPI - Expense Ratio Comparison

HYHG has a 0.50% expense ratio, which is higher than JEPI's 0.35% expense ratio.

Dividends

HYHG vs. JEPI - Dividend Comparison

HYHG's dividend yield for the trailing twelve months is around 6.78%, less than JEPI's 8.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYHG ProShares High Yield-Interest Rate Hedged	6.78%	6.97%	6.57%	6.07%	5.58%	4.54%	5.21%	6.06%	6.45%	5.57%	5.37%	6.37%
JEPI JPMorgan Equity Premium Income ETF	8.23%	8.25%	7.33%	8.40%	11.68%	6.59%	5.79%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HYHG and JEPI in my portfolio?

HYHG and JEPI have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HYHG or JEPI?

JEPI has higher volatility (1.46%) compared to HYHG (1.42%). In terms of maximum drawdown, HYHG dropped -25.71% vs JEPI's -13.71%.

Which ETF is better, HYHG or JEPI?

On 5-year performance, JEPI leads with 7.37% vs 6.99% for HYHG. On fees, JEPI is cheaper at 0.35% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HYHG or JEPI?

Over the 5-year period, JEPI has performed better with a 7.37% return vs 6.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HYHG or JEPI?

JEPI is cheaper with a 0.35% expense ratio, compared with 0.50% for HYHG.

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

JEPI has the higher dividend yield at 8.23%, compared with 6.78% for HYHG.

What is the main difference between HYHG and JEPI?

HYHG is categorized as High Yield Bonds, while JEPI is Dividend. They also come from different issuers: ProShares and JPMorgan. Their fees differ too: 0.50% for HYHG and 0.35% for JEPI.

Which has better risk-adjusted returns?

HYHG currently has the higher Sharpe Ratio (1.36 vs 1.05), 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.