ICAP vs. JEPI

Last updated Jun 23, 2026

ICAP (InfraCap Equity Income Fund ETF) and JEPI (JPMorgan Equity Premium Income ETF) are both exchange-traded funds - ICAP is a fund fund actively managed by InfraCap, while JEPI is a Dividend fund actively managed by JPMorgan. Both are actively managed. Over the past 3 years, ICAP returned 17.99%/yr vs 9.13%/yr for JEPI. A 0.71 correlation means they provide meaningful diversification when combined. ICAP charges 0.80%/yr vs 0.35%/yr for JEPI.

Performance

ICAP vs. JEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in InfraCap Equity Income Fund ETF (ICAP) 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, ICAP achieves a 7.14% return, which is significantly higher than JEPI's 1.34% return.

ICAP

• 1D: -1.14%
• 1M: 1.22%
• YTD: 7.14%
• 6M: 6.89%
• 1Y: 23.11%
• 3Y*: 17.99%
• 5Y*: —
• 10Y*: —

JEPI

• 1D: -0.05%
• 1M: 0.23%
• YTD: 1.34%
• 6M: 1.18%
• 1Y: 8.97%
• 3Y*: 9.13%
• 5Y*: 7.51%
• 10Y*: —

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

ICAP vs. JEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ICAP InfraCap Equity Income Fund ETF	7.14%	15.77%	14.83%	8.82%	-10.10%	1.08%
JEPI JPMorgan Equity Premium Income ETF	1.34%	8.09%	12.57%	9.83%	-3.49%	0.47%

Correlation

The correlation between ICAP and JEPI is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (All Time) Calculated using the full available price history since Dec 29, 2021	0.71

The correlation between ICAP and JEPI has been stable across timeframes, ranging from 0.69 to 0.71 - a consistent structural relationship.

ICAP vs. JEPI - Sectors Allocation Comparison

Sectors	ICAP	JEPI
Financial Services	20.7%	7.2%
Technology	16.3%	15.3%
Consumer Cyclical	13.2%	10.0%
Energy	9.3%	2.5%
Utilities	8.7%	4.7%
Consumer Defensive	8.5%	7.8%
Real Estate	7.2%	2.7%
Industrials	5.9%	9.7%
Basic Materials	3.6%	1.7%
Healthcare	3.5%	11.6%
Communication Services	3.1%	6.3%

Return for Risk

ICAP vs. JEPI — Risk / Return Rank

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

ICAP

ICAP Risk / Return Rank: 49
ICAP Sharpe Ratio Rank: 52
ICAP Sortino Ratio Rank: 50
ICAP Omega Ratio Rank: 48
ICAP Calmar Ratio Rank: 45
ICAP Martin Ratio Rank: 50

JEPI

JEPI Risk / Return Rank: 30
JEPI Sharpe Ratio Rank: 32
JEPI Sortino Ratio Rank: 32
JEPI Omega Ratio Rank: 31
JEPI Calmar Ratio Rank: 28
JEPI Martin Ratio Rank: 30

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.

ICAP vs. JEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for InfraCap Equity Income Fund ETF (ICAP) 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.

	ICAP	JEPI	Difference
Sharpe ratio: Return per unit of total volatility	1.72	1.12	+0.60
Sortino ratio: Return per unit of downside risk	2.39	1.66	+0.72
Omega ratio: Gain probability vs. loss probability	1.30	1.21	+0.09
Calmar ratio: Return relative to maximum drawdown	2.18	1.35	+0.83
Martin ratio: Return relative to average drawdown	8.27	4.00	+4.27

ICAP vs. JEPI - Sharpe Ratio Comparison

The current ICAP Sharpe Ratio is 1.72, which is higher than the JEPI Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of ICAP 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

ICAP vs. JEPI - Drawdown Comparison

The maximum ICAP drawdown since its inception was -24.20%, which is greater than JEPI's maximum drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for ICAP and JEPI.

Drawdown Indicators

	ICAP	JEPI	Difference
Max Drawdown Largest peak-to-trough decline	-24.20%	-13.71%	-10.49%
Max Drawdown (1Y) Largest decline over 1 year	-10.66%	-6.68%	-3.98%
Max Drawdown (3Y) Largest decline over 3 years	-20.31%	-13.26%	-7.05%
Max Drawdown (5Y) Largest decline over 5 years	—	-13.71%	—
Current Drawdown Current decline from peak	-1.72%	-3.69%	+1.97%
Average Drawdown Average peak-to-trough decline	-7.74%	-2.13%	-5.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	2.24%	+0.56%

Volatility

ICAP vs. JEPI - Volatility Comparison

InfraCap Equity Income Fund ETF (ICAP) has a higher volatility of 5.05% compared to JPMorgan Equity Premium Income ETF (JEPI) at 2.35%. This indicates that ICAP'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

	ICAP	JEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.05%	2.35%	+2.70%
Volatility (6M) Calculated over the trailing 6-month period	10.46%	6.28%	+4.18%
Volatility (1Y) Calculated over the trailing 1-year period	13.53%	8.04%	+5.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.18%	11.08%	+7.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.18%	10.79%	+7.39%

ICAP vs. JEPI - Expense Ratio Comparison

ICAP has a 0.80% expense ratio, which is higher than JEPI's 0.35% expense ratio.

Dividends

ICAP vs. JEPI - Dividend Comparison

ICAP's dividend yield for the trailing twelve months is around 9.54%, more than JEPI's 8.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
ICAP InfraCap Equity Income Fund ETF	9.54%	8.89%	8.30%	8.65%	8.95%	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

Can I hold both ICAP and JEPI in my portfolio?

ICAP and JEPI have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ICAP or JEPI?

ICAP has higher volatility (5.05%) compared to JEPI (2.35%). In terms of maximum drawdown, ICAP dropped -24.20% vs JEPI's -13.71%.

Which ETF is better, ICAP or JEPI?

On 3-year performance, ICAP leads with 17.99% vs 9.13% for JEPI. On fees, JEPI is cheaper at 0.35% per year. On volatility, JEPI has been the lower-risk option at 2.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ICAP or JEPI?

Over the 3-year period, ICAP has performed better with a 17.99% return vs 9.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ICAP or JEPI?

JEPI is cheaper with a 0.35% expense ratio, compared with 0.80% for ICAP.

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

ICAP has the higher dividend yield at 9.54%, compared with 8.17% for JEPI.

What is the main difference between ICAP and JEPI?

They also come from different issuers: InfraCap and JPMorgan. Their fees differ too: 0.80% for ICAP and 0.35% for JEPI.

Which has better risk-adjusted returns?

ICAP currently has the higher Sharpe Ratio (1.72 vs 1.12), 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.