INCE vs. JEPI

Last updated Jun 24, 2026

INCE (Franklin Income Equity Focus ETF) and JEPI (JPMorgan Equity Premium Income ETF) are both Dividend funds. Both are actively managed. Over the past 5 years, INCE returned 10.85%/yr vs 7.31%/yr for JEPI. Their correlation of 0.88 suggests significant overlap in exposure. INCE charges 0.29%/yr vs 0.35%/yr for JEPI.

Performance

INCE vs. JEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Income Equity Focus ETF (INCE) 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, INCE achieves a 12.00% return, which is significantly higher than JEPI's 0.91% return.

INCE

• 1D: 0.22%
• 1M: -0.59%
• YTD: 12.00%
• 6M: 11.92%
• 1Y: 23.98%
• 3Y*: 16.37%
• 5Y*: 10.85%
• 10Y*: —

JEPI

• 1D: -0.43%
• 1M: -0.19%
• YTD: 0.91%
• 6M: 0.64%
• 1Y: 7.76%
• 3Y*: 8.98%
• 5Y*: 7.31%
• 10Y*: —

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

INCE vs. JEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
INCE Franklin Income Equity Focus ETF	12.00%	15.92%	10.70%	13.87%	-8.54%	23.36%	22.06%
JEPI JPMorgan Equity Premium Income ETF	0.91%	8.09%	12.57%	9.83%	-3.49%	21.52%	18.39%

Correlation

The correlation between INCE and JEPI is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since May 21, 2020	0.88

The correlation between INCE and JEPI shifts across timeframes, from 0.76 (1 year) to 0.88 (all time), reflecting how their relationship changes across market environments.

INCE vs. JEPI - Sectors Allocation Comparison

Sectors	INCE	JEPI
Industrials	16.2%	9.7%
Consumer Defensive	15.5%	7.8%
Energy	13.3%	2.5%
Utilities	12.6%	4.7%
Technology	10.5%	15.3%
Financial Services	9.5%	7.2%
Basic Materials	7.5%	1.7%
Healthcare	7.1%	11.6%
Communication Services	4.2%	6.3%
Consumer Cyclical	3.7%	10.0%
Real Estate	-	2.7%

Return for Risk

INCE vs. JEPI — Risk / Return Rank

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

INCE

INCE Risk / Return Rank: 89
INCE Sharpe Ratio Rank: 90
INCE Sortino Ratio Rank: 92
INCE Omega Ratio Rank: 89
INCE Calmar Ratio Rank: 88
INCE Martin Ratio Rank: 88

JEPI

JEPI Risk / Return Rank: 27
JEPI Sharpe Ratio Rank: 28
JEPI Sortino Ratio Rank: 27
JEPI Omega Ratio Rank: 26
JEPI Calmar Ratio Rank: 25
JEPI Martin Ratio Rank: 26

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.

INCE vs. JEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Income Equity Focus ETF (INCE) 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.

	INCE	JEPI	Difference
Sharpe ratio: Return per unit of total volatility	2.85	0.97	+1.88
Sortino ratio: Return per unit of downside risk	4.13	1.45	+2.68
Omega ratio: Gain probability vs. loss probability	1.52	1.18	+0.34
Calmar ratio: Return relative to maximum drawdown	4.91	1.17	+3.75
Martin ratio: Return relative to average drawdown	18.21	3.44	+14.76

INCE vs. JEPI - Sharpe Ratio Comparison

The current INCE Sharpe Ratio is 2.85, which is higher than the JEPI Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of INCE 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

INCE vs. JEPI - Drawdown Comparison

The maximum INCE drawdown since its inception was -33.95%, which is greater than JEPI's maximum drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for INCE and JEPI.

Drawdown Indicators

	INCE	JEPI	Difference
Max Drawdown Largest peak-to-trough decline	-33.95%	-13.71%	-20.24%
Max Drawdown (1Y) Largest decline over 1 year	-4.90%	-6.68%	+1.78%
Max Drawdown (3Y) Largest decline over 3 years	-14.01%	-13.26%	-0.75%
Max Drawdown (5Y) Largest decline over 5 years	-18.40%	-13.71%	-4.69%
Current Drawdown Current decline from peak	-1.77%	-4.11%	+2.34%
Average Drawdown Average peak-to-trough decline	-3.24%	-2.13%	-1.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.32%	2.26%	-0.94%

Volatility

INCE vs. JEPI - Volatility Comparison

Franklin Income Equity Focus ETF (INCE) has a higher volatility of 2.76% compared to JPMorgan Equity Premium Income ETF (JEPI) at 2.38%. This indicates that INCE'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

	INCE	JEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.76%	2.38%	+0.38%
Volatility (6M) Calculated over the trailing 6-month period	6.18%	6.29%	-0.11%
Volatility (1Y) Calculated over the trailing 1-year period	8.46%	8.03%	+0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.28%	11.08%	+2.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.66%	10.78%	+4.88%

INCE vs. JEPI - Expense Ratio Comparison

INCE has a 0.29% expense ratio, which is lower than JEPI's 0.35% expense ratio.

Dividends

INCE vs. JEPI - Dividend Comparison

INCE's dividend yield for the trailing twelve months is around 4.78%, less than JEPI's 8.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
INCE Franklin Income Equity Focus ETF	4.78%	4.71%	3.25%	1.75%	1.68%	1.41%	1.40%	1.31%	1.55%	1.44%	0.50%
JEPI JPMorgan Equity Premium Income ETF	8.21%	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 INCE and JEPI in my portfolio?

INCE and JEPI have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INCE or JEPI?

INCE has higher volatility (2.76%) compared to JEPI (2.38%). In terms of maximum drawdown, INCE dropped -33.95% vs JEPI's -13.71%.

Which ETF is better, INCE or JEPI?

On 5-year performance, INCE leads with 10.85% vs 7.31% for JEPI. On fees, INCE is cheaper at 0.29% 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, INCE or JEPI?

Over the 5-year period, INCE has performed better with a 10.85% return vs 7.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INCE or JEPI?

INCE is cheaper with a 0.29% expense ratio, compared with 0.35% for JEPI.

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

JEPI has the higher dividend yield at 8.21%, compared with 4.78% for INCE.

What is the main difference between INCE and JEPI?

They also come from different issuers: Franklin Templeton and JPMorgan. Their fees differ too: 0.29% for INCE and 0.35% for JEPI.

Which has better risk-adjusted returns?

INCE currently has the higher Sharpe Ratio (2.85 vs 0.97), 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.