ISPY vs. JELM

Last updated Aug 5, 2026

ISPY (ProShares S&P 500 High Income ETF) and JELM (Janus Henderson Equity Linked Moderate Income ETF) are both Derivative Income funds. ISPY is passively managed, while JELM is actively managed. Their 0.05 correlation means their historical movements had little consistent relationship. ISPY charges 0.55%/yr vs 0.59%/yr for JELM.

Performance

ISPY vs. JELM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 High Income ETF (ISPY) and Janus Henderson Equity Linked Moderate Income ETF (JELM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ISPY

• 1D: 1.14%
• 1M: 2.32%
• 6M: 9.51%
• YTD: 10.87%
• 1Y: 19.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.52%

JELM

• 1D: 0.20%
• 1M: 1.29%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
ISPY ProShares S&P 500 High Income ETF	$3.45M	$3.99M	$4.91M
JELM Janus Henderson Equity Linked Moderate Income ETF	$199.95K	$786.17K	$963.17K

ISPY vs. JELM - Yearly Performance Comparison

	2026 (YTD)
ISPY ProShares S&P 500 High Income ETF	8.43%
JELM Janus Henderson Equity Linked Moderate Income ETF	2.35%

Correlation

The correlation between ISPY and JELM is 0.05, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 22, 2026	0.05

Return for Risk

ISPY vs. JELM — Risk / Return Rank

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

ISPY

ISPY Risk / Return Rank: 59
ISPY Sharpe Ratio Rank: 59
ISPY Sortino Ratio Rank: 54
ISPY Omega Ratio Rank: 56
ISPY Calmar Ratio Rank: 60
ISPY Martin Ratio Rank: 67

JELM

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

ISPY vs. JELM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 High Income ETF (ISPY) and Janus Henderson Equity Linked Moderate Income ETF (JELM). 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.

	ISPY	JELM	Difference
Sharpe ratio: Return per unit of total volatility	1.59	—	—
Sortino ratio: Return per unit of downside risk	2.13	—	—
Omega ratio: Gain probability vs. loss probability	1.28	—	—
Calmar ratio: Return relative to maximum drawdown	2.37	—	—
Martin ratio: Return relative to average drawdown	9.20	—	—

Drawdowns

ISPY vs. JELM - Drawdown Comparison

The maximum ISPY drawdown since its inception was -16.88%, which is greater than JELM's maximum drawdown of -0.69%. Use the drawdown chart below to compare losses from any high point for ISPY and JELM.

Drawdown Indicators

	ISPY	JELM	Difference
Max Drawdown Largest peak-to-trough decline	-16.88%	-0.69%	-16.19%
Max Drawdown (1Y) Largest decline over 1 year	-8.43%	—	—
Current Drawdown Current decline from peak	0.00%	-0.25%	+0.25%
Average Drawdown Average peak-to-trough decline	-2.08%	-0.21%	-1.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.17%	—	—

Volatility

Volatility by Period

	ISPY	JELM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.99%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.23%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	12.62%	3.69%	+8.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.76%	3.69%	+10.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.76%	3.69%	+10.07%

ISPY vs. JELM - Expense Ratio Comparison

ISPY has a 0.55% expense ratio, which is lower than JELM's 0.59% expense ratio.

Dividends

ISPY vs. JELM - Dividend Comparison

ISPY's dividend yield for the trailing twelve months is around 4.99%, more than JELM's 1.21% yield.

Position	TTM	2025	2024
ISPY ProShares S&P 500 High Income ETF	4.99%	8.56%	9.84%
JELM Janus Henderson Equity Linked Moderate Income ETF	1.21%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ISPY and JELM in my portfolio?

ISPY and JELM have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ISPY or JELM?

On fees, ISPY is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ISPY or JELM?

ISPY is cheaper with a 0.55% expense ratio, compared with 0.59% for JELM.

Which ETF pays a higher dividend yield, ISPY or JELM?

ISPY has the higher dividend yield at 4.99%, compared with 1.21% for JELM.

What is the main difference between ISPY and JELM?

They also come from different issuers: ProShares and Janus Henderson. Their fees differ too: 0.55% for ISPY and 0.59% for JELM.