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IWM vs. JEPI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IWM vs. JEPI

Last updated Jul 22, 2026
Documentation

IWM (iShares Russell 2000 ETF) and JEPI (JPMorgan Equity Premium Income ETF) are both exchange-traded funds - IWM is a Small Cap Blend Equities fund tracking the Russell 2000 Index, while JEPI is a Dividend fund actively managed by JPMorgan. IWM is passively managed, while JEPI is actively managed. Over the past 5 years, IWM returned 7.63%/yr vs 7.25%/yr for JEPI. A 0.66 correlation means they provide meaningful diversification when combined. IWM charges 0.19%/yr vs 0.35%/yr for JEPI.

Performance

IWM vs. JEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell 2000 ETF (IWM) and JPMorgan Equity Premium Income ETF (JEPI). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IWM achieves a 20.97% return, which is significantly higher than JEPI's 3.04% return.

IWM

1D
1.45%
1M
0.32%
6M
13.40%
YTD
20.97%
1Y
35.31%
3Y*
16.47%
5Y*
7.63%
10Y*
10.81%
ALL TIME*
8.82%

JEPI

1D
0.41%
1M
1.62%
6M
2.36%
YTD
3.04%
1Y
7.89%
3Y*
8.69%
5Y*
7.25%
10Y*
—
ALL TIME*
11.09%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IWM vs. JEPI - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
IWM
iShares Russell 2000 ETF		20.97%12.66%11.38%16.83%-20.48%14.54%47.83%
JEPI
JPMorgan Equity Premium Income ETF		3.04%8.09%12.57%9.83%-3.49%21.52%18.39%

Correlation

The correlation between IWM and JEPI is 0.60, 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

0.60

Correlation (3Y)
Calculated over the trailing 3-year period

0.69

Correlation (5Y)
Calculated over the trailing 5-year period

0.70

Correlation (All Time)
Calculated using the full available price history since May 21, 2020

0.66

The correlation between IWM and JEPI has been stable across timeframes, ranging from 0.60 to 0.70 - a consistent structural relationship.

IWM vs. JEPI - Sectors Allocation Comparison

Sectors
IWM
JEPI

Healthcare

20.5%
12.6%

Financial Services

17.9%
8.9%

Technology

14.3%
15.9%

Industrials

13.9%
10.9%

Consumer Cyclical

9.0%
10.0%

Real Estate

6.6%
2.6%

Energy

5.8%
2.4%

Basic Materials

4.3%
1.6%

Utilities

2.9%
4.8%

Consumer Defensive

2.6%
7.6%

Communication Services

1.9%
6.4%

Healthcare

IWM
20.5%
JEPI
12.6%

Financial Services

IWM
17.9%
JEPI
8.9%

Technology

IWM
14.3%
JEPI
15.9%

Industrials

IWM
13.9%
JEPI
10.9%

Consumer Cyclical

IWM
9.0%
JEPI
10.0%

Real Estate

IWM
6.6%
JEPI
2.6%

Energy

IWM
5.8%
JEPI
2.4%

Basic Materials

IWM
4.3%
JEPI
1.6%

Utilities

IWM
2.9%
JEPI
4.8%

Consumer Defensive

IWM
2.6%
JEPI
7.6%

Communication Services

IWM
1.9%
JEPI
6.4%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Russell 2000 ETF

JPMorgan Equity Premium Income ETF

Often compared with IWM:
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Often compared with JEPI:
JEPI vs. JEPQJEPI vs. SCHDJEPI vs. SPYJEPI vs. QYLDJEPI vs. SPYIJEPI vs. QQQIJEPI vs. VOO

Return for Risk

IWM vs. JEPI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IWM
IWM Risk / Return Rank: 7777
Overall Rank
IWM Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
IWM Sortino Ratio Rank: 7777
Sortino Ratio Rank
IWM Omega Ratio Rank: 7070
Omega Ratio Rank
IWM Calmar Ratio Rank: 8383
Calmar Ratio Rank
IWM Martin Ratio Rank: 8181
Martin Ratio Rank
JEPI
JEPI Risk / Return Rank: 3434
Overall Rank
JEPI Sharpe Ratio Rank: 3636
Sharpe Ratio Rank
JEPI Sortino Ratio Rank: 3636
Sortino Ratio Rank
JEPI Omega Ratio Rank: 3535
Omega Ratio Rank
JEPI Calmar Ratio Rank: 3232
Calmar Ratio Rank
JEPI Martin Ratio Rank: 3232
Martin Ratio Rank
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.

IWM vs. JEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2000 ETF (IWM) 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.

IWMJEPIDifference
Sharpe ratioReturn per unit of total volatility
1.83
0.99

+0.85

Sortino ratioReturn per unit of downside risk
2.59
1.47

+1.12

Omega ratioGain probability vs. loss probability

1.31

1.18

+0.12

Calmar ratioReturn relative to maximum drawdown

3.22

1.18

+2.03

Martin ratioReturn relative to average drawdown

11.33

3.35

+7.98

IWM vs. JEPI - Sharpe Ratio Comparison

The current IWM Sharpe Ratio is 1.83, which is higher than the JEPI Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of IWM 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.

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Drawdowns

IWM vs. JEPI - Drawdown Comparison

The maximum IWM drawdown since its inception was -59.05%, which is greater than JEPI's maximum drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for IWM and JEPI.

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Drawdown Indicators

IWMJEPIDifference

Max Drawdown

Largest peak-to-trough decline

-59.05%

-13.71%

-45.34%

Max Drawdown (1Y)

Largest decline over 1 year

-11.03%

-6.68%

-4.35%

Max Drawdown (3Y)

Largest decline over 3 years

-27.50%

-13.26%

-14.24%

Max Drawdown (5Y)

Largest decline over 5 years

-31.91%

-13.71%

-18.20%

Max Drawdown (10Y)

Largest decline over 10 years

-41.13%

—

—

Current Drawdown

Current decline from peak

-1.30%

-2.08%

+0.78%

Average Drawdown

Average peak-to-trough decline

-10.72%

-2.13%

-8.59%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.12%

2.36%

+0.76%

Volatility

IWM vs. JEPI - Volatility Comparison

iShares Russell 2000 ETF (IWM) has a higher volatility of 3.36% compared to JPMorgan Equity Premium Income ETF (JEPI) at 1.90%. This indicates that IWM'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.

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Volatility by Period

IWMJEPIDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.36%

1.90%

+1.46%

Volatility (6M)

Calculated over the trailing 6-month period

14.23%

6.41%

+7.82%

Volatility (1Y)

Calculated over the trailing 1-year period

19.38%

8.04%

+11.34%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.49%

11.09%

+11.40%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.01%

10.74%

+12.27%

IWM vs. JEPI - Expense Ratio Comparison

IWM has a 0.19% expense ratio, which is lower than JEPI's 0.35% expense ratio.

Dividends

IWM vs. JEPI - Dividend Comparison

IWM's dividend yield for the trailing twelve months is around 0.90%, less than JEPI's 8.07% yield.

PositionTTM20252024202320222021202020192018201720162015
IWM
iShares Russell 2000 ETF		0.90%1.04%1.15%1.35%1.48%0.94%1.04%1.26%1.40%1.26%1.38%1.54%
JEPI
JPMorgan Equity Premium Income ETF		8.07%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

IWM and JEPI have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IWM has higher volatility (3.36%) compared to JEPI (1.90%). In terms of maximum drawdown, IWM dropped -59.05% vs JEPI's -13.71%.

On 5-year performance, IWM leads with 7.63% vs 7.25% for JEPI. On fees, IWM is cheaper at 0.19% per year. On volatility, JEPI has been the lower-risk option at 1.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, IWM has performed better with a 7.63% return vs 7.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IWM is cheaper with a 0.19% expense ratio, compared with 0.35% for JEPI.

JEPI has the higher dividend yield at 8.07%, compared with 0.90% for IWM.

IWM is categorized as Small Cap Blend Equities, while JEPI is Dividend. They also come from different issuers: iShares and JPMorgan. Their fees differ too: 0.19% for IWM and 0.35% for JEPI.

IWM currently has the higher Sharpe Ratio (1.83 vs 0.99), 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.

Portfolio Optimizer

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