JDIEX vs. IPSAX

Last updated Jun 4, 2026

JDIEX (Easterly Hedged Equity Fund) and IPSAX (IPS Strategic Capital Absolute Return Fund) are both Options Trading funds. Over the past 10 years, JDIEX returned 9.00%/yr vs 6.93%/yr for IPSAX. A 0.67 correlation means they provide meaningful diversification when combined. JDIEX charges 1.26%/yr vs 1.50%/yr for IPSAX.

Performance

JDIEX vs. IPSAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Easterly Hedged Equity Fund (JDIEX) and IPS Strategic Capital Absolute Return Fund (IPSAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JDIEX achieves a 8.68% return, which is significantly higher than IPSAX's 3.87% return. Over the past 10 years, JDIEX has outperformed IPSAX with an annualized return of 9.00%, while IPSAX has yielded a comparatively lower 6.93% annualized return.

JDIEX

• 1D: 0.06%
• 1M: 3.04%
• YTD: 8.68%
• 6M: 8.61%
• 1Y: 18.57%
• 3Y*: 15.25%
• 5Y*: 10.88%
• 10Y*: 9.00%

IPSAX

• 1D: 0.10%
• 1M: 4.17%
• YTD: 3.87%
• 6M: 3.14%
• 1Y: 12.19%
• 3Y*: 13.42%
• 5Y*: 7.17%
• 10Y*: 6.93%

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

JDIEX vs. IPSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JDIEX Easterly Hedged Equity Fund	8.68%	11.87%	17.36%	14.58%	-2.74%	11.25%	7.57%	12.11%	1.56%	6.68%
IPSAX IPS Strategic Capital Absolute Return Fund	3.87%	9.13%	16.99%	16.10%	-16.02%	18.27%	3.11%	14.20%	-5.36%	13.56%

Correlation

The correlation between JDIEX and IPSAX is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Apr 19, 2016	0.67

The correlation between JDIEX and IPSAX shifts across timeframes, from 0.67 (all time) to 0.82 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

JDIEX vs. IPSAX — Risk / Return Rank

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

JDIEX

JDIEX Risk / Return Rank: 91
JDIEX Sharpe Ratio Rank: 91
JDIEX Sortino Ratio Rank: 91
JDIEX Omega Ratio Rank: 87
JDIEX Calmar Ratio Rank: 94
JDIEX Martin Ratio Rank: 94

IPSAX

IPSAX Risk / Return Rank: 15
IPSAX Sharpe Ratio Rank: 17
IPSAX Sortino Ratio Rank: 16
IPSAX Omega Ratio Rank: 19
IPSAX Calmar Ratio Rank: 11
IPSAX Martin Ratio Rank: 10

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.

JDIEX vs. IPSAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Easterly Hedged Equity Fund (JDIEX) and IPS Strategic Capital Absolute Return Fund (IPSAX). 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.

	JDIEX	IPSAX	Difference
Sharpe ratio: Return per unit of total volatility	3.03	1.16	+1.87
Sortino ratio: Return per unit of downside risk	4.43	1.65	+2.78
Omega ratio: Gain probability vs. loss probability	1.60	1.23	+0.37
Calmar ratio: Return relative to maximum drawdown	5.46	1.05	+4.42
Martin ratio: Return relative to average drawdown	21.58	3.10	+18.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JDIEX vs. IPSAX - Sharpe Ratio Comparison

The current JDIEX Sharpe Ratio is 3.03, which is higher than the IPSAX Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of JDIEX and IPSAX, 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

	JDIEX	IPSAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.03	1.16	+1.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.97	0.04	+0.93
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	0.06	+0.79
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	0.06	+0.76

Drawdowns

JDIEX vs. IPSAX - Drawdown Comparison

The maximum JDIEX drawdown since its inception was -17.63%, smaller than the maximum IPSAX drawdown of -81.31%. Use the drawdown chart below to compare losses from any high point for JDIEX and IPSAX.

Drawdown Indicators

	JDIEX	IPSAX	Difference
Max Drawdown Largest peak-to-trough decline	-17.63%	-81.31%	+63.68%
Max Drawdown (1Y) Largest decline over 1 year	-3.49%	-12.09%	+8.60%
Max Drawdown (3Y) Largest decline over 3 years	-10.66%	-81.31%	+70.65%
Max Drawdown (5Y) Largest decline over 5 years	-17.57%	-81.31%	+63.74%
Max Drawdown (10Y) Largest decline over 10 years	-17.63%	-81.31%	+63.68%
Current Drawdown Current decline from peak	0.00%	-76.87%	+76.87%
Average Drawdown Average peak-to-trough decline	-2.53%	-14.55%	+12.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	4.07%	-3.19%

Volatility

JDIEX vs. IPSAX - Volatility Comparison

The current volatility for Easterly Hedged Equity Fund (JDIEX) is 1.29%, while IPS Strategic Capital Absolute Return Fund (IPSAX) has a volatility of 2.65%. This indicates that JDIEX experiences smaller price fluctuations and is considered to be less risky than IPSAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JDIEX	IPSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.29%	2.65%	-1.36%
Volatility (6M) Calculated over the trailing 6-month period	4.71%	7.98%	-3.27%
Volatility (1Y) Calculated over the trailing 1-year period	6.31%	10.93%	-4.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.29%	175.34%	-164.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.72%	124.17%	-113.45%

JDIEX vs. IPSAX - Expense Ratio Comparison

JDIEX has a 1.26% expense ratio, which is lower than IPSAX's 1.50% expense ratio.

Dividends

JDIEX vs. IPSAX - Dividend Comparison

JDIEX has not paid dividends to shareholders, while IPSAX's dividend yield for the trailing twelve months is around 14.26%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IPSAX IPS Strategic Capital Absolute Return Fund	14.26%	14.81%	13.88%	0.00%	12.04%	5.18%	0.46%	9.23%	0.00%	9.16%	0.69%
JDIEX Easterly Hedged Equity Fund	0.00%	0.00%	0.09%	0.23%	2.45%	10.68%	8.01%	1.99%	10.75%	2.57%	0.11%

Frequently Asked Questions

Can I hold both JDIEX and IPSAX in my portfolio?

JDIEX and IPSAX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JDIEX or IPSAX?

IPSAX has higher volatility (2.65%) compared to JDIEX (1.29%). In terms of maximum drawdown, JDIEX dropped -17.63% vs IPSAX's -81.31%.

Which has better risk-adjusted returns?

JDIEX currently has the higher Sharpe Ratio (3.03 vs 1.16), 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.