JEPAX vs. JEPI

Last updated Jun 24, 2026

JEPAX (JPMorgan Equity Premium Income Fund Class A) and JEPI (JPMorgan Equity Premium Income ETF) are both funds - JEPAX is a Derivative Income fund managed by JPMorgan, while JEPI is a Dividend fund actively managed by JPMorgan. Over the past 5 years, JEPAX returned 7.08%/yr vs 7.31%/yr for JEPI. Their correlation of 0.94 suggests significant overlap in exposure. JEPAX charges 0.85%/yr vs 0.35%/yr for JEPI.

Performance

JEPAX vs. JEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Equity Premium Income Fund Class A (JEPAX) 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, JEPAX achieves a 0.86% return, which is significantly lower than JEPI's 0.91% return.

JEPAX

• 1D: 0.00%
• 1M: 0.32%
• YTD: 0.86%
• 6M: 1.00%
• 1Y: 7.95%
• 3Y*: 8.74%
• 5Y*: 7.08%
• 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)

JEPAX vs. JEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
JEPAX JPMorgan Equity Premium Income Fund Class A	0.86%	7.55%	12.07%	9.42%	-4.05%	19.13%	19.51%
JEPI JPMorgan Equity Premium Income ETF	0.91%	8.09%	12.57%	9.83%	-3.49%	21.52%	18.39%

Correlation

The correlation between JEPAX and JEPI is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (All Time) Calculated using the full available price history since May 21, 2020	0.94

The correlation between JEPAX and JEPI has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

Return for Risk

JEPAX vs. JEPI — Risk / Return Rank

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

JEPAX

JEPAX Risk / Return Rank: 14
JEPAX Sharpe Ratio Rank: 14
JEPAX Sortino Ratio Rank: 16
JEPAX Omega Ratio Rank: 15
JEPAX Calmar Ratio Rank: 13
JEPAX Martin Ratio Rank: 13

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.

JEPAX vs. JEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Equity Premium Income Fund Class A (JEPAX) 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.

	JEPAX	JEPI	Difference
Sharpe ratio: Return per unit of total volatility	0.99	0.97	+0.02
Sortino ratio: Return per unit of downside risk	1.54	1.45	+0.09
Omega ratio: Gain probability vs. loss probability	1.19	1.18	+0.01
Calmar ratio: Return relative to maximum drawdown	1.17	1.17	+0.01
Martin ratio: Return relative to average drawdown	3.51	3.44	+0.07

JEPAX vs. JEPI - Sharpe Ratio Comparison

The current JEPAX Sharpe Ratio is 0.99, which is comparable to the JEPI Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of JEPAX 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

JEPAX vs. JEPI - Drawdown Comparison

The maximum JEPAX drawdown since its inception was -32.69%, which is greater than JEPI's maximum drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for JEPAX and JEPI.

Drawdown Indicators

	JEPAX	JEPI	Difference
Max Drawdown Largest peak-to-trough decline	-32.69%	-13.71%	-18.98%
Max Drawdown (1Y) Largest decline over 1 year	-7.41%	-6.68%	-0.73%
Max Drawdown (3Y) Largest decline over 3 years	-13.43%	-13.26%	-0.17%
Max Drawdown (5Y) Largest decline over 5 years	-13.74%	-13.71%	-0.03%
Current Drawdown Current decline from peak	-4.25%	-4.11%	-0.14%
Average Drawdown Average peak-to-trough decline	-3.09%	-2.13%	-0.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.47%	2.26%	+0.21%

Volatility

JEPAX vs. JEPI - Volatility Comparison

JPMorgan Equity Premium Income Fund Class A (JEPAX) and JPMorgan Equity Premium Income ETF (JEPI) have volatilities of 2.47% and 2.38%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JEPAX	JEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.47%	2.38%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	7.00%	6.29%	+0.71%
Volatility (1Y) Calculated over the trailing 1-year period	8.78%	8.03%	+0.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.50%	11.08%	+0.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.89%	10.78%	+4.11%

JEPAX vs. JEPI - Expense Ratio Comparison

JEPAX has a 0.85% expense ratio, which is higher than JEPI's 0.35% expense ratio.

Dividends

JEPAX vs. JEPI - Dividend Comparison

JEPAX's dividend yield for the trailing twelve months is around 7.84%, less than JEPI's 8.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
JEPAX JPMorgan Equity Premium Income Fund Class A	7.84%	7.88%	6.95%	8.19%	11.98%	5.96%	11.35%	5.61%
JEPI JPMorgan Equity Premium Income ETF	8.21%	8.25%	7.33%	8.40%	11.68%	6.59%	5.79%	0.00%

Frequently Asked Questions

Can I hold both JEPAX and JEPI in my portfolio?

With a correlation of 0.95, JEPAX and JEPI move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, JEPAX or JEPI?

JEPAX has higher volatility (2.47%) compared to JEPI (2.38%). In terms of maximum drawdown, JEPAX dropped -32.69% vs JEPI's -13.71%.

Which has better risk-adjusted returns?

JEPAX currently has the higher Sharpe Ratio (0.99 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.