JEPAX vs. JEPI
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 6.74%/yr vs 7.40%/yr for JEPI. Their correlation of 0.94 means they have usually moved in the same direction. JEPAX charges 0.85%/yr vs 0.35%/yr for JEPI.
Performance
JEPAX vs. JEPI - Performance Comparison
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Returns By Period
In the year-to-date period, JEPAX achieves a 3.38% return, which is significantly lower than JEPI's 4.52% return.
JEPAX
- 1D
- 0.64%
- 1M
- 0.28%
- 6M
- 1.00%
- YTD
- 3.38%
- 1Y
- 9.60%
- 3Y*
- 8.43%
- 5Y*
- 6.74%
- 10Y*
- —
- ALL TIME*
- 8.09%
JEPI
- 1D
- 0.33%
- 1M
- 1.27%
- 6M
- 2.16%
- YTD
- 4.52%
- 1Y
- 11.16%
- 3Y*
- 9.21%
- 5Y*
- 7.40%
- 10Y*
- —
- ALL TIME*
- 11.29%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $260.98M | $260.42M | $297.70M |
JEPAX vs. JEPI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
JEPAX JPMorgan Equity Premium Income Fund Class A | 3.38% | 7.55% | 12.07% | 9.42% | -4.05% | 19.13% | 19.51% |
JEPI JPMorgan Equity Premium Income ETF | 4.52% | 8.09% | 12.57% | 9.83% | -3.49% | 21.52% | 18.39% |
Correlation
The correlation between JEPAX and JEPI is 0.95 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.95 |
Correlation (3Y) Balances recent behavior with more history. | 0.96 |
Correlation (5Y) Shows whether the relationship held over a longer 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.
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Return for Risk
JEPAX vs. JEPI — Risk / Return Rank
JEPAX
JEPI
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 ratioReturn per unit of total volatility | -0.27 | ||
| Sortino ratioReturn per unit of downside risk | -0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.23 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.18 | 1.52 | -0.35 |
| Martin ratioReturn relative to average drawdown | 3.30 | 4.32 | -1.02 |
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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.
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Drawdown Indicators
| JEPAX | JEPI | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -1.86% | -0.68% | -1.18% |
Average DrawdownAverage peak-to-trough decline | -3.08% | -2.13% | -0.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.64% | 2.36% | +0.28% |
Volatility
JEPAX vs. JEPI - Volatility Comparison
JPMorgan Equity Premium Income Fund Class A (JEPAX) and JPMorgan Equity Premium Income ETF (JEPI) have volatilities of 2.48% 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.
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Volatility by Period
| JEPAX | JEPI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.48% | 2.38% | +0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 7.11% | 6.37% | +0.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.92% | 8.15% | +0.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.52% | 11.10% | +0.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.81% | 10.73% | +4.08% |
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 7.07%, less than JEPI's 7.96% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
JEPAX JPMorgan Equity Premium Income Fund Class A | 7.07% | 7.88% | 6.95% | 8.19% | 11.98% | 5.96% | 11.35% | 5.61% |
JEPI JPMorgan Equity Premium Income ETF | 7.34% | 8.25% | 7.33% | 8.40% | 11.68% | 6.59% | 5.79% | 0.00% |
Frequently Asked Questions
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.
JEPAX has higher volatility (2.48%) compared to JEPI (2.38%). In terms of maximum drawdown, JEPAX dropped -32.69% vs JEPI's -13.71%.
JEPI currently has the higher Sharpe Ratio (1.25 vs 0.98), 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.
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