JEPAX vs. JPICX

Last updated Aug 1, 2026

JEPAX (JPMorgan Equity Premium Income Fund Class A) and JPICX (JPMorgan California Tax Free Bond Fund) are both mutual funds - JEPAX is a Derivative Income fund managed by JPMorgan, while JPICX is a Municipal Bonds fund managed by JPMorgan. Their 0.09 correlation means their historical movements had little consistent relationship. JEPAX charges 0.85%/yr vs 0.70%/yr for JPICX.

Performance

JEPAX vs. JPICX - 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 California Tax Free Bond Fund (JPICX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

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%

JPICX

• 1D: —
• 1M: —
• 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)
JEPAX JPMorgan Equity Premium Income Fund Class A	$0.00	$0.00	$0.00

JEPAX vs. JPICX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
JEPAX JPMorgan Equity Premium Income Fund Class A	3.38%	7.55%	12.07%	9.42%	-4.05%	19.13%	5.75%	7.45%
JPICX JPMorgan California Tax Free Bond Fund	0.79%	3.38%	1.51%	4.92%	-6.54%	-0.12%	4.10%	3.48%

Correlation

The correlation between JEPAX and JPICX is 0.18, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.18
Correlation (3Y) Balances recent behavior with more history.	0.19
Correlation (5Y) Shows whether the relationship held over a longer period.	0.14
Correlation (All Time) Calculated using the full available price history since Mar 28, 2019	0.09

Return for Risk

JEPAX vs. JPICX — Risk / Return Rank

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

JEPAX

JEPAX Risk / Return Rank: 29
JEPAX Sharpe Ratio Rank: 31
JEPAX Sortino Ratio Rank: 33
JEPAX Omega Ratio Rank: 32
JEPAX Calmar Ratio Rank: 27
JEPAX Martin Ratio Rank: 24

JPICX

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.

JEPAX vs. JPICX - 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 California Tax Free Bond Fund (JPICX). 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	JPICX	Difference
Sharpe ratio: Return per unit of total volatility	0.98	—	—
Sortino ratio: Return per unit of downside risk	1.52	—	—
Omega ratio: Gain probability vs. loss probability	1.18	—	—
Calmar ratio: Return relative to maximum drawdown	1.18	—	—
Martin ratio: Return relative to average drawdown	3.30	—	—

Drawdowns

Drawdown Indicators

	JEPAX	JPICX	Difference
Max Drawdown Largest peak-to-trough decline	-32.69%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-7.41%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-13.43%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-13.74%	—	—
Current Drawdown Current decline from peak	-1.86%	—	—
Average Drawdown Average peak-to-trough decline	-3.08%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	2.64%	—	—

Volatility

Volatility by Period

	JEPAX	JPICX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.48%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.11%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	8.92%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.52%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.81%	—	—

JEPAX vs. JPICX - Expense Ratio Comparison

JEPAX has a 0.85% expense ratio, which is higher than JPICX's 0.70% expense ratio.

Dividends

JEPAX vs. JPICX - Dividend Comparison

JEPAX's dividend yield for the trailing twelve months is around 7.07%, more than JPICX's 2.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JEPAX JPMorgan Equity Premium Income Fund Class A	7.07%	7.88%	6.95%	8.19%	11.98%	5.96%	11.35%	5.61%	0.00%	0.00%	0.00%	0.00%
JPICX JPMorgan California Tax Free Bond Fund	2.47%	3.00%	3.01%	2.55%	2.03%	1.54%	1.70%	2.35%	2.80%	2.73%	2.66%	3.16%

Frequently Asked Questions

Can I hold both JEPAX and JPICX in my portfolio?

JEPAX and JPICX have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.