JEPAX vs. OSTAX

Last updated Jul 17, 2026

JEPAX (JPMorgan Equity Premium Income Fund Class A) and OSTAX (JPMorgan Short-Intermediate Municipal Bond Fund) are both mutual funds - JEPAX is a Derivative Income fund managed by JPMorgan, while OSTAX is a Municipal Bonds fund managed by JPMorgan. Over the past 5 years, JEPAX returned 6.80%/yr vs 0.61%/yr for OSTAX. At a 0.10 correlation, their price movements are largely independent. JEPAX charges 0.85%/yr vs 0.87%/yr for OSTAX.

Performance

JEPAX vs. OSTAX - 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 Short-Intermediate Municipal Bond Fund (OSTAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JEPAX achieves a 2.58% return, which is significantly higher than OSTAX's 0.57% return.

JEPAX

• 1D: 0.07%
• 1M: 0.83%
• 6M: 0.74%
• YTD: 2.58%
• 1Y: 7.85%
• 3Y*: 8.57%
• 5Y*: 6.80%
• 10Y*: —

OSTAX

• 1D: 0.00%
• 1M: 0.02%
• 6M: 0.08%
• YTD: 0.57%
• 1Y: 2.40%
• 3Y*: 2.66%
• 5Y*: 0.61%
• 10Y*: 1.10%

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

JEPAX vs. OSTAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
JEPAX JPMorgan Equity Premium Income Fund Class A	2.58%	7.55%	12.07%	9.42%	-4.05%	19.13%	5.75%	7.45%
OSTAX JPMorgan Short-Intermediate Municipal Bond Fund	0.57%	3.89%	1.64%	3.13%	-5.27%	-0.26%	3.02%	2.62%

Correlation

The correlation between JEPAX and OSTAX is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (All Time) Calculated using the full available price history since Mar 28, 2019	0.10

Return for Risk

JEPAX vs. OSTAX — Risk / Return Rank

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

JEPAX

JEPAX Risk / Return Rank: 18
JEPAX Sharpe Ratio Rank: 19
JEPAX Sortino Ratio Rank: 21
JEPAX Omega Ratio Rank: 20
JEPAX Calmar Ratio Rank: 17
JEPAX Martin Ratio Rank: 16

OSTAX

OSTAX Risk / Return Rank: 60
OSTAX Sharpe Ratio Rank: 79
OSTAX Sortino Ratio Rank: 79
OSTAX Omega Ratio Rank: 96
OSTAX Calmar Ratio Rank: 28
OSTAX Martin Ratio Rank: 21

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. OSTAX - 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 Short-Intermediate Municipal Bond Fund (OSTAX). 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	OSTAX	Difference
Sharpe ratio: Return per unit of total volatility	0.94	2.12	-1.19
Sortino ratio: Return per unit of downside risk	1.47	3.04	-1.58
Omega ratio: Gain probability vs. loss probability	1.18	1.71	-0.53
Calmar ratio: Return relative to maximum drawdown	1.11	1.65	-0.54
Martin ratio: Return relative to average drawdown	3.15	4.13	-0.98

JEPAX vs. OSTAX - Sharpe Ratio Comparison

The current JEPAX Sharpe Ratio is 0.94, which is lower than the OSTAX Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of JEPAX and OSTAX, 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. OSTAX - Drawdown Comparison

The maximum JEPAX drawdown since its inception was -32.69%, which is greater than OSTAX's maximum drawdown of -8.72%. Use the drawdown chart below to compare losses from any high point for JEPAX and OSTAX.

Drawdown Indicators

	JEPAX	OSTAX	Difference
Max Drawdown Largest peak-to-trough decline	-32.69%	-8.72%	-23.97%
Max Drawdown (1Y) Largest decline over 1 year	-7.41%	-1.46%	-5.95%
Max Drawdown (3Y) Largest decline over 3 years	-13.43%	-2.39%	-11.04%
Max Drawdown (5Y) Largest decline over 5 years	-13.74%	-8.72%	-5.02%
Max Drawdown (10Y) Largest decline over 10 years	—	-8.72%	—
Current Drawdown Current decline from peak	-2.62%	-0.61%	-2.01%
Average Drawdown Average peak-to-trough decline	-3.09%	-0.86%	-2.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	0.58%	+2.02%

Volatility

JEPAX vs. OSTAX - Volatility Comparison

JPMorgan Equity Premium Income Fund Class A (JEPAX) has a higher volatility of 2.08% compared to JPMorgan Short-Intermediate Municipal Bond Fund (OSTAX) at 0.23%. This indicates that JEPAX's price experiences larger fluctuations and is considered to be riskier than OSTAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JEPAX	OSTAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.08%	0.23%	+1.85%
Volatility (6M) Calculated over the trailing 6-month period	7.08%	0.94%	+6.14%
Volatility (1Y) Calculated over the trailing 1-year period	8.76%	1.14%	+7.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.50%	2.00%	+9.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.84%	2.33%	+12.51%

JEPAX vs. OSTAX - Expense Ratio Comparison

JEPAX has a 0.85% expense ratio, which is lower than OSTAX's 0.87% expense ratio.

Dividends

JEPAX vs. OSTAX - Dividend Comparison

JEPAX's dividend yield for the trailing twelve months is around 7.74%, more than OSTAX's 2.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JEPAX JPMorgan Equity Premium Income Fund Class A	7.74%	7.88%	6.95%	8.19%	11.98%	5.96%	11.35%	5.61%	0.00%	0.00%	0.00%	0.00%
OSTAX JPMorgan Short-Intermediate Municipal Bond Fund	2.38%	2.62%	2.52%	1.88%	1.33%	1.03%	1.20%	1.56%	1.56%	1.03%	1.45%	0.68%

Frequently Asked Questions

Can I hold both JEPAX and OSTAX in my portfolio?

JEPAX and OSTAX 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.

Which is riskier, JEPAX or OSTAX?

JEPAX has higher volatility (2.08%) compared to OSTAX (0.23%). In terms of maximum drawdown, JEPAX dropped -32.69% vs OSTAX's -8.72%.

Which has better risk-adjusted returns?

OSTAX currently has the higher Sharpe Ratio (2.12 vs 0.94), 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.