JEPI vs. BWX
JEPI (JPMorgan Equity Premium Income ETF) and BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) are both exchange-traded funds - JEPI is a Dividend fund actively managed by JPMorgan, while BWX is a International Government Bonds fund tracking the Bloomberg Global Treasury x US Capped (Inception 8/31/2007). JEPI is actively managed, while BWX is passively managed. Over the past 5 years, JEPI returned 7.65%/yr vs -4.15%/yr for BWX. At a 0.25 correlation, their price movements are largely independent. Both charge a 0.35% expense ratio.
Performance
JEPI vs. BWX - Performance Comparison
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Returns By Period
In the year-to-date period, JEPI achieves a 1.89% return, which is significantly higher than BWX's -1.42% return.
JEPI
- 1D
- 0.59%
- 1M
- 1.56%
- YTD
- 1.89%
- 6M
- 1.70%
- 1Y
- 8.98%
- 3Y*
- 9.19%
- 5Y*
- 7.65%
- 10Y*
- —
BWX
- 1D
- 0.27%
- 1M
- 1.08%
- YTD
- -1.42%
- 6M
- -1.46%
- 1Y
- -2.80%
- 3Y*
- 1.02%
- 5Y*
- -4.15%
- 10Y*
- -1.31%
JEPI vs. BWX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
JEPI JPMorgan Equity Premium Income ETF | 1.89% | 8.09% | 12.57% | 9.83% | -3.49% | 21.52% | 18.39% |
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | -1.42% | 7.67% | -5.93% | 5.10% | -19.72% | -8.67% | 11.30% |
Correlation
The correlation between JEPI and BWX is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since May 21, 2020 | 0.25 |
The correlation between JEPI and BWX shifts across timeframes, from 0.25 (3 years) to 0.37 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
JEPI vs. BWX — Risk / Return Rank
JEPI
BWX
JEPI vs. BWX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan Equity Premium Income ETF (JEPI) and SPDR Bloomberg Barclays International Treasury Bond ETF (BWX). 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.
| JEPI | BWX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.50 | ||
| Sortino ratioReturn per unit of downside risk | +2.16 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 0.95 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 1.35 | -0.46 | +1.81 |
| Martin ratioReturn relative to average drawdown | 4.09 | -0.90 | +4.98 |
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Drawdowns
JEPI vs. BWX - Drawdown Comparison
The maximum JEPI drawdown since its inception was -13.71%, smaller than the maximum BWX drawdown of -34.05%. Use the drawdown chart below to compare losses from any high point for JEPI and BWX.
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Drawdown Indicators
| JEPI | BWX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.71% | -34.05% | +20.34% |
Max Drawdown (1Y)Largest decline over 1 year | -6.68% | -6.16% | -0.52% |
Max Drawdown (3Y)Largest decline over 3 years | -13.26% | -10.22% | -3.04% |
Max Drawdown (5Y)Largest decline over 5 years | -13.71% | -30.78% | +17.07% |
Max Drawdown (10Y)Largest decline over 10 years | — | -34.05% | — |
Current DrawdownCurrent decline from peak | -3.18% | -23.60% | +20.42% |
Average DrawdownAverage peak-to-trough decline | -2.13% | -10.07% | +7.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.20% | 3.13% | -0.93% |
Volatility
JEPI vs. BWX - Volatility Comparison
The current volatility for JPMorgan Equity Premium Income ETF (JEPI) is 2.12%, while SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) has a volatility of 2.49%. This indicates that JEPI experiences smaller price fluctuations and is considered to be less risky than BWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JEPI | BWX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.12% | 2.49% | -0.37% |
Volatility (6M)Calculated over the trailing 6-month period | 6.23% | 5.92% | +0.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.01% | 7.66% | +0.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.08% | 9.70% | +1.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.79% | 8.67% | +2.12% |
JEPI vs. BWX - Expense Ratio Comparison
Both JEPI and BWX have an expense ratio of 0.35%.
Dividends
JEPI vs. BWX - Dividend Comparison
JEPI's dividend yield for the trailing twelve months is around 8.13%, more than BWX's 2.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | 2.36% | 2.19% | 1.99% | 1.63% | 1.23% | 0.93% | 0.95% | 1.16% | 1.07% | 0.46% |
JEPI JPMorgan Equity Premium Income ETF | 8.13% | 8.25% | 7.33% | 8.40% | 11.68% | 6.59% | 5.79% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
JEPI and BWX have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BWX has higher volatility (2.49%) compared to JEPI (2.12%). In terms of maximum drawdown, JEPI dropped -13.71% vs BWX's -34.05%.
On 5-year performance, JEPI leads with 7.65% vs -4.15% for BWX. Both ETFs have the same 0.35% expense ratio. On volatility, JEPI has been the lower-risk option at 2.12%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, JEPI has performed better with a 7.65% return vs -4.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JEPI and BWX have the same expense ratio: 0.35% per year.
JEPI has the higher dividend yield at 8.13%, compared with 2.36% for BWX.
JEPI is categorized as Dividend, while BWX is International Government Bonds. They also come from different issuers: JPMorgan and State Street.
JEPI currently has the higher Sharpe Ratio (1.13 vs -0.37), 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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