JEPI vs. CLOA

Last updated Jun 14, 2026

JEPI (JPMorgan Equity Premium Income ETF) and CLOA (BlackRock AAA CLO ETF) are both exchange-traded funds - JEPI is a Dividend fund actively managed by JPMorgan, while CLOA is a CLO fund actively managed by BlackRock. Both are actively managed. Over the past 3 years, JEPI returned 9.13%/yr vs 6.62%/yr for CLOA. At a 0.11 correlation, their price movements are largely independent. JEPI charges 0.35%/yr vs 0.20%/yr for CLOA.

Performance

JEPI vs. CLOA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Equity Premium Income ETF (JEPI) and BlackRock AAA CLO ETF (CLOA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JEPI achieves a 1.29% return, which is significantly lower than CLOA's 2.15% return.

JEPI

• 1D: 0.43%
• 1M: 0.97%
• YTD: 1.29%
• 6M: 1.18%
• 1Y: 8.34%
• 3Y*: 9.13%
• 5Y*: 7.45%
• 10Y*: —

CLOA

• 1D: 0.02%
• 1M: 0.30%
• YTD: 2.15%
• 6M: 2.54%
• 1Y: 5.12%
• 3Y*: 6.62%
• 5Y*: —
• 10Y*: —

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

JEPI vs. CLOA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JEPI JPMorgan Equity Premium Income ETF	1.29%	8.09%	12.57%	7.83%
CLOA BlackRock AAA CLO ETF	2.15%	5.44%	7.25%	8.38%

Correlation

The correlation between JEPI and CLOA is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (All Time) Calculated using the full available price history since Jan 12, 2023	0.11

Return for Risk

JEPI vs. CLOA — Risk / Return Rank

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

JEPI

JEPI Risk / Return Rank: 28
JEPI Sharpe Ratio Rank: 30
JEPI Sortino Ratio Rank: 29
JEPI Omega Ratio Rank: 28
JEPI Calmar Ratio Rank: 27
JEPI Martin Ratio Rank: 28

CLOA

CLOA Risk / Return Rank: 99
CLOA Sharpe Ratio Rank: 99
CLOA Sortino Ratio Rank: 99
CLOA Omega Ratio Rank: 99
CLOA Calmar Ratio Rank: 99
CLOA Martin Ratio Rank: 99

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.

JEPI vs. CLOA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Equity Premium Income ETF (JEPI) and BlackRock AAA CLO ETF (CLOA). 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	CLOA	Difference
Sharpe ratio: Return per unit of total volatility	0.95	7.39	-6.44
Sortino ratio: Return per unit of downside risk	1.42	13.73	-12.31
Omega ratio: Gain probability vs. loss probability	1.17	3.33	-2.15
Calmar ratio: Return relative to maximum drawdown	1.14	29.15	-28.01
Martin ratio: Return relative to average drawdown	3.46	145.81	-142.35

JEPI vs. CLOA - Sharpe Ratio Comparison

The current JEPI Sharpe Ratio is 0.95, which is lower than the CLOA Sharpe Ratio of 7.39. The chart below compares the historical Sharpe Ratios of JEPI and CLOA, 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

JEPI vs. CLOA - Drawdown Comparison

The maximum JEPI drawdown since its inception was -13.71%, which is greater than CLOA's maximum drawdown of -1.34%. Use the drawdown chart below to compare losses from any high point for JEPI and CLOA.

Drawdown Indicators

	JEPI	CLOA	Difference
Max Drawdown Largest peak-to-trough decline	-13.71%	-1.34%	-12.37%
Max Drawdown (1Y) Largest decline over 1 year	-6.68%	-0.18%	-6.50%
Max Drawdown (3Y) Largest decline over 3 years	-13.26%	-1.13%	-12.13%
Max Drawdown (5Y) Largest decline over 5 years	-13.71%	—	—
Current Drawdown Current decline from peak	-3.75%	0.00%	-3.75%
Average Drawdown Average peak-to-trough decline	-2.13%	-0.05%	-2.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.20%	0.04%	+2.16%

Volatility

JEPI vs. CLOA - Volatility Comparison

JPMorgan Equity Premium Income ETF (JEPI) has a higher volatility of 2.05% compared to BlackRock AAA CLO ETF (CLOA) at 0.13%. This indicates that JEPI's price experiences larger fluctuations and is considered to be riskier than CLOA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JEPI	CLOA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.05%	0.13%	+1.92%
Volatility (6M) Calculated over the trailing 6-month period	6.23%	0.48%	+5.75%
Volatility (1Y) Calculated over the trailing 1-year period	8.02%	0.70%	+7.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.08%	1.31%	+9.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.79%	1.31%	+9.48%

JEPI vs. CLOA - Expense Ratio Comparison

JEPI has a 0.35% expense ratio, which is higher than CLOA's 0.20% expense ratio.

Dividends

JEPI vs. CLOA - Dividend Comparison

JEPI's dividend yield for the trailing twelve months is around 8.18%, more than CLOA's 4.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
CLOA BlackRock AAA CLO ETF	4.95%	5.35%	6.01%	5.88%	0.00%	0.00%	0.00%
JEPI JPMorgan Equity Premium Income ETF	8.18%	8.25%	7.33%	8.40%	11.68%	6.59%	5.79%

Frequently Asked Questions

Can I hold both JEPI and CLOA in my portfolio?

JEPI and CLOA have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JEPI or CLOA?

JEPI has higher volatility (2.05%) compared to CLOA (0.13%). In terms of maximum drawdown, JEPI dropped -13.71% vs CLOA's -1.34%.

Which ETF is better, JEPI or CLOA?

On 3-year performance, JEPI leads with 9.13% vs 6.62% for CLOA. On fees, CLOA is cheaper at 0.20% per year. On volatility, CLOA has been the lower-risk option at 0.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JEPI or CLOA?

Over the 3-year period, JEPI has performed better with a 9.13% return vs 6.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JEPI or CLOA?

CLOA is cheaper with a 0.20% expense ratio, compared with 0.35% for JEPI.

Which ETF pays a higher dividend yield, JEPI or CLOA?

JEPI has the higher dividend yield at 8.18%, compared with 4.95% for CLOA.

What is the main difference between JEPI and CLOA?

JEPI is categorized as Dividend, while CLOA is CLO. They also come from different issuers: JPMorgan and BlackRock. Their fees differ too: 0.35% for JEPI and 0.20% for CLOA.

Which has better risk-adjusted returns?

CLOA currently has the higher Sharpe Ratio (7.39 vs 0.95), 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.