JEPI vs. DLY

Last updated Jun 9, 2026

JEPI (JPMorgan Equity Premium Income ETF) and DLY (DoubleLine Yield Opportunities Fund) are both funds - JEPI is a Dividend fund actively managed by JPMorgan, while DLY is a Multisector Bonds fund actively managed by DoubleLine. Both are actively managed. Over the past 5 years, JEPI returned 7.28%/yr vs 1.85%/yr for DLY. At a 0.33 correlation, their price movements are largely independent. JEPI charges 0.35%/yr vs 2.91%/yr for DLY.

Performance

JEPI vs. DLY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Equity Premium Income ETF (JEPI) and DoubleLine Yield Opportunities Fund (DLY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JEPI achieves a 0.04% return, which is significantly higher than DLY's -1.24% return.

JEPI

• 1D: -0.31%
• 1M: -0.40%
• YTD: 0.04%
• 6M: 0.91%
• 1Y: 7.03%
• 3Y*: 8.80%
• 5Y*: 7.28%
• 10Y*: —

DLY

• 1D: -0.22%
• 1M: -2.35%
• YTD: -1.24%
• 6M: -0.58%
• 1Y: -3.01%
• 3Y*: 8.31%
• 5Y*: 1.85%
• 10Y*: —

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

JEPI vs. DLY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
JEPI JPMorgan Equity Premium Income ETF	0.04%	8.09%	12.57%	9.83%	-3.49%	21.52%	18.61%
DLY DoubleLine Yield Opportunities Fund	-1.24%	0.63%	16.29%	25.48%	-23.08%	8.56%	11.53%

Correlation

The correlation between JEPI and DLY is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (All Time) Calculated using the full available price history since May 22, 2020	0.33

Return for Risk

JEPI vs. DLY — Risk / Return Rank

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

JEPI

JEPI Risk / Return Rank: 26
JEPI Sharpe Ratio Rank: 27
JEPI Sortino Ratio Rank: 27
JEPI Omega Ratio Rank: 27
JEPI Calmar Ratio Rank: 24
JEPI Martin Ratio Rank: 26

DLY

DLY Risk / Return Rank: 1
DLY Sharpe Ratio Rank: 2
DLY Sortino Ratio Rank: 1
DLY Omega Ratio Rank: 1
DLY Calmar Ratio Rank: 2
DLY Martin Ratio Rank: 1

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. DLY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Equity Premium Income ETF (JEPI) and DoubleLine Yield Opportunities Fund (DLY). 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.

	JEPI	DLY	Difference
Sharpe ratio: Return per unit of total volatility	0.90	-0.37	+1.27
Sortino ratio: Return per unit of downside risk	1.35	-0.49	+1.83
Omega ratio: Gain probability vs. loss probability	1.17	0.94	+0.23
Calmar ratio: Return relative to maximum drawdown	1.06	-0.35	+1.40
Martin ratio: Return relative to average drawdown	3.31	-0.88	+4.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JEPI vs. DLY - Sharpe Ratio Comparison

The current JEPI Sharpe Ratio is 0.90, which is higher than the DLY Sharpe Ratio of -0.37. The chart below compares the historical Sharpe Ratios of JEPI and DLY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	JEPI	DLY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.90	-0.37	+1.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	0.14	+0.52
Sharpe Ratio (All Time) Calculated using the full available price history	1.01	0.17	+0.83

Drawdowns

JEPI vs. DLY - Drawdown Comparison

The maximum JEPI drawdown since its inception was -13.71%, smaller than the maximum DLY drawdown of -28.61%. Use the drawdown chart below to compare losses from any high point for JEPI and DLY.

Drawdown Indicators

	JEPI	DLY	Difference
Max Drawdown Largest peak-to-trough decline	-13.71%	-28.61%	+14.90%
Max Drawdown (1Y) Largest decline over 1 year	-6.68%	-8.74%	+2.06%
Max Drawdown (3Y) Largest decline over 3 years	-13.26%	-10.81%	-2.45%
Max Drawdown (5Y) Largest decline over 5 years	-13.71%	-28.61%	+14.90%
Current Drawdown Current decline from peak	-4.93%	-5.31%	+0.38%
Average Drawdown Average peak-to-trough decline	-2.12%	-7.82%	+5.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.13%	3.44%	-1.31%

Volatility

JEPI vs. DLY - Volatility Comparison

The current volatility for JPMorgan Equity Premium Income ETF (JEPI) is 1.48%, while DoubleLine Yield Opportunities Fund (DLY) has a volatility of 1.94%. This indicates that JEPI experiences smaller price fluctuations and is considered to be less risky than DLY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JEPI	DLY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.48%	1.94%	-0.46%
Volatility (6M) Calculated over the trailing 6-month period	6.09%	6.87%	-0.78%
Volatility (1Y) Calculated over the trailing 1-year period	7.89%	8.12%	-0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.06%	13.57%	-2.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.79%	15.04%	-4.25%

JEPI vs. DLY - Expense Ratio Comparison

JEPI has a 0.35% expense ratio, which is lower than DLY's 2.91% expense ratio.

Dividends

JEPI vs. DLY - Dividend Comparison

JEPI's dividend yield for the trailing twelve months is around 8.28%, less than DLY's 10.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
DLY DoubleLine Yield Opportunities Fund	10.16%	9.63%	8.85%	9.84%	10.67%	7.49%	5.67%
JEPI JPMorgan Equity Premium Income ETF	8.28%	8.25%	7.33%	8.40%	11.68%	6.59%	5.79%

Frequently Asked Questions

Can I hold both JEPI and DLY in my portfolio?

JEPI and DLY have a correlation of 0.35, 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 DLY?

DLY has higher volatility (1.94%) compared to JEPI (1.48%). In terms of maximum drawdown, JEPI dropped -13.71% vs DLY's -28.61%.

Which has better risk-adjusted returns?

JEPI currently has the higher Sharpe Ratio (0.90 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.