JEPI vs. FRNW

Last updated Jun 16, 2026

JEPI (JPMorgan Equity Premium Income ETF) and FRNW (Fidelity Clean Energy ETF) are both exchange-traded funds - JEPI is a Dividend fund actively managed by JPMorgan, while FRNW is a Alternative Energy Equities fund actively managed by Fidelity. Both are actively managed. Over the past 3 years, JEPI returned 9.19%/yr vs 6.49%/yr for FRNW. At a 0.49 correlation, their price movements are largely independent. JEPI charges 0.35%/yr vs 0.39%/yr for FRNW.

Performance

JEPI vs. FRNW - Performance Comparison

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

Returns By Period

In the year-to-date period, JEPI achieves a 1.89% return, which is significantly lower than FRNW's 23.62% return.

JEPI

• 1D: 0.59%
• 1M: 1.56%
• YTD: 1.89%
• 6M: 1.70%
• 1Y: 8.98%
• 3Y*: 9.19%
• 5Y*: 7.65%
• 10Y*: —

FRNW

• 1D: 0.40%
• 1M: -4.24%
• YTD: 23.62%
• 6M: 23.50%
• 1Y: 63.53%
• 3Y*: 6.49%
• 5Y*: —
• 10Y*: —

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

JEPI vs. FRNW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
JEPI JPMorgan Equity Premium Income ETF	1.89%	8.09%	12.57%	9.83%	-3.49%	7.34%
FRNW Fidelity Clean Energy ETF	23.62%	53.20%	-21.11%	-19.64%	-11.46%	-2.52%

Correlation

The correlation between JEPI and FRNW 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	0.43
Correlation (All Time) Calculated using the full available price history since Oct 7, 2021	0.49

The correlation between JEPI and FRNW shifts across timeframes, from 0.35 (1 year) to 0.49 (all time), reflecting how their relationship changes across market environments.

JEPI vs. FRNW - Sectors Allocation Comparison

Sectors	JEPI	FRNW
Technology	14.5%	6.0%
Healthcare	12.0%	-
Consumer Cyclical	10.1%	-
Industrials	9.5%	28.7%
Consumer Defensive	8.1%	-
Financial Services	7.4%	-
Communication Services	6.2%	-
Utilities	4.7%	42.5%
Real Estate	2.9%	-
Energy	2.7%	22.5%
Basic Materials	1.6%	-

Return for Risk

JEPI vs. FRNW — Risk / Return Rank

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

JEPI

JEPI Risk / Return Rank: 33
JEPI Sharpe Ratio Rank: 34
JEPI Sortino Ratio Rank: 34
JEPI Omega Ratio Rank: 33
JEPI Calmar Ratio Rank: 30
JEPI Martin Ratio Rank: 31

FRNW

FRNW Risk / Return Rank: 79
FRNW Sharpe Ratio Rank: 82
FRNW Sortino Ratio Rank: 73
FRNW Omega Ratio Rank: 69
FRNW Calmar Ratio Rank: 87
FRNW Martin Ratio Rank: 84

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. FRNW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Equity Premium Income ETF (JEPI) and Fidelity Clean Energy ETF (FRNW). 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	FRNW	Difference
Sharpe ratio: Return per unit of total volatility	1.13	2.37	-1.24
Sortino ratio: Return per unit of downside risk	1.68	2.98	-1.30
Omega ratio: Gain probability vs. loss probability	1.21	1.37	-0.16
Calmar ratio: Return relative to maximum drawdown	1.35	4.50	-3.15
Martin ratio: Return relative to average drawdown	4.09	15.55	-11.46

JEPI vs. FRNW - Sharpe Ratio Comparison

The current JEPI Sharpe Ratio is 1.13, which is lower than the FRNW Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of JEPI and FRNW, 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. FRNW - Drawdown Comparison

The maximum JEPI drawdown since its inception was -13.71%, smaller than the maximum FRNW drawdown of -59.37%. Use the drawdown chart below to compare losses from any high point for JEPI and FRNW.

Drawdown Indicators

	JEPI	FRNW	Difference
Max Drawdown Largest peak-to-trough decline	-13.71%	-59.37%	+45.66%
Max Drawdown (1Y) Largest decline over 1 year	-6.68%	-14.20%	+7.52%
Max Drawdown (3Y) Largest decline over 3 years	-13.26%	-45.14%	+31.88%
Max Drawdown (5Y) Largest decline over 5 years	-13.71%	—	—
Current Drawdown Current decline from peak	-3.18%	-10.73%	+7.55%
Average Drawdown Average peak-to-trough decline	-2.13%	-33.15%	+31.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.20%	4.10%	-1.90%

Volatility

JEPI vs. FRNW - Volatility Comparison

The current volatility for JPMorgan Equity Premium Income ETF (JEPI) is 2.12%, while Fidelity Clean Energy ETF (FRNW) has a volatility of 10.63%. This indicates that JEPI experiences smaller price fluctuations and is considered to be less risky than FRNW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JEPI	FRNW	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.12%	10.63%	-8.51%
Volatility (6M) Calculated over the trailing 6-month period	6.23%	19.59%	-13.36%
Volatility (1Y) Calculated over the trailing 1-year period	8.01%	26.98%	-18.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.08%	28.51%	-17.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.79%	28.51%	-17.72%

JEPI vs. FRNW - Expense Ratio Comparison

JEPI has a 0.35% expense ratio, which is lower than FRNW's 0.39% expense ratio.

Dividends

JEPI vs. FRNW - Dividend Comparison

JEPI's dividend yield for the trailing twelve months is around 8.13%, more than FRNW's 1.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
FRNW Fidelity Clean Energy ETF	1.02%	1.25%	1.43%	1.30%	0.69%	0.04%	0.00%
JEPI JPMorgan Equity Premium Income ETF	8.13%	8.25%	7.33%	8.40%	11.68%	6.59%	5.79%

Frequently Asked Questions

Can I hold both JEPI and FRNW in my portfolio?

JEPI and FRNW 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 FRNW?

FRNW has higher volatility (10.63%) compared to JEPI (2.12%). In terms of maximum drawdown, JEPI dropped -13.71% vs FRNW's -59.37%.

Which ETF is better, JEPI or FRNW?

On 3-year performance, JEPI leads with 9.19% vs 6.49% for FRNW. On fees, JEPI is cheaper at 0.35% per year. 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.

Which ETF has performed better, JEPI or FRNW?

Over the 3-year period, JEPI has performed better with a 9.19% return vs 6.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JEPI or FRNW?

JEPI is cheaper with a 0.35% expense ratio, compared with 0.39% for FRNW.

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

JEPI has the higher dividend yield at 8.13%, compared with 1.02% for FRNW.

What is the main difference between JEPI and FRNW?

JEPI is categorized as Dividend, while FRNW is Alternative Energy Equities. They also come from different issuers: JPMorgan and Fidelity. Their fees differ too: 0.35% for JEPI and 0.39% for FRNW.

Which has better risk-adjusted returns?

FRNW currently has the higher Sharpe Ratio (2.37 vs 1.13), 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.