JEPI vs. SPTL
JEPI (JPMorgan Equity Premium Income ETF) and SPTL (SPDR Portfolio Long Term Treasury ETF) are both exchange-traded funds - JEPI is a Dividend fund actively managed by JPMorgan, while SPTL is a Government Bonds fund tracking the Bloomberg Long U.S. Treasury Index. JEPI is actively managed, while SPTL is passively managed. Over the past 5 years, JEPI returned 7.45%/yr vs -5.55%/yr for SPTL. At a 0.09 correlation, their price movements are largely independent. JEPI charges 0.35%/yr vs 0.03%/yr for SPTL.
Performance
JEPI vs. SPTL - Performance Comparison
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Returns By Period
JEPI
- 1D
- 0.43%
- 1M
- 0.90%
- YTD
- 1.29%
- 6M
- 1.18%
- 1Y
- 7.58%
- 3Y*
- 9.13%
- 5Y*
- 7.45%
- 10Y*
- —
SPTL
- 1D
- -0.31%
- 1M
- 1.29%
- YTD
- 0.00%
- 6M
- 0.43%
- 1Y
- 3.25%
- 3Y*
- -0.28%
- 5Y*
- -5.55%
- 10Y*
- -1.24%
JEPI vs. SPTL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
JEPI JPMorgan Equity Premium Income ETF | 1.29% | 8.09% | 12.57% | 9.83% | -3.49% | 21.52% | 18.39% |
SPTL SPDR Portfolio Long Term Treasury ETF | 0.00% | 5.28% | -6.23% | 3.30% | -29.44% | -4.99% | -2.96% |
Correlation
The correlation between JEPI and SPTL is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since May 21, 2020 | 0.09 |
The correlation between JEPI and SPTL shifts across timeframes, from 0.09 (all time) to 0.28 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
JEPI vs. SPTL — Risk / Return Rank
JEPI
SPTL
JEPI vs. SPTL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan Equity Premium Income ETF (JEPI) and SPDR Portfolio Long Term Treasury ETF (SPTL). 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 | SPTL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.58 | ||
| Sortino ratioReturn per unit of downside risk | +0.83 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.07 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.14 | 0.46 | +0.68 |
| Martin ratioReturn relative to average drawdown | 3.46 | 1.17 | +2.29 |
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Drawdowns
JEPI vs. SPTL - Drawdown Comparison
The maximum JEPI drawdown since its inception was -13.71%, smaller than the maximum SPTL drawdown of -46.20%. Use the drawdown chart below to compare losses from any high point for JEPI and SPTL.
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Drawdown Indicators
| JEPI | SPTL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.71% | -46.20% | +32.49% |
Max Drawdown (1Y)Largest decline over 1 year | -6.68% | -7.04% | +0.36% |
Max Drawdown (3Y)Largest decline over 3 years | -13.26% | -17.55% | +4.29% |
Max Drawdown (5Y)Largest decline over 5 years | -13.71% | -41.02% | +27.31% |
Max Drawdown (10Y)Largest decline over 10 years | — | -46.20% | — |
Current DrawdownCurrent decline from peak | -3.75% | -36.63% | +32.88% |
Average DrawdownAverage peak-to-trough decline | -2.13% | -14.27% | +12.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.20% | 2.79% | -0.59% |
Volatility
JEPI vs. SPTL - Volatility Comparison
The current volatility for JPMorgan Equity Premium Income ETF (JEPI) is 2.05%, while SPDR Portfolio Long Term Treasury ETF (SPTL) has a volatility of 2.73%. This indicates that JEPI experiences smaller price fluctuations and is considered to be less risky than SPTL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JEPI | SPTL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.05% | 2.73% | -0.68% |
Volatility (6M)Calculated over the trailing 6-month period | 6.23% | 6.12% | +0.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.02% | 8.83% | -0.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.08% | 14.61% | -3.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.79% | 13.95% | -3.16% |
JEPI vs. SPTL - Expense Ratio Comparison
JEPI has a 0.35% expense ratio, which is higher than SPTL's 0.03% expense ratio.
Dividends
JEPI vs. SPTL - Dividend Comparison
JEPI's dividend yield for the trailing twelve months is around 8.18%, more than SPTL's 4.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
JEPI JPMorgan Equity Premium Income ETF | 8.18% | 8.25% | 7.33% | 8.40% | 11.68% | 6.59% | 5.79% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPTL SPDR Portfolio Long Term Treasury ETF | 4.20% | 4.12% | 4.03% | 3.24% | 2.75% | 1.68% | 1.71% | 2.45% | 2.69% | 2.53% | 2.56% | 2.60% |
Frequently Asked Questions
JEPI and SPTL have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPTL has higher volatility (2.73%) compared to JEPI (2.05%). In terms of maximum drawdown, JEPI dropped -13.71% vs SPTL's -46.20%.
On 5-year performance, JEPI leads with 7.45% vs -5.55% for SPTL. On fees, SPTL is cheaper at 0.03% per year. On volatility, JEPI has been the lower-risk option at 2.05%. 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 7.45% return vs -5.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPTL is cheaper with a 0.03% expense ratio, compared with 0.35% for JEPI.
JEPI has the higher dividend yield at 8.18%, compared with 4.20% for SPTL.
JEPI is categorized as Dividend, while SPTL is Government Bonds. They also come from different issuers: JPMorgan and State Street. Their fees differ too: 0.35% for JEPI and 0.03% for SPTL.
JEPI currently has the higher Sharpe Ratio (0.95 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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