JEPI vs. XYLD

Last updated Jun 21, 2026

JEPI (JPMorgan Equity Premium Income ETF) and XYLD (Global X S&P 500 Covered Call ETF) are both exchange-traded funds - JEPI is a Dividend fund actively managed by JPMorgan, while XYLD is a Derivative Income fund tracking the Cboe S&P 500 BuyWrite Index. JEPI is actively managed, while XYLD is passively managed. Over the past 5 years, JEPI returned 7.73%/yr vs 7.73%/yr for XYLD. A 0.70 correlation means they provide meaningful diversification when combined. JEPI charges 0.35%/yr vs 0.60%/yr for XYLD.

Performance

JEPI vs. XYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Equity Premium Income ETF (JEPI) and Global X S&P 500 Covered Call ETF (XYLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JEPI achieves a 1.40% return, which is significantly lower than XYLD's 5.52% return.

JEPI

• 1D: 0.20%
• 1M: 0.74%
• YTD: 1.40%
• 6M: 1.62%
• 1Y: 9.02%
• 3Y*: 9.01%
• 5Y*: 7.73%
• 10Y*: —

XYLD

• 1D: 0.27%
• 1M: 1.46%
• YTD: 5.52%
• 6M: 5.95%
• 1Y: 17.66%
• 3Y*: 11.48%
• 5Y*: 7.73%
• 10Y*: 8.33%

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

JEPI vs. XYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
JEPI JPMorgan Equity Premium Income ETF	1.40%	8.09%	12.57%	9.83%	-3.49%	21.52%	18.39%
XYLD Global X S&P 500 Covered Call ETF	5.52%	8.02%	19.49%	11.10%	-12.05%	19.59%	17.91%

Correlation

The correlation between JEPI and XYLD is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (All Time) Calculated using the full available price history since May 21, 2020	0.70

The correlation between JEPI and XYLD shifts across timeframes, from 0.58 (1 year) to 0.72 (5 years), reflecting how their relationship changes across market environments.

JEPI vs. XYLD - Sectors Allocation Comparison

Sectors	JEPI	XYLD
Technology	15.3%	39.0%
Healthcare	11.6%	8.3%
Consumer Cyclical	10.0%	9.9%
Industrials	9.7%	7.8%
Consumer Defensive	7.8%	4.5%
Financial Services	7.2%	11.1%
Communication Services	6.3%	10.6%
Utilities	4.7%	2.1%
Real Estate	2.7%	1.8%
Energy	2.5%	3.2%
Basic Materials	1.7%	1.7%

Return for Risk

JEPI vs. XYLD — Risk / Return Rank

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

JEPI

JEPI Risk / Return Rank: 31
JEPI Sharpe Ratio Rank: 33
JEPI Sortino Ratio Rank: 33
JEPI Omega Ratio Rank: 32
JEPI Calmar Ratio Rank: 29
JEPI Martin Ratio Rank: 30

XYLD

XYLD Risk / Return Rank: 83
XYLD Sharpe Ratio Rank: 84
XYLD Sortino Ratio Rank: 86
XYLD Omega Ratio Rank: 92
XYLD Calmar Ratio Rank: 69
XYLD Martin Ratio Rank: 86

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. XYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Equity Premium Income ETF (JEPI) and Global X S&P 500 Covered Call ETF (XYLD). 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	XYLD	Difference
Sharpe ratio: Return per unit of total volatility	1.13	2.54	-1.41
Sortino ratio: Return per unit of downside risk	1.68	3.62	-1.94
Omega ratio: Gain probability vs. loss probability	1.21	1.59	-0.38
Calmar ratio: Return relative to maximum drawdown	1.36	3.27	-1.91
Martin ratio: Return relative to average drawdown	4.06	17.16	-13.10

JEPI vs. XYLD - Sharpe Ratio Comparison

The current JEPI Sharpe Ratio is 1.13, which is lower than the XYLD Sharpe Ratio of 2.54. The chart below compares the historical Sharpe Ratios of JEPI and XYLD, 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. XYLD - Drawdown Comparison

The maximum JEPI drawdown since its inception was -13.71%, smaller than the maximum XYLD drawdown of -33.46%. Use the drawdown chart below to compare losses from any high point for JEPI and XYLD.

Drawdown Indicators

	JEPI	XYLD	Difference
Max Drawdown Largest peak-to-trough decline	-13.71%	-33.46%	+19.75%
Max Drawdown (1Y) Largest decline over 1 year	-6.68%	-5.29%	-1.39%
Max Drawdown (3Y) Largest decline over 3 years	-13.26%	-15.53%	+2.27%
Max Drawdown (5Y) Largest decline over 5 years	-13.71%	-18.66%	+4.95%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.46%	—
Current Drawdown Current decline from peak	-3.64%	0.00%	-3.64%
Average Drawdown Average peak-to-trough decline	-2.13%	-3.71%	+1.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.23%	1.01%	+1.22%

Volatility

JEPI vs. XYLD - Volatility Comparison

JPMorgan Equity Premium Income ETF (JEPI) has a higher volatility of 2.35% compared to Global X S&P 500 Covered Call ETF (XYLD) at 2.21%. This indicates that JEPI's price experiences larger fluctuations and is considered to be riskier than XYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JEPI	XYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.35%	2.21%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	6.30%	5.76%	+0.54%
Volatility (1Y) Calculated over the trailing 1-year period	8.03%	6.80%	+1.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.09%	11.26%	-0.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.79%	14.22%	-3.43%

JEPI vs. XYLD - Expense Ratio Comparison

JEPI has a 0.35% expense ratio, which is lower than XYLD's 0.60% expense ratio.

Dividends

JEPI vs. XYLD - Dividend Comparison

JEPI's dividend yield for the trailing twelve months is around 8.17%, less than XYLD's 10.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JEPI JPMorgan Equity Premium Income ETF	8.17%	8.25%	7.33%	8.40%	11.68%	6.59%	5.79%	0.00%	0.00%	0.00%	0.00%	0.00%
XYLD Global X S&P 500 Covered Call ETF	10.46%	10.51%	11.54%	10.51%	13.43%	9.07%	7.93%	5.76%	7.12%	5.18%	3.23%	4.65%

Frequently Asked Questions

Can I hold both JEPI and XYLD in my portfolio?

JEPI and XYLD have a correlation of 0.58, 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 XYLD?

JEPI has higher volatility (2.35%) compared to XYLD (2.21%). In terms of maximum drawdown, JEPI dropped -13.71% vs XYLD's -33.46%.

Which ETF is better, JEPI or XYLD?

On 5-year performance, XYLD leads with 7.73% vs 7.73% for JEPI. On fees, JEPI is cheaper at 0.35% per year. On volatility, XYLD has been the lower-risk option at 2.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JEPI or XYLD?

Over the 5-year period, XYLD has performed better with a 7.73% return vs 7.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JEPI or XYLD?

JEPI is cheaper with a 0.35% expense ratio, compared with 0.60% for XYLD.

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

XYLD has the higher dividend yield at 10.46%, compared with 8.17% for JEPI.

What is the main difference between JEPI and XYLD?

JEPI is categorized as Dividend, while XYLD is Derivative Income. They also come from different issuers: JPMorgan and Global X. Their fees differ too: 0.35% for JEPI and 0.60% for XYLD.

Which has better risk-adjusted returns?

XYLD currently has the higher Sharpe Ratio (2.54 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.