JEPIX vs. JEPAX

Last updated Jun 23, 2026

JEPIX (JPMorgan Equity Premium Income Fund Class I) and JEPAX (JPMorgan Equity Premium Income Fund Class A) are both Derivative Income funds from JPMorgan. Over the past 5 years, JEPIX returned 7.60%/yr vs 7.31%/yr for JEPAX. With a 0.99 correlation, they move nearly in lockstep. JEPIX charges 0.59%/yr vs 0.85%/yr for JEPAX.

Performance

JEPIX vs. JEPAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Equity Premium Income Fund Class I (JEPIX) and JPMorgan Equity Premium Income Fund Class A (JEPAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JEPIX achieves a 0.97% return, which is significantly higher than JEPAX's 0.86% return.

JEPIX

• 1D: 0.22%
• 1M: 0.42%
• YTD: 0.97%
• 6M: 1.20%
• 1Y: 9.00%
• 3Y*: 8.83%
• 5Y*: 7.60%
• 10Y*: —

JEPAX

• 1D: 0.14%
• 1M: 0.32%
• YTD: 0.86%
• 6M: 1.07%
• 1Y: 8.65%
• 3Y*: 8.53%
• 5Y*: 7.31%
• 10Y*: —

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

JEPIX vs. JEPAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
JEPIX JPMorgan Equity Premium Income Fund Class I	0.97%	7.82%	12.43%	9.68%	-3.81%	19.36%	6.02%	8.68%
JEPAX JPMorgan Equity Premium Income Fund Class A	0.86%	7.55%	12.07%	9.42%	-4.05%	19.13%	5.75%	7.45%

Correlation

The correlation between JEPIX and JEPAX is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (All Time) Calculated using the full available price history since Mar 28, 2019	0.99

The correlation between JEPIX and JEPAX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

JEPIX vs. JEPAX — Risk / Return Rank

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

JEPIX

JEPIX Risk / Return Rank: 15
JEPIX Sharpe Ratio Rank: 15
JEPIX Sortino Ratio Rank: 17
JEPIX Omega Ratio Rank: 16
JEPIX Calmar Ratio Rank: 14
JEPIX Martin Ratio Rank: 14

JEPAX

JEPAX Risk / Return Rank: 14
JEPAX Sharpe Ratio Rank: 14
JEPAX Sortino Ratio Rank: 16
JEPAX Omega Ratio Rank: 15
JEPAX Calmar Ratio Rank: 13
JEPAX Martin Ratio Rank: 13

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.

JEPIX vs. JEPAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Equity Premium Income Fund Class I (JEPIX) and JPMorgan Equity Premium Income Fund Class A (JEPAX). 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.

	JEPIX	JEPAX	Difference
Sharpe ratio: Return per unit of total volatility	1.03	0.99	+0.04
Sortino ratio: Return per unit of downside risk	1.60	1.54	+0.06
Omega ratio: Gain probability vs. loss probability	1.20	1.19	+0.01
Calmar ratio: Return relative to maximum drawdown	1.21	1.17	+0.04
Martin ratio: Return relative to average drawdown	3.68	3.53	+0.15

JEPIX vs. JEPAX - Sharpe Ratio Comparison

The current JEPIX Sharpe Ratio is 1.03, which is comparable to the JEPAX Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of JEPIX and JEPAX, 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

JEPIX vs. JEPAX - Drawdown Comparison

The maximum JEPIX drawdown since its inception was -32.63%, roughly equal to the maximum JEPAX drawdown of -32.69%. Use the drawdown chart below to compare losses from any high point for JEPIX and JEPAX.

Drawdown Indicators

	JEPIX	JEPAX	Difference
Max Drawdown Largest peak-to-trough decline	-32.63%	-32.69%	+0.06%
Max Drawdown (1Y) Largest decline over 1 year	-7.41%	-7.41%	0.00%
Max Drawdown (3Y) Largest decline over 3 years	-13.42%	-13.43%	+0.01%
Max Drawdown (5Y) Largest decline over 5 years	-13.67%	-13.74%	+0.07%
Current Drawdown Current decline from peak	-4.12%	-4.25%	+0.13%
Average Drawdown Average peak-to-trough decline	-3.21%	-3.09%	-0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.43%	2.46%	-0.03%

Volatility

JEPIX vs. JEPAX - Volatility Comparison

JPMorgan Equity Premium Income Fund Class I (JEPIX) and JPMorgan Equity Premium Income Fund Class A (JEPAX) have volatilities of 2.47% and 2.47%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JEPIX	JEPAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.47%	2.47%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	6.96%	7.03%	-0.07%
Volatility (1Y) Calculated over the trailing 1-year period	8.71%	8.76%	-0.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.48%	11.50%	-0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.72%	14.90%	-0.18%

JEPIX vs. JEPAX - Expense Ratio Comparison

JEPIX has a 0.59% expense ratio, which is lower than JEPAX's 0.85% expense ratio.

Dividends

JEPIX vs. JEPAX - Dividend Comparison

JEPIX's dividend yield for the trailing twelve months is around 8.09%, more than JEPAX's 7.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
JEPAX JPMorgan Equity Premium Income Fund Class A	7.84%	7.88%	6.95%	8.19%	11.98%	5.96%	11.35%	5.61%
JEPIX JPMorgan Equity Premium Income Fund Class I	8.09%	8.12%	7.20%	8.42%	12.24%	6.15%	11.59%	3.91%

Frequently Asked Questions

Can I hold both JEPIX and JEPAX in my portfolio?

With a correlation of 0.99, JEPIX and JEPAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, JEPIX or JEPAX?

JEPAX has higher volatility (2.47%) compared to JEPIX (2.47%). In terms of maximum drawdown, JEPIX dropped -32.63% vs JEPAX's -32.69%.

Which has better risk-adjusted returns?

JEPIX currently has the higher Sharpe Ratio (1.03 vs 0.99), 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.