JEPIX vs. VHYAX

Last updated Aug 1, 2026

JEPIX (JPMorgan Equity Premium Income Fund Class I) and VHYAX (Vanguard High Dividend Yield Index Fund Admiral Shares) are both mutual funds - JEPIX is a Derivative Income fund actively managed by JPMorgan, while VHYAX is a Large Cap Value Equities fund tracking the FTSE High Dividend Yield Index. JEPIX is actively managed, while VHYAX is passively managed. Over the past 5 years, JEPIX returned 7.00%/yr vs 12.16%/yr for VHYAX. Their 0.79 correlation means they have sometimes moved together and sometimes differently. JEPIX charges 0.59%/yr vs 0.08%/yr for VHYAX.

Performance

JEPIX vs. VHYAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Equity Premium Income Fund Class I (JEPIX) and Vanguard High Dividend Yield Index Fund Admiral Shares (VHYAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JEPIX achieves a 3.44% return, which is significantly lower than VHYAX's 14.17% return.

JEPIX

• 1D: 0.57%
• 1M: 0.28%
• 6M: 1.04%
• YTD: 3.44%
• 1Y: 9.85%
• 3Y*: 8.69%
• 5Y*: 7.00%
• 10Y*: —
• ALL TIME*: 7.38%

VHYAX

• 1D: 0.18%
• 1M: 1.48%
• 6M: 9.25%
• YTD: 14.17%
• 1Y: 24.78%
• 3Y*: 16.81%
• 5Y*: 12.16%
• 10Y*: —
• ALL TIME*: 12.69%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
JEPIX JPMorgan Equity Premium Income Fund Class I	$0.00	$0.00	$0.00
VHYAX Vanguard High Dividend Yield Index Fund Admiral Shares	$0.00	$0.00	$0.00

JEPIX vs. VHYAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
JEPIX JPMorgan Equity Premium Income Fund Class I	3.44%	7.82%	12.43%	9.68%	-3.81%	19.36%	6.02%	10.66%
VHYAX Vanguard High Dividend Yield Index Fund Admiral Shares	14.17%	15.39%	17.39%	6.68%	-0.45%	26.08%	1.06%	16.67%

Correlation

The correlation between JEPIX and VHYAX is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.77
Correlation (3Y) Balances recent behavior with more history.	0.82
Correlation (5Y) Shows whether the relationship held over a longer period.	0.83
Correlation (All Time) Calculated using the full available price history since Feb 7, 2019	0.79

The correlation between JEPIX and VHYAX has been stable across timeframes, ranging from 0.77 to 0.83 - a consistent structural relationship.

Return for Risk

JEPIX vs. VHYAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

JEPIX

JEPIX Risk / Return Rank: 31
JEPIX Sharpe Ratio Rank: 33
JEPIX Sortino Ratio Rank: 35
JEPIX Omega Ratio Rank: 33
JEPIX Calmar Ratio Rank: 28
JEPIX Martin Ratio Rank: 25

VHYAX

VHYAX Risk / Return Rank: 88
VHYAX Sharpe Ratio Rank: 88
VHYAX Sortino Ratio Rank: 86
VHYAX Omega Ratio Rank: 84
VHYAX Calmar Ratio Rank: 90
VHYAX Martin Ratio Rank: 91

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

JEPIX vs. VHYAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Equity Premium Income Fund Class I (JEPIX) and Vanguard High Dividend Yield Index Fund Admiral Shares (VHYAX). 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	VHYAX	Difference
Sharpe ratio: Return per unit of total volatility	1.01	2.16	-1.15
Sortino ratio: Return per unit of downside risk	1.56	3.10	-1.54
Omega ratio: Gain probability vs. loss probability	1.19	1.39	-0.20
Calmar ratio: Return relative to maximum drawdown	1.21	3.31	-2.11
Martin ratio: Return relative to average drawdown	3.43	12.56	-9.13

JEPIX vs. VHYAX - Sharpe Ratio Comparison

The current JEPIX Sharpe Ratio is 1.01, which is lower than the VHYAX Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of JEPIX and VHYAX, 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. VHYAX - Drawdown Comparison

The maximum JEPIX drawdown since its inception was -32.63%, smaller than the maximum VHYAX drawdown of -35.14%. Use the drawdown chart below to compare losses from any high point for JEPIX and VHYAX.

Drawdown Indicators

	JEPIX	VHYAX	Difference
Max Drawdown Largest peak-to-trough decline	-32.63%	-35.14%	+2.51%
Max Drawdown (1Y) Largest decline over 1 year	-7.41%	-6.75%	-0.66%
Max Drawdown (3Y) Largest decline over 3 years	-13.42%	-14.42%	+1.00%
Max Drawdown (5Y) Largest decline over 5 years	-13.67%	-15.87%	+2.20%
Current Drawdown Current decline from peak	-1.78%	-1.13%	-0.65%
Average Drawdown Average peak-to-trough decline	-3.21%	-3.71%	+0.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	1.79%	+0.81%

Volatility

JEPIX vs. VHYAX - Volatility Comparison

JPMorgan Equity Premium Income Fund Class I (JEPIX) and Vanguard High Dividend Yield Index Fund Admiral Shares (VHYAX) have volatilities of 2.40% and 2.45%, 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	VHYAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.40%	2.45%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	7.08%	7.48%	-0.40%
Volatility (1Y) Calculated over the trailing 1-year period	8.85%	10.37%	-1.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.49%	13.91%	-2.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.65%	17.82%	-3.17%

JEPIX vs. VHYAX - Expense Ratio Comparison

JEPIX has a 0.59% expense ratio, which is higher than VHYAX's 0.08% expense ratio.

Dividends

JEPIX vs. VHYAX - Dividend Comparison

JEPIX's dividend yield for the trailing twelve months is around 7.31%, more than VHYAX's 2.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
JEPIX JPMorgan Equity Premium Income Fund Class I	7.31%	8.12%	7.20%	8.42%	12.24%	6.15%	11.59%	3.91%
VHYAX Vanguard High Dividend Yield Index Fund Admiral Shares	2.22%	2.42%	2.72%	3.09%	2.98%	2.74%	3.16%	3.00%

Frequently Asked Questions

Can I hold both JEPIX and VHYAX in my portfolio?

JEPIX and VHYAX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JEPIX or VHYAX?

VHYAX has higher volatility (2.45%) compared to JEPIX (2.40%). In terms of maximum drawdown, JEPIX dropped -32.63% vs VHYAX's -35.14%.

Which has better risk-adjusted returns?

VHYAX currently has the higher Sharpe Ratio (2.16 vs 1.01), 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.