JNK vs. JEPI
JNK (State Street SPDR Bloomberg High Yield Bond ETF) and JEPI (JPMorgan Equity Premium Income ETF) are both exchange-traded funds - JNK is a High Yield Bonds fund tracking the Bloomberg High Yield Very Liquid Index, while JEPI is a Dividend fund actively managed by JPMorgan. JNK is passively managed, while JEPI is actively managed. Over the past 5 years, JNK returned 3.60%/yr vs 7.31%/yr for JEPI. A 0.61 correlation means they provide meaningful diversification when combined. JNK charges 0.40%/yr vs 0.35%/yr for JEPI.
Performance
JNK vs. JEPI - Performance Comparison
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Returns By Period
In the year-to-date period, JNK achieves a 1.78% return, which is significantly higher than JEPI's 0.91% return.
JNK
- 1D
- -0.05%
- 1M
- 0.54%
- YTD
- 1.78%
- 6M
- 2.01%
- 1Y
- 6.59%
- 3Y*
- 8.91%
- 5Y*
- 3.60%
- 10Y*
- 5.04%
JEPI
- 1D
- -0.43%
- 1M
- -0.19%
- YTD
- 0.91%
- 6M
- 0.64%
- 1Y
- 7.76%
- 3Y*
- 8.98%
- 5Y*
- 7.31%
- 10Y*
- —
JNK vs. JEPI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
JNK State Street SPDR Bloomberg High Yield Bond ETF | 1.78% | 8.76% | 7.71% | 12.42% | -12.19% | 4.00% | 12.82% |
JEPI JPMorgan Equity Premium Income ETF | 0.91% | 8.09% | 12.57% | 9.83% | -3.49% | 21.52% | 18.39% |
Correlation
The correlation between JNK and JEPI is 0.60, 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 | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since May 21, 2020 | 0.61 |
The correlation between JNK and JEPI has been stable across timeframes, ranging from 0.60 to 0.62 - a consistent structural relationship.
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Return for Risk
JNK vs. JEPI — Risk / Return Rank
JNK
JEPI
JNK vs. JEPI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Bloomberg High Yield Bond ETF (JNK) and JPMorgan Equity Premium Income ETF (JEPI). 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.
| JNK | JEPI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.74 | ||
| Sortino ratioReturn per unit of downside risk | +1.15 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.18 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.64 | 1.17 | +1.47 |
| Martin ratioReturn relative to average drawdown | 11.58 | 3.44 | +8.14 |
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Drawdowns
JNK vs. JEPI - Drawdown Comparison
The maximum JNK drawdown since its inception was -38.48%, which is greater than JEPI's maximum drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for JNK and JEPI.
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Drawdown Indicators
| JNK | JEPI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.48% | -13.71% | -24.77% |
Max Drawdown (1Y)Largest decline over 1 year | -2.51% | -6.68% | +4.17% |
Max Drawdown (3Y)Largest decline over 3 years | -5.02% | -13.26% | +8.24% |
Max Drawdown (5Y)Largest decline over 5 years | -16.67% | -13.71% | -2.96% |
Max Drawdown (10Y)Largest decline over 10 years | -22.89% | — | — |
Current DrawdownCurrent decline from peak | -0.21% | -4.11% | +3.90% |
Average DrawdownAverage peak-to-trough decline | -3.69% | -2.13% | -1.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.57% | 2.26% | -1.69% |
Volatility
JNK vs. JEPI - Volatility Comparison
The current volatility for State Street SPDR Bloomberg High Yield Bond ETF (JNK) is 1.07%, while JPMorgan Equity Premium Income ETF (JEPI) has a volatility of 2.38%. This indicates that JNK experiences smaller price fluctuations and is considered to be less risky than JEPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JNK | JEPI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.07% | 2.38% | -1.31% |
Volatility (6M)Calculated over the trailing 6-month period | 3.05% | 6.29% | -3.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.88% | 8.03% | -4.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.56% | 11.08% | -3.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.29% | 10.78% | -2.49% |
JNK vs. JEPI - Expense Ratio Comparison
JNK has a 0.40% expense ratio, which is higher than JEPI's 0.35% expense ratio.
Dividends
JNK vs. JEPI - Dividend Comparison
JNK's dividend yield for the trailing twelve months is around 6.60%, less than JEPI's 8.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
JEPI JPMorgan Equity Premium Income ETF | 8.21% | 8.25% | 7.33% | 8.40% | 11.68% | 6.59% | 5.79% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
JNK State Street SPDR Bloomberg High Yield Bond ETF | 6.60% | 6.54% | 6.63% | 6.38% | 6.06% | 4.27% | 5.11% | 5.44% | 5.90% | 5.60% | 6.06% | 6.59% |
Frequently Asked Questions
JNK and JEPI have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JEPI has higher volatility (2.38%) compared to JNK (1.07%). In terms of maximum drawdown, JNK dropped -38.48% vs JEPI's -13.71%.
On 5-year performance, JEPI leads with 7.31% vs 3.60% for JNK. On fees, JEPI is cheaper at 0.35% per year. On volatility, JNK has been the lower-risk option at 1.07%. 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 7.31% return vs 3.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JEPI is cheaper with a 0.35% expense ratio, compared with 0.40% for JNK.
JEPI has the higher dividend yield at 8.21%, compared with 6.60% for JNK.
JNK is categorized as High Yield Bonds, while JEPI is Dividend. They also come from different issuers: State Street and JPMorgan. Their fees differ too: 0.40% for JNK and 0.35% for JEPI.
JNK currently has the higher Sharpe Ratio (1.71 vs 0.97), 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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