JPICX vs. JEPIX

Last updated Aug 1, 2026

JPICX (JPMorgan California Tax Free Bond Fund) and JEPIX (JPMorgan Equity Premium Income Fund Class I) are both mutual funds - JPICX is a Municipal Bonds fund managed by JPMorgan, while JEPIX is a Derivative Income fund actively managed by JPMorgan. Their 0.08 correlation means their historical movements had little consistent relationship. JPICX charges 0.70%/yr vs 0.59%/yr for JEPIX.

Performance

JPICX vs. JEPIX - Performance Comparison

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

Returns By Period

JPICX

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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%

*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

JPICX vs. JEPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
JPICX JPMorgan California Tax Free Bond Fund	0.79%	3.38%	1.51%	4.92%	-6.54%	-0.12%	4.10%	5.74%	0.76%
JEPIX JPMorgan Equity Premium Income Fund Class I	3.44%	7.82%	12.43%	9.68%	-3.81%	19.36%	6.02%	16.44%	-9.93%

Correlation

The correlation between JPICX and JEPIX is 0.18, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.18
Correlation (3Y) Balances recent behavior with more history.	0.18
Correlation (5Y) Shows whether the relationship held over a longer period.	0.14
Correlation (All Time) Calculated using the full available price history since Sep 4, 2018	0.08

Return for Risk

JPICX vs. JEPIX — Risk / Return Rank

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

JPICX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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

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.

JPICX vs. JEPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan California Tax Free Bond Fund (JPICX) and JPMorgan Equity Premium Income Fund Class I (JEPIX). 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.

	JPICX	JEPIX	Difference
Sharpe ratio: Return per unit of total volatility	—	1.01	—
Sortino ratio: Return per unit of downside risk	—	1.56	—
Omega ratio: Gain probability vs. loss probability	—	1.19	—
Calmar ratio: Return relative to maximum drawdown	—	1.21	—
Martin ratio: Return relative to average drawdown	—	3.43	—

Drawdowns

Drawdown Indicators

	JPICX	JEPIX	Difference
Max Drawdown Largest peak-to-trough decline	—	-32.63%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-7.41%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-13.42%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-13.67%	—
Current Drawdown Current decline from peak	—	-1.78%	—
Average Drawdown Average peak-to-trough decline	—	-3.21%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.60%	—

Volatility

Volatility by Period

	JPICX	JEPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.40%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.08%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	8.85%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	11.49%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	14.65%	—

JPICX vs. JEPIX - Expense Ratio Comparison

JPICX has a 0.70% expense ratio, which is higher than JEPIX's 0.59% expense ratio.

Dividends

JPICX vs. JEPIX - Dividend Comparison

JPICX's dividend yield for the trailing twelve months is around 2.47%, less than JEPIX's 7.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JEPIX JPMorgan Equity Premium Income Fund Class I	7.31%	8.12%	7.20%	8.42%	12.24%	6.15%	11.59%	3.91%	0.00%	0.00%	0.00%	0.00%
JPICX JPMorgan California Tax Free Bond Fund	2.47%	3.00%	3.01%	2.55%	2.03%	1.54%	1.70%	2.35%	2.80%	2.73%	2.66%	3.16%

Frequently Asked Questions

Can I hold both JPICX and JEPIX in my portfolio?

JPICX and JEPIX have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.