JPUS vs. JEPI

Last updated Jun 24, 2026

JPUS (JPMorgan Diversified Return US Equity ETF) and JEPI (JPMorgan Equity Premium Income ETF) are both exchange-traded funds - JPUS is a Large Cap Blend Equities fund tracking the JPMorgan Diversified Factor US Equity Index, while JEPI is a Dividend fund actively managed by JPMorgan. JPUS is passively managed, while JEPI is actively managed. Over the past 5 years, JPUS returned 9.94%/yr vs 7.31%/yr for JEPI. Their correlation of 0.85 suggests significant overlap in exposure. JPUS charges 0.18%/yr vs 0.35%/yr for JEPI.

Performance

JPUS vs. JEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Diversified Return US Equity ETF (JPUS) and JPMorgan Equity Premium Income ETF (JEPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JPUS achieves a 12.21% return, which is significantly higher than JEPI's 0.91% return.

JPUS

• 1D: -0.54%
• 1M: 1.04%
• YTD: 12.21%
• 6M: 11.30%
• 1Y: 20.72%
• 3Y*: 15.87%
• 5Y*: 9.94%
• 10Y*: 11.73%

JEPI

• 1D: -0.43%
• 1M: -0.19%
• YTD: 0.91%
• 6M: 0.64%
• 1Y: 7.76%
• 3Y*: 8.98%
• 5Y*: 7.31%
• 10Y*: —

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

JPUS vs. JEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
JPUS JPMorgan Diversified Return US Equity ETF	12.21%	11.18%	13.48%	10.98%	-8.47%	29.09%	26.77%
JEPI JPMorgan Equity Premium Income ETF	0.91%	8.09%	12.57%	9.83%	-3.49%	21.52%	18.39%

Correlation

The correlation between JPUS and JEPI is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since May 21, 2020	0.85

The correlation between JPUS and JEPI has been stable across timeframes, ranging from 0.83 to 0.87 - a consistent structural relationship.

JPUS vs. JEPI - Sectors Allocation Comparison

Sectors	JPUS	JEPI
Technology	12.7%	15.3%
Healthcare	11.6%	11.6%
Consumer Defensive	11.0%	7.8%
Real Estate	10.5%	2.7%
Industrials	10.3%	9.7%
Utilities	9.1%	4.7%
Consumer Cyclical	8.6%	10.0%
Financial Services	7.8%	7.2%
Basic Materials	7.0%	1.7%
Energy	6.8%	2.5%
Communication Services	4.6%	6.3%

Return for Risk

JPUS vs. JEPI — Risk / Return Rank

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

JPUS

JPUS Risk / Return Rank: 65
JPUS Sharpe Ratio Rank: 64
JPUS Sortino Ratio Rank: 66
JPUS Omega Ratio Rank: 60
JPUS Calmar Ratio Rank: 64
JPUS Martin Ratio Rank: 70

JEPI

JEPI Risk / Return Rank: 27
JEPI Sharpe Ratio Rank: 28
JEPI Sortino Ratio Rank: 27
JEPI Omega Ratio Rank: 26
JEPI Calmar Ratio Rank: 25
JEPI Martin Ratio Rank: 26

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.

JPUS vs. JEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Diversified Return US Equity ETF (JPUS) 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.

	JPUS	JEPI	Difference
Sharpe ratio: Return per unit of total volatility	1.98	0.97	+1.01
Sortino ratio: Return per unit of downside risk	2.87	1.45	+1.41
Omega ratio: Gain probability vs. loss probability	1.35	1.18	+0.17
Calmar ratio: Return relative to maximum drawdown	3.02	1.17	+1.85
Martin ratio: Return relative to average drawdown	12.07	3.44	+8.63

JPUS vs. JEPI - Sharpe Ratio Comparison

The current JPUS Sharpe Ratio is 1.98, which is higher than the JEPI Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of JPUS and JEPI, 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

JPUS vs. JEPI - Drawdown Comparison

The maximum JPUS drawdown since its inception was -38.69%, which is greater than JEPI's maximum drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for JPUS and JEPI.

Drawdown Indicators

	JPUS	JEPI	Difference
Max Drawdown Largest peak-to-trough decline	-38.69%	-13.71%	-24.98%
Max Drawdown (1Y) Largest decline over 1 year	-6.90%	-6.68%	-0.22%
Max Drawdown (3Y) Largest decline over 3 years	-15.96%	-13.26%	-2.70%
Max Drawdown (5Y) Largest decline over 5 years	-19.04%	-13.71%	-5.33%
Max Drawdown (10Y) Largest decline over 10 years	-38.69%	—	—
Current Drawdown Current decline from peak	-1.49%	-4.11%	+2.62%
Average Drawdown Average peak-to-trough decline	-3.81%	-2.13%	-1.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.72%	2.26%	-0.54%

Volatility

JPUS vs. JEPI - Volatility Comparison

JPMorgan Diversified Return US Equity ETF (JPUS) has a higher volatility of 3.05% compared to JPMorgan Equity Premium Income ETF (JEPI) at 2.38%. This indicates that JPUS's price experiences larger fluctuations and is considered to be riskier than JEPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JPUS	JEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.05%	2.38%	+0.67%
Volatility (6M) Calculated over the trailing 6-month period	7.75%	6.29%	+1.46%
Volatility (1Y) Calculated over the trailing 1-year period	10.54%	8.03%	+2.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.49%	11.08%	+3.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.75%	10.78%	+5.97%

JPUS vs. JEPI - Expense Ratio Comparison

JPUS has a 0.18% expense ratio, which is lower than JEPI's 0.35% expense ratio.

Dividends

JPUS vs. JEPI - Dividend Comparison

JPUS's dividend yield for the trailing twelve months is around 2.03%, 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%
JPUS JPMorgan Diversified Return US Equity ETF	2.03%	2.27%	2.12%	2.26%	2.35%	1.67%	1.94%	2.09%	2.16%	1.25%	0.77%	0.48%

Frequently Asked Questions

Can I hold both JPUS and JEPI in my portfolio?

JPUS and JEPI have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JPUS or JEPI?

JPUS has higher volatility (3.05%) compared to JEPI (2.38%). In terms of maximum drawdown, JPUS dropped -38.69% vs JEPI's -13.71%.

Which ETF is better, JPUS or JEPI?

On 5-year performance, JPUS leads with 9.94% vs 7.31% for JEPI. On fees, JPUS is cheaper at 0.18% per year. On volatility, JEPI has been the lower-risk option at 2.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JPUS or JEPI?

Over the 5-year period, JPUS has performed better with a 9.94% return vs 7.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JPUS or JEPI?

JPUS is cheaper with a 0.18% expense ratio, compared with 0.35% for JEPI.

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

JEPI has the higher dividend yield at 8.21%, compared with 2.03% for JPUS.

What is the main difference between JPUS and JEPI?

JPUS is categorized as Large Cap Blend Equities, while JEPI is Dividend. Their fees differ too: 0.18% for JPUS and 0.35% for JEPI.

Which has better risk-adjusted returns?

JPUS currently has the higher Sharpe Ratio (1.98 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.