KBWD vs. JEPI

Last updated Aug 2, 2026

KBWD (Invesco KBW High Dividend Yield Financial ETF) and JEPI (JPMorgan Equity Premium Income ETF) are both exchange-traded funds - KBWD is a Financials Equities fund tracking the KBW Nasdaq Financial Sector Dividend Yield Index, while JEPI is a Dividend fund actively managed by JPMorgan. KBWD is passively managed, while JEPI is actively managed. Over the past 5 years, KBWD returned 0.90%/yr vs 7.40%/yr for JEPI. Their 0.58 correlation means they have sometimes moved together and sometimes differently. KBWD charges 5.39%/yr vs 0.35%/yr for JEPI.

Performance

KBWD vs. JEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco KBW High Dividend Yield Financial ETF (KBWD) 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, KBWD achieves a -5.22% return, which is significantly lower than JEPI's 4.52% return.

KBWD

• 1D: -0.75%
• 1M: -2.41%
• 6M: -7.83%
• YTD: -5.22%
• 1Y: 0.00%
• 3Y*: 1.98%
• 5Y*: 0.90%
• 10Y*: 4.42%
• ALL TIME*: 5.57%

JEPI

• 1D: 0.33%
• 1M: 1.27%
• 6M: 2.16%
• YTD: 4.52%
• 1Y: 11.16%
• 3Y*: 9.21%
• 5Y*: 7.40%
• 10Y*: —
• ALL TIME*: 11.29%

*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)
JEPI JPMorgan Equity Premium Income ETF	$260.98M	$260.42M	$297.70M
KBWD Invesco KBW High Dividend Yield Financial ETF	$5.79M	$4.78M	$4.61M

KBWD vs. JEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
KBWD Invesco KBW High Dividend Yield Financial ETF	-5.22%	5.59%	4.30%	20.21%	-19.14%	31.89%	41.78%
JEPI JPMorgan Equity Premium Income ETF	4.52%	8.09%	12.57%	9.83%	-3.49%	21.52%	18.39%

Correlation

The correlation between KBWD and JEPI is 0.53, 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.	0.53
Correlation (3Y) Balances recent behavior with more history.	0.60
Correlation (5Y) Shows whether the relationship held over a longer period.	0.62
Correlation (All Time) Calculated using the full available price history since May 21, 2020	0.58

The correlation between KBWD and JEPI has been stable across timeframes, ranging from 0.53 to 0.62 - a consistent structural relationship.

KBWD vs. JEPI - Sectors Allocation Comparison

Sectors	KBWD	JEPI
Financial Services	57.3%	8.9%
Real Estate	42.7%	2.6%
Basic Materials	-	1.6%
Communication Services	-	6.1%
Consumer Cyclical	-	9.8%
Consumer Defensive	-	7.7%
Energy	-	2.6%
Healthcare	-	12.9%
Industrials	-	11.2%
Technology	-	15.4%
Utilities	-	4.9%

Return for Risk

KBWD vs. JEPI — Risk / Return Rank

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

KBWD

KBWD Risk / Return Rank: 10
KBWD Sharpe Ratio Rank: 10
KBWD Sortino Ratio Rank: 10
KBWD Omega Ratio Rank: 10
KBWD Calmar Ratio Rank: 10
KBWD Martin Ratio Rank: 10

JEPI

JEPI Risk / Return Rank: 48
JEPI Sharpe Ratio Rank: 52
JEPI Sortino Ratio Rank: 53
JEPI Omega Ratio Rank: 52
JEPI Calmar Ratio Rank: 43
JEPI Martin Ratio Rank: 41

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.

KBWD vs. JEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco KBW High Dividend Yield Financial ETF (KBWD) 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.

	KBWD	JEPI	Difference
Sharpe ratio: Return per unit of total volatility	-0.04	1.25	-1.29
Sortino ratio: Return per unit of downside risk	0.06	1.85	-1.79
Omega ratio: Gain probability vs. loss probability	1.01	1.23	-0.22
Calmar ratio: Return relative to maximum drawdown	-0.04	1.52	-1.56
Martin ratio: Return relative to average drawdown	-0.08	4.32	-4.40

KBWD vs. JEPI - Sharpe Ratio Comparison

The current KBWD Sharpe Ratio is -0.04, which is lower than the JEPI Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of KBWD 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

KBWD vs. JEPI - Drawdown Comparison

The maximum KBWD drawdown since its inception was -58.63%, which is greater than JEPI's maximum drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for KBWD and JEPI.

Drawdown Indicators

	KBWD	JEPI	Difference
Max Drawdown Largest peak-to-trough decline	-58.63%	-13.71%	-44.92%
Max Drawdown (1Y) Largest decline over 1 year	-15.05%	-6.68%	-8.37%
Max Drawdown (3Y) Largest decline over 3 years	-19.65%	-13.26%	-6.39%
Max Drawdown (5Y) Largest decline over 5 years	-30.74%	-13.71%	-17.03%
Max Drawdown (10Y) Largest decline over 10 years	-58.63%	—	—
Current Drawdown Current decline from peak	-11.95%	-0.68%	-11.27%
Average Drawdown Average peak-to-trough decline	-7.44%	-2.13%	-5.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.19%	2.36%	+4.83%

Volatility

KBWD vs. JEPI - Volatility Comparison

Invesco KBW High Dividend Yield Financial ETF (KBWD) has a higher volatility of 4.54% compared to JPMorgan Equity Premium Income ETF (JEPI) at 2.38%. This indicates that KBWD'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

	KBWD	JEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.54%	2.38%	+2.16%
Volatility (6M) Calculated over the trailing 6-month period	12.49%	6.37%	+6.12%
Volatility (1Y) Calculated over the trailing 1-year period	15.87%	8.15%	+7.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.78%	11.10%	+8.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.26%	10.73%	+12.53%

KBWD vs. JEPI - Expense Ratio Comparison

KBWD has a 5.39% expense ratio, which is higher than JEPI's 0.35% expense ratio.

Dividends

KBWD vs. JEPI - Dividend Comparison

KBWD's dividend yield for the trailing twelve months is around 14.50%, more than JEPI's 7.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JEPI JPMorgan Equity Premium Income ETF	7.34%	8.25%	7.33%	8.40%	11.68%	6.59%	5.79%	0.00%	0.00%	0.00%	0.00%	0.00%
KBWD Invesco KBW High Dividend Yield Financial ETF	14.50%	12.83%	12.45%	11.45%	11.32%	7.26%	9.68%	8.63%	9.47%	8.77%	8.68%	8.89%

Frequently Asked Questions

Can I hold both KBWD and JEPI in my portfolio?

KBWD and JEPI have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KBWD or JEPI?

KBWD has higher volatility (4.54%) compared to JEPI (2.38%). In terms of maximum drawdown, KBWD dropped -58.63% vs JEPI's -13.71%.

Which ETF is better, KBWD or JEPI?

On 5-year performance, JEPI leads with 7.40% vs 0.90% for KBWD. On fees, JEPI is cheaper at 0.35% 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, KBWD or JEPI?

Over the 5-year period, JEPI has performed better with a 7.40% return vs 0.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KBWD or JEPI?

JEPI is cheaper with a 0.35% expense ratio, compared with 5.39% for KBWD.

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

KBWD has the higher dividend yield at 14.50%, compared with 7.34% for JEPI.

What is the main difference between KBWD and JEPI?

KBWD is categorized as Financials Equities, while JEPI is Dividend. They also come from different issuers: Invesco and JPMorgan. Their fees differ too: 5.39% for KBWD and 0.35% for JEPI.

Which has better risk-adjusted returns?

JEPI currently has the higher Sharpe Ratio (1.25 vs -0.04), 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.