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MTUM vs. JEPI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MTUM vs. JEPI

Last updated Jul 26, 2026
Documentation

MTUM (iShares MSCI USA Momentum Factor ETF) and JEPI (JPMorgan Equity Premium Income ETF) are both exchange-traded funds - MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index, while JEPI is a Dividend fund actively managed by JPMorgan. MTUM is passively managed, while JEPI is actively managed. Over the past 5 years, MTUM returned 13.15%/yr vs 7.17%/yr for JEPI. Their 0.62 correlation means they have sometimes moved together and sometimes differently. MTUM charges 0.15%/yr vs 0.35%/yr for JEPI.

Performance

MTUM vs. JEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Momentum Factor ETF (MTUM) and JPMorgan Equity Premium Income ETF (JEPI). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, MTUM achieves a 22.65% return, which is significantly higher than JEPI's 3.37% return.

MTUM

1D
-2.42%
1M
-9.70%
6M
20.16%
YTD
22.65%
1Y
27.88%
3Y*
28.98%
5Y*
13.15%
10Y*
16.00%
ALL TIME*
15.84%

JEPI

1D
0.67%
1M
2.00%
6M
1.35%
YTD
3.37%
1Y
7.34%
3Y*
8.83%
5Y*
7.17%
10Y*
—
ALL TIME*
11.13%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

JEPI

JPMorgan Equity Premium Income ETF
$256.82M$259.30M$303.30M

MTUM

iShares MSCI USA Momentum Factor ETF
$620.00M$622.73M$495.72M

MTUM vs. JEPI - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
MTUM
iShares MSCI USA Momentum Factor ETF		22.65%22.15%32.89%9.15%-18.27%13.36%30.61%
JEPI
JPMorgan Equity Premium Income ETF		3.37%8.09%12.57%9.83%-3.49%21.52%18.39%

Correlation

The correlation between MTUM and JEPI is 0.36, which is low. Their historical price movements had little consistent relationship.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.36

Correlation (3Y)
Balances recent behavior with more history.

0.56

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.64

Correlation (All Time)
Calculated using the full available price history since May 21, 2020

0.62

Over the past year, the correlation between MTUM and JEPI has dropped to 0.36 - well below their long-term average of 0.62, suggesting their price drivers have been diverging.

MTUM vs. JEPI - Sectors Allocation Comparison

Sectors
MTUM
JEPI

Technology

48.0%
15.3%

Industrials

15.3%
10.7%

Energy

11.3%
2.5%

Financial Services

5.2%
9.1%

Communication Services

4.9%
6.2%

Healthcare

4.0%
12.8%

Consumer Defensive

3.9%
7.8%

Consumer Cyclical

3.0%
10.0%

Basic Materials

2.1%
1.6%

Real Estate

1.5%
2.6%

Utilities

0.6%
4.8%

Technology

MTUM
48.0%
JEPI
15.3%

Industrials

MTUM
15.3%
JEPI
10.7%

Energy

MTUM
11.3%
JEPI
2.5%

Financial Services

MTUM
5.2%
JEPI
9.1%

Communication Services

MTUM
4.9%
JEPI
6.2%

Healthcare

MTUM
4.0%
JEPI
12.8%

Consumer Defensive

MTUM
3.9%
JEPI
7.8%

Consumer Cyclical

MTUM
3.0%
JEPI
10.0%

Basic Materials

MTUM
2.1%
JEPI
1.6%

Real Estate

MTUM
1.5%
JEPI
2.6%

Utilities

MTUM
0.6%
JEPI
4.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI USA Momentum Factor ETF

JPMorgan Equity Premium Income ETF

Often compared with MTUM:
MTUM vs. SPMOMTUM vs. SPYMTUM vs. QQQMTUM vs. QUALMTUM vs. VFMOMTUM vs. VOOMTUM vs. QMOM
Often compared with JEPI:
JEPI vs. JEPQJEPI vs. SCHDJEPI vs. SPYJEPI vs. QYLDJEPI vs. SPYIJEPI vs. QQQIJEPI vs. DIVO

Return for Risk

MTUM vs. JEPI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MTUM
MTUM Risk / Return Rank: 5555
Overall Rank
MTUM Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
MTUM Sortino Ratio Rank: 4646
Sortino Ratio Rank
MTUM Omega Ratio Rank: 5050
Omega Ratio Rank
MTUM Calmar Ratio Rank: 6666
Calmar Ratio Rank
MTUM Martin Ratio Rank: 6262
Martin Ratio Rank
JEPI
JEPI Risk / Return Rank: 3636
Overall Rank
JEPI Sharpe Ratio Rank: 3939
Sharpe Ratio Rank
JEPI Sortino Ratio Rank: 3838
Sortino Ratio Rank
JEPI Omega Ratio Rank: 3737
Omega Ratio Rank
JEPI Calmar Ratio Rank: 3434
Calmar Ratio Rank
JEPI Martin Ratio Rank: 3434
Martin Ratio Rank
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.

MTUM vs. JEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Momentum Factor ETF (MTUM) 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.

MTUMJEPIDifference
Sharpe ratioReturn per unit of total volatility
1.18
0.95

+0.23

Sortino ratioReturn per unit of downside risk
1.66
1.42

+0.24

Omega ratioGain probability vs. loss probability

1.22

1.18

+0.05

Calmar ratioReturn relative to maximum drawdown

2.31

1.15

+1.17

Martin ratioReturn relative to average drawdown

7.45

3.22

+4.23

MTUM vs. JEPI - Sharpe Ratio Comparison

The current MTUM Sharpe Ratio is 1.18, which is comparable to the JEPI Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of MTUM 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.

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Drawdowns

MTUM vs. JEPI - Drawdown Comparison

The maximum MTUM drawdown since its inception was -34.08%, which is greater than JEPI's maximum drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for MTUM and JEPI.

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Drawdown Indicators

MTUMJEPIDifference

Max Drawdown

Largest peak-to-trough decline

-34.08%

-13.71%

-20.37%

Max Drawdown (1Y)

Largest decline over 1 year

-12.49%

-6.68%

-5.81%

Max Drawdown (3Y)

Largest decline over 3 years

-20.99%

-13.26%

-7.73%

Max Drawdown (5Y)

Largest decline over 5 years

-32.28%

-13.71%

-18.57%

Max Drawdown (10Y)

Largest decline over 10 years

-34.08%

—

—

Current Drawdown

Current decline from peak

-11.25%

-1.77%

-9.48%

Average Drawdown

Average peak-to-trough decline

-6.20%

-2.13%

-4.07%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.87%

2.37%

+1.50%

Volatility

MTUM vs. JEPI - Volatility Comparison

iShares MSCI USA Momentum Factor ETF (MTUM) has a higher volatility of 11.65% compared to JPMorgan Equity Premium Income ETF (JEPI) at 1.95%. This indicates that MTUM'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.

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Volatility by Period

MTUMJEPIDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.65%

1.95%

+9.70%

Volatility (6M)

Calculated over the trailing 6-month period

22.19%

6.22%

+15.97%

Volatility (1Y)

Calculated over the trailing 1-year period

24.47%

8.06%

+16.41%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.65%

11.09%

+10.56%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.60%

10.74%

+10.86%

MTUM vs. JEPI - Expense Ratio Comparison

MTUM has a 0.15% expense ratio, which is lower than JEPI's 0.35% expense ratio.

Dividends

MTUM vs. JEPI - Dividend Comparison

MTUM's dividend yield for the trailing twelve months is around 0.60%, less than JEPI's 8.05% yield.

PositionTTM20252024202320222021202020192018201720162015
JEPI
JPMorgan Equity Premium Income ETF		8.05%8.25%7.33%8.40%11.68%6.59%5.79%0.00%0.00%0.00%0.00%0.00%
MTUM
iShares MSCI USA Momentum Factor ETF		0.60%0.91%0.75%1.35%1.80%0.55%0.83%1.48%1.27%1.02%1.43%1.12%

Frequently Asked Questions

MTUM and JEPI have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

MTUM has higher volatility (11.65%) compared to JEPI (1.95%). In terms of maximum drawdown, MTUM dropped -34.08% vs JEPI's -13.71%.

On 5-year performance, MTUM leads with 13.15% vs 7.17% for JEPI. On fees, MTUM is cheaper at 0.15% per year. On volatility, JEPI has been the lower-risk option at 1.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, MTUM has performed better with a 13.15% return vs 7.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

MTUM is cheaper with a 0.15% expense ratio, compared with 0.35% for JEPI.

JEPI has the higher dividend yield at 8.05%, compared with 0.60% for MTUM.

MTUM is categorized as Momentum, while JEPI is Dividend. They also come from different issuers: iShares and JPMorgan. Their fees differ too: 0.15% for MTUM and 0.35% for JEPI.

MTUM currently has the higher Sharpe Ratio (1.18 vs 0.95), 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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