OVL vs. JEPI

Last updated Jun 23, 2026

OVL (Overlay Shares Large Cap Equity ETF) and JEPI (JPMorgan Equity Premium Income ETF) are both exchange-traded funds - OVL is a Derivative Income fund actively managed by Liquid Strategies, while JEPI is a Dividend fund actively managed by JPMorgan. Both are actively managed. Over the past 5 years, OVL returned 13.81%/yr vs 7.51%/yr for JEPI. A 0.78 correlation means they provide meaningful diversification when combined. OVL charges 0.79%/yr vs 0.35%/yr for JEPI.

Performance

OVL vs. JEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Overlay Shares Large Cap Equity ETF (OVL) 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, OVL achieves a 11.57% return, which is significantly higher than JEPI's 1.34% return.

OVL

• 1D: -0.40%
• 1M: -0.31%
• YTD: 11.57%
• 6M: 10.92%
• 1Y: 31.10%
• 3Y*: 23.01%
• 5Y*: 13.81%
• 10Y*: —

JEPI

• 1D: -0.05%
• 1M: 0.23%
• YTD: 1.34%
• 6M: 1.18%
• 1Y: 8.97%
• 3Y*: 9.13%
• 5Y*: 7.51%
• 10Y*: —

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

OVL vs. JEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
OVL Overlay Shares Large Cap Equity ETF	11.57%	17.81%	27.91%	28.01%	-22.18%	32.40%	30.89%
JEPI JPMorgan Equity Premium Income ETF	1.34%	8.09%	12.57%	9.83%	-3.49%	21.52%	18.39%

Correlation

The correlation between OVL and JEPI is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (All Time) Calculated using the full available price history since May 21, 2020	0.78

The correlation between OVL and JEPI shifts across timeframes, from 0.61 (1 year) to 0.78 (all time), reflecting how their relationship changes across market environments.

OVL vs. JEPI - Sectors Allocation Comparison

Sectors	OVL	JEPI
Technology	39.1%	15.3%
Financial Services	10.9%	7.2%
Communication Services	10.7%	6.3%
Consumer Cyclical	9.9%	10.0%
Healthcare	8.3%	11.6%
Industrials	7.8%	9.7%
Consumer Defensive	4.5%	7.8%
Energy	3.1%	2.5%
Utilities	2.1%	4.7%
Real Estate	1.8%	2.7%
Basic Materials	1.7%	1.7%

Return for Risk

OVL vs. JEPI — Risk / Return Rank

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

OVL

OVL Risk / Return Rank: 70
OVL Sharpe Ratio Rank: 68
OVL Sortino Ratio Rank: 63
OVL Omega Ratio Rank: 67
OVL Calmar Ratio Rank: 73
OVL Martin Ratio Rank: 80

JEPI

JEPI Risk / Return Rank: 30
JEPI Sharpe Ratio Rank: 32
JEPI Sortino Ratio Rank: 32
JEPI Omega Ratio Rank: 31
JEPI Calmar Ratio Rank: 28
JEPI Martin Ratio Rank: 30

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.

OVL vs. JEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Large Cap Equity ETF (OVL) 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.

	OVL	JEPI	Difference
Sharpe ratio: Return per unit of total volatility	2.14	1.12	+1.02
Sortino ratio: Return per unit of downside risk	2.84	1.66	+1.18
Omega ratio: Gain probability vs. loss probability	1.38	1.21	+0.18
Calmar ratio: Return relative to maximum drawdown	3.58	1.35	+2.23
Martin ratio: Return relative to average drawdown	15.15	4.00	+11.14

OVL vs. JEPI - Sharpe Ratio Comparison

The current OVL Sharpe Ratio is 2.14, which is higher than the JEPI Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of OVL 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

OVL vs. JEPI - Drawdown Comparison

The maximum OVL drawdown since its inception was -35.49%, which is greater than JEPI's maximum drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for OVL and JEPI.

Drawdown Indicators

	OVL	JEPI	Difference
Max Drawdown Largest peak-to-trough decline	-35.49%	-13.71%	-21.78%
Max Drawdown (1Y) Largest decline over 1 year	-8.73%	-6.68%	-2.05%
Max Drawdown (3Y) Largest decline over 3 years	-21.73%	-13.26%	-8.47%
Max Drawdown (5Y) Largest decline over 5 years	-29.23%	-13.71%	-15.52%
Current Drawdown Current decline from peak	-2.37%	-3.69%	+1.32%
Average Drawdown Average peak-to-trough decline	-6.69%	-2.13%	-4.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	2.24%	-0.18%

Volatility

OVL vs. JEPI - Volatility Comparison

Overlay Shares Large Cap Equity ETF (OVL) has a higher volatility of 5.22% compared to JPMorgan Equity Premium Income ETF (JEPI) at 2.35%. This indicates that OVL'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

	OVL	JEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.22%	2.35%	+2.87%
Volatility (6M) Calculated over the trailing 6-month period	11.32%	6.28%	+5.04%
Volatility (1Y) Calculated over the trailing 1-year period	14.60%	8.04%	+6.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.88%	11.08%	+8.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.54%	10.79%	+11.75%

OVL vs. JEPI - Expense Ratio Comparison

OVL has a 0.79% expense ratio, which is higher than JEPI's 0.35% expense ratio.

Dividends

OVL vs. JEPI - Dividend Comparison

OVL's dividend yield for the trailing twelve months is around 6.27%, less than JEPI's 8.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
JEPI JPMorgan Equity Premium Income ETF	8.17%	8.25%	7.33%	8.40%	11.68%	6.59%	5.79%	0.00%
OVL Overlay Shares Large Cap Equity ETF	6.27%	2.99%	3.10%	3.33%	3.85%	3.63%	2.43%	0.50%

Frequently Asked Questions

Can I hold both OVL and JEPI in my portfolio?

OVL and JEPI have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OVL or JEPI?

OVL has higher volatility (5.22%) compared to JEPI (2.35%). In terms of maximum drawdown, OVL dropped -35.49% vs JEPI's -13.71%.

Which ETF is better, OVL or JEPI?

On 5-year performance, OVL leads with 13.81% vs 7.51% for JEPI. On fees, JEPI is cheaper at 0.35% per year. On volatility, JEPI has been the lower-risk option at 2.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OVL or JEPI?

Over the 5-year period, OVL has performed better with a 13.81% return vs 7.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OVL or JEPI?

JEPI is cheaper with a 0.35% expense ratio, compared with 0.79% for OVL.

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

JEPI has the higher dividend yield at 8.17%, compared with 6.27% for OVL.

What is the main difference between OVL and JEPI?

OVL is categorized as Derivative Income, while JEPI is Dividend. They also come from different issuers: Liquid Strategies and JPMorgan. Their fees differ too: 0.79% for OVL and 0.35% for JEPI.

Which has better risk-adjusted returns?

OVL currently has the higher Sharpe Ratio (2.14 vs 1.12), 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.