PFEB vs. JEPI

Last updated Jun 24, 2026

PFEB (Innovator U.S. Equity Power Buffer ETF - February) and JEPI (JPMorgan Equity Premium Income ETF) are both exchange-traded funds - PFEB is a Defined Outcome fund tracking the S&P 500, while JEPI is a Dividend fund actively managed by JPMorgan. PFEB is passively managed, while JEPI is actively managed. Over the past 5 years, PFEB returned 8.59%/yr vs 7.31%/yr for JEPI. A 0.72 correlation means they provide meaningful diversification when combined. PFEB charges 0.79%/yr vs 0.35%/yr for JEPI.

Performance

PFEB vs. JEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Power Buffer ETF - February (PFEB) 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, PFEB achieves a 5.11% return, which is significantly higher than JEPI's 0.91% return.

PFEB

• 1D: -0.37%
• 1M: 0.02%
• YTD: 5.11%
• 6M: 5.08%
• 1Y: 14.19%
• 3Y*: 12.04%
• 5Y*: 8.59%
• 10Y*: —

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)

PFEB vs. JEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PFEB Innovator U.S. Equity Power Buffer ETF - February	5.11%	10.65%	12.71%	14.96%	-2.84%	11.52%	10.68%
JEPI JPMorgan Equity Premium Income ETF	0.91%	8.09%	12.57%	9.83%	-3.49%	21.52%	18.39%

Correlation

The correlation between PFEB and JEPI is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (All Time) Calculated using the full available price history since May 21, 2020	0.72

The correlation between PFEB and JEPI shifts across timeframes, from 0.62 (1 year) to 0.74 (5 years), reflecting how their relationship changes across market environments.

PFEB vs. JEPI - Sectors Allocation Comparison

Sectors	PFEB	JEPI
Technology	38.4%	15.3%
Financial Services	11.0%	7.2%
Communication Services	10.8%	6.3%
Consumer Cyclical	10.0%	10.0%
Healthcare	8.4%	11.6%
Industrials	7.9%	9.7%
Consumer Defensive	4.6%	7.8%
Energy	3.2%	2.5%
Utilities	2.1%	4.7%
Real Estate	1.8%	2.7%
Basic Materials	1.7%	1.7%

Return for Risk

PFEB vs. JEPI — Risk / Return Rank

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

PFEB

PFEB Risk / Return Rank: 80
PFEB Sharpe Ratio Rank: 81
PFEB Sortino Ratio Rank: 86
PFEB Omega Ratio Rank: 86
PFEB Calmar Ratio Rank: 66
PFEB Martin Ratio Rank: 84

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.

PFEB vs. JEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Power Buffer ETF - February (PFEB) 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.

	PFEB	JEPI	Difference
Sharpe ratio: Return per unit of total volatility	2.36	0.97	+1.39
Sortino ratio: Return per unit of downside risk	3.53	1.45	+2.08
Omega ratio: Gain probability vs. loss probability	1.48	1.18	+0.30
Calmar ratio: Return relative to maximum drawdown	3.02	1.17	+1.86
Martin ratio: Return relative to average drawdown	15.79	3.44	+12.35

PFEB vs. JEPI - Sharpe Ratio Comparison

The current PFEB Sharpe Ratio is 2.36, which is higher than the JEPI Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of PFEB 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

PFEB vs. JEPI - Drawdown Comparison

The maximum PFEB drawdown since its inception was -19.98%, which is greater than JEPI's maximum drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for PFEB and JEPI.

Drawdown Indicators

	PFEB	JEPI	Difference
Max Drawdown Largest peak-to-trough decline	-19.98%	-13.71%	-6.27%
Max Drawdown (1Y) Largest decline over 1 year	-4.71%	-6.68%	+1.97%
Max Drawdown (3Y) Largest decline over 3 years	-10.58%	-13.26%	+2.68%
Max Drawdown (5Y) Largest decline over 5 years	-11.05%	-13.71%	+2.66%
Current Drawdown Current decline from peak	-0.75%	-4.11%	+3.36%
Average Drawdown Average peak-to-trough decline	-1.82%	-2.13%	+0.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	2.26%	-1.36%

Volatility

PFEB vs. JEPI - Volatility Comparison

The current volatility for Innovator U.S. Equity Power Buffer ETF - February (PFEB) is 1.83%, while JPMorgan Equity Premium Income ETF (JEPI) has a volatility of 2.38%. This indicates that PFEB experiences smaller price fluctuations and is considered to be less risky than JEPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFEB	JEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.83%	2.38%	-0.55%
Volatility (6M) Calculated over the trailing 6-month period	4.83%	6.29%	-1.46%
Volatility (1Y) Calculated over the trailing 1-year period	6.07%	8.03%	-1.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.26%	11.08%	-2.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.29%	10.78%	+0.51%

PFEB vs. JEPI - Expense Ratio Comparison

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

Dividends

PFEB vs. JEPI - Dividend Comparison

PFEB has not paid dividends to shareholders, while JEPI's dividend yield for the trailing twelve months is around 8.21%.

Position	TTM	2025	2024	2023	2022	2021	2020
JEPI JPMorgan Equity Premium Income ETF	8.21%	8.25%	7.33%	8.40%	11.68%	6.59%	5.79%
PFEB Innovator U.S. Equity Power Buffer ETF - February	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PFEB and JEPI in my portfolio?

PFEB and JEPI have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PFEB or JEPI?

JEPI has higher volatility (2.38%) compared to PFEB (1.83%). In terms of maximum drawdown, PFEB dropped -19.98% vs JEPI's -13.71%.

Which ETF is better, PFEB or JEPI?

On 5-year performance, PFEB leads with 8.59% vs 7.31% for JEPI. On fees, JEPI is cheaper at 0.35% per year. On volatility, PFEB has been the lower-risk option at 1.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PFEB or JEPI?

Over the 5-year period, PFEB has performed better with a 8.59% return vs 7.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PFEB or JEPI?

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

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

JEPI has the higher dividend yield at 8.21%, compared with 0.00% for PFEB.

What is the main difference between PFEB and JEPI?

PFEB is categorized as Defined Outcome, while JEPI is Dividend. They also come from different issuers: Innovator and JPMorgan. Their fees differ too: 0.79% for PFEB and 0.35% for JEPI.

Which has better risk-adjusted returns?

PFEB currently has the higher Sharpe Ratio (2.36 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.