PFLEX vs. JEPI

Last updated Jun 24, 2026

PFLEX (PIMCO Flexible Credit Income Fund) and JEPI (JPMorgan Equity Premium Income ETF) are both funds - PFLEX is a Multisector Bonds fund managed by PIMCO, while JEPI is a Dividend fund actively managed by JPMorgan. Over the past 5 years, PFLEX returned 3.60%/yr vs 7.31%/yr for JEPI. At a 0.27 correlation, their price movements are largely independent. PFLEX charges 2.10%/yr vs 0.35%/yr for JEPI.

Performance

PFLEX vs. JEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Flexible Credit Income Fund (PFLEX) 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, PFLEX achieves a -1.33% return, which is significantly lower than JEPI's 0.91% return.

PFLEX

• 1D: -0.29%
• 1M: 1.30%
• YTD: -1.33%
• 6M: -1.56%
• 1Y: 2.57%
• 3Y*: 8.77%
• 5Y*: 3.60%
• 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)

PFLEX vs. JEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PFLEX PIMCO Flexible Credit Income Fund	-1.33%	7.28%	14.00%	10.05%	-14.68%	11.87%	26.95%
JEPI JPMorgan Equity Premium Income ETF	0.91%	8.09%	12.57%	9.83%	-3.49%	21.52%	18.39%

Correlation

The correlation between PFLEX and JEPI is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.27
Correlation (All Time) Calculated using the full available price history since May 21, 2020	0.27

Return for Risk

PFLEX vs. JEPI — Risk / Return Rank

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

PFLEX

PFLEX Risk / Return Rank: 10
PFLEX Sharpe Ratio Rank: 10
PFLEX Sortino Ratio Rank: 12
PFLEX Omega Ratio Rank: 13
PFLEX Calmar Ratio Rank: 8
PFLEX Martin Ratio Rank: 8

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.

PFLEX vs. JEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Flexible Credit Income Fund (PFLEX) 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.

	PFLEX	JEPI	Difference
Sharpe ratio: Return per unit of total volatility	0.78	0.97	-0.19
Sortino ratio: Return per unit of downside risk	1.29	1.45	-0.16
Omega ratio: Gain probability vs. loss probability	1.17	1.18	0.00
Calmar ratio: Return relative to maximum drawdown	0.75	1.17	-0.42
Martin ratio: Return relative to average drawdown	1.91	3.44	-1.53

PFLEX vs. JEPI - Sharpe Ratio Comparison

The current PFLEX Sharpe Ratio is 0.78, which is comparable to the JEPI Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of PFLEX 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

PFLEX vs. JEPI - Drawdown Comparison

The maximum PFLEX drawdown since its inception was -24.60%, which is greater than JEPI's maximum drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for PFLEX and JEPI.

Drawdown Indicators

	PFLEX	JEPI	Difference
Max Drawdown Largest peak-to-trough decline	-24.60%	-13.71%	-10.89%
Max Drawdown (1Y) Largest decline over 1 year	-4.28%	-6.68%	+2.40%
Max Drawdown (3Y) Largest decline over 3 years	-4.28%	-13.26%	+8.98%
Max Drawdown (5Y) Largest decline over 5 years	-18.06%	-13.71%	-4.35%
Current Drawdown Current decline from peak	-1.97%	-4.11%	+2.14%
Average Drawdown Average peak-to-trough decline	-3.99%	-2.13%	-1.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.58%	2.26%	-0.68%

Volatility

PFLEX vs. JEPI - Volatility Comparison

The current volatility for PIMCO Flexible Credit Income Fund (PFLEX) is 1.51%, while JPMorgan Equity Premium Income ETF (JEPI) has a volatility of 2.38%. This indicates that PFLEX 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

	PFLEX	JEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.51%	2.38%	-0.87%
Volatility (6M) Calculated over the trailing 6-month period	3.13%	6.29%	-3.16%
Volatility (1Y) Calculated over the trailing 1-year period	4.11%	8.03%	-3.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.30%	11.08%	-5.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.89%	10.78%	-4.89%

PFLEX vs. JEPI - Expense Ratio Comparison

PFLEX has a 2.10% expense ratio, which is higher than JEPI's 0.35% expense ratio.

Dividends

PFLEX vs. JEPI - Dividend Comparison

PFLEX's dividend yield for the trailing twelve months is around 5.97%, less than JEPI's 8.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
JEPI JPMorgan Equity Premium Income ETF	8.21%	8.25%	7.33%	8.40%	11.68%	6.59%	5.79%	0.00%	0.00%
PFLEX PIMCO Flexible Credit Income Fund	5.97%	6.59%	9.41%	12.77%	14.50%	9.06%	8.51%	9.86%	10.59%

Frequently Asked Questions

Can I hold both PFLEX and JEPI in my portfolio?

PFLEX and JEPI have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PFLEX or JEPI?

JEPI has higher volatility (2.38%) compared to PFLEX (1.51%). In terms of maximum drawdown, PFLEX dropped -24.60% vs JEPI's -13.71%.

Which has better risk-adjusted returns?

JEPI currently has the higher Sharpe Ratio (0.97 vs 0.78), 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.