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PONAX vs. JEPI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PONAX vs. JEPI

Last updated Jun 20, 2026

PONAX (PIMCO Income Fund Class A) and JEPI (JPMorgan Equity Premium Income ETF) are both funds - PONAX is a Multisector Bonds fund actively managed by PIMCO, while JEPI is a Dividend fund actively managed by JPMorgan. Both are actively managed. Over the past 5 years, PONAX returned 3.19%/yr vs 7.73%/yr for JEPI. At a 0.33 correlation, their price movements are largely independent. PONAX charges 0.94%/yr vs 0.35%/yr for JEPI.

Performance

PONAX vs. JEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Income Fund Class A (PONAX) 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, PONAX achieves a 0.83% return, which is significantly lower than JEPI's 1.40% return.

PONAX

1D
0.09%
1M
1.54%
YTD
0.83%
6M
1.39%
1Y
7.45%
3Y*
7.30%
5Y*
3.19%
10Y*
4.31%

JEPI

1D
0.20%
1M
0.56%
YTD
1.40%
6M
1.62%
1Y
9.04%
3Y*
9.01%
5Y*
7.73%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

PONAX vs. JEPI - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
PONAX
PIMCO Income Fund Class A		0.83%10.63%5.02%8.96%-9.34%2.21%11.09%
JEPI
JPMorgan Equity Premium Income ETF		1.40%8.09%12.57%9.83%-3.49%21.52%18.39%

Correlation

The correlation between PONAX and JEPI is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.40

Correlation (3Y)
Calculated over the trailing 3-year period

0.31

Correlation (5Y)
Calculated over the trailing 5-year period

0.34

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

0.33

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PIMCO Income Fund Class A

JPMorgan Equity Premium Income ETF

Often compared with PONAX:
PONAX vs. PIMIXPONAX vs. BNDPONAX vs. BINCPONAX vs. VBTLXPONAX vs. PTTRXPONAX vs. FAGIXPONAX vs. SAMBX
Often compared with JEPI:
JEPI vs. JEPQJEPI vs. SCHDJEPI vs. SPYJEPI vs. QYLDJEPI vs. SPYIJEPI vs. QQQIJEPI vs. VOO

Return for Risk

PONAX vs. JEPI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PONAX
PONAX Risk / Return Rank: 4444
Overall Rank
PONAX Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
PONAX Sortino Ratio Rank: 5353
Sortino Ratio Rank
PONAX Omega Ratio Rank: 5151
Omega Ratio Rank
PONAX Calmar Ratio Rank: 3434
Calmar Ratio Rank
PONAX Martin Ratio Rank: 3333
Martin Ratio Rank
JEPI
JEPI Risk / Return Rank: 3131
Overall Rank
JEPI Sharpe Ratio Rank: 3333
Sharpe Ratio Rank
JEPI Sortino Ratio Rank: 3333
Sortino Ratio Rank
JEPI Omega Ratio Rank: 3232
Omega Ratio Rank
JEPI Calmar Ratio Rank: 2929
Calmar Ratio Rank
JEPI Martin Ratio Rank: 3030
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.

PONAX vs. JEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Income Fund Class A (PONAX) 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.

PONAXJEPIDifference
Sharpe ratioReturn per unit of total volatility
1.82
1.13

+0.69

Sortino ratioReturn per unit of downside risk
2.70
1.68

+1.02

Omega ratioGain probability vs. loss probability

1.35

1.21

+0.14

Calmar ratioReturn relative to maximum drawdown

2.03

1.36

+0.68

Martin ratioReturn relative to average drawdown

6.75

4.06

+2.69

PONAX vs. JEPI - Sharpe Ratio Comparison

The current PONAX Sharpe Ratio is 1.82, which is higher than the JEPI Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of PONAX 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

PONAX vs. JEPI - Drawdown Comparison

The maximum PONAX drawdown since its inception was -13.64%, roughly equal to the maximum JEPI drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for PONAX and JEPI.

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Drawdown Indicators

PONAXJEPIDifference

Max Drawdown

Largest peak-to-trough decline

-13.64%

-13.71%

+0.07%

Max Drawdown (1Y)

Largest decline over 1 year

-3.69%

-6.68%

+2.99%

Max Drawdown (3Y)

Largest decline over 3 years

-3.90%

-13.26%

+9.36%

Max Drawdown (5Y)

Largest decline over 5 years

-13.64%

-13.71%

+0.07%

Max Drawdown (10Y)

Largest decline over 10 years

-13.64%

—

—

Current Drawdown

Current decline from peak

-1.03%

-3.64%

+2.61%

Average Drawdown

Average peak-to-trough decline

-1.79%

-2.13%

+0.34%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.11%

2.23%

-1.12%

Volatility

PONAX vs. JEPI - Volatility Comparison

The current volatility for PIMCO Income Fund Class A (PONAX) is 1.41%, while JPMorgan Equity Premium Income ETF (JEPI) has a volatility of 2.35%. This indicates that PONAX 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.

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Volatility by Period

PONAXJEPIDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.41%

2.35%

-0.94%

Volatility (6M)

Calculated over the trailing 6-month period

3.36%

6.30%

-2.94%

Volatility (1Y)

Calculated over the trailing 1-year period

4.12%

8.03%

-3.91%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

4.83%

11.09%

-6.26%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.22%

10.79%

-6.57%

PONAX vs. JEPI - Expense Ratio Comparison

PONAX has a 0.94% expense ratio, which is higher than JEPI's 0.35% expense ratio.

Dividends

PONAX vs. JEPI - Dividend Comparison

PONAX's dividend yield for the trailing twelve months is around 5.43%, less than JEPI's 8.17% yield.

PositionTTM20252024202320222021202020192018201720162015
JEPI
JPMorgan Equity Premium Income ETF		8.17%8.25%7.33%8.40%11.68%6.59%5.79%0.00%0.00%0.00%0.00%0.00%
PONAX
PIMCO Income Fund Class A		5.43%5.61%5.86%5.86%4.66%3.62%4.48%5.42%5.24%4.97%5.13%7.45%

Frequently Asked Questions

PONAX and JEPI have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

JEPI has higher volatility (2.35%) compared to PONAX (1.41%). In terms of maximum drawdown, PONAX dropped -13.64% vs JEPI's -13.71%.

PONAX currently has the higher Sharpe Ratio (1.82 vs 1.13), 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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