SHPIX vs. JEPI
SHPIX (ProFunds Short Small Cap ProFund) and JEPI (JPMorgan Equity Premium Income ETF) are both funds - SHPIX is a Inverse Equities fund managed by ProFunds, while JEPI is a Dividend fund actively managed by JPMorgan. Over the past 5 years, SHPIX returned 46.82%/yr vs 7.51%/yr for JEPI. At a correlation of -0.66, they often move in opposite directions. SHPIX charges 1.78%/yr vs 0.35%/yr for JEPI.
Performance
SHPIX vs. JEPI - Performance Comparison
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Returns By Period
In the year-to-date period, SHPIX achieves a -16.89% return, which is significantly lower than JEPI's 1.34% return.
SHPIX
- 1D
- -2.09%
- 1M
- -3.75%
- YTD
- -16.89%
- 6M
- -14.24%
- 1Y
- -28.65%
- 3Y*
- 9.00%
- 5Y*
- 46.82%
- 10Y*
- 9.15%
JEPI
- 1D
- -0.05%
- 1M
- 0.23%
- YTD
- 1.34%
- 6M
- 1.18%
- 1Y
- 8.97%
- 3Y*
- 9.13%
- 5Y*
- 7.51%
- 10Y*
- —
SHPIX vs. JEPI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
SHPIX ProFunds Short Small Cap ProFund | -16.89% | -9.61% | 83.27% | 344.97% | 16.39% | -19.78% | -35.84% |
JEPI JPMorgan Equity Premium Income ETF | 1.34% | 8.09% | 12.57% | 9.83% | -3.49% | 21.52% | 18.39% |
Correlation
The correlation between SHPIX and JEPI is -0.65, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.65 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.69 |
Correlation (All Time) Calculated using the full available price history since May 21, 2020 | -0.66 |
The correlation between SHPIX and JEPI has been stable across timeframes, ranging from -0.69 to -0.65 - a consistent structural relationship.
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Return for Risk
SHPIX vs. JEPI — Risk / Return Rank
SHPIX
JEPI
SHPIX vs. JEPI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProFunds Short Small Cap ProFund (SHPIX) 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.
| SHPIX | JEPI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.58 | ||
| Sortino ratioReturn per unit of downside risk | -3.77 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 1.21 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 1.35 | -2.34 |
| Martin ratioReturn relative to average drawdown | -1.71 | 4.00 | -5.71 |
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Drawdowns
SHPIX vs. JEPI - Drawdown Comparison
The maximum SHPIX drawdown since its inception was -96.86%, which is greater than JEPI's maximum drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for SHPIX and JEPI.
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Drawdown Indicators
| SHPIX | JEPI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.86% | -13.71% | -83.15% |
Max Drawdown (1Y)Largest decline over 1 year | -27.89% | -6.68% | -21.21% |
Max Drawdown (3Y)Largest decline over 3 years | -40.69% | -13.26% | -27.43% |
Max Drawdown (5Y)Largest decline over 5 years | -40.69% | -13.71% | -26.98% |
Max Drawdown (10Y)Largest decline over 10 years | -70.45% | — | — |
Current DrawdownCurrent decline from peak | -75.90% | -3.69% | -72.21% |
Average DrawdownAverage peak-to-trough decline | -74.99% | -2.13% | -72.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.68% | 2.24% | +14.44% |
Volatility
SHPIX vs. JEPI - Volatility Comparison
ProFunds Short Small Cap ProFund (SHPIX) has a higher volatility of 6.73% compared to JPMorgan Equity Premium Income ETF (JEPI) at 2.35%. This indicates that SHPIX'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
| SHPIX | JEPI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.73% | 2.35% | +4.38% |
Volatility (6M)Calculated over the trailing 6-month period | 14.36% | 6.28% | +8.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.65% | 8.04% | +11.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 188.94% | 11.08% | +177.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 134.61% | 10.79% | +123.82% |
SHPIX vs. JEPI - Expense Ratio Comparison
SHPIX has a 1.78% expense ratio, which is higher than JEPI's 0.35% expense ratio.
Dividends
SHPIX vs. JEPI - Dividend Comparison
SHPIX's dividend yield for the trailing twelve months is around 33.30%, more 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% |
SHPIX ProFunds Short Small Cap ProFund | 33.30% | 5.70% | 0.00% | 17.01% | 0.00% | 0.00% | 0.00% | 0.85% |
Frequently Asked Questions
SHPIX and JEPI have a correlation of -0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SHPIX has higher volatility (6.73%) compared to JEPI (2.35%). In terms of maximum drawdown, SHPIX dropped -96.86% vs JEPI's -13.71%.
JEPI currently has the higher Sharpe Ratio (1.12 vs -1.46), 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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