SMAX vs. JEPI
SMAX (iShares Large Cap Max Buffer Sep ETF) and JEPI (JPMorgan Equity Premium Income ETF) are both exchange-traded funds - SMAX is a Defined Outcome fund actively managed by iShares, while JEPI is a Dividend fund actively managed by JPMorgan. Both are actively managed. Over the past year, SMAX returned 8.56% vs 7.76% for JEPI. A 0.63 correlation means they provide meaningful diversification when combined. SMAX charges 0.50%/yr vs 0.35%/yr for JEPI.
Performance
SMAX vs. JEPI - Performance Comparison
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Returns By Period
In the year-to-date period, SMAX achieves a 2.98% return, which is significantly higher than JEPI's 0.91% return.
SMAX
- 1D
- -0.22%
- 1M
- 0.14%
- YTD
- 2.98%
- 6M
- 2.87%
- 1Y
- 8.56%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
JEPI
- 1D
- -0.43%
- 1M
- -0.19%
- YTD
- 0.91%
- 6M
- 0.64%
- 1Y
- 7.76%
- 3Y*
- 8.98%
- 5Y*
- 7.31%
- 10Y*
- —
SMAX vs. JEPI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SMAX iShares Large Cap Max Buffer Sep ETF | 2.98% | 8.01% | 1.06% |
JEPI JPMorgan Equity Premium Income ETF | 0.91% | 8.09% | -0.73% |
Correlation
The correlation between SMAX and JEPI is 0.56, 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 | 0.56 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2024 | 0.63 |
The correlation between SMAX and JEPI has been stable across timeframes, ranging from 0.56 to 0.63 - a consistent structural relationship.
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Return for Risk
SMAX vs. JEPI — Risk / Return Rank
SMAX
JEPI
SMAX vs. JEPI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap Max Buffer Sep ETF (SMAX) 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.
| SMAX | JEPI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.20 | ||
| Sortino ratioReturn per unit of downside risk | +3.41 | ||
| Omega ratioGain probability vs. loss probability | 1.67 | 1.18 | +0.49 |
| Calmar ratioReturn relative to maximum drawdown | 4.49 | 1.17 | +3.33 |
| Martin ratioReturn relative to average drawdown | 24.03 | 3.44 | +20.59 |
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Drawdowns
SMAX vs. JEPI - Drawdown Comparison
The maximum SMAX drawdown since its inception was -3.90%, smaller than the maximum JEPI drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for SMAX and JEPI.
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Drawdown Indicators
| SMAX | JEPI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.90% | -13.71% | +9.81% |
Max Drawdown (1Y)Largest decline over 1 year | -1.91% | -6.68% | +4.77% |
Max Drawdown (3Y)Largest decline over 3 years | — | -13.26% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -13.71% | — |
Current DrawdownCurrent decline from peak | -0.29% | -4.11% | +3.82% |
Average DrawdownAverage peak-to-trough decline | -0.40% | -2.13% | +1.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.36% | 2.26% | -1.90% |
Volatility
SMAX vs. JEPI - Volatility Comparison
The current volatility for iShares Large Cap Max Buffer Sep ETF (SMAX) is 0.77%, while JPMorgan Equity Premium Income ETF (JEPI) has a volatility of 2.38%. This indicates that SMAX 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
| SMAX | JEPI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.77% | 2.38% | -1.61% |
Volatility (6M)Calculated over the trailing 6-month period | 2.18% | 6.29% | -4.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.72% | 8.03% | -5.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.65% | 11.08% | -7.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.65% | 10.78% | -7.13% |
SMAX vs. JEPI - Expense Ratio Comparison
SMAX has a 0.50% expense ratio, which is higher than JEPI's 0.35% expense ratio.
Dividends
SMAX vs. JEPI - Dividend Comparison
SMAX's dividend yield for the trailing twelve months is around 0.95%, less than JEPI's 8.21% yield.
| 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% |
SMAX iShares Large Cap Max Buffer Sep ETF | 0.95% | 0.98% | 0.27% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SMAX and JEPI have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JEPI has higher volatility (2.38%) compared to SMAX (0.77%). In terms of maximum drawdown, SMAX dropped -3.90% vs JEPI's -13.71%.
On 1-year performance, SMAX leads with 8.56% vs 7.76% for JEPI. On fees, JEPI is cheaper at 0.35% per year. On volatility, SMAX has been the lower-risk option at 0.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SMAX has performed better with a 8.56% return vs 7.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JEPI is cheaper with a 0.35% expense ratio, compared with 0.50% for SMAX.
JEPI has the higher dividend yield at 8.21%, compared with 0.95% for SMAX.
SMAX is categorized as Defined Outcome, while JEPI is Dividend. They also come from different issuers: iShares and JPMorgan. Their fees differ too: 0.50% for SMAX and 0.35% for JEPI.
SMAX currently has the higher Sharpe Ratio (3.17 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.
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