SPDV vs. JEPI

Last updated Aug 3, 2026

SPDV (AAM S&P 500 High Dividend Value ETF) and JEPI (JPMorgan Equity Premium Income ETF) are both Dividend funds. SPDV is passively managed, while JEPI is actively managed. Over the past 5 years, SPDV returned 10.42%/yr vs 7.40%/yr for JEPI. Their 0.70 correlation means they have sometimes moved together and sometimes differently. SPDV charges 0.29%/yr vs 0.35%/yr for JEPI.

Performance

SPDV vs. JEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AAM S&P 500 High Dividend Value ETF (SPDV) 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, SPDV achieves a 19.29% return, which is significantly higher than JEPI's 4.52% return.

SPDV

• 1D: -0.03%
• 1M: 4.78%
• 6M: 13.02%
• YTD: 19.29%
• 1Y: 30.26%
• 3Y*: 15.86%
• 5Y*: 10.42%
• 10Y*: —
• ALL TIME*: 9.72%

JEPI

• 1D: 0.33%
• 1M: 1.27%
• 6M: 2.16%
• YTD: 4.52%
• 1Y: 11.16%
• 3Y*: 9.21%
• 5Y*: 7.40%
• 10Y*: —
• ALL TIME*: 11.29%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
JEPI JPMorgan Equity Premium Income ETF	$260.98M	$260.42M	$297.70M
SPDV AAM S&P 500 High Dividend Value ETF	$807.83K	$592.31K	$401.15K

SPDV vs. JEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SPDV AAM S&P 500 High Dividend Value ETF	19.29%	10.90%	14.40%	5.45%	-2.27%	29.54%	27.90%
JEPI JPMorgan Equity Premium Income ETF	4.52%	8.09%	12.57%	9.83%	-3.49%	21.52%	18.39%

Correlation

The correlation between SPDV and JEPI is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.67
Correlation (3Y) Balances recent behavior with more history.	0.73
Correlation (5Y) Shows whether the relationship held over a longer period.	0.74
Correlation (All Time) Calculated using the full available price history since May 21, 2020	0.70

The correlation between SPDV and JEPI has been stable across timeframes, ranging from 0.67 to 0.74 - a consistent structural relationship.

SPDV vs. JEPI - Sectors Allocation Comparison

Sectors	SPDV	JEPI
Consumer Cyclical	14.9%	9.8%
Technology	12.1%	15.4%
Real Estate	10.6%	2.6%
Healthcare	10.4%	12.9%
Financial Services	10.2%	8.9%
Energy	8.8%	2.6%
Industrials	8.4%	11.2%
Consumer Defensive	7.8%	7.7%
Communication Services	7.1%	6.1%
Utilities	5.7%	4.9%
Basic Materials	4.1%	1.6%

Return for Risk

SPDV vs. JEPI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SPDV

SPDV Risk / Return Rank: 92
SPDV Sharpe Ratio Rank: 92
SPDV Sortino Ratio Rank: 93
SPDV Omega Ratio Rank: 90
SPDV Calmar Ratio Rank: 94
SPDV Martin Ratio Rank: 91

JEPI

JEPI Risk / Return Rank: 48
JEPI Sharpe Ratio Rank: 52
JEPI Sortino Ratio Rank: 53
JEPI Omega Ratio Rank: 52
JEPI Calmar Ratio Rank: 43
JEPI Martin Ratio Rank: 41

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SPDV vs. JEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AAM S&P 500 High Dividend Value ETF (SPDV) 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.

	SPDV	JEPI	Difference
Sharpe ratio: Return per unit of total volatility	2.37	1.25	+1.12
Sortino ratio: Return per unit of downside risk	3.49	1.85	+1.64
Omega ratio: Gain probability vs. loss probability	1.42	1.23	+0.19
Calmar ratio: Return relative to maximum drawdown	5.01	1.52	+3.48
Martin ratio: Return relative to average drawdown	15.07	4.32	+10.75

SPDV vs. JEPI - Sharpe Ratio Comparison

The current SPDV Sharpe Ratio is 2.37, which is higher than the JEPI Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of SPDV 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

SPDV vs. JEPI - Drawdown Comparison

The maximum SPDV drawdown since its inception was -43.81%, which is greater than JEPI's maximum drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for SPDV and JEPI.

Drawdown Indicators

	SPDV	JEPI	Difference
Max Drawdown Largest peak-to-trough decline	-43.81%	-13.71%	-30.10%
Max Drawdown (1Y) Largest decline over 1 year	-5.80%	-6.68%	+0.88%
Max Drawdown (3Y) Largest decline over 3 years	-18.62%	-13.26%	-5.36%
Max Drawdown (5Y) Largest decline over 5 years	-21.31%	-13.71%	-7.60%
Current Drawdown Current decline from peak	-1.56%	-0.68%	-0.88%
Average Drawdown Average peak-to-trough decline	-6.46%	-2.13%	-4.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	2.36%	-0.44%

Volatility

SPDV vs. JEPI - Volatility Comparison

AAM S&P 500 High Dividend Value ETF (SPDV) has a higher volatility of 3.72% compared to JPMorgan Equity Premium Income ETF (JEPI) at 2.38%. This indicates that SPDV'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.

Volatility by Period

	SPDV	JEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.72%	2.38%	+1.34%
Volatility (6M) Calculated over the trailing 6-month period	8.34%	6.37%	+1.97%
Volatility (1Y) Calculated over the trailing 1-year period	12.29%	8.15%	+4.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.15%	11.10%	+5.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.20%	10.73%	+9.47%

SPDV vs. JEPI - Expense Ratio Comparison

SPDV has a 0.29% expense ratio, which is lower than JEPI's 0.35% expense ratio.

Dividends

SPDV vs. JEPI - Dividend Comparison

SPDV's dividend yield for the trailing twelve months is around 3.23%, less than JEPI's 7.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
JEPI JPMorgan Equity Premium Income ETF	7.34%	8.25%	7.33%	8.40%	11.68%	6.59%	5.79%	0.00%	0.00%	0.00%
SPDV AAM S&P 500 High Dividend Value ETF	3.23%	3.85%	3.54%	3.95%	3.73%	3.08%	3.90%	3.54%	3.63%	0.28%

Frequently Asked Questions

Can I hold both SPDV and JEPI in my portfolio?

SPDV and JEPI have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPDV or JEPI?

SPDV has higher volatility (3.72%) compared to JEPI (2.38%). In terms of maximum drawdown, SPDV dropped -43.81% vs JEPI's -13.71%.

Which ETF is better, SPDV or JEPI?

On 5-year performance, SPDV leads with 10.42% vs 7.40% for JEPI. On fees, SPDV is cheaper at 0.29% per year. On volatility, JEPI has been the lower-risk option at 2.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPDV or JEPI?

Over the 5-year period, SPDV has performed better with a 10.42% return vs 7.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPDV or JEPI?

SPDV is cheaper with a 0.29% expense ratio, compared with 0.35% for JEPI.

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

JEPI has the higher dividend yield at 7.34%, compared with 3.23% for SPDV.

What is the main difference between SPDV and JEPI?

They also come from different issuers: Advisors Asset Management and JPMorgan. Their fees differ too: 0.29% for SPDV and 0.35% for JEPI.

Which has better risk-adjusted returns?

SPDV currently has the higher Sharpe Ratio (2.37 vs 1.25), 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.