SPHD vs. JEPI

Last updated Jun 3, 2026

SPHD (Invesco S&P 500® High Dividend Low Volatility ETF) and JEPI (JPMorgan Equity Premium Income ETF) are both exchange-traded funds - SPHD is a S&P 500 fund tracking the S&P Low Volatility High Dividend index, while JEPI is a Dividend fund actively managed by JPMorgan. SPHD is passively managed, while JEPI is actively managed. Over the past 5 years, SPHD returned 5.73%/yr vs 7.30%/yr for JEPI. A 0.70 correlation means they provide meaningful diversification when combined. SPHD charges 0.30%/yr vs 0.35%/yr for JEPI.

Performance

SPHD vs. JEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) 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, SPHD achieves a 5.32% return, which is significantly higher than JEPI's 0.01% return.

SPHD

• 1D: 0.71%
• 1M: -0.75%
• YTD: 5.32%
• 6M: 5.99%
• 1Y: 9.22%
• 3Y*: 11.75%
• 5Y*: 5.73%
• 10Y*: 7.18%

JEPI

• 1D: 0.02%
• 1M: -1.94%
• YTD: 0.01%
• 6M: 0.89%
• 1Y: 7.76%
• 3Y*: 8.83%
• 5Y*: 7.30%
• 10Y*: —

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

SPHD vs. JEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SPHD Invesco S&P 500® High Dividend Low Volatility ETF	5.32%	3.41%	18.08%	1.32%	0.58%	24.98%	22.13%
JEPI JPMorgan Equity Premium Income ETF	0.01%	8.09%	12.57%	9.83%	-3.49%	21.52%	18.61%

Correlation

The correlation between SPHD and JEPI is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (All Time) Calculated using the full available price history since May 22, 2020	0.70

The correlation between SPHD and JEPI has been stable across timeframes, ranging from 0.66 to 0.73 - a consistent structural relationship.

SPHD vs. JEPI - Sectors Allocation Comparison

Sectors	SPHD	JEPI
Real Estate	20.1%	3.5%
Consumer Defensive	17.8%	9.6%
Financial Services	15.6%	9.8%
Energy	14.1%	3.5%
Utilities	13.7%	6.2%
Communication Services	8.6%	6.9%
Healthcare	5.1%	14.1%
Consumer Cyclical	3.4%	11.7%
Technology	1.5%	19.1%
Industrials	0.0%	13.8%
Basic Materials	-	1.9%

Return for Risk

SPHD vs. JEPI — Risk / Return Rank

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

SPHD

SPHD Risk / Return Rank: 24
SPHD Sharpe Ratio Rank: 24
SPHD Sortino Ratio Rank: 24
SPHD Omega Ratio Rank: 22
SPHD Calmar Ratio Rank: 26
SPHD Martin Ratio Rank: 24

JEPI

JEPI Risk / Return Rank: 27
JEPI Sharpe Ratio Rank: 28
JEPI Sortino Ratio Rank: 28
JEPI Omega Ratio Rank: 27
JEPI Calmar Ratio Rank: 25
JEPI Martin Ratio Rank: 27

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.

SPHD vs. JEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) 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.

	SPHD	JEPI	Difference
Sharpe ratio Return per unit of total volatility	0.84	0.99	-0.15
Sortino ratio Return per unit of downside risk	1.30	1.48	-0.18
Omega ratio Gain probability vs. loss probability	1.15	1.18	-0.04
Calmar ratio Return relative to maximum drawdown	1.25	1.18	+0.07
Martin ratio Return relative to average drawdown	3.16	3.87	-0.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPHD vs. JEPI - Sharpe Ratio Comparison

The current SPHD Sharpe Ratio is 0.84, which is comparable to the JEPI Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of SPHD 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.

Sharpe Ratios by Period

	SPHD	JEPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.84	0.99	-0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.66	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	1.01	-0.42

Drawdowns

SPHD vs. JEPI - Drawdown Comparison

The maximum SPHD drawdown since its inception was -41.39%, which is greater than JEPI's maximum drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for SPHD and JEPI.

Drawdown Indicators

	SPHD	JEPI	Difference
Max Drawdown Largest peak-to-trough decline	-41.39%	-13.71%	-27.68%
Max Drawdown (1Y) Largest decline over 1 year	-7.33%	-6.68%	-0.65%
Max Drawdown (3Y) Largest decline over 3 years	-13.29%	-13.26%	-0.03%
Max Drawdown (5Y) Largest decline over 5 years	-19.50%	-13.71%	-5.79%
Max Drawdown (10Y) Largest decline over 10 years	-41.39%	—	—
Current Drawdown Current decline from peak	-4.53%	-4.96%	+0.43%
Average Drawdown Average peak-to-trough decline	-4.70%	-2.11%	-2.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.91%	2.04%	+0.87%

Volatility

SPHD vs. JEPI - Volatility Comparison

Invesco S&P 500® High Dividend Low Volatility ETF (SPHD) has a higher volatility of 2.97% compared to JPMorgan Equity Premium Income ETF (JEPI) at 1.34%. This indicates that SPHD'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

	SPHD	JEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.97%	1.34%	+1.63%
Volatility (6M) Calculated over the trailing 6-month period	7.54%	6.10%	+1.44%
Volatility (1Y) Calculated over the trailing 1-year period	11.00%	7.85%	+3.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.16%	11.06%	+3.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.64%	10.80%	+6.84%

SPHD vs. JEPI - Expense Ratio Comparison

SPHD has a 0.30% expense ratio, which is lower than JEPI's 0.35% expense ratio.

Dividends

SPHD vs. JEPI - Dividend Comparison

SPHD's dividend yield for the trailing twelve months is around 4.58%, less than JEPI's 8.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JEPI JPMorgan Equity Premium Income ETF	8.28%	8.25%	7.33%	8.40%	11.68%	6.59%	5.79%	0.00%	0.00%	0.00%	0.00%	0.00%
SPHD Invesco S&P 500® High Dividend Low Volatility ETF	4.58%	4.02%	3.41%	4.48%	3.89%	3.45%	4.89%	4.07%	4.40%	3.14%	3.83%	3.49%

Frequently Asked Questions

Can I hold both SPHD and JEPI in my portfolio?

SPHD and JEPI have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPHD or JEPI?

SPHD has higher volatility (2.97%) compared to JEPI (1.34%). In terms of maximum drawdown, SPHD dropped -41.39% vs JEPI's -13.71%.

Which ETF is better, SPHD or JEPI?

On 5-year performance, JEPI leads with 7.30% vs 5.73% for SPHD. On fees, SPHD is cheaper at 0.30% per year. On volatility, JEPI has been the lower-risk option at 1.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPHD or JEPI?

Over the 5-year period, JEPI has performed better with a 7.30% return vs 5.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPHD or JEPI?

SPHD is cheaper with a 0.30% expense ratio, compared with 0.35% for JEPI.

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

JEPI has the higher dividend yield at 8.28%, compared with 4.58% for SPHD.

What is the main difference between SPHD and JEPI?

SPHD is categorized as S&P 500, while JEPI is Dividend. They also come from different issuers: Invesco and JPMorgan. Their fees differ too: 0.30% for SPHD and 0.35% for JEPI.

Which has better risk-adjusted returns?

JEPI currently has the higher Sharpe Ratio (0.99 vs 0.84), 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.