SPHY vs. JEPI
SPHY (SPDR Portfolio High Yield Bond ETF) and JEPI (JPMorgan Equity Premium Income ETF) are both exchange-traded funds - SPHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Index, while JEPI is a Dividend fund actively managed by JPMorgan. SPHY is passively managed, while JEPI is actively managed. Over the past 5 years, SPHY returned 4.19%/yr vs 7.40%/yr for JEPI. Their 0.59 correlation means they have sometimes moved together and sometimes differently. SPHY charges 0.05%/yr vs 0.35%/yr for JEPI.
Performance
SPHY vs. JEPI - Performance Comparison
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Returns By Period
In the year-to-date period, SPHY achieves a 1.84% return, which is significantly lower than JEPI's 4.52% return.
SPHY
- 1D
- 0.04%
- 1M
- -0.17%
- 6M
- 1.20%
- YTD
- 1.84%
- 1Y
- 5.46%
- 3Y*
- 8.43%
- 5Y*
- 4.19%
- 10Y*
- 4.92%
- ALL TIME*
- 4.94%
JEPI
- 1D
- 0.33%
- 1M
- 2.33%
- 6M
- 2.16%
- YTD
- 4.52%
- 1Y
- 10.15%
- 3Y*
- 9.21%
- 5Y*
- 7.40%
- 10Y*
- —
- ALL TIME*
- 11.29%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $260.98M | $260.42M | $297.70M | |
| $242.17M | $164.39M | $124.54M |
SPHY vs. JEPI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
SPHY SPDR Portfolio High Yield Bond ETF | 1.84% | 8.59% | 8.54% | 12.81% | -10.57% | 5.61% | 14.79% |
JEPI JPMorgan Equity Premium Income ETF | 4.52% | 8.09% | 12.57% | 9.83% | -3.49% | 21.52% | 18.39% |
Correlation
The correlation between SPHY and JEPI is 0.58, 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. | 0.58 |
Correlation (3Y) Balances recent behavior with more history. | 0.61 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.61 |
Correlation (All Time) Calculated using the full available price history since May 21, 2020 | 0.59 |
The correlation between SPHY and JEPI has been stable across timeframes, ranging from 0.58 to 0.61 - a consistent structural relationship.
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Return for Risk
SPHY vs. JEPI — Risk / Return Rank
SPHY
JEPI
SPHY vs. JEPI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio High Yield Bond ETF (SPHY) 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.
| SPHY | JEPI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.24 | ||
| Sortino ratioReturn per unit of downside risk | +0.42 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.23 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.27 | 1.52 | +0.75 |
| Martin ratioReturn relative to average drawdown | 10.10 | 4.32 | +5.78 |
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Drawdowns
SPHY vs. JEPI - Drawdown Comparison
The maximum SPHY drawdown since its inception was -21.97%, which is greater than JEPI's maximum drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for SPHY and JEPI.
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Drawdown Indicators
| SPHY | JEPI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.97% | -13.71% | -8.26% |
Max Drawdown (1Y)Largest decline over 1 year | -2.41% | -6.68% | +4.27% |
Max Drawdown (3Y)Largest decline over 3 years | -4.85% | -13.26% | +8.41% |
Max Drawdown (5Y)Largest decline over 5 years | -15.29% | -13.71% | -1.58% |
Max Drawdown (10Y)Largest decline over 10 years | -21.97% | — | — |
Current DrawdownCurrent decline from peak | -0.43% | -0.68% | +0.25% |
Average DrawdownAverage peak-to-trough decline | -2.27% | -2.13% | -0.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.54% | 2.36% | -1.82% |
Volatility
SPHY vs. JEPI - Volatility Comparison
The current volatility for SPDR Portfolio High Yield Bond ETF (SPHY) is 0.75%, while JPMorgan Equity Premium Income ETF (JEPI) has a volatility of 2.38%. This indicates that SPHY 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
| SPHY | JEPI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.75% | 2.38% | -1.63% |
Volatility (6M)Calculated over the trailing 6-month period | 3.02% | 6.37% | -3.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.67% | 8.15% | -4.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.18% | 11.10% | -3.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.83% | 10.73% | -2.90% |
SPHY vs. JEPI - Expense Ratio Comparison
SPHY has a 0.05% expense ratio, which is lower than JEPI's 0.35% expense ratio.
Dividends
SPHY vs. JEPI - Dividend Comparison
SPHY's dividend yield for the trailing twelve months is around 7.25%, less than JEPI's 7.96% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
JEPI JPMorgan Equity Premium Income ETF | 7.96% | 8.25% | 7.33% | 8.40% | 11.68% | 6.59% | 5.79% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPHY SPDR Portfolio High Yield Bond ETF | 7.25% | 7.38% | 7.80% | 7.30% | 6.47% | 5.13% | 5.63% | 5.73% | 4.09% | 4.41% | 4.27% | 4.29% |
Frequently Asked Questions
SPHY and JEPI have a correlation of 0.58, 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 SPHY (0.75%). In terms of maximum drawdown, SPHY dropped -21.97% vs JEPI's -13.71%.
On 5-year performance, JEPI leads with 7.40% vs 4.19% for SPHY. On fees, SPHY is cheaper at 0.05% per year. On volatility, SPHY has been the lower-risk option at 0.75%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, JEPI has performed better with a 7.40% return vs 4.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPHY is cheaper with a 0.05% expense ratio, compared with 0.35% for JEPI.
JEPI has the higher dividend yield at 7.96%, compared with 7.25% for SPHY.
SPHY is categorized as High Yield Bonds, while JEPI is Dividend. They also come from different issuers: State Street and JPMorgan. Their fees differ too: 0.05% for SPHY and 0.35% for JEPI.
SPHY currently has the higher Sharpe Ratio (1.49 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.
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