SPY vs. JEPI
Compare and contrast key facts about State Street SPDR S&P 500 ETF (SPY) and JPMorgan Equity Premium Income ETF (JEPI).
SPY and JEPI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993. JEPI is an actively managed fund by JPMorgan. It was launched on May 20, 2020.
Performance
SPY vs. JEPI - Performance Comparison
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SPY vs. JEPI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
SPY State Street SPDR S&P 500 ETF | -3.65% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 28.40% |
JEPI JPMorgan Equity Premium Income ETF | 0.46% | 8.09% | 12.57% | 9.83% | -3.49% | 21.52% | 18.61% |
Returns By Period
In the year-to-date period, SPY achieves a -3.65% return, which is significantly lower than JEPI's 0.46% return.
SPY
- 1D
- 0.75%
- 1M
- -4.28%
- YTD
- -3.65%
- 6M
- -1.42%
- 1Y
- 18.14%
- 3Y*
- 18.48%
- 5Y*
- 11.86%
- 10Y*
- 14.06%
JEPI
- 1D
- 0.27%
- 1M
- -4.29%
- YTD
- 0.46%
- 6M
- 3.19%
- 1Y
- 8.06%
- 3Y*
- 9.67%
- 5Y*
- 8.32%
- 10Y*
- —
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SPY vs. JEPI - Expense Ratio Comparison
SPY has a 0.09% expense ratio, which is lower than JEPI's 0.35% expense ratio.
Return for Risk
SPY vs. JEPI — Risk / Return Rank
SPY
JEPI
SPY vs. JEPI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 ETF (SPY) 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.
| SPY | JEPI | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.96 | 0.61 | +0.34 |
Sortino ratioReturn per unit of downside risk | 1.49 | 0.95 | +0.54 |
Omega ratioGain probability vs. loss probability | 1.23 | 1.16 | +0.07 |
Calmar ratioReturn relative to maximum drawdown | 1.53 | 0.79 | +0.74 |
Martin ratioReturn relative to average drawdown | 7.27 | 3.83 | +3.43 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPY | JEPI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.96 | 0.61 | +0.34 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.70 | 0.76 | -0.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.79 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.56 | 1.04 | -0.47 |
Correlation
The correlation between SPY and JEPI is 0.80, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
SPY vs. JEPI - Dividend Comparison
SPY's dividend yield for the trailing twelve months is around 1.13%, less than JEPI's 8.46% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPY State Street SPDR S&P 500 ETF | 1.13% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
JEPI JPMorgan Equity Premium Income ETF | 8.46% | 8.25% | 7.33% | 8.40% | 11.68% | 6.59% | 5.79% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
SPY vs. JEPI - Drawdown Comparison
The maximum SPY drawdown since its inception was -55.19%, which is greater than JEPI's maximum drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for SPY and JEPI.
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Drawdown Indicators
| SPY | JEPI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.19% | -13.71% | -41.48% |
Max Drawdown (1Y)Largest decline over 1 year | -12.05% | -10.28% | -1.77% |
Max Drawdown (5Y)Largest decline over 5 years | -24.50% | -13.71% | -10.79% |
Max Drawdown (10Y)Largest decline over 10 years | -33.72% | — | — |
Current DrawdownCurrent decline from peak | -5.53% | -4.53% | -1.00% |
Average DrawdownAverage peak-to-trough decline | -9.09% | -2.07% | -7.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.54% | 2.12% | +0.42% |
Volatility
SPY vs. JEPI - Volatility Comparison
State Street SPDR S&P 500 ETF (SPY) has a higher volatility of 5.35% compared to JPMorgan Equity Premium Income ETF (JEPI) at 3.90%. This indicates that SPY'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
| SPY | JEPI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.35% | 3.90% | +1.45% |
Volatility (6M)Calculated over the trailing 6-month period | 9.50% | 6.36% | +3.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.06% | 13.24% | +5.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.06% | 11.06% | +6.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.92% | 10.88% | +7.04% |