SPY vs. JEPI

Last updated Aug 1, 2026

SPY (State Street SPDR S&P 500 ETF) and JEPI (JPMorgan Equity Premium Income ETF) are both exchange-traded funds - SPY is a S&P 500 fund tracking the S&P 500 Index, while JEPI is a Dividend fund actively managed by JPMorgan. SPY is passively managed, while JEPI is actively managed. Over the past 5 years, SPY returned 12.76%/yr vs 7.40%/yr for JEPI. Their 0.78 correlation means they have sometimes moved together and sometimes differently. SPY charges 0.09%/yr vs 0.35%/yr for JEPI.

Performance

SPY vs. JEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR S&P 500 ETF (SPY) 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, SPY achieves a 10.13% return, which is significantly higher than JEPI's 4.52% return.

SPY

• 1D: 0.72%
• 1M: 0.17%
• 6M: 8.53%
• YTD: 10.13%
• 1Y: 19.50%
• 3Y*: 19.32%
• 5Y*: 12.76%
• 10Y*: 15.07%
• ALL TIME*: 10.79%

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%

*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
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B

SPY vs. JEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SPY State Street SPDR S&P 500 ETF	10.13%	17.72%	24.89%	26.18%	-18.18%	28.73%	27.52%
JEPI JPMorgan Equity Premium Income ETF	4.52%	8.09%	12.57%	9.83%	-3.49%	21.52%	18.39%

Correlation

The correlation between SPY and JEPI is 0.59, 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.	0.59
Correlation (3Y) Balances recent behavior with more history.	0.73
Correlation (5Y) Shows whether the relationship held over a longer period.	0.78
Correlation (All Time) Calculated using the full available price history since May 21, 2020	0.78

The correlation between SPY and JEPI shifts across timeframes, from 0.59 (1 year) to 0.78 (all time), reflecting how their relationship changes across market environments.

SPY vs. JEPI - Sectors Allocation Comparison

Sectors	SPY	JEPI
Technology	38.4%	15.3%
Financial Services	12.1%	9.1%
Communication Services	9.2%	6.2%
Healthcare	9.1%	12.8%
Consumer Cyclical	8.8%	10.0%
Industrials	8.3%	10.7%
Consumer Defensive	4.5%	7.8%
Energy	3.4%	2.5%
Utilities	2.3%	4.8%
Real Estate	1.9%	2.6%
Basic Materials	1.7%	1.6%

Return for Risk

SPY vs. JEPI — Risk / Return Rank

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

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

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.

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.

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.

	SPY	JEPI	Difference
Sharpe ratio: Return per unit of total volatility	1.52	1.25	+0.27
Sortino ratio: Return per unit of downside risk	2.11	1.85	+0.27
Omega ratio: Gain probability vs. loss probability	1.27	1.23	+0.04
Calmar ratio: Return relative to maximum drawdown	2.20	1.52	+0.68
Martin ratio: Return relative to average drawdown	9.40	4.32	+5.08

SPY vs. JEPI - Sharpe Ratio Comparison

The current SPY Sharpe Ratio is 1.52, which is comparable to the JEPI Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of SPY 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

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.

Drawdown Indicators

	SPY	JEPI	Difference
Max Drawdown Largest peak-to-trough decline	-55.19%	-13.71%	-41.48%
Max Drawdown (1Y) Largest decline over 1 year	-8.88%	-6.68%	-2.20%
Max Drawdown (3Y) Largest decline over 3 years	-18.76%	-13.26%	-5.50%
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 Drawdown Current decline from peak	-1.40%	-0.68%	-0.72%
Average Drawdown Average peak-to-trough decline	-9.01%	-2.13%	-6.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	2.36%	-0.28%

Volatility

SPY vs. JEPI - Volatility Comparison

State Street SPDR S&P 500 ETF (SPY) has a higher volatility of 3.58% compared to JPMorgan Equity Premium Income ETF (JEPI) at 2.38%. 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.

Volatility by Period

	SPY	JEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.58%	2.38%	+1.20%
Volatility (6M) Calculated over the trailing 6-month period	10.14%	6.37%	+3.77%
Volatility (1Y) Calculated over the trailing 1-year period	12.89%	8.15%	+4.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.18%	11.10%	+6.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.95%	10.73%	+7.22%

SPY vs. JEPI - Expense Ratio Comparison

SPY has a 0.09% expense ratio, which is lower than JEPI's 0.35% expense ratio.

Dividends

SPY vs. JEPI - Dividend Comparison

SPY's dividend yield for the trailing twelve months is around 1.01%, 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%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both SPY and JEPI in my portfolio?

SPY and JEPI have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPY or JEPI?

SPY has higher volatility (3.58%) compared to JEPI (2.38%). In terms of maximum drawdown, SPY dropped -55.19% vs JEPI's -13.71%.

Which ETF is better, SPY or JEPI?

On 5-year performance, SPY leads with 12.76% vs 7.40% for JEPI. On fees, SPY is cheaper at 0.09% 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, SPY or JEPI?

Over the 5-year period, SPY has performed better with a 12.76% return vs 7.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPY or JEPI?

SPY is cheaper with a 0.09% expense ratio, compared with 0.35% for JEPI.

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

JEPI has the higher dividend yield at 7.96%, compared with 1.01% for SPY.

What is the main difference between SPY and JEPI?

SPY is categorized as S&P 500, while JEPI is Dividend. They also come from different issuers: State Street and JPMorgan. Their fees differ too: 0.09% for SPY and 0.35% for JEPI.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.52 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.