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SPYD vs. JEPI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPYD vs. JEPI

Last updated Jun 25, 2026

SPYD (State Street SPDR Portfolio S&P 500 High Dividend ETF) and JEPI (JPMorgan Equity Premium Income ETF) are both exchange-traded funds - SPYD is a S&P 500 fund tracking the S&P 500 High Dividend Index, while JEPI is a Dividend fund actively managed by JPMorgan. SPYD is passively managed, while JEPI is actively managed. Over the past 5 years, SPYD returned 7.92%/yr vs 7.28%/yr for JEPI. A 0.68 correlation means they provide meaningful diversification when combined. SPYD charges 0.07%/yr vs 0.35%/yr for JEPI.

Performance

SPYD vs. JEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) and JPMorgan Equity Premium Income ETF (JEPI). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SPYD achieves a 12.86% return, which is significantly higher than JEPI's 1.33% return.

SPYD

1D
0.27%
1M
1.28%
YTD
12.86%
6M
12.37%
1Y
17.98%
3Y*
15.26%
5Y*
7.92%
10Y*
8.89%

JEPI

1D
0.41%
1M
0.22%
YTD
1.33%
6M
0.79%
1Y
7.37%
3Y*
9.13%
5Y*
7.28%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPYD vs. JEPI - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
SPYD
State Street SPDR Portfolio S&P 500 High Dividend ETF		12.86%4.65%15.34%3.91%-1.17%32.73%27.48%
JEPI
JPMorgan Equity Premium Income ETF		1.33%8.09%12.57%9.83%-3.49%21.52%18.39%

Correlation

The correlation between SPYD and JEPI is 0.69, 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

0.69

Correlation (3Y)
Calculated over the trailing 3-year period

0.71

Correlation (5Y)
Calculated over the trailing 5-year period

0.73

Correlation (All Time)
Calculated using the full available price history since May 21, 2020

0.68

The correlation between SPYD and JEPI has been stable across timeframes, ranging from 0.68 to 0.73 - a consistent structural relationship.

SPYD vs. JEPI - Sectors Allocation Comparison

Sectors
SPYD
JEPI

Real Estate

26.5%
2.7%

Consumer Defensive

16.0%
7.8%

Financial Services

11.9%
7.2%

Utilities

11.2%
4.7%

Energy

8.5%
2.5%

Consumer Cyclical

7.3%
10.0%

Healthcare

5.3%
11.6%

Communication Services

4.8%
6.3%

Technology

3.2%
15.3%

Basic Materials

3.0%
1.7%

Industrials

2.3%
9.7%

Real Estate

SPYD
26.5%
JEPI
2.7%

Consumer Defensive

SPYD
16.0%
JEPI
7.8%

Financial Services

SPYD
11.9%
JEPI
7.2%

Utilities

SPYD
11.2%
JEPI
4.7%

Energy

SPYD
8.5%
JEPI
2.5%

Consumer Cyclical

SPYD
7.3%
JEPI
10.0%

Healthcare

SPYD
5.3%
JEPI
11.6%

Communication Services

SPYD
4.8%
JEPI
6.3%

Technology

SPYD
3.2%
JEPI
15.3%

Basic Materials

SPYD
3.0%
JEPI
1.7%

Industrials

SPYD
2.3%
JEPI
9.7%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

State Street SPDR Portfolio S&P 500 High Dividend ETF

JPMorgan Equity Premium Income ETF

Often compared with SPYD:
SPYD vs. SCHDSPYD vs. SPYSPYD vs. VYMSPYD vs. SPYISPYD vs. HDVSPYD vs. SPHDSPYD vs. VOO
Often compared with JEPI:
JEPI vs. JEPQJEPI vs. SCHDJEPI vs. SPYJEPI vs. QYLDJEPI vs. SPYIJEPI vs. QQQIJEPI vs. VOO

Return for Risk

SPYD vs. JEPI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPYD
SPYD Risk / Return Rank: 5050
Overall Rank
SPYD Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
SPYD Sortino Ratio Rank: 5252
Sortino Ratio Rank
SPYD Omega Ratio Rank: 4444
Omega Ratio Rank
SPYD Calmar Ratio Rank: 5858
Calmar Ratio Rank
SPYD Martin Ratio Rank: 4848
Martin Ratio Rank
JEPI
JEPI Risk / Return Rank: 2626
Overall Rank
JEPI Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
JEPI Sortino Ratio Rank: 2727
Sortino Ratio Rank
JEPI Omega Ratio Rank: 2626
Omega Ratio Rank
JEPI Calmar Ratio Rank: 2525
Calmar Ratio Rank
JEPI Martin Ratio Rank: 2626
Martin Ratio Rank
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.

SPYD vs. JEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) 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.

SPYDJEPIDifference
Sharpe ratioReturn per unit of total volatility
1.52
0.93

+0.60

Sortino ratioReturn per unit of downside risk
2.28
1.38

+0.90

Omega ratioGain probability vs. loss probability

1.26

1.17

+0.09

Calmar ratioReturn relative to maximum drawdown

2.56

1.11

+1.45

Martin ratioReturn relative to average drawdown

7.37

3.25

+4.12

SPYD vs. JEPI - Sharpe Ratio Comparison

The current SPYD Sharpe Ratio is 1.52, which is higher than the JEPI Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of SPYD 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.

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Drawdowns

SPYD vs. JEPI - Drawdown Comparison

The maximum SPYD drawdown since its inception was -46.42%, which is greater than JEPI's maximum drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for SPYD and JEPI.

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Drawdown Indicators

SPYDJEPIDifference

Max Drawdown

Largest peak-to-trough decline

-46.42%

-13.71%

-32.71%

Max Drawdown (1Y)

Largest decline over 1 year

-7.05%

-6.68%

-0.37%

Max Drawdown (3Y)

Largest decline over 3 years

-16.13%

-13.26%

-2.87%

Max Drawdown (5Y)

Largest decline over 5 years

-22.25%

-13.71%

-8.54%

Max Drawdown (10Y)

Largest decline over 10 years

-46.42%

—

—

Current Drawdown

Current decline from peak

-1.62%

-3.71%

+2.09%

Average Drawdown

Average peak-to-trough decline

-6.14%

-2.13%

-4.01%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.45%

2.27%

+0.18%

Volatility

SPYD vs. JEPI - Volatility Comparison

State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) has a higher volatility of 3.56% compared to JPMorgan Equity Premium Income ETF (JEPI) at 2.38%. This indicates that SPYD'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

SPYDJEPIDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.56%

2.38%

+1.18%

Volatility (6M)

Calculated over the trailing 6-month period

8.04%

6.30%

+1.74%

Volatility (1Y)

Calculated over the trailing 1-year period

11.86%

8.02%

+3.84%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.07%

11.08%

+4.99%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.78%

10.78%

+9.00%

SPYD vs. JEPI - Expense Ratio Comparison

SPYD has a 0.07% expense ratio, which is lower than JEPI's 0.35% expense ratio.

Dividends

SPYD vs. JEPI - Dividend Comparison

SPYD's dividend yield for the trailing twelve months is around 4.25%, less than JEPI's 8.18% yield.

PositionTTM20252024202320222021202020192018201720162015
JEPI
JPMorgan Equity Premium Income ETF		8.18%8.25%7.33%8.40%11.68%6.59%5.79%0.00%0.00%0.00%0.00%0.00%
SPYD
State Street SPDR Portfolio S&P 500 High Dividend ETF		4.25%4.52%4.31%4.66%5.01%3.68%4.95%4.42%4.75%4.63%4.34%1.13%

Frequently Asked Questions

SPYD and JEPI have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SPYD has higher volatility (3.56%) compared to JEPI (2.38%). In terms of maximum drawdown, SPYD dropped -46.42% vs JEPI's -13.71%.

On 5-year performance, SPYD leads with 7.92% vs 7.28% for JEPI. On fees, SPYD is cheaper at 0.07% 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.

Over the 5-year period, SPYD has performed better with a 7.92% return vs 7.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPYD is cheaper with a 0.07% expense ratio, compared with 0.35% for JEPI.

JEPI has the higher dividend yield at 8.18%, compared with 4.25% for SPYD.

SPYD is categorized as S&P 500, while JEPI is Dividend. They also come from different issuers: State Street and JPMorgan. Their fees differ too: 0.07% for SPYD and 0.35% for JEPI.

SPYD currently has the higher Sharpe Ratio (1.52 vs 0.93), 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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