SPYT vs. JEPI

Last updated Jun 4, 2026

SPYT (Defiance S&P 500 Income Target ETF) and JEPI (JPMorgan Equity Premium Income ETF) are both exchange-traded funds - SPYT is a Derivative Income fund actively managed by Defiance, while JEPI is a Dividend fund actively managed by JPMorgan. Both are actively managed. Over the past year, SPYT returned 23.29% vs 7.70% for JEPI. A 0.69 correlation means they provide meaningful diversification when combined. SPYT charges 0.87%/yr vs 0.35%/yr for JEPI.

Performance

SPYT vs. JEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance S&P 500 Income Target ETF (SPYT) 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, SPYT achieves a 9.70% return, which is significantly higher than JEPI's 0.15% return.

SPYT

• 1D: -0.68%
• 1M: 3.81%
• YTD: 9.70%
• 6M: 9.51%
• 1Y: 23.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

JEPI

• 1D: 0.14%
• 1M: -1.54%
• YTD: 0.15%
• 6M: 0.47%
• 1Y: 7.70%
• 3Y*: 8.88%
• 5Y*: 7.26%
• 10Y*: —

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

SPYT vs. JEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPYT Defiance S&P 500 Income Target ETF	9.70%	12.41%	12.94%
JEPI JPMorgan Equity Premium Income ETF	0.15%	8.09%	7.16%

Correlation

The correlation between SPYT and JEPI is 0.59, 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	0.59
Correlation (All Time) Calculated using the full available price history since Mar 8, 2024	0.69

The correlation between SPYT and JEPI shifts across timeframes, from 0.59 (1 year) to 0.69 (all time), reflecting how their relationship changes across market environments.

SPYT vs. JEPI - Sectors Allocation Comparison

Sectors	SPYT	JEPI
Technology	36.2%	19.1%
Financial Services	11.9%	9.8%
Communication Services	10.9%	6.9%
Consumer Cyclical	10.1%	11.7%
Healthcare	8.4%	14.1%
Industrials	8.1%	13.8%
Consumer Defensive	4.9%	9.6%
Energy	3.5%	3.5%
Utilities	2.3%	6.2%
Real Estate	1.9%	3.5%
Basic Materials	1.8%	1.9%

Return for Risk

SPYT vs. JEPI — Risk / Return Rank

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

SPYT

SPYT Risk / Return Rank: 65
SPYT Sharpe Ratio Rank: 63
SPYT Sortino Ratio Rank: 63
SPYT Omega Ratio Rank: 70
SPYT Calmar Ratio Rank: 58
SPYT Martin Ratio Rank: 72

JEPI

JEPI Risk / Return Rank: 26
JEPI Sharpe Ratio Rank: 27
JEPI Sortino Ratio Rank: 26
JEPI Omega Ratio Rank: 26
JEPI Calmar Ratio Rank: 24
JEPI Martin Ratio Rank: 26

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.

SPYT vs. JEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance S&P 500 Income Target ETF (SPYT) 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.

	SPYT	JEPI	Difference
Sharpe ratio: Return per unit of total volatility	2.16	0.99	+1.17
Sortino ratio: Return per unit of downside risk	2.98	1.47	+1.51
Omega ratio: Gain probability vs. loss probability	1.43	1.18	+0.24
Calmar ratio: Return relative to maximum drawdown	2.93	1.16	+1.77
Martin ratio: Return relative to average drawdown	13.59	3.73	+9.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPYT vs. JEPI - Sharpe Ratio Comparison

The current SPYT Sharpe Ratio is 2.16, which is higher than the JEPI Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of SPYT 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

	SPYT	JEPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.16	0.99	+1.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.08	1.01	+0.08

Drawdowns

SPYT vs. JEPI - Drawdown Comparison

The maximum SPYT drawdown since its inception was -18.25%, which is greater than JEPI's maximum drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for SPYT and JEPI.

Drawdown Indicators

	SPYT	JEPI	Difference
Max Drawdown Largest peak-to-trough decline	-18.25%	-13.71%	-4.54%
Max Drawdown (1Y) Largest decline over 1 year	-8.00%	-6.68%	-1.32%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.26%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-13.71%	—
Current Drawdown Current decline from peak	-0.68%	-4.83%	+4.15%
Average Drawdown Average peak-to-trough decline	-2.00%	-2.12%	+0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.72%	2.07%	-0.35%

Volatility

SPYT vs. JEPI - Volatility Comparison

Defiance S&P 500 Income Target ETF (SPYT) has a higher volatility of 2.54% compared to JPMorgan Equity Premium Income ETF (JEPI) at 1.35%. This indicates that SPYT'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

	SPYT	JEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.54%	1.35%	+1.19%
Volatility (6M) Calculated over the trailing 6-month period	8.32%	6.07%	+2.25%
Volatility (1Y) Calculated over the trailing 1-year period	10.86%	7.85%	+3.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.80%	11.06%	+3.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.80%	10.80%	+4.00%

SPYT vs. JEPI - Expense Ratio Comparison

SPYT has a 0.87% expense ratio, which is higher than JEPI's 0.35% expense ratio.

Dividends

SPYT vs. JEPI - Dividend Comparison

SPYT's dividend yield for the trailing twelve months is around 20.73%, more than JEPI's 8.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
JEPI JPMorgan Equity Premium Income ETF	8.27%	8.25%	7.33%	8.40%	11.68%	6.59%	5.79%
SPYT Defiance S&P 500 Income Target ETF	20.73%	21.40%	17.37%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPYT and JEPI in my portfolio?

SPYT 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, SPYT or JEPI?

SPYT has higher volatility (2.54%) compared to JEPI (1.35%). In terms of maximum drawdown, SPYT dropped -18.25% vs JEPI's -13.71%.

Which ETF is better, SPYT or JEPI?

On 1-year performance, SPYT leads with 23.29% vs 7.70% for JEPI. On fees, JEPI is cheaper at 0.35% per year. On volatility, JEPI has been the lower-risk option at 1.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYT or JEPI?

Over the 1-year period, SPYT has performed better with a 23.29% return vs 7.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYT or JEPI?

JEPI is cheaper with a 0.35% expense ratio, compared with 0.87% for SPYT.

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

SPYT has the higher dividend yield at 20.73%, compared with 8.27% for JEPI.

What is the main difference between SPYT and JEPI?

SPYT is categorized as Derivative Income, while JEPI is Dividend. They also come from different issuers: Defiance and JPMorgan. Their fees differ too: 0.87% for SPYT and 0.35% for JEPI.

Which has better risk-adjusted returns?

SPYT currently has the higher Sharpe Ratio (2.16 vs 0.99), 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.