SVIX vs. JEPI
SVIX (-1x Short VIX Futures ETF) and JEPI (JPMorgan Equity Premium Income ETF) are both exchange-traded funds - SVIX is a Volatility fund tracking the Short VIX Futures Index, while JEPI is a Dividend fund actively managed by JPMorgan. SVIX is passively managed, while JEPI is actively managed. Over the past 3 years, SVIX returned -6.83%/yr vs 9.21%/yr for JEPI. Their 0.66 correlation means they have sometimes moved together and sometimes differently. SVIX charges 1.47%/yr vs 0.35%/yr for JEPI.
Performance
SVIX vs. JEPI - Performance Comparison
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Returns By Period
In the year-to-date period, SVIX achieves a -0.08% return, which is significantly lower than JEPI's 4.52% return.
SVIX
- 1D
- 3.02%
- 1M
- 1.89%
- 6M
- 6.65%
- YTD
- -0.08%
- 1Y
- 51.31%
- 3Y*
- -6.83%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 11.88%
JEPI
- 1D
- 0.33%
- 1M
- 1.27%
- 6M
- 2.16%
- YTD
- 4.52%
- 1Y
- 11.16%
- 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 | |
| $67.82M | $60.76M | $62.62M |
SVIX vs. JEPI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SVIX -1x Short VIX Futures ETF | -0.08% | -4.49% | -32.76% | 157.37% | -1.48% |
JEPI JPMorgan Equity Premium Income ETF | 4.52% | 8.09% | 12.57% | 9.83% | -2.38% |
Correlation
The correlation between SVIX and JEPI is 0.65, 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. | 0.65 |
Correlation (3Y) Balances recent behavior with more history. | 0.67 |
Correlation (All Time) Calculated using the full available price history since Mar 30, 2022 | 0.66 |
The correlation between SVIX and JEPI has been stable across timeframes, ranging from 0.65 to 0.67 - a consistent structural relationship.
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Return for Risk
SVIX vs. JEPI — Risk / Return Rank
SVIX
JEPI
SVIX vs. JEPI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for -1x Short VIX Futures ETF (SVIX) 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.
| SVIX | JEPI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.56 | ||
| Sortino ratioReturn per unit of downside risk | -0.63 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.23 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 0.92 | 1.52 | -0.60 |
| Martin ratioReturn relative to average drawdown | 2.61 | 4.32 | -1.71 |
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Drawdowns
SVIX vs. JEPI - Drawdown Comparison
The maximum SVIX drawdown since its inception was -79.30%, which is greater than JEPI's maximum drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for SVIX and JEPI.
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Drawdown Indicators
| SVIX | JEPI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.30% | -13.71% | -65.59% |
Max Drawdown (1Y)Largest decline over 1 year | -42.69% | -6.68% | -36.01% |
Max Drawdown (3Y)Largest decline over 3 years | -79.30% | -13.26% | -66.04% |
Max Drawdown (5Y)Largest decline over 5 years | — | -13.71% | — |
Current DrawdownCurrent decline from peak | -52.28% | -0.68% | -51.60% |
Average DrawdownAverage peak-to-trough decline | -32.40% | -2.13% | -30.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.03% | 2.36% | +12.67% |
Volatility
SVIX vs. JEPI - Volatility Comparison
-1x Short VIX Futures ETF (SVIX) has a higher volatility of 14.34% compared to JPMorgan Equity Premium Income ETF (JEPI) at 2.38%. This indicates that SVIX'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
| SVIX | JEPI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.34% | 2.38% | +11.96% |
Volatility (6M)Calculated over the trailing 6-month period | 42.92% | 6.37% | +36.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.46% | 8.15% | +48.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 65.81% | 11.10% | +54.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.81% | 10.73% | +55.08% |
SVIX vs. JEPI - Expense Ratio Comparison
SVIX has a 1.47% expense ratio, which is higher than JEPI's 0.35% expense ratio.
Dividends
SVIX vs. JEPI - Dividend Comparison
SVIX has not paid dividends to shareholders, while JEPI's dividend yield for the trailing twelve months is around 7.96%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
JEPI JPMorgan Equity Premium Income ETF | 7.34% | 8.25% | 7.33% | 8.40% | 11.68% | 6.59% | 5.79% |
SVIX -1x Short VIX Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SVIX and JEPI have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SVIX has higher volatility (14.34%) compared to JEPI (2.38%). In terms of maximum drawdown, SVIX dropped -79.30% vs JEPI's -13.71%.
On 3-year performance, JEPI leads with 9.21% vs -6.83% for SVIX. On fees, JEPI is cheaper at 0.35% 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 3-year period, JEPI has performed better with a 9.21% return vs -6.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JEPI is cheaper with a 0.35% expense ratio, compared with 1.47% for SVIX.
JEPI has the higher dividend yield at 7.34%, compared with 0.00% for SVIX.
SVIX is categorized as Volatility, while JEPI is Dividend. They also come from different issuers: Volatility Shares and JPMorgan. Their fees differ too: 1.47% for SVIX and 0.35% for JEPI.
JEPI currently has the higher Sharpe Ratio (1.25 vs 0.70), 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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