TLT vs. JEPI
TLT (iShares 20+ Year Treasury Bond ETF) and JEPI (JPMorgan Equity Premium Income ETF) are both exchange-traded funds - TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index, while JEPI is a Dividend fund actively managed by JPMorgan. TLT is passively managed, while JEPI is actively managed. Over the past 5 years, TLT returned -6.53%/yr vs 7.45%/yr for JEPI. At a 0.09 correlation, their price movements are largely independent. TLT charges 0.15%/yr vs 0.35%/yr for JEPI.
Performance
TLT vs. JEPI - Performance Comparison
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Returns By Period
In the year-to-date period, TLT achieves a 0.27% return, which is significantly lower than JEPI's 1.29% return.
TLT
- 1D
- -0.24%
- 1M
- 2.93%
- YTD
- 0.27%
- 6M
- 0.45%
- 1Y
- 3.88%
- 3Y*
- -1.38%
- 5Y*
- -6.53%
- 10Y*
- -1.75%
JEPI
- 1D
- 0.43%
- 1M
- 0.97%
- YTD
- 1.29%
- 6M
- 1.18%
- 1Y
- 8.34%
- 3Y*
- 9.13%
- 5Y*
- 7.45%
- 10Y*
- —
TLT vs. JEPI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
TLT iShares 20+ Year Treasury Bond ETF | 0.27% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | -3.05% |
JEPI JPMorgan Equity Premium Income ETF | 1.29% | 8.09% | 12.57% | 9.83% | -3.49% | 21.52% | 18.39% |
Correlation
The correlation between TLT and JEPI is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since May 21, 2020 | 0.09 |
The correlation between TLT and JEPI shifts across timeframes, from 0.09 (all time) to 0.27 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TLT vs. JEPI — Risk / Return Rank
TLT
JEPI
TLT vs. JEPI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 20+ Year Treasury Bond ETF (TLT) 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.
| TLT | JEPI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.65 | ||
| Sortino ratioReturn per unit of downside risk | -0.92 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.17 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.38 | 1.14 | -0.76 |
| Martin ratioReturn relative to average drawdown | 0.92 | 3.46 | -2.54 |
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Drawdowns
TLT vs. JEPI - Drawdown Comparison
The maximum TLT drawdown since its inception was -48.35%, which is greater than JEPI's maximum drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for TLT and JEPI.
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Drawdown Indicators
| TLT | JEPI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.35% | -13.71% | -34.64% |
Max Drawdown (1Y)Largest decline over 1 year | -7.58% | -6.68% | -0.90% |
Max Drawdown (3Y)Largest decline over 3 years | -19.18% | -13.26% | -5.92% |
Max Drawdown (5Y)Largest decline over 5 years | -43.70% | -13.71% | -29.99% |
Max Drawdown (10Y)Largest decline over 10 years | -48.35% | — | — |
Current DrawdownCurrent decline from peak | -40.12% | -3.75% | -36.37% |
Average DrawdownAverage peak-to-trough decline | -13.84% | -2.13% | -11.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.14% | 2.20% | +0.94% |
Volatility
TLT vs. JEPI - Volatility Comparison
iShares 20+ Year Treasury Bond ETF (TLT) has a higher volatility of 2.83% compared to JPMorgan Equity Premium Income ETF (JEPI) at 2.05%. This indicates that TLT'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
| TLT | JEPI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.83% | 2.05% | +0.78% |
Volatility (6M)Calculated over the trailing 6-month period | 6.64% | 6.23% | +0.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.68% | 8.02% | +1.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.85% | 11.08% | +4.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.91% | 10.79% | +4.12% |
TLT vs. JEPI - Expense Ratio Comparison
TLT has a 0.15% expense ratio, which is lower than JEPI's 0.35% expense ratio.
Dividends
TLT vs. JEPI - Dividend Comparison
TLT's dividend yield for the trailing twelve months is around 4.56%, less than JEPI's 8.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
TLT iShares 20+ Year Treasury Bond ETF | 4.56% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
TLT and JEPI have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLT has higher volatility (2.83%) compared to JEPI (2.05%). In terms of maximum drawdown, TLT dropped -48.35% vs JEPI's -13.71%.
On 5-year performance, JEPI leads with 7.45% vs -6.53% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, JEPI has been the lower-risk option at 2.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, JEPI has performed better with a 7.45% return vs -6.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.35% for JEPI.
JEPI has the higher dividend yield at 8.18%, compared with 4.56% for TLT.
TLT is categorized as Government Bonds, while JEPI is Dividend. They also come from different issuers: iShares and JPMorgan. Their fees differ too: 0.15% for TLT and 0.35% for JEPI.
JEPI currently has the higher Sharpe Ratio (0.95 vs 0.30), 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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