TSPA vs. JEPI

Last updated Jun 13, 2026

TSPA (T. Rowe Price US Equity Research ETF) and JEPI (JPMorgan Equity Premium Income ETF) are both exchange-traded funds - TSPA is a Large Cap Blend Equities fund actively managed by T. Rowe Price, while JEPI is a Dividend fund actively managed by JPMorgan. Both are actively managed. Over the past 5 years, TSPA returned 14.00%/yr vs 7.45%/yr for JEPI. A 0.77 correlation means they provide meaningful diversification when combined. TSPA charges 0.34%/yr vs 0.35%/yr for JEPI.

Performance

TSPA vs. JEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price US Equity Research ETF (TSPA) 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, TSPA achieves a 9.54% return, which is significantly higher than JEPI's 1.29% return.

TSPA

• 1D: 0.47%
• 1M: -0.45%
• YTD: 9.54%
• 6M: 10.14%
• 1Y: 24.31%
• 3Y*: 21.63%
• 5Y*: 14.00%
• 10Y*: —

JEPI

• 1D: 0.43%
• 1M: 0.90%
• YTD: 1.29%
• 6M: 1.18%
• 1Y: 7.58%
• 3Y*: 9.13%
• 5Y*: 7.45%
• 10Y*: —

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

TSPA vs. JEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TSPA T. Rowe Price US Equity Research ETF	9.54%	16.44%	26.37%	29.95%	-18.70%	13.26%
JEPI JPMorgan Equity Premium Income ETF	1.29%	8.09%	12.57%	9.83%	-3.49%	10.12%

Correlation

The correlation between TSPA and JEPI is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since Jun 9, 2021	0.77

The correlation between TSPA and JEPI shifts across timeframes, from 0.60 (1 year) to 0.77 (5 years), reflecting how their relationship changes across market environments.

TSPA vs. JEPI - Sectors Allocation Comparison

Sectors	TSPA	JEPI
Technology	36.0%	19.1%
Financial Services	12.3%	9.8%
Communication Services	11.1%	6.9%
Consumer Cyclical	10.0%	11.7%
Healthcare	8.6%	14.1%
Industrials	7.7%	13.8%
Consumer Defensive	4.7%	9.6%
Energy	3.6%	3.5%
Utilities	2.8%	6.2%
Basic Materials	1.8%	1.9%
Real Estate	1.7%	3.5%

Return for Risk

TSPA vs. JEPI — Risk / Return Rank

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

TSPA

TSPA Risk / Return Rank: 67
TSPA Sharpe Ratio Rank: 67
TSPA Sortino Ratio Rank: 64
TSPA Omega Ratio Rank: 68
TSPA Calmar Ratio Rank: 60
TSPA Martin Ratio Rank: 73

JEPI

JEPI Risk / Return Rank: 28
JEPI Sharpe Ratio Rank: 30
JEPI Sortino Ratio Rank: 29
JEPI Omega Ratio Rank: 28
JEPI Calmar Ratio Rank: 27
JEPI Martin Ratio Rank: 28

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.

TSPA vs. JEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price US Equity Research ETF (TSPA) 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.

	TSPA	JEPI	Difference
Sharpe ratio: Return per unit of total volatility	1.91	0.95	+0.96
Sortino ratio: Return per unit of downside risk	2.60	1.42	+1.18
Omega ratio: Gain probability vs. loss probability	1.35	1.17	+0.18
Calmar ratio: Return relative to maximum drawdown	2.64	1.14	+1.51
Martin ratio: Return relative to average drawdown	11.98	3.46	+8.52

TSPA vs. JEPI - Sharpe Ratio Comparison

The current TSPA Sharpe Ratio is 1.91, which is higher than the JEPI Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of TSPA 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

TSPA vs. JEPI - Drawdown Comparison

The maximum TSPA drawdown since its inception was -24.72%, which is greater than JEPI's maximum drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for TSPA and JEPI.

Drawdown Indicators

	TSPA	JEPI	Difference
Max Drawdown Largest peak-to-trough decline	-24.72%	-13.71%	-11.01%
Max Drawdown (1Y) Largest decline over 1 year	-9.24%	-6.68%	-2.56%
Max Drawdown (3Y) Largest decline over 3 years	-19.04%	-13.26%	-5.78%
Max Drawdown (5Y) Largest decline over 5 years	-24.72%	-13.71%	-11.01%
Current Drawdown Current decline from peak	-2.25%	-3.75%	+1.50%
Average Drawdown Average peak-to-trough decline	-5.47%	-2.13%	-3.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.04%	2.20%	-0.16%

Volatility

TSPA vs. JEPI - Volatility Comparison

T. Rowe Price US Equity Research ETF (TSPA) has a higher volatility of 4.52% compared to JPMorgan Equity Premium Income ETF (JEPI) at 2.05%. This indicates that TSPA'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

	TSPA	JEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.52%	2.05%	+2.47%
Volatility (6M) Calculated over the trailing 6-month period	10.15%	6.23%	+3.92%
Volatility (1Y) Calculated over the trailing 1-year period	12.76%	8.02%	+4.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.05%	11.08%	+5.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.03%	10.79%	+6.24%

TSPA vs. JEPI - Expense Ratio Comparison

TSPA has a 0.34% expense ratio, which is lower than JEPI's 0.35% expense ratio.

Dividends

TSPA vs. JEPI - Dividend Comparison

TSPA's dividend yield for the trailing twelve months is around 0.57%, less than JEPI's 8.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
JEPI JPMorgan Equity Premium Income ETF	8.18%	8.25%	7.33%	8.40%	11.68%	6.59%	5.79%
TSPA T. Rowe Price US Equity Research ETF	0.57%	0.62%	0.50%	0.41%	1.16%	0.43%	0.00%

Frequently Asked Questions

Can I hold both TSPA and JEPI in my portfolio?

TSPA and JEPI have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSPA or JEPI?

TSPA has higher volatility (4.52%) compared to JEPI (2.05%). In terms of maximum drawdown, TSPA dropped -24.72% vs JEPI's -13.71%.

Which ETF is better, TSPA or JEPI?

On 5-year performance, TSPA leads with 14.00% vs 7.45% for JEPI. On fees, TSPA is cheaper at 0.34% 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.

Which ETF has performed better, TSPA or JEPI?

Over the 5-year period, TSPA has performed better with a 14.00% return vs 7.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSPA or JEPI?

TSPA is cheaper with a 0.34% expense ratio, compared with 0.35% for JEPI.

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

JEPI has the higher dividend yield at 8.18%, compared with 0.57% for TSPA.

What is the main difference between TSPA and JEPI?

TSPA is categorized as Large Cap Blend Equities, while JEPI is Dividend. They also come from different issuers: T. Rowe Price and JPMorgan. Their fees differ too: 0.34% for TSPA and 0.35% for JEPI.

Which has better risk-adjusted returns?

TSPA currently has the higher Sharpe Ratio (1.91 vs 0.95), 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.