VBIL vs. JEPI

Last updated Jun 23, 2026

VBIL (Vanguard 0-3 Month Treasury Bill ETF) and JEPI (JPMorgan Equity Premium Income ETF) are both exchange-traded funds - VBIL is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bills 0-3 Months Index, while JEPI is a Dividend fund actively managed by JPMorgan. VBIL is passively managed, while JEPI is actively managed. Over the past year, VBIL returned 3.91% vs 8.97% for JEPI. At a 0.05 correlation, their price movements are largely independent. VBIL charges 0.07%/yr vs 0.35%/yr for JEPI.

Performance

VBIL vs. JEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard 0-3 Month Treasury Bill ETF (VBIL) 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, VBIL achieves a 1.70% return, which is significantly higher than JEPI's 1.34% return.

VBIL

• 1D: 0.03%
• 1M: 0.29%
• YTD: 1.70%
• 6M: 1.81%
• 1Y: 3.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

JEPI

• 1D: -0.05%
• 1M: 0.23%
• YTD: 1.34%
• 6M: 1.18%
• 1Y: 8.97%
• 3Y*: 9.13%
• 5Y*: 7.51%
• 10Y*: —

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

VBIL vs. JEPI - Yearly Performance Comparison

	2026 (YTD)	2025
VBIL Vanguard 0-3 Month Treasury Bill ETF	1.70%	3.73%
JEPI JPMorgan Equity Premium Income ETF	1.34%	4.66%

Correlation

The correlation between VBIL and JEPI is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.03
Correlation (All Time) Calculated using the full available price history since Feb 11, 2025	0.05

Return for Risk

VBIL vs. JEPI — Risk / Return Rank

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

VBIL

VBIL Risk / Return Rank: 100
VBIL Sharpe Ratio Rank: 100
VBIL Sortino Ratio Rank: 100
VBIL Omega Ratio Rank: 100
VBIL Calmar Ratio Rank: 100
VBIL Martin Ratio Rank: 100

JEPI

JEPI Risk / Return Rank: 30
JEPI Sharpe Ratio Rank: 32
JEPI Sortino Ratio Rank: 32
JEPI Omega Ratio Rank: 31
JEPI Calmar Ratio Rank: 28
JEPI Martin Ratio Rank: 30

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.

VBIL vs. JEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard 0-3 Month Treasury Bill ETF (VBIL) 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.

	VBIL	JEPI	Difference
Sharpe ratio: Return per unit of total volatility	18.07	1.12	+16.95
Sortino ratio: Return per unit of downside risk	111.81	1.66	+110.15
Omega ratio: Gain probability vs. loss probability	39.66	1.21	+38.45
Calmar ratio: Return relative to maximum drawdown	296.41	1.35	+295.07
Martin ratio: Return relative to average drawdown	1,809.33	4.00	+1,805.33

VBIL vs. JEPI - Sharpe Ratio Comparison

The current VBIL Sharpe Ratio is 18.07, which is higher than the JEPI Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of VBIL 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

VBIL vs. JEPI - Drawdown Comparison

The maximum VBIL drawdown since its inception was -0.09%, smaller than the maximum JEPI drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for VBIL and JEPI.

Drawdown Indicators

	VBIL	JEPI	Difference
Max Drawdown Largest peak-to-trough decline	-0.09%	-13.71%	+13.62%
Max Drawdown (1Y) Largest decline over 1 year	-0.01%	-6.68%	+6.67%
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	0.00%	-3.69%	+3.69%
Average Drawdown Average peak-to-trough decline	-0.00%	-2.13%	+2.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	2.24%	-2.24%

Volatility

VBIL vs. JEPI - Volatility Comparison

The current volatility for Vanguard 0-3 Month Treasury Bill ETF (VBIL) is 0.05%, while JPMorgan Equity Premium Income ETF (JEPI) has a volatility of 2.35%. This indicates that VBIL experiences smaller price fluctuations and is considered to be less risky than JEPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VBIL	JEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.05%	2.35%	-2.30%
Volatility (6M) Calculated over the trailing 6-month period	0.16%	6.28%	-6.12%
Volatility (1Y) Calculated over the trailing 1-year period	0.22%	8.04%	-7.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.30%	11.08%	-10.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.30%	10.79%	-10.49%

VBIL vs. JEPI - Expense Ratio Comparison

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

Dividends

VBIL vs. JEPI - Dividend Comparison

VBIL's dividend yield for the trailing twelve months is around 3.65%, less than JEPI's 8.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
JEPI JPMorgan Equity Premium Income ETF	8.17%	8.25%	7.33%	8.40%	11.68%	6.59%	5.79%
VBIL Vanguard 0-3 Month Treasury Bill ETF	3.65%	3.12%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VBIL and JEPI in my portfolio?

VBIL and JEPI have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VBIL or JEPI?

JEPI has higher volatility (2.35%) compared to VBIL (0.05%). In terms of maximum drawdown, VBIL dropped -0.09% vs JEPI's -13.71%.

Which ETF is better, VBIL or JEPI?

On 1-year performance, JEPI leads with 8.97% vs 3.91% for VBIL. On fees, VBIL is cheaper at 0.07% per year. On volatility, VBIL has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VBIL or JEPI?

Over the 1-year period, JEPI has performed better with a 8.97% return vs 3.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VBIL or JEPI?

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

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

JEPI has the higher dividend yield at 8.17%, compared with 3.65% for VBIL.

What is the main difference between VBIL and JEPI?

VBIL is categorized as Ultrashort Bond, while JEPI is Dividend. They also come from different issuers: Vanguard and JPMorgan. Their fees differ too: 0.07% for VBIL and 0.35% for JEPI.

Which has better risk-adjusted returns?

VBIL currently has the higher Sharpe Ratio (18.07 vs 1.12), 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.