VPU vs. JEPI

Last updated Jun 9, 2026

VPU (Vanguard Utilities ETF) and JEPI (JPMorgan Equity Premium Income ETF) are both exchange-traded funds - VPU is a Utilities Equities fund tracking the MSCI US Investable Market Utilities 25/50 Index, while JEPI is a Dividend fund actively managed by JPMorgan. VPU is passively managed, while JEPI is actively managed. Over the past 5 years, VPU returned 8.91%/yr vs 7.28%/yr for JEPI. A 0.60 correlation means they provide meaningful diversification when combined. VPU charges 0.09%/yr vs 0.35%/yr for JEPI.

Performance

VPU vs. JEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Utilities ETF (VPU) 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, VPU achieves a 2.68% return, which is significantly higher than JEPI's 0.04% return.

VPU

• 1D: -1.87%
• 1M: -2.65%
• YTD: 2.68%
• 6M: 3.11%
• 1Y: 10.68%
• 3Y*: 12.74%
• 5Y*: 8.91%
• 10Y*: 8.85%

JEPI

• 1D: -0.31%
• 1M: -0.40%
• YTD: 0.04%
• 6M: 0.91%
• 1Y: 7.03%
• 3Y*: 8.80%
• 5Y*: 7.28%
• 10Y*: —

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

VPU vs. JEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
VPU Vanguard Utilities ETF	2.68%	16.46%	23.04%	-7.45%	1.06%	17.40%	14.64%
JEPI JPMorgan Equity Premium Income ETF	0.04%	8.09%	12.57%	9.83%	-3.49%	21.52%	18.61%

Correlation

The correlation between VPU and JEPI is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (All Time) Calculated using the full available price history since May 22, 2020	0.60

Over the past year, the correlation between VPU and JEPI has dropped to 0.40 - well below their long-term average of 0.60, suggesting their price drivers have been diverging.

VPU vs. JEPI - Sectors Allocation Comparison

Sectors	VPU	JEPI
Utilities	99.3%	6.2%
Energy	0.5%	3.5%
Industrials	0.2%	13.8%
Basic Materials	-	1.9%
Communication Services	-	6.9%
Consumer Cyclical	-	11.7%
Consumer Defensive	-	9.6%
Financial Services	-	9.8%
Healthcare	-	14.1%
Real Estate	-	3.5%
Technology	-	19.1%

Return for Risk

VPU vs. JEPI — Risk / Return Rank

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

VPU

VPU Risk / Return Rank: 23
VPU Sharpe Ratio Rank: 23
VPU Sortino Ratio Rank: 22
VPU Omega Ratio Rank: 22
VPU Calmar Ratio Rank: 27
VPU Martin Ratio Rank: 22

JEPI

JEPI Risk / Return Rank: 26
JEPI Sharpe Ratio Rank: 27
JEPI Sortino Ratio Rank: 27
JEPI Omega Ratio Rank: 27
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.

VPU vs. JEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Utilities ETF (VPU) 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.

	VPU	JEPI	Difference
Sharpe ratio: Return per unit of total volatility	0.75	0.90	-0.15
Sortino ratio: Return per unit of downside risk	1.09	1.35	-0.25
Omega ratio: Gain probability vs. loss probability	1.14	1.17	-0.03
Calmar ratio: Return relative to maximum drawdown	1.20	1.06	+0.15
Martin ratio: Return relative to average drawdown	2.66	3.31	-0.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VPU vs. JEPI - Sharpe Ratio Comparison

The current VPU Sharpe Ratio is 0.75, which is comparable to the JEPI Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of VPU 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

	VPU	JEPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.75	0.90	-0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.66	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	1.01	-0.47

Drawdowns

VPU vs. JEPI - Drawdown Comparison

The maximum VPU drawdown since its inception was -46.31%, which is greater than JEPI's maximum drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for VPU and JEPI.

Drawdown Indicators

	VPU	JEPI	Difference
Max Drawdown Largest peak-to-trough decline	-46.31%	-13.71%	-32.60%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-6.68%	-2.22%
Max Drawdown (3Y) Largest decline over 3 years	-17.34%	-13.26%	-4.08%
Max Drawdown (5Y) Largest decline over 5 years	-25.15%	-13.71%	-11.44%
Max Drawdown (10Y) Largest decline over 10 years	-36.42%	—	—
Current Drawdown Current decline from peak	-7.71%	-4.93%	-2.78%
Average Drawdown Average peak-to-trough decline	-7.78%	-2.12%	-5.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.02%	2.13%	+1.89%

Volatility

VPU vs. JEPI - Volatility Comparison

Vanguard Utilities ETF (VPU) has a higher volatility of 5.56% compared to JPMorgan Equity Premium Income ETF (JEPI) at 1.48%. This indicates that VPU'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

	VPU	JEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.56%	1.48%	+4.08%
Volatility (6M) Calculated over the trailing 6-month period	11.53%	6.09%	+5.44%
Volatility (1Y) Calculated over the trailing 1-year period	14.38%	7.89%	+6.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.07%	11.06%	+6.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.14%	10.79%	+8.35%

VPU vs. JEPI - Expense Ratio Comparison

VPU has a 0.09% expense ratio, which is lower than JEPI's 0.35% expense ratio.

Dividends

VPU vs. JEPI - Dividend Comparison

VPU's dividend yield for the trailing twelve months is around 2.70%, less than JEPI's 8.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JEPI JPMorgan Equity Premium Income ETF	8.28%	8.25%	7.33%	8.40%	11.68%	6.59%	5.79%	0.00%	0.00%	0.00%	0.00%	0.00%
VPU Vanguard Utilities ETF	2.70%	2.73%	3.02%	3.49%	2.98%	2.70%	3.17%	2.83%	3.23%	3.18%	3.19%	3.63%

Frequently Asked Questions

Can I hold both VPU and JEPI in my portfolio?

VPU and JEPI have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VPU or JEPI?

VPU has higher volatility (5.56%) compared to JEPI (1.48%). In terms of maximum drawdown, VPU dropped -46.31% vs JEPI's -13.71%.

Which ETF is better, VPU or JEPI?

On 5-year performance, VPU leads with 8.91% vs 7.28% for JEPI. On fees, VPU is cheaper at 0.09% per year. On volatility, JEPI has been the lower-risk option at 1.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VPU or JEPI?

Over the 5-year period, VPU has performed better with a 8.91% return vs 7.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VPU or JEPI?

VPU is cheaper with a 0.09% expense ratio, compared with 0.35% for JEPI.

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

JEPI has the higher dividend yield at 8.28%, compared with 2.70% for VPU.

What is the main difference between VPU and JEPI?

VPU is categorized as Utilities Equities, while JEPI is Dividend. They also come from different issuers: Vanguard and JPMorgan. Their fees differ too: 0.09% for VPU and 0.35% for JEPI.

Which has better risk-adjusted returns?

JEPI currently has the higher Sharpe Ratio (0.90 vs 0.75), 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.