VWEHX vs. JEPI

Last updated Jun 5, 2026

VWEHX (Vanguard High-Yield Corporate Fund Investor Shares) and JEPI (JPMorgan Equity Premium Income ETF) are both funds - VWEHX is a High Yield Bonds fund managed by Vanguard, while JEPI is a Dividend fund actively managed by JPMorgan. Over the past 5 years, VWEHX returned 4.05%/yr vs 7.37%/yr for JEPI. At a 0.43 correlation, their price movements are largely independent. VWEHX charges 0.23%/yr vs 0.35%/yr for JEPI.

Performance

VWEHX vs. JEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard High-Yield Corporate Fund Investor Shares (VWEHX) 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, VWEHX achieves a 0.97% return, which is significantly higher than JEPI's 0.69% return.

VWEHX

• 1D: -0.18%
• 1M: 0.35%
• YTD: 0.97%
• 6M: 1.67%
• 1Y: 6.62%
• 3Y*: 8.10%
• 5Y*: 4.05%
• 10Y*: 5.13%

JEPI

• 1D: 0.54%
• 1M: -0.71%
• YTD: 0.69%
• 6M: 1.05%
• 1Y: 8.25%
• 3Y*: 9.05%
• 5Y*: 7.37%
• 10Y*: —

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

VWEHX vs. JEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
VWEHX Vanguard High-Yield Corporate Fund Investor Shares	0.97%	9.38%	6.33%	11.66%	-9.04%	2.97%	11.76%
JEPI JPMorgan Equity Premium Income ETF	0.69%	8.09%	12.57%	9.83%	-3.49%	21.52%	18.61%

Correlation

The correlation between VWEHX and JEPI is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (All Time) Calculated using the full available price history since May 22, 2020	0.43

VWEHX vs. JEPI - Sectors Allocation Comparison

Sectors	VWEHX	JEPI
Financial Services	0.6%	9.8%
Real Estate	0.0%	3.5%
Basic Materials	-	1.9%
Communication Services	-	6.9%
Consumer Cyclical	-	11.7%
Consumer Defensive	-	9.6%
Energy	-	3.5%
Healthcare	-	14.1%
Industrials	-	13.8%
Technology	-	19.1%
Utilities	-	6.2%

Return for Risk

VWEHX vs. JEPI — Risk / Return Rank

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

VWEHX

VWEHX Risk / Return Rank: 65
VWEHX Sharpe Ratio Rank: 51
VWEHX Sortino Ratio Rank: 74
VWEHX Omega Ratio Rank: 79
VWEHX Calmar Ratio Rank: 50
VWEHX Martin Ratio Rank: 72

JEPI

JEPI Risk / Return Rank: 29
JEPI Sharpe Ratio Rank: 30
JEPI Sortino Ratio Rank: 30
JEPI Omega Ratio Rank: 30
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.

VWEHX vs. JEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard High-Yield Corporate Fund Investor Shares (VWEHX) 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.

	VWEHX	JEPI	Difference
Sharpe ratio: Return per unit of total volatility	2.11	1.05	+1.06
Sortino ratio: Return per unit of downside risk	3.64	1.57	+2.07
Omega ratio: Gain probability vs. loss probability	1.52	1.19	+0.33
Calmar ratio: Return relative to maximum drawdown	2.71	1.24	+1.48
Martin ratio: Return relative to average drawdown	13.82	3.96	+9.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VWEHX vs. JEPI - Sharpe Ratio Comparison

The current VWEHX Sharpe Ratio is 2.11, which is higher than the JEPI Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of VWEHX 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

	VWEHX	JEPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.11	1.05	+1.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.83	0.67	+0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.98	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	1.02	-0.15

Drawdowns

VWEHX vs. JEPI - Drawdown Comparison

The maximum VWEHX drawdown since its inception was -30.17%, which is greater than JEPI's maximum drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for VWEHX and JEPI.

Drawdown Indicators

	VWEHX	JEPI	Difference
Max Drawdown Largest peak-to-trough decline	-30.17%	-13.71%	-16.46%
Max Drawdown (1Y) Largest decline over 1 year	-2.52%	-6.68%	+4.16%
Max Drawdown (3Y) Largest decline over 3 years	-3.33%	-13.26%	+9.93%
Max Drawdown (5Y) Largest decline over 5 years	-13.83%	-13.71%	-0.12%
Max Drawdown (10Y) Largest decline over 10 years	-19.69%	—	—
Current Drawdown Current decline from peak	-0.18%	-4.31%	+4.13%
Average Drawdown Average peak-to-trough decline	-4.29%	-2.12%	-2.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.49%	2.08%	-1.59%

Volatility

VWEHX vs. JEPI - Volatility Comparison

The current volatility for Vanguard High-Yield Corporate Fund Investor Shares (VWEHX) is 0.98%, while JPMorgan Equity Premium Income ETF (JEPI) has a volatility of 1.46%. This indicates that VWEHX 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

	VWEHX	JEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.98%	1.46%	-0.48%
Volatility (6M) Calculated over the trailing 6-month period	2.55%	6.10%	-3.55%
Volatility (1Y) Calculated over the trailing 1-year period	3.24%	7.87%	-4.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.90%	11.06%	-6.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.27%	10.80%	-5.53%

VWEHX vs. JEPI - Expense Ratio Comparison

VWEHX has a 0.23% expense ratio, which is lower than JEPI's 0.35% expense ratio.

Dividends

VWEHX vs. JEPI - Dividend Comparison

VWEHX's dividend yield for the trailing twelve months is around 6.27%, less than JEPI's 8.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JEPI JPMorgan Equity Premium Income ETF	8.23%	8.25%	7.33%	8.40%	11.68%	6.59%	5.79%	0.00%	0.00%	0.00%	0.00%	0.00%
VWEHX Vanguard High-Yield Corporate Fund Investor Shares	6.27%	6.15%	6.11%	5.68%	5.11%	3.43%	4.62%	5.24%	5.94%	5.29%	5.41%	6.42%

Frequently Asked Questions

Can I hold both VWEHX and JEPI in my portfolio?

VWEHX and JEPI have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VWEHX or JEPI?

JEPI has higher volatility (1.46%) compared to VWEHX (0.98%). In terms of maximum drawdown, VWEHX dropped -30.17% vs JEPI's -13.71%.

Which has better risk-adjusted returns?

VWEHX currently has the higher Sharpe Ratio (2.11 vs 1.05), 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.