XPAY vs. JEPI
XPAY (Roundhill S&P 500 Target 20 Managed Distribution ETF) and JEPI (JPMorgan Equity Premium Income ETF) are both exchange-traded funds - XPAY is a Derivative Income fund actively managed by Roundhill, while JEPI is a Dividend fund actively managed by JPMorgan. Both are actively managed. Over the past year, XPAY returned 27.57% vs 8.25% for JEPI. A 0.71 correlation means they provide meaningful diversification when combined. XPAY charges 0.49%/yr vs 0.35%/yr for JEPI.
Performance
XPAY vs. JEPI - Performance Comparison
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Returns By Period
In the year-to-date period, XPAY achieves a 11.30% return, which is significantly higher than JEPI's 0.69% return.
XPAY
- 1D
- 0.42%
- 1M
- 4.66%
- YTD
- 11.30%
- 6M
- 11.03%
- 1Y
- 27.57%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
JEPI
- 1D
- 0.54%
- 1M
- -0.71%
- YTD
- 0.69%
- 6M
- 1.05%
- 1Y
- 8.25%
- 3Y*
- 9.05%
- 5Y*
- 7.37%
- 10Y*
- —
XPAY vs. JEPI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF | 11.30% | 16.78% | 3.17% |
JEPI JPMorgan Equity Premium Income ETF | 0.69% | 8.09% | -0.01% |
Correlation
The correlation between XPAY and JEPI is 0.62, 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 | 0.62 |
Correlation (All Time) Calculated using the full available price history since Nov 1, 2024 | 0.71 |
The correlation between XPAY and JEPI has been stable across timeframes, ranging from 0.62 to 0.71 - a consistent structural relationship.
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Return for Risk
XPAY vs. JEPI — Risk / Return Rank
XPAY
JEPI
XPAY vs. JEPI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY) 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.
| XPAY | JEPI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.29 | ||
| Sortino ratioReturn per unit of downside risk | +1.62 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.19 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 2.97 | 1.24 | +1.73 |
| Martin ratioReturn relative to average drawdown | 13.67 | 3.96 | +9.71 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XPAY | JEPI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.34 | 1.05 | +1.29 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.67 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.23 | 1.02 | +0.21 |
Drawdowns
XPAY vs. JEPI - Drawdown Comparison
The maximum XPAY drawdown since its inception was -18.20%, which is greater than JEPI's maximum drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for XPAY and JEPI.
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Drawdown Indicators
| XPAY | JEPI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.20% | -13.71% | -4.49% |
Max Drawdown (1Y)Largest decline over 1 year | -9.34% | -6.68% | -2.66% |
Max Drawdown (3Y)Largest decline over 3 years | — | -13.26% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -13.71% | — |
Current DrawdownCurrent decline from peak | -0.26% | -4.31% | +4.05% |
Average DrawdownAverage peak-to-trough decline | -2.36% | -2.12% | -0.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.02% | 2.08% | -0.06% |
Volatility
XPAY vs. JEPI - Volatility Comparison
Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY) has a higher volatility of 2.70% compared to JPMorgan Equity Premium Income ETF (JEPI) at 1.46%. This indicates that XPAY'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
| XPAY | JEPI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.70% | 1.46% | +1.24% |
Volatility (6M)Calculated over the trailing 6-month period | 8.82% | 6.10% | +2.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.82% | 7.87% | +3.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.68% | 11.06% | +5.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.68% | 10.80% | +5.88% |
XPAY vs. JEPI - Expense Ratio Comparison
XPAY has a 0.49% expense ratio, which is higher than JEPI's 0.35% expense ratio.
Dividends
XPAY vs. JEPI - Dividend Comparison
XPAY's dividend yield for the trailing twelve months is around 20.28%, more than JEPI's 8.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
JEPI JPMorgan Equity Premium Income ETF | 8.23% | 8.25% | 7.33% | 8.40% | 11.68% | 6.59% | 5.79% |
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF | 20.28% | 21.21% | 3.40% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
XPAY and JEPI have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XPAY has higher volatility (2.70%) compared to JEPI (1.46%). In terms of maximum drawdown, XPAY dropped -18.20% vs JEPI's -13.71%.
On 1-year performance, XPAY leads with 27.57% vs 8.25% for JEPI. On fees, JEPI is cheaper at 0.35% per year. On volatility, JEPI has been the lower-risk option at 1.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, XPAY has performed better with a 27.57% return vs 8.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JEPI is cheaper with a 0.35% expense ratio, compared with 0.49% for XPAY.
XPAY has the higher dividend yield at 20.28%, compared with 8.23% for JEPI.
XPAY is categorized as Derivative Income, while JEPI is Dividend. They also come from different issuers: Roundhill and JPMorgan. Their fees differ too: 0.49% for XPAY and 0.35% for JEPI.
XPAY currently has the higher Sharpe Ratio (2.34 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.
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