JEPI: JPMorgan Equity Premium Income ETF returns, drawdowns and risk
Funds that sell options on stocks or indices to pay a high monthly income, giving up part of the upside.
Data updated October 2026
JEPI · US exchange · USDCategory: Covered call and equity income ETFsData from February 2021
From February 2021 to October 2026 JEPI returned 9.3% a year on average with dividends reinvested, in US dollars: $10,000 invested at the start grew to $16,494.
Its deepest fall was 13.7%, from April 2022 to September 2022, and it took about 14 months to get back to the previous high. Annual volatility was 10.7%; at the last close it was 0.7% below its high.
Against SPY (SPDR S&P 500 ETF Trust), over the 68 months both have data, the correlation of monthly returns was 0.83: they usually moved together. Beta was 0.55. In months when SPY rose, JEPI moved 62% as much on average; in months when SPY fell, 59% as much.
Key figures
- Annual return (CAGR)
- +9.3%
- 1-year return
- +8.7%
- 5 years, a year
- +7.4%
- 10 years, a year
- —
- Annual volatility
- 10.7%
- Maximum drawdown
- −13.7%
- Sharpe ratio
- 0.58
- Worst year
- 2022: −3.5%
Trailing returns
| Period | JEPI | SPY |
|---|---|---|
| 1 year | +8.7% | +16.6% |
| 3 years, a year | +10.8% | +23.1% |
| 5 years, a year | +7.4% | +12.7% |
To the last close of October 2026. Periods longer than a year are annualised.
Growth of $10,000: JEPI vs SPY
Month-end values from March 2021, the first month both funds have data.
JEPI drawdowns
Percentage below the previous high, weekly.
Returns by calendar year
| Year | JEPI | SPY |
|---|---|---|
| 2026(partial) | +5.8% | +13.3% |
| 2025 | +8.1% | +17.7% |
| 2024 | +12.6% | +24.9% |
| 2023 | +9.8% | +26.2% |
| 2022 | −3.5% | −18.2% |
| 2021(partial) | +20.8% | — |
JEPI compared
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
Sharpe ratio uses the return of short-term government bills in the same currency as the risk-free rate. The growth chart uses month-end values; drawdowns and volatility use daily closes.
Questions
What is the average annual return of JEPI?
From February 2021 to October 2026 JEPI returned 9.3% a year on average (CAGR) with dividends reinvested, in USD. Over the last 5 years: +7.4% a year. Over the last 12 months: +8.7%.
What was the worst drawdown of JEPI?
13.7%, from April 2022 to September 2022; it took about 14 months from the previous high to get back to it.
How volatile is JEPI?
Annual volatility was 10.7% over the period. Its worst month was −6.3% and 68% of months were positive. Worst calendar year: 2022 (−3.5%).
How closely does JEPI follow SPY?
Over 68 months the correlation of monthly returns was 0.83, so they usually moved together, with a beta of 0.55.
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Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.