DIVO vs JEPI: Returns, Drawdowns and Dividends Since 2020
DIVO (Amplify CWP Enhanced Dividend Income ETF) and JEPI (JPMorgan Equity Premium Income ETF) mostly moved together (a daily correlation of 0.870, where 1 would mean identical). DIVO came out ahead, returning 14.7% a year with dividends reinvested from May 2020 to November 2026, against 11.5% for JEPI.
Bought on any day and held five years, DIVO finished ahead 100% of the time. Both fell about 14% at their worst, in September 2022. JEPI paid more in dividends, 7.8% over the past 12 months against 6.3%, yet its total return was 3.2 points a year lower.
| Measure | DIVO | JEPI |
|---|---|---|
| Annual return | 14.7% | 11.5% |
| $10,000 grew to | $24,196 | $20,211 |
| Worst decline | −13.7%Sep 2022 | −13.7%Sep 2022 |
| Volatility Volatility How much the fund's daily returns swing: their standard deviation over this period, annualized with the square root of 252 trading days. | 12.2% | 10.6% |
| Sharpe ratio Sharpe ratio Return above T-bills for each unit of risk: daily returns minus the T-bill ETF BIL, averaged, divided by their standard deviation and annualized. Higher is better. T-bill funds show none. Sharpe ratio calculator | 0.96 | 0.82 |
| 12-month yield 12-month yield Cash dividends with ex-dividend dates in the past 12 months, divided by the latest closing price. | 6.3% | 7.8% |
| Best year | +22.9%2021 | +21.5%2021 |
| Worst year | −1.5%2022 | −3.5%2022 |
| Correlation between them Correlation How closely the two funds' daily returns moved together over this period: 1 means identical every day, 0 means no relation. | 0.870 | |
DIVO: Amplify CWP Enhanced Dividend Income ETFJEPI: JPMorgan Equity Premium Income ETF
May 21, 2020 to Nov 4, 2026, dividends reinvested.
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Worst declines
DIVO fell 13.7% from Apr 20, 2022 to Sep 30, 2022 and was back at its high on Nov 30, 2022. JEPI fell 13.7% from Apr 20, 2022 to Sep 30, 2022 and was back at its high on Jun 16, 2023.
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Year by year
DIVO was ahead in 6 of the 7 calendar years.
| Year | DIVO | JEPI | Ahead (pts) |
|---|---|---|---|
| 2026 (to Nov 4) | +12.4% | +8.8% | DIVO+3.6 |
| 2025 | +17.4% | +8.1% | DIVO+9.3 |
| 2024 | +16.2% | +12.6% | DIVO+3.6 |
| 2023 | +7.0% | +9.8% | JEPI+2.9 |
| 2022 | −1.5% | −3.5% | DIVO+2.1 |
| 2021 | +22.9% | +21.5% | DIVO+1.4 |
| 2020 (from May 21) | +21.8% | +18.6% | DIVO+3.2 |
Held for 1, 3 or 5 years: which came out ahead
Buy on any trading day from May 21, 2020, hold for a set time, and see which fund ended higher. The periods overlap, so they show how much the start date mattered, not separate results.
| Hold | Days tested | Ahead more often | Median lead (pts) |
|---|---|---|---|
| 1 year | 1,371 | DIVO76% | +2.5 |
| 3 years | 867 | DIVO87% | +5.1 |
| 5 years | 363 | DIVO100% | +21.1 |
Median lead is the typical gap in total return across all start dates, in percentage points. The latest 5-year hold starts on Oct 27, 2021.
Dividends
Over the past 12 months DIVO paid 6.3% of its price in dividends and JEPI 7.8%. The returns above already include them, reinvested on each ex-dividend date.
Dividends per share by year
| Year | DIVO | JEPI |
|---|---|---|
| 2026 (to Nov 4) | $1.86 10 payments | $3.77 10 payments |
| 2025 | $2.87 12 payments | $4.72 12 payments |
| 2024 | $1.90 12 payments | $4.22 12 payments |
| 2023 | $1.71 12 payments | $4.62 12 payments |
| 2022 | $1.71 12 payments | $6.36 12 payments |
| 2021 | $1.83 12 payments | $4.16 12 payments |
| 2020 (from May 21) | $1.10 8 payments | $3.23 7 payments |
Per share in today's shares (earlier amounts are restated for share splits), by ex-dividend date.
The two funds
- DIVO
- Amplify CWP Enhanced Dividend Income ETF, an ETF launched Dec 14, 2016. FinLab prices start Dec 14, 2016.
- JEPI
- JPMorgan Equity Premium Income ETF, an ETF launched May 21, 2020. FinLab prices start May 21, 2020.
- JEPI price and signal backtests
More comparisons
Source: FinLab U.S. fund prices, May 21, 2020 to Nov 4, 2026, the days both funds traded. Returns use prices adjusted for dividends and splits, before taxes; annual return is compounded.
For research and education. Past returns do not guarantee future results, and this is not investment advice.