JEPI vs VOO: Returns, Drawdowns and Dividends Since 2020
JEPI (JPMorgan Equity Premium Income ETF) and VOO (Vanguard S&P 500 ETF) mostly moved together (a daily correlation of 0.858, where 1 would mean identical). VOO came out ahead, returning 17.7% a year with dividends reinvested from May 2020 to November 2026, against 11.5% for JEPI.
Bought on any day and held five years, VOO finished ahead 100% of the time. The extra return came with deeper falls: VOO dropped 24.5% at its worst, JEPI 13.7%. JEPI paid more in dividends, 7.8% over the past 12 months against 1.1%, yet its total return was 6.1 points a year lower.
| Measure | JEPI | VOO |
|---|---|---|
| Annual return | 11.5% | 17.7% |
| $10,000 grew to | $20,211 | $28,564 |
| Worst decline | −13.7%Sep 2022 | −24.5%Oct 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. | 10.6% | 16.6% |
| 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 | 0.82 | 0.90 |
| 12-month yield 12-month yield Cash dividends with ex-dividend dates in the past 12 months, divided by the latest closing price. | 7.8% | 1.1% |
| Best year | +21.5%2021 | +28.8%2021 |
| Worst year | −3.5%2022 | −18.2%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. | 0.858 | |
JEPI: JPMorgan Equity Premium Income ETFVOO: Vanguard S&P 500 ETF
May 21, 2020 to Nov 4, 2026, dividends reinvested.
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Worst declines
JEPI fell 13.7% from Apr 20, 2022 to Sep 30, 2022 and was back at its high on Jun 16, 2023. VOO fell 24.5% from Jan 3, 2022 to Oct 12, 2022 and was back at its high on Dec 13, 2023.
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Year by year
JEPI was ahead in 1 of the 7 calendar years.
| Year | JEPI | VOO | Ahead (pts) |
|---|---|---|---|
| 2026 (to Nov 4) | +8.8% | +13.4% | VOO+4.6 |
| 2025 | +8.1% | +17.8% | VOO+9.7 |
| 2024 | +12.6% | +25.0% | VOO+12.4 |
| 2023 | +9.8% | +26.3% | VOO+16.5 |
| 2022 | −3.5% | −18.2% | JEPI+14.7 |
| 2021 | +21.5% | +28.8% | VOO+7.3 |
| 2020 (from May 21) | +18.6% | +28.6% | VOO+10.0 |
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 | VOO77% | +8.7 |
| 3 years | 867 | VOO98% | +12.3 |
| 5 years | 363 | VOO100% | +42.0 |
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 JEPI paid 7.8% of its price in dividends and VOO 1.1%. The returns above already include them, reinvested on each ex-dividend date.
Dividends per share by year
| Year | JEPI | VOO |
|---|---|---|
| 2026 (to Nov 4) | $3.77 10 payments | $5.66 3 payments |
| 2025 | $4.72 12 payments | $7.07 4 payments |
| 2024 | $4.22 12 payments | $6.70 4 payments |
| 2023 | $4.62 12 payments | $6.36 4 payments |
| 2022 | $6.36 12 payments | $5.95 4 payments |
| 2021 | $4.16 12 payments | $5.44 4 payments |
| 2020 (from May 21) | $3.23 7 payments | $4.13 3 payments |
Per share in today's shares (earlier amounts are restated for share splits), by ex-dividend date.
The two funds
- JEPI
- JPMorgan Equity Premium Income ETF, an ETF launched May 21, 2020. FinLab prices start May 21, 2020.
- JEPI price and signal backtests
- VOO
- Vanguard S&P 500 ETF, an ETF launched Sep 7, 2010. FinLab prices start Jan 4, 2016.
- VOO 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.