SCHD vs JEPI: Returns, Drawdowns and Dividends Since 2020
SCHD (Schwab U.S. Dividend Equity ETF) and JEPI (JPMorgan Equity Premium Income ETF) often moved differently: their daily returns had a correlation of 0.803, where 1 would mean identical. SCHD came out ahead, returning 16.6% a year with dividends reinvested from May 2020 to November 2026, against 11.5% for JEPI.
Bought on any day and held five years, SCHD finished ahead 81% of the time. The extra return came with deeper falls: SCHD dropped 16.8% at its worst, JEPI 13.7%. JEPI paid more in dividends, 7.8% over the past 12 months against 2.9%, yet its total return was 5.1 points a year lower.
| Measure | SCHD | JEPI |
|---|---|---|
| Annual return | 16.6% | 11.5% |
| $10,000 grew to | $26,977 | $20,211 |
| Worst decline | −16.8%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. | 15.1% | 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 | 0.91 | 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. | 2.9% | 7.8% |
| Best year | +29.9%2021 | +21.5%2021 |
| Worst year | −3.2%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. | 0.803 | |
SCHD: Schwab U.S. Dividend Equity ETFJEPI: JPMorgan Equity Premium Income ETF
May 21, 2020 to Nov 4, 2026, dividends reinvested.
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Worst declines
SCHD fell 16.8% from Jan 11, 2022 to Sep 30, 2022 and was back at its high on Dec 27, 2023. 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
SCHD was ahead in 4 of the 7 calendar years.
| Year | SCHD | JEPI | Ahead (pts) |
|---|---|---|---|
| 2026 (to Nov 4) | +35.3% | +8.8% | SCHD+26.5 |
| 2025 | +4.3% | +8.1% | JEPI+3.8 |
| 2024 | +11.7% | +12.6% | JEPI+0.9 |
| 2023 | +4.6% | +9.8% | JEPI+5.2 |
| 2022 | −3.2% | −3.5% | SCHD+0.3 |
| 2021 | +29.9% | +21.5% | SCHD+8.4 |
| 2020 (from May 21) | +30.3% | +18.6% | SCHD+11.7 |
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 | JEPI50% | Even |
| 3 years | 867 | JEPI63% | +3.7 |
| 5 years | 363 | SCHD81% | +7.8 |
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 SCHD paid 2.9% 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 | SCHD | JEPI |
|---|---|---|
| 2026 (to Nov 4) | $0.78 3 payments | $3.77 10 payments |
| 2025 | $1.05 4 payments | $4.72 12 payments |
| 2024 | $0.99 4 payments | $4.22 12 payments |
| 2023 | $0.89 4 payments | $4.62 12 payments |
| 2022 | $0.85 4 payments | $6.36 12 payments |
| 2021 | $0.75 4 payments | $4.16 12 payments |
| 2020 (from May 21) | $0.53 3 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
- SCHD
- Schwab U.S. Dividend Equity ETF, an ETF launched Oct 20, 2011. FinLab prices start Jan 4, 2016.
- SCHD price and signal backtests
- 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.