CAPE vs JEPI
DoubleLine Shiller CAPE US Equities ETF vs JPMorgan Equity Premium Income ETF
Which is better, CAPE or JEPI?
Each has led over a different period.
JEPI has a lower expense ratio. CAPE led over 3Y, JEPI over 1Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | CAPE | JEPI |
|---|---|---|
| Expense Ratio | 0.65% | 0.35%Best |
| AUM | $209M | $45.7B |
| Dividend Yield | 1.46% | 8.16% |
| Holdings | 182 | 271 |
| YTD Return | +0.19% | +5.33%Best |
| 1Y Return | +0.83% | +8.29%Best |
| 3Y Return (annualized) | +11.60%Best | +10.19% |
| 5Y Return (annualized) | - | +7.54% |
| Volatility (annualized) | 16.7% | 9.5%Best |
| Max Drawdown | -22.1% | -13.7%Best |
| $10,000 over 4.5 years | $13,406 | $13,748Best |
| Fund Family | DoubleLine Funds | J.P. Morgan Asset Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Value |
| Inception | Mar 31, 2022 | May 20, 2020 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 4.5 years row, are measured over the window both funds cover: Apr 5, 2022 to Oct 14, 2026 (4.5 years).
CAPE vs JEPI growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 4.5 years both funds cover.
CAPE vs JEPI Performance
DoubleLine Shiller CAPE US Equities ETF (CAPE) is an ETF from DoubleLine Funds and JPMorgan Equity Premium Income ETF (JEPI) is an ETF from J.P. Morgan Asset Management. Over the past year CAPE returned +0.83% while JEPI returned +8.29%. Year to date, CAPE is up 0.19% versus a gain of 5.33% for JEPI.
Over three years, CAPE compounded at +11.60% per year against +10.19% for JEPI.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
CAPE has been the more volatile fund, with annualized monthly volatility of 16.7% compared with 9.5% for JEPI. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -22.1% for CAPE and -13.7% for JEPI. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.88. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
CAPE charges 0.65% per year while JEPI charges 0.35%. On a $10,000 position that is $65 vs $35 annually, a gap of $30 per year that compounds over a long holding period. On income, CAPE currently yields 1.46% against 8.16% for JEPI.
Holdings Overlap
At least 37.3% of CAPE's money is in holdings JEPI also owns.
Stated as a floor: for JEPI, our book for it covers 86.7% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
The two portfolios partly overlap.
30 positions in common, counted across the 170 positions we hold weights for in CAPE and 121 in JEPI, against full books of 182 and 271.
Top Shared Holdings
| Stock | Weight in CAPE | Weight in JEPI | Difference |
|---|---|---|---|
| AMZNAmazon.Com Inc | 6.04% | 1.88% | 4.16% |
| TSLATesla Mtrs Inc | 4.28% | 0.56% | 3.72% |
| WMTWalmart, Inc. | 2.47% | 0.76% | 1.71% |
| PMPhilip Morris International Inc. | 1.56% | 1.44% | 0.12% |
| WELLWelltower, Inc. | 2.76% | 0.19% | 2.57% |
| PGProcter & Gamble | 1.81% | 0.64% | 1.17% |
| MDLZMondelez International Inc A Common Stock 01/00/1900 | 1.10% | 1.25% | 0.15% |
| ECLEcolab, Inc. | 1.21% | 1.10% | 0.11% |
| KOThe Coca-Cola Company | 1.84% | 0.37% | 1.47% |
| LOWLowes | 0.71% | 1.39% | 0.68% |
37.3% of CAPE is already inside JEPI.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, CAPE or JEPI?
CAPE has an expense ratio of 0.65% while JEPI charges 0.35%. JEPI is the cheaper option, by $30 a year on a $10,000 investment.
Which performed better, CAPE or JEPI?
Over the past year CAPE returned +0.83% vs +8.29% for JEPI, so JEPI leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, CAPE or JEPI?
CAPE has been the more volatile fund at 16.7% annualized versus 9.5% for JEPI. Worst drawdown: CAPE -22.1% vs JEPI -13.7%.
Should I hold both CAPE and JEPI?
CAPE and JEPI have a monthly-return correlation of 0.88, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between CAPE and JEPI?
At least 37.3% of CAPE's money is in holdings JEPI also owns. Our book for JEPI is partial, so the real figure is this or higher. They hold 30 positions in common, counted across the 170 positions we hold weights for in CAPE and 121 in JEPI.
Which pays a higher dividend, CAPE or JEPI?
CAPE yields 1.46% while JEPI yields 8.16%, so JEPI currently pays the higher dividend yield.
Is JEPI better than CAPE?
JEPI has a lower expense ratio. CAPE led over 3Y, JEPI over 1Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.