Benchmark research · Covered-Call Income
ETFs and Stocks That Consistently Outperformed JEPI (Covered-Call Income)
Any investment can look great over a single hand-picked timeframe. To find what truly kept ahead of JEPI (JPMorgan Equity Premium Income ETF), we screened JEPI against the entire market of over 10,000 stocks and ETFs across 7 different time windows from 1 month to 5 years, including reinvested dividends. A contender had to come out ahead in both the short term and the long term to make the list. Data as of October 20, 2026.
Compare the entire market against JEPI live →Key findings
- How hard it was to top JEPI: Outperforming the covered-call income benchmark was not unusual among eligible investments. Of 1,559 ETFs, 502 (32%) outperformed in at least 3 of 5 short-term periods and both long-term periods; 197 were all-weather, topping JEPI in all but one short-term period and every long-term period. Among 1,847 eligible stocks, 433 (23%) met the consistency rule, and 257 were all-weather.
- Who came out ahead across the three groups:
- Popular alternatives: Dividend-focused HDV and SCHD each outperformed in all 5 short-term periods and both long-term periods. DGRO and covered-call fund QYLD also cleared the bar, with 4 of 5 short-term periods and both long-term periods. QQQ and SPY qualified with 3 of 5 short-term periods and both long-term periods, while JEPQ fell short with 4 of 5 short-term periods but only 1 of 2 long-term periods. No same-index funds were excluded.
- Top ETFs: Energy and commodities led the displayed ETF group, with 6 Energy and 3 Commodities funds among the top ETFs. BNO, XLE, USO, and FENY each outperformed in all 5 short-term periods and both long-term periods.
- Top stocks: 433 stocks met the consistency rule. The displayed leaders include energy companies PBR-A, MPC, PBR, and VLO, as well as industrials stock TRMD. These stocks outperformed in all 5 short-term periods and both long-term periods.
- The risk trade-off: The leading ETFs and stocks had much larger price swings than JEPI over 5 years. The top ETFs' median volatility was 28.5%, and the top stocks' was 37.7%, compared with 11.0% for JEPI. Still, 12 of 15 top ETFs and all 10 top stocks had higher Sharpe ratios than JEPI, suggesting that most delivered more return per unit of risk over that period.
How popular alternatives compare
Well-known funds and stocks investors often compare against JEPI, sorted by long-term periods outperformed, then short-term.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | Volatilitylower is calmer | Sharpe ratiohigher is better | ||
| JEPI JPMorgan Equity Premium Income ETF (benchmark) | — | +1.9% | +3.7% | +3.4% | +6.2% | +8.7% | +38.1% | +43.3% | 11.0% | 0.71 |
| HDV Made the listiShares Core High Dividend ETF | 5/5 short2/2 longAll-weather | +5.7% | +7.5% | +14.6% | +25.9% | +26.8% | +71.8% | +83.3% | 13.0%1.2× JEPI | 1.00 |
| SCHD Made the listSchwab U.S. Dividend Equity ETF | 5/5 short2/2 longAll-weather | +3.7% | +6.8% | +13.6% | +28.2% | +33.0% | +67.5% | +59.1% | 14.3%1.3× JEPI | 0.72 |
| XLV Made the listState Street Health Care Select Sector SPDR ETF | 5/5 short2/2 longAll-weather | +6.4% | +13.4% | +23.0% | +17.1% | +26.3% | +47.6% | +49.3% | 15.3%1.4× JEPI | 0.60 |
| DGRO Made the listiShares Core Dividend Growth ETF | 4/5 short2/2 longAll-weather | +2.8% | +3.9% | +9.4% | +15.1% | +18.1% | +74.2% | +68.0% | 13.7%1.2× JEPI | 0.83 |
| QYLD Made the listGlobal X - Nasdaq 100 Covered Call ETF | 4/5 short2/2 longAll-weather | −0.4% | +6.7% | +9.7% | +14.2% | +19.4% | +59.2% | +49.8% | 15.0%1.4× JEPI | 0.62 |
| QQQ Made the listInvesco QQQ Trust, Series 1 | 3/5 short2/2 long | −3.2% | +3.2% | +11.2% | +17.4% | +17.9% | +106% | +97.2% | 23.0%2.1× JEPI | 0.71 |
| SPY Made the listState Street SPDR S&P 500 ETF | 3/5 short2/2 long | −0.6% | +3.9% | +9.1% | +13.5% | +15.8% | +89.3% | +81.7% | 17.1%1.6× JEPI | 0.79 |
| VTI Made the listVanguard Morningstar Total Stock Market ETF | 3/5 short2/2 long | −0.8% | +3.2% | +8.3% | +13.1% | +15.2% | +87.9% | +72.6% | 17.5%1.6× JEPI | 0.71 |
| VYM Made the listVanguard High Dividend Yield ETF | 3/5 short2/2 long | +1.1% | +1.7% | +5.1% | +13.3% | +16.9% | +72.8% | +71.1% | 13.8%1.2× JEPI | 0.85 |
| DVY Made the listiShares Select Dividend ETF | 3/5 short2/2 long | +1.5% | 0.0% | +5.7% | +14.5% | +16.9% | +69.9% | +58.4% | 15.0%1.4× JEPI | 0.69 |
| XLF Fell shortState Street Financial Select Sector SPDR ETF | 1/5 short2/2 long | −0.3% | −0.2% | +6.6% | +2.7% | +7.2% | +81.3% | +50.9% | 18.3%1.7× JEPI | 0.54 |
| SDY Fell shortState Street SPDR S&P Dividend ETF | 4/5 short1/2 long | +4.2% | +2.0% | +6.0% | +13.6% | +14.3% | +51.0% | +44.0% | 14.0%1.3× JEPI | 0.59 |
| NOBL Fell shortProShares - S&P 500 Dividend Aristocrats ETF | 4/5 short1/2 long | +4.1% | +2.2% | +6.6% | +11.8% | +14.1% | +43.3% | +37.3% | 14.5%1.3× JEPI | 0.51 |
| JEPQ Fell shortJPMorgan Nasdaq Equity Premium Income ETF | 4/5 short1/2 long | −1.7% | +4.8% | +7.8% | +11.9% | +15.1% | +77.8% | — | — | — |
| IWM Fell shortiShares Russell 2000 ETF | 2/5 short1/2 long | −3.4% | −5.4% | −0.1% | +11.6% | +12.3% | +71.3% | +29.0% | 22.4%2.0× JEPI | 0.34 |
ETFs that consistently outperformed JEPI
Top 15 by long-term periods outperformed, then short-term, then by 5Y return. Green cells outperformed JEPI in that period. Excludes leveraged and inverse funds, ETFs under $100M in assets, stocks under $2.0B in market cap, and anything without 5 years of history.
| # | Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | Volatilitylower is calmer | Sharpe ratiohigher is better | Expense | Assets | |||
| — | JEPI JPMorgan Equity Premium Income ETF (benchmark) | — | +1.9% | +3.7% | +3.4% | +6.2% | +8.7% | +38.1% | +43.3% | 11.0% | 0.71 | ||
| 1 | BNO CommoditiesUnited States Brent Oil Fund LP | 5/5 short2/2 longAll-weather | +13.6% | +35.6% | +40.9% | +137% | +141% | +108% | +196% | 37.1%3.4× JEPI | 0.77 | 1.15% | $768M |
| 2 | XLE EnergyState Street Energy Select Sector SPDR ETF | 5/5 short2/2 longAll-weather | +8.8% | +18.0% | +25.1% | +51.9% | +60.9% | +65.6% | +177% | 25.5%2.3× JEPI | 0.93 | 0.08% | $44B |
| 3 | USO CommoditiesUnited States Oil Fund, LP | 5/5 short2/2 longAll-weather | +8.4% | +28.0% | +32.4% | +133% | +137% | +99.0% | +176% | 37.7%3.4× JEPI | 0.73 | 0.86% | $1.9B |
| 4 | FENY EnergyFidelity MSCI Energy Index ETF | 5/5 short2/2 longAll-weather | +8.1% | +16.5% | +22.6% | +50.0% | +58.6% | +63.9% | +171% | 25.9%2.3× JEPI | 0.90 | 0.08% | $2.1B |
| 5 | VDE EnergyVanguard Energy ETF | 5/5 short2/2 longAll-weather | +8.1% | +16.4% | +22.5% | +49.8% | +58.4% | +63.8% | +171% | 25.8%2.3× JEPI | 0.90 | 0.09% | $13B |
| 6 | RSPG EnergyInvesco S&P 500 Equal Weight Energy ETF | 5/5 short2/2 longAll-weather | +6.0% | +13.7% | +20.5% | +47.9% | +58.3% | +62.4% | +165% | 27.4%2.5× JEPI | 0.85 | 0.40% | $663M |
| 7 | IEO Broad MarketiShares U.S. Oil & Gas Exploration & Production ETF | 5/5 short2/2 longAll-weather | +11.0% | +24.0% | +36.4% | +67.4% | +73.9% | +61.3% | +165% | 29.9%2.7× JEPI | 0.80 | 0.37% | $915M |
| 8 | IYE Broad MarketiShares U.S. Energy ETF | 5/5 short2/2 longAll-weather | +8.5% | +16.8% | +23.6% | +49.5% | +58.3% | +63.5% | +161% | 25.2%2.3× JEPI | 0.89 | 0.37% | $1.8B |
| 9 | IXC InternationaliShares Global Energy ETF | 5/5 short2/2 longAll-weather | +8.7% | +16.8% | +20.3% | +48.2% | +58.8% | +69.1% | +156% | 23.2%2.1× JEPI | 0.93 | 0.37% | $3.3B |
| 10 | DBE AlternativesInvesco DB Energy Fund | 5/5 short2/2 longAll-weather | +8.4% | +28.7% | +39.3% | +126% | +126% | +91.6% | +144% | 30.6%2.8× JEPI | 0.74 | 0.79% | $132M |
| 11 | PXE Broad MarketInvesco Energy Exploration & Production ETF | 5/5 short2/2 longAll-weather | +10.6% | +21.3% | +28.8% | +58.9% | +63.2% | +44.8% | +140% | 32.8%3.0× JEPI | 0.70 | 0.67% | $159M |
| 12 | IGE Broad MarketiShares North American Natural Resources ETF | 5/5 short2/2 longAll-weather | +3.8% | +13.6% | +10.1% | +30.8% | +39.5% | +70.4% | +131% | 21.9%2.0× JEPI | 0.88 | 0.37% | $831M |
| 13 | FTXN EnergyFirst Trust Nasdaq Oil & Gas ETF | 5/5 short2/2 longAll-weather | +8.2% | +16.1% | +23.8% | +50.2% | +59.6% | +49.7% | +128% | 29.0%2.6× JEPI | 0.72 | 0.60% | $1.2B |
| 14 | OILK CommoditiesProShares - K-1 Free Crude Oil ETF | 5/5 short2/2 longAll-weather | +11.1% | +25.4% | +31.0% | +92.5% | +91.9% | +59.8% | +119% | 30.4%2.8× JEPI | 0.67 | 0.70% | $245M |
| 15 | FXN EnergyFirst Trust Energy AlphaDEX Fund | 5/5 short2/2 longAll-weather | +6.9% | +14.4% | +19.2% | +45.8% | +59.5% | +45.5% | +113% | 28.5%2.6× JEPI | 0.68 | 0.63% | $387M |
Stocks that consistently outperformed JEPI
Top 10 by long-term periods outperformed, then short-term, then by 5Y return. Individual stocks swing far more than funds; check the volatility column.
| # | Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Company | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | Volatilitylower is calmer | Sharpe ratiohigher is better | Market cap | |||
| — | JEPI JPMorgan Equity Premium Income ETF (benchmark) | — | +1.9% | +3.7% | +3.4% | +6.2% | +8.7% | +38.1% | +43.3% | 11.0% | 0.71 | |
| 1 | TRMD Marine ShippingTORM plc | 5/5 short2/2 longAll-weather | +2.4% | +40.2% | +36.0% | +117% | +110% | +107% | +776% | 45.9%4.2× JEPI | 1.18 | $3.9B |
| 2 | PBR-A Oil & Gas IntegratedPetróleo Brasileiro S.A. - Petrobras | 5/5 short2/2 longAll-weather | +23.3% | +47.0% | +30.3% | +117% | +130% | +133% | +705% | 37.5%3.4× JEPI | 1.31 | $157B |
| 3 | MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 5/5 short2/2 longAll-weather | +18.1% | +51.1% | +123% | +191% | +159% | +234% | +690% | 33.4%3.0× JEPI | 1.41 | $133B |
| 4 | PBR Oil & Gas IntegratedPetróleo Brasileiro S.A. - Petrobras | 5/5 short2/2 longAll-weather | +24.6% | +45.4% | +31.0% | +128% | +140% | +132% | +667% | 37.5%3.4× JEPI | 1.28 | $166B |
| 5 | KNSA Medical - PharmaceuticalsKiniksa Pharmaceuticals International, plc | 5/5 short2/2 longAll-weather | +6.5% | +32.9% | +95.9% | +98.0% | +113% | +434% | +665% | 53.7%4.9× JEPI | 1.02 | $6.5B |
| 6 | VLO Oil & Gas Refining & MarketingValero Energy Corporation | 5/5 short2/2 longAll-weather | +10.2% | +38.9% | +93.2% | +166% | +176% | +259% | +524% | 36.9%3.3× JEPI | 1.18 | $125B |
| 7 | CORT Medical - PharmaceuticalsCorcept Therapeutics Incorporated | 5/5 short2/2 longAll-weather | +2.4% | +27.2% | +151% | +205% | +48.2% | +317% | +498% | 75.9%6.9× JEPI | 0.81 | $13B |
| 8 | PBF Oil & Gas Refining & MarketingPBF Energy Inc. | 5/5 short2/2 longAll-weather | +14.5% | +30.5% | +122% | +196% | +189% | +89.0% | +495% | 59.1%5.4× JEPI | 0.90 | $9.8B |
| 9 | CAH Medical - DistributionCardinal Health, Inc. | 5/5 short2/2 longAll-weather | +14.3% | +14.3% | +22.5% | +26.1% | +65.3% | +191% | +479% | 24.7%2.2× JEPI | 1.55 | $60B |
| 10 | COKE Beverages - Non-AlcoholicCoca-Cola Consolidated, Inc. | 5/5 short2/2 longAll-weather | +12.3% | +17.3% | +14.9% | +42.9% | +61.7% | +255% | +461% | 38.0%3.4× JEPI | 1.10 | $14B |
What stands out
Energy and commodities feature prominently among the leading ETFs, while energy companies account for many of the displayed stock leaders. This pattern suggests the outperformance was concentrated in a few areas rather than spread evenly across the market. The consistency rule also shows that qualifying investments kept ahead of JEPI over both long-term periods, not just in recent short-term comparisons.
That record came with a bumpier ride. The top ETFs and stocks had roughly double or more JEPI's volatility, yet most of the displayed ETFs and all the displayed stocks had higher Sharpe ratios. That measure compares returns with the amount of risk taken, but it does not erase the larger swings investors experienced.
Methodology
- Short-term periods: 1M, 3M, 6M, YTD, 1Y. Long-term periods: 3Y, 5Y. An investment outperformed a period when its total return, with dividends reinvested, was higher than JEPI's. Returns within 0.5 points or 3% of JEPI's (whichever is larger) count as a tie and are shown in gray.
- Consistent means outperforming in at least 3 of 5 short-term periods and 2 of 2 long-term periods, so a recent hot streak alone is not enough. All-weather means outperforming in every long-term period and all but one short-term period. Rankings use long-term periods outperformed, then short-term, then the 5Y return.
- Excludes leveraged and inverse funds, ETFs under $100M in assets, stocks under $2.0B in market cap, and anything without 5 years of history.
- Volatility is the annualized standard deviation of daily returns over 5 years. The Sharpe ratio is return above cash divided by volatility over the same period: higher means more return per unit of risk.
- Returns and risk figures are computed from daily adjusted prices and update with each market day. Past performance does not predict future results.