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 22, 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 easy across the full market. Of over 10,000 stocks and ETFs screened, 498 of 1,562 eligible ETFs (32%) and 425 of 1,846 eligible stocks (23%) outperformed in a majority of the short-term periods and both long-term periods. A smaller group kept ahead in every long-term period and all but one short-term period: 201 ETFs and 278 stocks.
- Who came out ahead across the three groups:
- Popular alternatives: HDV, DGRO, and SCHD each outperformed in all 5 short-term and both long-term periods, as did XLV and SDY. VYM, DVY, and QYLD kept ahead in 4 of 5 short-term periods and both long-term periods. QQQ, SPY, VTI, and XLF each outperformed in 3 of 5 short-term periods and both long-term periods. NOBL, JEPQ, and IWM fell short of the consistency rule.
- Top ETFs: Energy and commodities were prominent among the leaders. The standout ETFs include oil funds BNO and USO, and energy funds XLE and FENY. In total, 498 ETFs made the consistency cut.
- Top stocks: 425 stocks made the consistency cut. Marine shipping companies INSW, TRMD, and FRO, along with energy companies PBR-A and PBR, were among the standouts. The leading stocks also included names from technology, healthcare, and industrials.
- The risk trade-off: The leading ETFs and stocks all had higher volatility than JEPI over 5 years, with median volatility roughly double or more than the benchmark’s 11.0%. Still, 13 of the top 15 ETFs and all 10 of the top stocks had higher Sharpe ratios than JEPI, meaning most delivered more return per unit of risk despite larger price swings.
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) | — | +1.6% | +3.1% | +4.1% | +6.1% | +8.3% | +38.4% | +42.3% | 11.0% | 0.70 |
| HDV Made the listiShares Core High Dividend ETF | 5/5 short2/2 longAll-weather | +7.2% | +8.6% | +17.1% | +27.9% | +29.0% | +76.5% | +86.8% | 13.0%1.2× JEPI | 1.03 |
| DGRO Made the listiShares Core Dividend Growth ETF | 5/5 short2/2 longAll-weather | +4.3% | +4.5% | +11.1% | +16.6% | +20.1% | +77.8% | +69.6% | 13.7%1.2× JEPI | 0.84 |
| SCHD Made the listSchwab U.S. Dividend Equity ETF | 5/5 short2/2 longAll-weather | +5.8% | +8.5% | +16.0% | +30.8% | +35.7% | +72.3% | +62.8% | 14.4%1.3× JEPI | 0.75 |
| XLV Made the listState Street Health Care Select Sector SPDR ETF | 5/5 short2/2 longAll-weather | +6.7% | +14.2% | +24.9% | +18.0% | +26.3% | +49.8% | +49.4% | 15.3%1.4× JEPI | 0.60 |
| SDY Made the listState Street SPDR S&P Dividend ETF | 5/5 short2/2 longAll-weather | +6.7% | +4.3% | +10.0% | +16.4% | +17.4% | +55.9% | +47.6% | 14.0%1.3× JEPI | 0.63 |
| VYM Made the listVanguard High Dividend Yield ETF | 4/5 short2/2 longAll-weather | +2.5% | +1.2% | +6.3% | +14.3% | +18.5% | +75.9% | +72.8% | 13.8%1.2× JEPI | 0.87 |
| DVY Made the listiShares Select Dividend ETF | 4/5 short2/2 longAll-weather | +4.2% | +1.3% | +8.9% | +16.8% | +19.3% | +75.0% | +61.9% | 15.1%1.4× JEPI | 0.72 |
| QYLD Made the listGlobal X - Nasdaq 100 Covered Call ETF | 4/5 short2/2 longAll-weather | −1.7% | +4.5% | +7.8% | +12.9% | +18.4% | +56.8% | +48.2% | 15.0%1.4× JEPI | 0.60 |
| QQQ Made the listInvesco QQQ Trust, Series 1 | 3/5 short2/2 long | −5.8% | 0.0% | +7.8% | +15.3% | +16.9% | +101% | +94.0% | 23.0%2.1× JEPI | 0.69 |
| SPY Made the listState Street SPDR S&P 500 ETF | 3/5 short2/2 long | −1.2% | +2.5% | +8.0% | +12.7% | +15.6% | +88.4% | +80.3% | 17.2%1.6× JEPI | 0.78 |
| VTI Made the listVanguard Morningstar Total Stock Market ETF | 3/5 short2/2 long | −1.4% | +1.9% | +7.3% | +12.4% | +15.3% | +87.3% | +71.5% | 17.5%1.6× JEPI | 0.71 |
| XLF Made the listState Street Financial Select Sector SPDR ETF | 3/5 short2/2 long | +3.4% | +1.4% | +9.3% | +4.4% | +9.8% | +85.5% | +52.0% | 18.3%1.7× JEPI | 0.55 |
| NOBL Fell shortProShares - S&P 500 Dividend Aristocrats ETF | 5/5 short1/2 long | +6.2% | +5.0% | +10.6% | +14.6% | +17.2% | +47.8% | +40.4% | 14.5%1.3× JEPI | 0.54 |
| JEPQ Fell shortJPMorgan Nasdaq Equity Premium Income ETF | 3/5 short1/2 long | −3.6% | +1.5% | +5.6% | +9.9% | +13.7% | +74.1% | — | — | — |
| IWM Fell shortiShares Russell 2000 ETF | 2/5 short1/2 long | −3.7% | −5.6% | +0.6% | +12.0% | +14.8% | +73.3% | +29.4% | 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) | — | +1.6% | +3.1% | +4.1% | +6.1% | +8.3% | +38.4% | +42.3% | 11.0% | 0.70 | ||
| 1 | BNO CommoditiesUnited States Brent Oil Fund LP | 5/5 short2/2 longAll-weather | +19.0% | +34.0% | +36.4% | +144% | +139% | +118% | +205% | 37.1%3.4× JEPI | 0.79 | 1.15% | $768M |
| 2 | USO CommoditiesUnited States Oil Fund, LP | 5/5 short2/2 longAll-weather | +12.8% | +23.4% | +25.6% | +136% | +130% | +106% | +180% | 37.7%3.4× JEPI | 0.74 | 0.86% | $1.9B |
| 3 | XLE EnergyState Street Energy Select Sector SPDR ETF | 5/5 short2/2 longAll-weather | +9.4% | +14.8% | +21.1% | +51.0% | +58.3% | +67.3% | +178% | 25.5%2.3× JEPI | 0.94 | 0.08% | $44B |
| 4 | FENY EnergyFidelity MSCI Energy Index ETF | 5/5 short2/2 longAll-weather | +8.5% | +12.9% | +18.5% | +48.9% | +56.3% | +65.4% | +172% | 25.9%2.3× JEPI | 0.91 | 0.08% | $2.1B |
| 5 | VDE EnergyVanguard Energy ETF | 5/5 short2/2 longAll-weather | +8.5% | +12.9% | +18.4% | +48.8% | +56.0% | +65.4% | +171% | 25.8%2.3× JEPI | 0.91 | 0.09% | $13B |
| 6 | RSPG EnergyInvesco S&P 500 Equal Weight Energy ETF | 5/5 short2/2 longAll-weather | +6.6% | +10.0% | +15.3% | +46.4% | +54.8% | +62.8% | +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 | +11.7% | +18.6% | +28.9% | +64.9% | +71.5% | +61.0% | +162% | 29.9%2.7× JEPI | 0.80 | 0.37% | $915M |
| 8 | IYE Broad MarketiShares U.S. Energy ETF | 5/5 short2/2 longAll-weather | +9.1% | +13.5% | +19.8% | +48.7% | +55.9% | +65.2% | +162% | 25.1%2.3× JEPI | 0.90 | 0.37% | $1.8B |
| 9 | IXC InternationaliShares Global Energy ETF | 5/5 short2/2 longAll-weather | +8.9% | +13.3% | +17.1% | +47.5% | +56.0% | +70.6% | +159% | 23.2%2.1× JEPI | 0.94 | 0.37% | $3.3B |
| 10 | DBE AlternativesInvesco DB Energy Fund | 5/5 short2/2 longAll-weather | +11.4% | +26.4% | +33.5% | +130% | +123% | +98.0% | +149% | 30.6%2.8× JEPI | 0.75 | 0.79% | $132M |
| 11 | PXE Broad MarketInvesco Energy Exploration & Production ETF | 5/5 short2/2 longAll-weather | +10.7% | +15.0% | +21.4% | +56.4% | +61.2% | +44.1% | +138% | 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 | +2.4% | +8.5% | +7.9% | +29.1% | +39.1% | +70.2% | +129% | 22.0%2.0× JEPI | 0.87 | 0.37% | $831M |
| 13 | FTXN EnergyFirst Trust Nasdaq Oil & Gas ETF | 5/5 short2/2 longAll-weather | +8.8% | +12.0% | +18.0% | +48.6% | +56.3% | +50.3% | +127% | 29.0%2.6× JEPI | 0.71 | 0.60% | $1.2B |
| 14 | OILK CommoditiesProShares - K-1 Free Crude Oil ETF | 5/5 short2/2 longAll-weather | +12.5% | +23.7% | +27.2% | +93.0% | +86.7% | +62.7% | +121% | 30.4%2.8× JEPI | 0.68 | 0.70% | $245M |
| 15 | FLBR InternationalFranklin FTSE Brazil ETF | 5/5 short2/2 longAll-weather | +10.2% | +15.7% | +4.8% | +38.2% | +52.1% | +79.2% | +117% | 27.6%2.5× JEPI | 0.70 | 0.19% | $699M |
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) | — | +1.6% | +3.1% | +4.1% | +6.1% | +8.3% | +38.4% | +42.3% | 11.0% | 0.70 | |
| 1 | INSW Marine ShippingInternational Seaways, Inc. | 5/5 short2/2 longAll-weather | +4.3% | +28.1% | +58.1% | +165% | +172% | +244% | +906% | 40.6%3.7× JEPI | 1.35 | $5.4B |
| 2 | TRMD Marine ShippingTORM plc | 5/5 short2/2 longAll-weather | +11.3% | +40.2% | +40.4% | +120% | +114% | +103% | +788% | 46.0%4.2× JEPI | 1.19 | $3.9B |
| 3 | FRO Marine ShippingFrontline Plc | 5/5 short2/2 longAll-weather | +6.9% | +41.8% | +62.0% | +182% | +148% | +222% | +762% | 49.7%4.5× JEPI | 1.12 | $11B |
| 4 | PBR-A Oil & Gas IntegratedPetróleo Brasileiro S.A. - Petrobras | 5/5 short2/2 longAll-weather | +20.9% | +41.0% | +27.3% | +115% | +127% | +146% | +751% | 37.4%3.4× JEPI | 1.34 | $155B |
| 5 | PBR Oil & Gas IntegratedPetróleo Brasileiro S.A. - Petrobras | 5/5 short2/2 longAll-weather | +23.4% | +39.6% | +28.0% | +128% | +139% | +144% | +721% | 37.4%3.4× JEPI | 1.32 | $165B |
| 6 | PLTR Software - InfrastructurePalantir Technologies Inc. | 5/5 short2/2 longAll-weather | +6.1% | +57.5% | +28.5% | +16.9% | +11.8% | +1,111% | +703% | 67.0%6.1× JEPI | 0.95 | $451B |
| 7 | MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 5/5 short2/2 longAll-weather | +17.9% | +45.8% | +108% | +181% | +148% | +226% | +660% | 33.4%3.0× JEPI | 1.39 | $129B |
| 8 | KNSA Medical - PharmaceuticalsKiniksa Pharmaceuticals International, plc | 5/5 short2/2 longAll-weather | +3.6% | +29.4% | +87.7% | +92.3% | +108% | +430% | +654% | 53.7%4.9× JEPI | 1.01 | $6.3B |
| 9 | VLO Oil & Gas Refining & MarketingValero Energy Corporation | 5/5 short2/2 longAll-weather | +13.0% | +37.6% | +83.5% | +162% | +169% | +254% | +515% | 36.9%3.3× JEPI | 1.18 | $123B |
| 10 | JXN Insurance - LifeJackson Financial Inc. | 5/5 short2/2 longAll-weather | +2.9% | +8.4% | +20.8% | +27.0% | +41.5% | +276% | +486% | 43.3%3.9× JEPI | 1.04 | $9.0B |
What stands out
The ETF leaders leaned heavily toward energy and commodities, while the stock leaders included marine shipping and energy companies. That mix suggests the results were concentrated in particular parts of the market rather than spread evenly across sectors. The consistency screen required outperformance in both long-term periods as well as most short-term periods, so the leading names maintained an edge across the measured windows, not just recently.
That edge came with a bumpier ride. Over 5 years, the top ETFs and stocks had median volatility roughly double or more than JEPI’s, while their median Sharpe ratios were higher. A higher Sharpe ratio indicates more return for each unit of measured risk, but it does not remove the larger swings investors experienced along the way. These results describe past performance, not a guarantee that the same groups will continue to lead.
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.