# ETFs and Stocks That Consistently Outperformed JEPI (Covered-Call Income)

> Source: BetterThanSPY research, https://betterthanspy.com/research/etfs-and-stocks-that-outperform-jepi
> Data as of October 22, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

JEPI (JPMorgan Equity Premium Income ETF) screened against the entire market of over 10,000 stocks and ETFs over 7 periods from 1 month to 5 years, with dividends reinvested. To make the list, an investment had to outperform JEPI in at least 3 of 5 short-term periods and 2 of 2 long-term periods. "All-weather" means outperforming in every long-term period and all but one short-term period. Returns in the tables are total returns over each period; volatility and Sharpe ratio cover 5 years.

## 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

| Investment | Status | Periods outperformed | 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | Volatility | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 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: iShares Core High Dividend ETF | Made the list | 5/5 short, 2/2 long, all-weather | +7.2% | +8.6% | +17.1% | +27.9% | +29.0% | +76.5% | +86.8% | 13.0% | 1.03 |
| [DGRO](https://betterthanspy.com/research/dgro): iShares Core Dividend Growth ETF | Made the list | 5/5 short, 2/2 long, all-weather | +4.3% | +4.5% | +11.1% | +16.6% | +20.1% | +77.8% | +69.6% | 13.7% | 0.84 |
| [SCHD](https://betterthanspy.com/research/schd): Schwab U.S. Dividend Equity ETF | Made the list | 5/5 short, 2/2 long, all-weather | +5.8% | +8.5% | +16.0% | +30.8% | +35.7% | +72.3% | +62.8% | 14.4% | 0.75 |
| [XLV](https://betterthanspy.com/research/xlv): State Street Health Care Select Sector SPDR ETF | Made the list | 5/5 short, 2/2 long, all-weather | +6.7% | +14.2% | +24.9% | +18.0% | +26.3% | +49.8% | +49.4% | 15.3% | 0.60 |
| SDY: State Street SPDR S&P Dividend ETF | Made the list | 5/5 short, 2/2 long, all-weather | +6.7% | +4.3% | +10.0% | +16.4% | +17.4% | +55.9% | +47.6% | 14.0% | 0.63 |
| [VYM](https://betterthanspy.com/research/vym): Vanguard High Dividend Yield ETF | Made the list | 4/5 short, 2/2 long, all-weather | +2.5% | +1.2% | +6.3% | +14.3% | +18.5% | +75.9% | +72.8% | 13.8% | 0.87 |
| DVY: iShares Select Dividend ETF | Made the list | 4/5 short, 2/2 long, all-weather | +4.2% | +1.3% | +8.9% | +16.8% | +19.3% | +75.0% | +61.9% | 15.1% | 0.72 |
| QYLD: Global X - Nasdaq 100 Covered Call ETF | Made the list | 4/5 short, 2/2 long, all-weather | −1.7% | +4.5% | +7.8% | +12.9% | +18.4% | +56.8% | +48.2% | 15.0% | 0.60 |
| [QQQ](https://betterthanspy.com/research/qqq): Invesco QQQ Trust, Series 1 | Made the list | 3/5 short, 2/2 long | −5.8% | 0.0% | +7.8% | +15.3% | +16.9% | +101% | +94.0% | 23.0% | 0.69 |
| [SPY](https://betterthanspy.com/research/spy): State Street SPDR S&P 500 ETF | Made the list | 3/5 short, 2/2 long | −1.2% | +2.5% | +8.0% | +12.7% | +15.6% | +88.4% | +80.3% | 17.2% | 0.78 |
| [VTI](https://betterthanspy.com/research/vti): Vanguard Morningstar Total Stock Market ETF | Made the list | 3/5 short, 2/2 long | −1.4% | +1.9% | +7.3% | +12.4% | +15.3% | +87.3% | +71.5% | 17.5% | 0.71 |
| [XLF](https://betterthanspy.com/research/xlf): State Street Financial Select Sector SPDR ETF | Made the list | 3/5 short, 2/2 long | +3.4% | +1.4% | +9.3% | +4.4% | +9.8% | +85.5% | +52.0% | 18.3% | 0.55 |
| NOBL: ProShares - S&P 500 Dividend Aristocrats ETF | Fell short | 5/5 short, 1/2 long | +6.2% | +5.0% | +10.6% | +14.6% | +17.2% | +47.8% | +40.4% | 14.5% | 0.54 |
| [JEPQ](https://betterthanspy.com/research/jepq): JPMorgan Nasdaq Equity Premium Income ETF | Fell short | 3/5 short, 1/2 long | −3.6% | +1.5% | +5.6% | +9.9% | +13.7% | +74.1% | — | — | — |
| [IWM](https://betterthanspy.com/research/iwm): iShares Russell 2000 ETF | Fell short | 2/5 short, 1/2 long | −3.7% | −5.6% | +0.6% | +12.0% | +14.8% | +73.3% | +29.4% | 22.4% | 0.34 |

## ETFs that consistently outperformed JEPI

| Investment | Periods outperformed | 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | Volatility | Sharpe | 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 |  |  |
| BNO: United States Brent Oil Fund LP | 5/5 short, 2/2 long, all-weather | +19.0% | +34.0% | +36.4% | +144% | +139% | +118% | +205% | 37.1% | 0.79 | 1.15% | $768M |
| USO: United States Oil Fund, LP | 5/5 short, 2/2 long, all-weather | +12.8% | +23.4% | +25.6% | +136% | +130% | +106% | +180% | 37.7% | 0.74 | 0.86% | $1.9B |
| [XLE](https://betterthanspy.com/research/xle): State Street Energy Select Sector SPDR ETF | 5/5 short, 2/2 long, all-weather | +9.4% | +14.8% | +21.1% | +51.0% | +58.3% | +67.3% | +178% | 25.5% | 0.94 | 0.08% | $44B |
| FENY: Fidelity MSCI Energy Index ETF | 5/5 short, 2/2 long, all-weather | +8.5% | +12.9% | +18.5% | +48.9% | +56.3% | +65.4% | +172% | 25.9% | 0.91 | 0.08% | $2.1B |
| VDE: Vanguard Energy ETF | 5/5 short, 2/2 long, all-weather | +8.5% | +12.9% | +18.4% | +48.8% | +56.0% | +65.4% | +171% | 25.8% | 0.91 | 0.09% | $13B |
| RSPG: Invesco S&P 500 Equal Weight Energy ETF | 5/5 short, 2/2 long, all-weather | +6.6% | +10.0% | +15.3% | +46.4% | +54.8% | +62.8% | +165% | 27.4% | 0.85 | 0.40% | $663M |
| IEO: iShares U.S. Oil & Gas Exploration & Production ETF | 5/5 short, 2/2 long, all-weather | +11.7% | +18.6% | +28.9% | +64.9% | +71.5% | +61.0% | +162% | 29.9% | 0.80 | 0.37% | $915M |
| IYE: iShares U.S. Energy ETF | 5/5 short, 2/2 long, all-weather | +9.1% | +13.5% | +19.8% | +48.7% | +55.9% | +65.2% | +162% | 25.1% | 0.90 | 0.37% | $1.8B |
| IXC: iShares Global Energy ETF | 5/5 short, 2/2 long, all-weather | +8.9% | +13.3% | +17.1% | +47.5% | +56.0% | +70.6% | +159% | 23.2% | 0.94 | 0.37% | $3.3B |
| DBE: Invesco DB Energy Fund | 5/5 short, 2/2 long, all-weather | +11.4% | +26.4% | +33.5% | +130% | +123% | +98.0% | +149% | 30.6% | 0.75 | 0.79% | $132M |
| PXE: Invesco Energy Exploration & Production ETF | 5/5 short, 2/2 long, all-weather | +10.7% | +15.0% | +21.4% | +56.4% | +61.2% | +44.1% | +138% | 32.8% | 0.70 | 0.67% | $159M |
| IGE: iShares North American Natural Resources ETF | 5/5 short, 2/2 long, all-weather | +2.4% | +8.5% | +7.9% | +29.1% | +39.1% | +70.2% | +129% | 22.0% | 0.87 | 0.37% | $831M |
| FTXN: First Trust Nasdaq Oil & Gas ETF | 5/5 short, 2/2 long, all-weather | +8.8% | +12.0% | +18.0% | +48.6% | +56.3% | +50.3% | +127% | 29.0% | 0.71 | 0.60% | $1.2B |
| OILK: ProShares - K-1 Free Crude Oil ETF | 5/5 short, 2/2 long, all-weather | +12.5% | +23.7% | +27.2% | +93.0% | +86.7% | +62.7% | +121% | 30.4% | 0.68 | 0.70% | $245M |
| FLBR: Franklin FTSE Brazil ETF | 5/5 short, 2/2 long, all-weather | +10.2% | +15.7% | +4.8% | +38.2% | +52.1% | +79.2% | +117% | 27.6% | 0.70 | 0.19% | $699M |

## Stocks that consistently outperformed JEPI

| Investment | Periods outperformed | 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | Volatility | Sharpe | 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 |  |
| INSW: International Seaways, Inc. | 5/5 short, 2/2 long, all-weather | +4.3% | +28.1% | +58.1% | +165% | +172% | +244% | +906% | 40.6% | 1.35 | $5.4B |
| TRMD: TORM plc | 5/5 short, 2/2 long, all-weather | +11.3% | +40.2% | +40.4% | +120% | +114% | +103% | +788% | 46.0% | 1.19 | $3.9B |
| FRO: Frontline Plc | 5/5 short, 2/2 long, all-weather | +6.9% | +41.8% | +62.0% | +182% | +148% | +222% | +762% | 49.7% | 1.12 | $11B |
| [PBR-A](https://betterthanspy.com/research/pbr-a): Petróleo Brasileiro S.A. - Petrobras | 5/5 short, 2/2 long, all-weather | +20.9% | +41.0% | +27.3% | +115% | +127% | +146% | +751% | 37.4% | 1.34 | $155B |
| [PBR](https://betterthanspy.com/research/pbr): Petróleo Brasileiro S.A. - Petrobras | 5/5 short, 2/2 long, all-weather | +23.4% | +39.6% | +28.0% | +128% | +139% | +144% | +721% | 37.4% | 1.32 | $165B |
| [PLTR](https://betterthanspy.com/research/pltr): Palantir Technologies Inc. | 5/5 short, 2/2 long, all-weather | +6.1% | +57.5% | +28.5% | +16.9% | +11.8% | +1,111% | +703% | 67.0% | 0.95 | $451B |
| [MPC](https://betterthanspy.com/research/mpc): Marathon Petroleum Corporation | 5/5 short, 2/2 long, all-weather | +17.9% | +45.8% | +108% | +181% | +148% | +226% | +660% | 33.4% | 1.39 | $129B |
| KNSA: Kiniksa Pharmaceuticals International, plc | 5/5 short, 2/2 long, all-weather | +3.6% | +29.4% | +87.7% | +92.3% | +108% | +430% | +654% | 53.7% | 1.01 | $6.3B |
| [VLO](https://betterthanspy.com/research/vlo): Valero Energy Corporation | 5/5 short, 2/2 long, all-weather | +13.0% | +37.6% | +83.5% | +162% | +169% | +254% | +515% | 36.9% | 1.18 | $123B |
| JXN: Jackson Financial Inc. | 5/5 short, 2/2 long, all-weather | +2.9% | +8.4% | +20.8% | +27.0% | +41.5% | +276% | +486% | 43.3% | 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.

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## Explore further

- Full page: https://betterthanspy.com/research/etfs-and-stocks-that-outperform-jepi
- All research pages: https://betterthanspy.com/llms.txt