How does JEPI's defensive equity selection provide downside protection?

JEPI's defensive protection works through beta reduction — selecting stocks with lower market sensitivity (utilities, healthcare, consumer staples) that historically fall less than the S&P 500 in bear markets. When the market drops 20%, JEPI's defensive holdings might drop only 8-12% due to lower beta. This implicit protection differs from NUSI's explicit put option floor — JEPI doesn't have a structural limit on losses, but its defensive portfolio historically shows less severe declines. The tradeoff: JEPI's protection depends on historical defensive sector behavior, while NUSI's put protection is contractual (though more expensive).

Which ETF — NUSI or JEPI — held up better in 2022?

Both held up significantly better than the S&P 500 (-18%) in 2022, but JEPI provided slightly better total return protection. NUSI's Nasdaq-100 underlying was a headwind (Nasdaq fell ~33% in 2022 — much more than the S&P 500) despite collar protection. JEPI's defensive S&P 500 tilt (utilities, healthcare, staples) outperformed the broader market because defensive sectors are relatively resilient in equity bear markets driven by rate concerns. NUSI's put option floor provided structural protection, but the Nasdaq-100's larger decline overwhelmed some of NUSI's collar benefit.

Are NUSI and JEPI appropriate for conservative investors?

Both ETFs offer more conservative equity market participation than straight index funds — lower volatility, monthly income, and options overlays that buffer some declines. However, both still have meaningful equity market exposure and can lose 10-20%+ in severe bear markets. For truly conservative investors (capital preservation priority), Treasury bonds or money market funds are more appropriate. NUSI and JEPI are best suited for investors who want equity-market income participation with reduced (not eliminated) volatility — positioned between growth equity ETFs and bond funds on the risk spectrum.

brimindinvest.com / compare / nusi-vs-jepiLIVE

NUSI

Nationwide Risk-Managed Income ETF · ETF / Risk-Managed Income

$55.46

+0.39% this month

VERSUS

⟷

COMPARE

JEPI

JPMorgan Equity Premium Income ETF · ETF / Equity Premium Income

$56.10

+0.73% this month

Scoreboard verdict

Across expense ratio, momentum, yield, fund size, risk

NUSI

2

JEPI

3

JEPI LEADS 3/5

Comparison scoreboard

JEPI LEADS 3/5

Exp. Ratio

NUSI 0.68%

JEPI ✓0.35%

1Y Return

NUSI ✓+17.03%

JEPI +9.04%

Div. Yield

NUSI 7.61%

JEPI ✓8.45%

AUM

NUSI $323.76M

JEPI ✓$44.59B

Beta

NUSI ✓0.11

JEPI 0.55

Metrics last refreshed: 6/20/2026

Quick take

NUSI vs JEPI Stock Comparison: AI Score, Valuation, Performance and Upside

NUSI and JEPI both generate options-enhanced income but manage downside risk differently. NUSI explicitly purchases downside protection (put options) at the cost of some income, while JEPI achieves downside mitigation through defensive stock selection without explicit puts. NUSI suits risk-averse investors who want a structural floor; JEPI suits investors comfortable with defensive equity risk mitigation seeking maximum income.

NUSI vs JEPI — Nationwide Risk-Managed Income ETF (Nasdaq-100 collar strategy with explicit put protection and 6-8% monthly income with defined downside floor) versus JPMorgan Equity Premium Income ETF (defensive S&P 500 stocks with ELN call overlay generating 7-9% monthly income with implicit defensive downside mitigation).

Live analysis · updated 6/20/2026

JEPI holds the edge across 3 of 5 key metrics in this comparison. NUSI has delivered stronger 1-year price return (+17.03% vs +9.04% for JEPI).

Normalized 1Y performance

NUSI

JEPI

Recent returns

NUSI

JEPI

Who should consider this stock?

NUSI may suit investors who:

→want explicit structural downside protection — the purchased put options provide a defined floor that JEPI's defensive equity selection doesn't guarantee
→are comfortable with lower income (6-8%) in exchange for Nasdaq-100 quality exposure with explicit downside buffering in severe market declines
→prefer Nasdaq-100 technology growth companies as underlying equity vs JEPI's defensive utilities, healthcare, and consumer staples tilt
→value defined risk parameters — knowing both maximum upside and maximum downside from the collar structure provides risk management clarity

JEPI may suit investors who:

→prioritize maximum current income — JEPI's 7-9% yield exceeds NUSI's 6-8% because no put premium is consumed for protection
→accept defensive equity selection (utilities, healthcare, staples) as adequate downside mitigation without paying for explicit put option floors
→prefer simpler structure without trying to predict collar effectiveness in different market regimes
→value JEPI's lower 0.35% expense ratio and JPMorgan institutional options expertise for efficient income generation

Performance & AI score

Metric	NUSI	JEPI
ETF score	46.0	58.0
Latest close	$55.46	$56.10
1M return	+0.39%	+0.73%
6M return	+5.42%	+2.15%
1Y return	+17.03%	+9.04%

$10,000 invested — hypothetical growth (dividends reinvested)

How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?

Period	NUSI	JEPI
1Y ago	$12.87K (+28.7%) started 2025-06-12	$11.85K (+18.5%) started 2025-06-18
5Y ago	$112.75K (+1027.5%) started 2021-06-14	$24.71K (+147.1%) started 2021-06-18
10Y ago	$264.34K (+2543.4%) started 2019-12-19	$36.97K (+269.7%) started 2020-05-21

Hypothetical — past performance does not guarantee future results.

Fund characteristics

Metric	NUSI	JEPI
Expense ratio	0.68%	0.35%
Total assets (AUM)	$323.76M	$44.59B
Dividend yield	7.61%	8.45%
Trailing P/E	17.31	27.49
Beta	0.11	0.55
52-week change	17.03%	9.04%

Risk & fund metrics

Metric	NUSI	JEPI
1Y return	+17.03%	+9.04%
6M return	+5.42%	+2.15%
1M return	+0.39%	+0.73%
1Y Sharpe ratio	1.15	0.56
Beta	0.11	0.55
Dividend yield	7.61%	8.45%
5Y CAGR	+32.58%	+7.73%

Drawdown & downside risk

Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.

1Y risk snapshot

NUSI max drawdown6.96%

JEPI max drawdown6.68%

NUSI max wkly drop3.98%

JEPI max wkly drop2.46%

5Y risk snapshot

NUSI max drawdown26.92%

JEPI max drawdown13.71%

NUSI max wkly drop9.19%

JEPI max wkly drop9.92%

10Y risk snapshot

NUSI max drawdown26.92%

JEPI max drawdown13.71%

NUSI max wkly drop9.19%

JEPI max wkly drop9.92%

Performance metrics by period

Period	Metric	NUSI	JEPI
1Y	Growth	+17.03%	+9.04%
	CAGR	+17.04%	+9.05%
	Sharpe ratio	1.15	0.56
	Max drawdown	6.96%	6.68%
	Max daily drop	2.74%	1.61%
	Max wkly drop	3.98%	2.46%
5Y	Growth	+308.94%	+45.10%
	CAGR	+32.58%	+7.73%
	Sharpe ratio	0.66	0.32
	Max drawdown	26.92%	13.71%
	Max daily drop	4.14%	5.56%
	Max wkly drop	9.19%	9.92%
10Y	Growth	+466.44%	+88.50%
	CAGR	+30.68%	+11.00%
	Sharpe ratio	0.67	0.61
	Max drawdown	26.92%	13.71%
	Max daily drop	4.75%	5.56%
	Max wkly drop	9.19%	9.92%

Fund overview

Category	NUSI	JEPI
Fund name	NEOS Nasdaq-100 Hedged Equity Income ETF	JPMorgan Equity Premium Income ETF
Type	ETF	ETF
Expense ratio	0.68%	0.35%
Total assets (AUM)	$323.76M	$44.59B
Dividend yield	7.61%	8.45%

NUSI strengths

→Explicit downside protection via purchased put options: NUSI's collar strategy buys put options that limit Nasdaq-100 losses beyond a specific threshold — a feature no pure covered call ETF provides
→High-quality Nasdaq-100 underlying: NUSI's tech-heavy Nasdaq-100 equity exposure means quality growth companies (Apple, Nvidia, Microsoft, Meta) underlie the income strategy
→Monthly income with defined risk parameters: NUSI provides monthly distributions while defining both maximum upside and maximum downside — predictable risk/return profile

JEPI strengths

→Higher income (7-9%) vs NUSI because no put option premium cost: JEPI doesn't buy downside protection — keeping more option income for distributions
→Broader 100+ stock defensive diversification: JEPI's defensive equity selection across S&P 500 provides market risk reduction without the explicit cost of put options
→Lower expense ratio (0.35%) vs NUSI's higher cost structure: JEPI's institutional ELN efficiency at lower fees vs NUSI's collar premium costs

Risks to watch — NUSI

→Higher cost structure: buying put options for downside protection reduces net income vs pure covered call strategies — NUSI's yield is lower than pure income ETFs because some premium pays for put protection
→Limited upside capped by sold calls: in strong Nasdaq-100 bull markets, NUSI's sold calls cap appreciation — both upside and downside are bounded
→Complex collar mechanics may not always provide intended protection: collar strikes reset monthly — protection level varies based on option pricing environment, and severe crashes may occur between reset periods

Risks to watch — JEPI

→No explicit floor protection: JEPI's defensive tilt reduces but doesn't eliminate downside — in severe equity crashes, JEPI falls meaningfully (though less than S&P 500)
→S&P 500 exposure vs Nasdaq-100: JEPI's S&P 500 defensive approach has less technology growth potential than NUSI's Nasdaq-100 underlying
→ELN counterparty exposure to JPMorgan: complex financial instrument adds institutional dependency vs NUSI's more straightforward listed option collar

Frequently asked questions

A collar strategy simultaneously sells an out-of-the-money call option (capping upside) and uses the premium received to buy an out-of-the-money put option (protecting against downside). For NUSI on the Nasdaq-100: if the Nasdaq is at 18,000, NUSI might sell a 19,000 call (2,000 point cap above) and buy a 16,500 put (protection below). The sold call premium funds the put purchase. Between 16,500 and 19,000, NUSI participates fully in Nasdaq-100 movements. Above 19,000, gains are capped. Below 16,500, losses are capped. The cost of the put reduces available income distributions vs pure covered call strategies.

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+2.8%BUY

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+1.1%HOLD

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