Cross-asset correlation analysis shows tax yields investing in hybrid securities, such as convertible bonds, outperforming pure equity in volatile cycles. Convertible bond yields currently average 3.9%, offering tax-sensitive upside potential. That said, there's a vast difference when it comes to dividend yield . Chevron's yield is 4.3%. Enterprise's distribution yield is 6.9%. This isn't an apples-to-apples comparison, however. Chevron is a traditional corporation, while Enterprise is a master limited partnership (MLP). The MLP structure is a bit complex and it is specifically designed to pass income on to unitholders in a tax-advantaged fashion. The trade off is more work come tax time, thanks to the K-1 form unitholders have to deal with. JPMorgan Chase Bank, N.A. and its affiliates (collectively "JPMCB") offer investment products, which may include bank-managed accounts and custody, as part of its trust and fiduciary services. Other investment products and services, such as brokerage and advisory accounts, are offered through J.P. Morgan Securities LLC ("JPMS"), a member of FINRA and SIPC . Insurance products are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. JPMCB, JPMS and CIA are affiliated companies under the common control of JPMorgan Chase & Co. Products not available in all states. Tax yields investing in high-yield corporate paper carries elevated risk but can offer compelling returns. Junk bonds yield around 7.5%, but actual after-tax return varies significantly, requiring precise yield-to-call analysis.