CPZ vs. JEPQ
CPZ (Calamos Long/Short Equity & Dynamic Income Term Trust) is a stock, while JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) is Nasdaq-100 fund tracking the Nasdaq-100 Index. Over the past 3 years, CPZ returned 6.12%/yr vs 19.29%/yr for JEPQ. At a 0.35 correlation, their price movements are largely independent.
Performance
CPZ vs. JEPQ - Performance Comparison
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Returns By Period
In the year-to-date period, CPZ achieves a -5.47% return, which is significantly lower than JEPQ's 9.58% return.
CPZ
- 1D
- 0.62%
- 1M
- 2.90%
- 6M
- -8.84%
- YTD
- -5.47%
- 1Y
- -9.67%
- 3Y*
- 6.12%
- 5Y*
- 2.00%
- 10Y*
- —
JEPQ
- 1D
- 1.01%
- 1M
- 1.60%
- 6M
- 7.64%
- YTD
- 9.58%
- 1Y
- 23.20%
- 3Y*
- 19.29%
- 5Y*
- —
- 10Y*
- —
CPZ vs. JEPQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CPZ Calamos Long/Short Equity & Dynamic Income Term Trust | -5.47% | 9.81% | 15.98% | 6.26% | -11.41% |
JEPQ JPMorgan Nasdaq Equity Premium Income ETF | 9.58% | 15.18% | 24.85% | 36.28% | -11.16% |
Correlation
The correlation between CPZ and JEPQ is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since May 4, 2022 | 0.35 |
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Return for Risk
CPZ vs. JEPQ — Risk / Return Rank
CPZ
JEPQ
CPZ vs. JEPQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos Long/Short Equity & Dynamic Income Term Trust (CPZ) and JPMorgan Nasdaq Equity Premium Income ETF (JEPQ). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| CPZ | JEPQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.57 | ||
| Sortino ratioReturn per unit of downside risk | -3.52 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.33 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | -0.54 | 2.64 | -3.18 |
| Martin ratioReturn relative to average drawdown | -0.99 | 12.19 | -13.18 |
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Drawdowns
CPZ vs. JEPQ - Drawdown Comparison
The maximum CPZ drawdown since its inception was -51.43%, which is greater than JEPQ's maximum drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for CPZ and JEPQ.
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Drawdown Indicators
| CPZ | JEPQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.43% | -20.07% | -31.36% |
Max Drawdown (1Y)Largest decline over 1 year | -17.95% | -8.82% | -9.13% |
Max Drawdown (3Y)Largest decline over 3 years | -17.95% | -20.07% | +2.12% |
Max Drawdown (5Y)Largest decline over 5 years | -25.46% | — | — |
Current DrawdownCurrent decline from peak | -14.31% | -1.04% | -13.27% |
Average DrawdownAverage peak-to-trough decline | -9.58% | -3.37% | -6.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.79% | 1.91% | +7.88% |
Volatility
CPZ vs. JEPQ - Volatility Comparison
The current volatility for Calamos Long/Short Equity & Dynamic Income Term Trust (CPZ) is 3.40%, while JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) has a volatility of 6.03%. This indicates that CPZ experiences smaller price fluctuations and is considered to be less risky than JEPQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CPZ | JEPQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.40% | 6.03% | -2.63% |
Volatility (6M)Calculated over the trailing 6-month period | 8.74% | 11.32% | -2.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.09% | 13.75% | -2.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.98% | 16.82% | -0.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.80% | 16.82% | +6.98% |
Dividends
CPZ vs. JEPQ - Dividend Comparison
CPZ's dividend yield for the trailing twelve months is around 12.92%, more than JEPQ's 10.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
CPZ Calamos Long/Short Equity & Dynamic Income Term Trust | 12.92% | 11.49% | 12.65% | 11.63% | 11.06% | 8.37% | 7.69% | 0.22% |
JEPQ JPMorgan Nasdaq Equity Premium Income ETF | 10.40% | 10.53% | 9.65% | 10.03% | 9.44% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CPZ and JEPQ have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JEPQ has higher volatility (6.03%) compared to CPZ (3.40%). In terms of maximum drawdown, CPZ dropped -51.43% vs JEPQ's -20.07%.
JEPQ currently has the higher Sharpe Ratio (1.69 vs -0.88), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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