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 5.82%/yr vs 19.79%/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 -8.50% return, which is significantly lower than JEPQ's 7.85% return.
CPZ
- 1D
- -0.78%
- 1M
- -0.09%
- YTD
- -8.50%
- 6M
- -8.50%
- 1Y
- -10.92%
- 3Y*
- 5.82%
- 5Y*
- 1.06%
- 10Y*
- —
JEPQ
- 1D
- -2.48%
- 1M
- 0.34%
- YTD
- 7.85%
- 6M
- 7.02%
- 1Y
- 25.10%
- 3Y*
- 19.79%
- 5Y*
- —
- 10Y*
- —
CPZ vs. JEPQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CPZ Calamos Long/Short Equity & Dynamic Income Term Trust | -8.50% | 9.81% | 15.98% | 6.26% | -11.41% |
JEPQ JPMorgan Nasdaq Equity Premium Income ETF | 7.85% | 15.18% | 24.85% | 36.28% | -11.16% |
Correlation
The correlation between CPZ and JEPQ is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
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 | -2.94 | ||
| Sortino ratioReturn per unit of downside risk | -3.98 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.38 | -0.53 |
| Calmar ratioReturn relative to maximum drawdown | -0.61 | 2.86 | -3.47 |
| Martin ratioReturn relative to average drawdown | -1.20 | 13.55 | -14.75 |
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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 | -17.05% | -2.48% | -14.57% |
Average DrawdownAverage peak-to-trough decline | -9.54% | -3.40% | -6.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.15% | 1.86% | +7.29% |
Volatility
CPZ vs. JEPQ - Volatility Comparison
The current volatility for Calamos Long/Short Equity & Dynamic Income Term Trust (CPZ) is 3.51%, while JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) has a volatility of 6.27%. 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 | 3.51% | 6.27% | -2.76% |
Volatility (6M)Calculated over the trailing 6-month period | 8.48% | 10.58% | -2.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.86% | 13.08% | -2.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.97% | 16.79% | -0.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.87% | 16.79% | +7.08% |
Dividends
CPZ vs. JEPQ - Dividend Comparison
CPZ's dividend yield for the trailing twelve months is around 13.21%, more than JEPQ's 10.22% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
CPZ Calamos Long/Short Equity & Dynamic Income Term Trust | 13.21% | 11.49% | 12.65% | 11.63% | 11.06% | 8.37% | 7.69% | 0.22% |
JEPQ JPMorgan Nasdaq Equity Premium Income ETF | 10.22% | 10.53% | 9.65% | 10.03% | 9.44% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CPZ and JEPQ have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JEPQ has higher volatility (6.27%) compared to CPZ (3.51%). In terms of maximum drawdown, CPZ dropped -51.43% vs JEPQ's -20.07%.
JEPQ currently has the higher Sharpe Ratio (1.93 vs -1.01), 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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