EWZ vs. JEPQ

Last updated Jun 9, 2026

EWZ (iShares MSCI Brazil ETF) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - EWZ is a Latin America Equities fund tracking the MSCI Brazil 25/50 Index, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. Both are passively managed. Over the past 3 years, EWZ returned 7.95%/yr vs 20.04%/yr for JEPQ. At a 0.35 correlation, their price movements are largely independent. EWZ charges 0.59%/yr vs 0.35%/yr for JEPQ.

Performance

EWZ vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Brazil ETF (EWZ) and JPMorgan Nasdaq Equity Premium Income ETF (JEPQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EWZ achieves a 6.04% return, which is significantly lower than JEPQ's 7.44% return.

EWZ

• 1D: -0.94%
• 1M: -13.88%
• YTD: 6.04%
• 6M: 6.47%
• 1Y: 28.14%
• 3Y*: 7.95%
• 5Y*: 3.87%
• 10Y*: 7.53%

JEPQ

• 1D: 1.24%
• 1M: 0.97%
• YTD: 7.44%
• 6M: 7.26%
• 1Y: 25.85%
• 3Y*: 20.04%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

EWZ vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
EWZ iShares MSCI Brazil ETF	6.04%	48.81%	-30.41%	32.62%	-2.19%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	7.44%	15.18%	24.85%	36.28%	-11.16%

Correlation

The correlation between EWZ and JEPQ is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (All Time) Calculated using the full available price history since May 4, 2022	0.35

The correlation between EWZ and JEPQ shifts across timeframes, from 0.35 (all time) to 0.52 (1 year), reflecting how their relationship changes across market environments.

EWZ vs. JEPQ - Sectors Allocation Comparison

Sectors	EWZ	JEPQ
Financial Services	32.7%	0.4%
Energy	18.5%	0.4%
Basic Materials	13.7%	1.0%
Utilities	12.9%	1.3%
Industrials	10.9%	3.1%
Consumer Defensive	4.2%	7.1%
Healthcare	2.4%	4.4%
Communication Services	2.2%	15.4%
Consumer Cyclical	1.5%	12.8%
Technology	1.0%	54.0%
Real Estate	-	0.2%

Return for Risk

EWZ vs. JEPQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EWZ

EWZ Risk / Return Rank: 34
EWZ Sharpe Ratio Rank: 34
EWZ Sortino Ratio Rank: 33
EWZ Omega Ratio Rank: 33
EWZ Calmar Ratio Rank: 33
EWZ Martin Ratio Rank: 35

JEPQ

JEPQ Risk / Return Rank: 73
JEPQ Sharpe Ratio Rank: 73
JEPQ Sortino Ratio Rank: 68
JEPQ Omega Ratio Rank: 79
JEPQ Calmar Ratio Rank: 65
JEPQ Martin Ratio Rank: 80

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EWZ vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Brazil ETF (EWZ) 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.

	EWZ	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	1.13	2.13	-1.01
Sortino ratio: Return per unit of downside risk	1.61	2.79	-1.19
Omega ratio: Gain probability vs. loss probability	1.20	1.42	-0.22
Calmar ratio: Return relative to maximum drawdown	1.47	2.95	-1.48
Martin ratio: Return relative to average drawdown	4.96	14.33	-9.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWZ vs. JEPQ - Sharpe Ratio Comparison

The current EWZ Sharpe Ratio is 1.13, which is lower than the JEPQ Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of EWZ and JEPQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EWZ	JEPQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.13	2.13	-1.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.22	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	0.96	-0.80

Drawdowns

EWZ vs. JEPQ - Drawdown Comparison

The maximum EWZ drawdown since its inception was -77.25%, which is greater than JEPQ's maximum drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for EWZ and JEPQ.

Drawdown Indicators

	EWZ	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-77.25%	-20.07%	-57.18%
Max Drawdown (1Y) Largest decline over 1 year	-19.27%	-8.82%	-10.45%
Max Drawdown (3Y) Largest decline over 3 years	-31.36%	-20.07%	-11.29%
Max Drawdown (5Y) Largest decline over 5 years	-32.24%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-56.99%	—	—
Current Drawdown Current decline from peak	-26.15%	-2.02%	-24.13%
Average Drawdown Average peak-to-trough decline	-35.95%	-3.42%	-32.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.68%	1.81%	+3.87%

Volatility

EWZ vs. JEPQ - Volatility Comparison

iShares MSCI Brazil ETF (EWZ) has a higher volatility of 7.32% compared to JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) at 3.65%. This indicates that EWZ's price experiences larger fluctuations and is considered to be riskier than JEPQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWZ	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.32%	3.65%	+3.67%
Volatility (6M) Calculated over the trailing 6-month period	20.79%	9.66%	+11.13%
Volatility (1Y) Calculated over the trailing 1-year period	25.12%	12.19%	+12.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.68%	16.67%	+11.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.07%	16.67%	+17.40%

EWZ vs. JEPQ - Expense Ratio Comparison

EWZ has a 0.59% expense ratio, which is higher than JEPQ's 0.35% expense ratio.

Dividends

EWZ vs. JEPQ - Dividend Comparison

EWZ's dividend yield for the trailing twelve months is around 4.89%, less than JEPQ's 10.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWZ iShares MSCI Brazil ETF	4.89%	5.19%	8.91%	5.66%	12.59%	9.87%	1.71%	2.54%	2.89%	1.71%	1.81%	4.08%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.26%	10.53%	9.65%	10.03%	9.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EWZ and JEPQ in my portfolio?

EWZ and JEPQ have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWZ or JEPQ?

EWZ has higher volatility (7.32%) compared to JEPQ (3.65%). In terms of maximum drawdown, EWZ dropped -77.25% vs JEPQ's -20.07%.

Which ETF is better, EWZ or JEPQ?

On 3-year performance, JEPQ leads with 20.04% vs 7.95% for EWZ. On fees, JEPQ is cheaper at 0.35% per year. On volatility, JEPQ has been the lower-risk option at 3.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWZ or JEPQ?

Over the 3-year period, JEPQ has performed better with a 20.04% return vs 7.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWZ or JEPQ?

JEPQ is cheaper with a 0.35% expense ratio, compared with 0.59% for EWZ.

Which ETF pays a higher dividend yield, EWZ or JEPQ?

JEPQ has the higher dividend yield at 10.26%, compared with 4.89% for EWZ.

What is the main difference between EWZ and JEPQ?

EWZ is categorized as Latin America Equities, while JEPQ is Nasdaq-100. EWZ tracks MSCI Brazil 25/50 Index, while JEPQ tracks Nasdaq-100 Index. They also come from different issuers: iShares and JPMorgan. Their fees differ too: 0.59% for EWZ and 0.35% for JEPQ.

Which has better risk-adjusted returns?

JEPQ currently has the higher Sharpe Ratio (2.13 vs 1.13), 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.