FCNTX vs. JEPQ

Last updated Jun 16, 2026

FCNTX (Fidelity Contrafund) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both funds - FCNTX is a Large Cap Growth Equities fund managed by Fidelity, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. Over the past 3 years, FCNTX returned 26.44%/yr vs 20.72%/yr for JEPQ. Their correlation of 0.91 suggests significant overlap in exposure. FCNTX charges 0.39%/yr vs 0.35%/yr for JEPQ.

Performance

FCNTX vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Contrafund (FCNTX) 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, FCNTX achieves a 8.05% return, which is significantly lower than JEPQ's 10.23% return.

FCNTX

• 1D: 1.31%
• 1M: 1.79%
• YTD: 8.05%
• 6M: 9.44%
• 1Y: 23.55%
• 3Y*: 26.44%
• 5Y*: 14.71%
• 10Y*: 17.64%

JEPQ

• 1D: 2.21%
• 1M: 3.31%
• YTD: 10.23%
• 6M: 11.56%
• 1Y: 29.39%
• 3Y*: 20.72%
• 5Y*: —
• 10Y*: —

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

FCNTX vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FCNTX Fidelity Contrafund	8.05%	21.76%	36.00%	38.67%	-11.14%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.23%	15.18%	24.85%	36.28%	-11.16%

Correlation

The correlation between FCNTX and JEPQ is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (All Time) Calculated using the full available price history since May 4, 2022	0.91

The correlation between FCNTX and JEPQ has been stable across timeframes, ranging from 0.85 to 0.91 - a consistent structural relationship.

FCNTX vs. JEPQ - Sectors Allocation Comparison

Sectors	FCNTX	JEPQ
Technology	25.5%	58.9%
Communication Services	20.8%	13.9%
Financial Services	15.5%	0.3%
Consumer Cyclical	10.3%	11.8%
Healthcare	7.4%	3.9%
Industrials	5.8%	2.8%
Consumer Defensive	3.0%	6.0%
Utilities	1.8%	1.1%
Basic Materials	1.7%	0.9%
Energy	1.6%	0.3%
Real Estate	0.3%	0.2%

Return for Risk

FCNTX vs. JEPQ — Risk / Return Rank

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

FCNTX

FCNTX Risk / Return Rank: 37
FCNTX Sharpe Ratio Rank: 38
FCNTX Sortino Ratio Rank: 34
FCNTX Omega Ratio Rank: 36
FCNTX Calmar Ratio Rank: 34
FCNTX Martin Ratio Rank: 44

JEPQ

JEPQ Risk / Return Rank: 81
JEPQ Sharpe Ratio Rank: 81
JEPQ Sortino Ratio Rank: 77
JEPQ Omega Ratio Rank: 85
JEPQ Calmar Ratio Rank: 73
JEPQ Martin Ratio Rank: 86

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.

FCNTX vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Contrafund (FCNTX) 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.

	FCNTX	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	1.53	2.31	-0.79
Sortino ratio: Return per unit of downside risk	2.11	3.06	-0.94
Omega ratio: Gain probability vs. loss probability	1.27	1.46	-0.19
Calmar ratio: Return relative to maximum drawdown	1.97	3.35	-1.38
Martin ratio: Return relative to average drawdown	8.27	15.94	-7.66

FCNTX vs. JEPQ - Sharpe Ratio Comparison

The current FCNTX Sharpe Ratio is 1.53, which is lower than the JEPQ Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of FCNTX 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.

Drawdowns

FCNTX vs. JEPQ - Drawdown Comparison

The maximum FCNTX drawdown since its inception was -49.19%, which is greater than JEPQ's maximum drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for FCNTX and JEPQ.

Drawdown Indicators

	FCNTX	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-49.19%	-20.07%	-29.12%
Max Drawdown (1Y) Largest decline over 1 year	-11.30%	-8.82%	-2.48%
Max Drawdown (3Y) Largest decline over 3 years	-19.75%	-20.07%	+0.32%
Max Drawdown (5Y) Largest decline over 5 years	-32.59%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-32.59%	—	—
Current Drawdown Current decline from peak	-1.13%	0.00%	-1.13%
Average Drawdown Average peak-to-trough decline	-8.15%	-3.41%	-4.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.69%	1.85%	+0.84%

Volatility

FCNTX vs. JEPQ - Volatility Comparison

The current volatility for Fidelity Contrafund (FCNTX) is 5.14%, while JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) has a volatility of 5.42%. This indicates that FCNTX 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.

Volatility by Period

	FCNTX	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.14%	5.42%	-0.28%
Volatility (6M) Calculated over the trailing 6-month period	11.22%	10.44%	+0.78%
Volatility (1Y) Calculated over the trailing 1-year period	14.58%	12.78%	+1.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.23%	16.76%	+2.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.71%	16.76%	+2.95%

FCNTX vs. JEPQ - Expense Ratio Comparison

FCNTX has a 0.39% expense ratio, which is higher than JEPQ's 0.35% expense ratio.

Dividends

FCNTX vs. JEPQ - Dividend Comparison

FCNTX's dividend yield for the trailing twelve months is around 4.32%, less than JEPQ's 10.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCNTX Fidelity Contrafund	4.32%	5.21%	4.19%	3.78%	11.87%	10.80%	8.01%	4.16%	7.46%	6.08%	3.81%	5.33%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.00%	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 FCNTX and JEPQ in my portfolio?

FCNTX and JEPQ have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCNTX or JEPQ?

JEPQ has higher volatility (5.42%) compared to FCNTX (5.14%). In terms of maximum drawdown, FCNTX dropped -49.19% vs JEPQ's -20.07%.

Which has better risk-adjusted returns?

JEPQ currently has the higher Sharpe Ratio (2.31 vs 1.53), 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.