FCVT vs. JEPQ

Last updated Jun 4, 2026

FCVT (First Trust SSI Strategic Convertible Securities ETF) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - FCVT is a Preferred Stock/Convertible Bonds fund actively managed by First Trust, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. FCVT is actively managed, while JEPQ is passively managed. Over the past 3 years, FCVT returned 21.35%/yr vs 20.92%/yr for JEPQ. A 0.71 correlation means they provide meaningful diversification when combined. FCVT charges 0.95%/yr vs 0.35%/yr for JEPQ.

Performance

FCVT vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust SSI Strategic Convertible Securities ETF (FCVT) 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, FCVT achieves a 25.61% return, which is significantly higher than JEPQ's 9.54% return.

FCVT

• 1D: -1.20%
• 1M: 7.08%
• YTD: 25.61%
• 6M: 25.00%
• 1Y: 47.07%
• 3Y*: 21.35%
• 5Y*: 7.58%
• 10Y*: 12.36%

JEPQ

• 1D: -0.10%
• 1M: 4.31%
• YTD: 9.54%
• 6M: 9.75%
• 1Y: 29.00%
• 3Y*: 20.92%
• 5Y*: —
• 10Y*: —

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

FCVT vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FCVT First Trust SSI Strategic Convertible Securities ETF	25.61%	19.60%	11.92%	7.12%	-10.03%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	9.54%	15.18%	24.85%	36.28%	-12.89%

Correlation

The correlation between FCVT and JEPQ is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (All Time) Calculated using the full available price history since May 5, 2022	0.71

The correlation between FCVT and JEPQ has been stable across timeframes, ranging from 0.65 to 0.71 - a consistent structural relationship.

FCVT vs. JEPQ - Sectors Allocation Comparison

Sectors	FCVT	JEPQ
Utilities	1.3%	1.3%
Consumer Cyclical	0.7%	12.8%
Financial Services	0.7%	0.4%
Healthcare	0.7%	4.4%
Basic Materials	-	1.0%
Communication Services	-	15.4%
Consumer Defensive	-	7.1%
Energy	-	0.4%
Industrials	-	3.1%
Real Estate	-	0.2%
Technology	-	54.0%

Return for Risk

FCVT vs. JEPQ — Risk / Return Rank

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

FCVT

FCVT Risk / Return Rank: 87
FCVT Sharpe Ratio Rank: 88
FCVT Sortino Ratio Rank: 83
FCVT Omega Ratio Rank: 82
FCVT Calmar Ratio Rank: 90
FCVT Martin Ratio Rank: 90

JEPQ

JEPQ Risk / Return Rank: 74
JEPQ Sharpe Ratio Rank: 74
JEPQ Sortino Ratio Rank: 71
JEPQ Omega Ratio Rank: 80
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.

FCVT vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust SSI Strategic Convertible Securities ETF (FCVT) 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.

	FCVT	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	2.97	2.49	+0.48
Sortino ratio: Return per unit of downside risk	3.76	3.29	+0.47
Omega ratio: Gain probability vs. loss probability	1.50	1.49	+0.01
Calmar ratio: Return relative to maximum drawdown	5.58	3.31	+2.28
Martin ratio: Return relative to average drawdown	20.90	16.22	+4.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCVT vs. JEPQ - Sharpe Ratio Comparison

The current FCVT Sharpe Ratio is 2.97, which is comparable to the JEPQ Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of FCVT 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

	FCVT	JEPQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.97	2.49	+0.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.83	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	1.00	-0.32

Drawdowns

FCVT vs. JEPQ - Drawdown Comparison

The maximum FCVT drawdown since its inception was -31.79%, which is greater than JEPQ's maximum drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for FCVT and JEPQ.

Drawdown Indicators

	FCVT	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-31.79%	-20.07%	-11.72%
Max Drawdown (1Y) Largest decline over 1 year	-8.47%	-8.82%	+0.35%
Max Drawdown (3Y) Largest decline over 3 years	-15.06%	-20.07%	+5.01%
Max Drawdown (5Y) Largest decline over 5 years	-30.43%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-31.79%	—	—
Current Drawdown Current decline from peak	-1.20%	-0.10%	-1.10%
Average Drawdown Average peak-to-trough decline	-10.36%	-3.42%	-6.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.26%	1.79%	+0.47%

Volatility

FCVT vs. JEPQ - Volatility Comparison

First Trust SSI Strategic Convertible Securities ETF (FCVT) has a higher volatility of 6.07% compared to JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) at 1.26%. This indicates that FCVT'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

	FCVT	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.07%	1.26%	+4.81%
Volatility (6M) Calculated over the trailing 6-month period	12.99%	9.07%	+3.92%
Volatility (1Y) Calculated over the trailing 1-year period	15.94%	11.73%	+4.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.09%	16.61%	-2.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.85%	16.61%	-1.76%

FCVT vs. JEPQ - Expense Ratio Comparison

FCVT has a 0.95% expense ratio, which is higher than JEPQ's 0.35% expense ratio.

Dividends

FCVT vs. JEPQ - Dividend Comparison

FCVT's dividend yield for the trailing twelve months is around 1.19%, less than JEPQ's 10.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCVT First Trust SSI Strategic Convertible Securities ETF	1.19%	1.98%	1.30%	1.76%	3.71%	23.07%	1.72%	1.60%	1.85%	2.18%	1.88%	0.59%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.07%	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 FCVT and JEPQ in my portfolio?

FCVT and JEPQ have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCVT or JEPQ?

FCVT has higher volatility (6.07%) compared to JEPQ (1.26%). In terms of maximum drawdown, FCVT dropped -31.79% vs JEPQ's -20.07%.

Which ETF is better, FCVT or JEPQ?

On 3-year performance, FCVT leads with 21.35% vs 20.92% for JEPQ. On fees, JEPQ is cheaper at 0.35% per year. On volatility, JEPQ has been the lower-risk option at 1.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FCVT or JEPQ?

Over the 3-year period, FCVT has performed better with a 21.35% return vs 20.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FCVT or JEPQ?

JEPQ is cheaper with a 0.35% expense ratio, compared with 0.95% for FCVT.

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

JEPQ has the higher dividend yield at 10.07%, compared with 1.19% for FCVT.

What is the main difference between FCVT and JEPQ?

FCVT is categorized as Preferred Stock/Convertible Bonds, while JEPQ is Nasdaq-100. They also come from different issuers: First Trust and JPMorgan. Their fees differ too: 0.95% for FCVT and 0.35% for JEPQ.

Which has better risk-adjusted returns?

FCVT currently has the higher Sharpe Ratio (2.97 vs 2.49), 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.