FDVV vs. JEPQ

Last updated Jun 4, 2026

FDVV (Fidelity High Dividend ETF) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - FDVV is a Large Cap Blend Equities fund tracking the Fidelity Core Dividend Index, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. Both are passively managed. Over the past 3 years, FDVV returned 20.08%/yr vs 20.92%/yr for JEPQ. A 0.74 correlation means they provide meaningful diversification when combined. FDVV charges 0.29%/yr vs 0.35%/yr for JEPQ.

Performance

FDVV vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity High Dividend ETF (FDVV) 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, FDVV achieves a 8.39% return, which is significantly lower than JEPQ's 9.54% return.

FDVV

• 1D: -1.12%
• 1M: 4.44%
• YTD: 8.39%
• 6M: 8.67%
• 1Y: 23.45%
• 3Y*: 20.08%
• 5Y*: 13.36%
• 10Y*: —

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)

FDVV vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FDVV Fidelity High Dividend ETF	8.39%	17.08%	21.81%	18.00%	-5.85%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	9.54%	15.18%	24.85%	36.28%	-12.89%

Correlation

The correlation between FDVV and JEPQ is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (All Time) Calculated using the full available price history since May 5, 2022	0.74

The correlation between FDVV and JEPQ has been stable across timeframes, ranging from 0.65 to 0.74 - a consistent structural relationship.

FDVV vs. JEPQ - Sectors Allocation Comparison

Sectors	FDVV	JEPQ
Technology	29.1%	54.0%
Financial Services	17.0%	0.4%
Consumer Cyclical	13.6%	12.8%
Consumer Defensive	11.0%	7.1%
Real Estate	10.1%	0.2%
Utilities	8.7%	1.3%
Communication Services	3.7%	15.4%
Industrials	3.4%	3.1%
Healthcare	3.1%	4.4%
Basic Materials	-	1.0%
Energy	-	0.4%

Return for Risk

FDVV vs. JEPQ — Risk / Return Rank

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

FDVV

FDVV Risk / Return Rank: 64
FDVV Sharpe Ratio Rank: 70
FDVV Sortino Ratio Rank: 71
FDVV Omega Ratio Rank: 71
FDVV Calmar Ratio Rank: 50
FDVV Martin Ratio Rank: 58

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.

FDVV vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity High Dividend ETF (FDVV) 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.

	FDVV	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	2.35	2.49	-0.14
Sortino ratio: Return per unit of downside risk	3.28	3.29	-0.01
Omega ratio: Gain probability vs. loss probability	1.43	1.49	-0.06
Calmar ratio: Return relative to maximum drawdown	2.53	3.31	-0.77
Martin ratio: Return relative to average drawdown	10.54	16.22	-5.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FDVV vs. JEPQ - Sharpe Ratio Comparison

The current FDVV Sharpe Ratio is 2.35, which is comparable to the JEPQ Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of FDVV 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

	FDVV	JEPQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.35	2.49	-0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.91	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	1.00	-0.21

Drawdowns

FDVV vs. JEPQ - Drawdown Comparison

The maximum FDVV drawdown since its inception was -40.25%, which is greater than JEPQ's maximum drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for FDVV and JEPQ.

Drawdown Indicators

	FDVV	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-40.25%	-20.07%	-20.18%
Max Drawdown (1Y) Largest decline over 1 year	-9.30%	-8.82%	-0.48%
Max Drawdown (3Y) Largest decline over 3 years	-15.90%	-20.07%	+4.17%
Max Drawdown (5Y) Largest decline over 5 years	-20.18%	—	—
Current Drawdown Current decline from peak	-1.12%	-0.10%	-1.02%
Average Drawdown Average peak-to-trough decline	-3.81%	-3.42%	-0.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.23%	1.79%	+0.44%

Volatility

FDVV vs. JEPQ - Volatility Comparison

Fidelity High Dividend ETF (FDVV) has a higher volatility of 3.14% compared to JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) at 1.26%. This indicates that FDVV'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

	FDVV	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.14%	1.26%	+1.88%
Volatility (6M) Calculated over the trailing 6-month period	7.99%	9.07%	-1.08%
Volatility (1Y) Calculated over the trailing 1-year period	10.06%	11.73%	-1.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.75%	16.61%	-1.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.00%	16.61%	+0.39%

FDVV vs. JEPQ - Expense Ratio Comparison

FDVV has a 0.29% expense ratio, which is lower than JEPQ's 0.35% expense ratio.

Dividends

FDVV vs. JEPQ - Dividend Comparison

FDVV's dividend yield for the trailing twelve months is around 2.72%, less than JEPQ's 10.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FDVV Fidelity High Dividend ETF	2.72%	2.89%	2.94%	3.77%	3.44%	2.70%	3.19%	3.93%	4.05%	3.66%	1.04%
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%

Frequently Asked Questions

Can I hold both FDVV and JEPQ in my portfolio?

FDVV and JEPQ have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FDVV or JEPQ?

FDVV has higher volatility (3.14%) compared to JEPQ (1.26%). In terms of maximum drawdown, FDVV dropped -40.25% vs JEPQ's -20.07%.

Which ETF is better, FDVV or JEPQ?

On 3-year performance, JEPQ leads with 20.92% vs 20.08% for FDVV. On fees, FDVV is cheaper at 0.29% 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, FDVV or JEPQ?

Over the 3-year period, JEPQ has performed better with a 20.92% return vs 20.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDVV or JEPQ?

FDVV is cheaper with a 0.29% expense ratio, compared with 0.35% for JEPQ.

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

JEPQ has the higher dividend yield at 10.07%, compared with 2.72% for FDVV.

What is the main difference between FDVV and JEPQ?

FDVV is categorized as Large Cap Blend Equities, while JEPQ is Nasdaq-100. FDVV tracks Fidelity Core Dividend Index, while JEPQ tracks Nasdaq-100 Index. They also come from different issuers: Fidelity and JPMorgan. Their fees differ too: 0.29% for FDVV and 0.35% for JEPQ.

Which has better risk-adjusted returns?

JEPQ currently has the higher Sharpe Ratio (2.49 vs 2.35), 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.