FFEB vs. JHEQX

Last updated Aug 2, 2026

FFEB (FT Vest U.S. Equity Buffer ETF - February) and JHEQX (JPMorgan Hedged Equity Fund Class I) are both funds - FFEB is a Defined Outcome fund actively managed by FT Vest, while JHEQX is a Equity Hedged fund managed by JPMorgan. Over the past 5 years, FFEB returned 10.76%/yr vs 6.67%/yr for JHEQX. Their correlation of 0.89 means they have usually moved in the same direction. FFEB charges 0.85%/yr vs 0.58%/yr for JHEQX.

Performance

FFEB vs. JHEQX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Buffer ETF - February (FFEB) and JPMorgan Hedged Equity Fund Class I (JHEQX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FFEB achieves a 8.35% return, which is significantly higher than JHEQX's -1.20% return.

FFEB

• 1D: 0.34%
• 1M: 0.56%
• 6M: 7.27%
• YTD: 8.35%
• 1Y: 16.42%
• 3Y*: 14.78%
• 5Y*: 10.76%
• 10Y*: —
• ALL TIME*: 11.62%

JHEQX

• 1D: 1.25%
• 1M: 0.55%
• 6M: -1.95%
• YTD: -1.20%
• 1Y: 5.34%
• 3Y*: 8.05%
• 5Y*: 6.67%
• 10Y*: 8.75%
• ALL TIME*: 7.89%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FFEB FT Vest U.S. Equity Buffer ETF - February	$887.78K	$775.79K	$1.73M
JHEQX JPMorgan Hedged Equity Fund Class I	$0.00	$0.00	$0.00

FFEB vs. JHEQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FFEB FT Vest U.S. Equity Buffer ETF - February	8.35%	13.76%	16.64%	19.95%	-7.51%	16.26%	9.36%
JHEQX JPMorgan Hedged Equity Fund Class I	-1.20%	7.49%	18.23%	16.07%	-8.05%	13.43%	11.17%

Correlation

The correlation between FFEB and JHEQX is 0.82, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.82
Correlation (3Y) Balances recent behavior with more history.	0.88
Correlation (5Y) Shows whether the relationship held over a longer period.	0.90
Correlation (All Time) Calculated using the full available price history since Feb 24, 2020	0.89

The correlation between FFEB and JHEQX has been stable across timeframes, ranging from 0.82 to 0.90 - a consistent structural relationship.

Return for Risk

FFEB vs. JHEQX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FFEB

FFEB Risk / Return Rank: 86
FFEB Sharpe Ratio Rank: 87
FFEB Sortino Ratio Rank: 88
FFEB Omega Ratio Rank: 89
FFEB Calmar Ratio Rank: 76
FFEB Martin Ratio Rank: 89

JHEQX

JHEQX Risk / Return Rank: 16
JHEQX Sharpe Ratio Rank: 17
JHEQX Sortino Ratio Rank: 16
JHEQX Omega Ratio Rank: 18
JHEQX Calmar Ratio Rank: 13
JHEQX Martin Ratio Rank: 14

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FFEB vs. JHEQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Buffer ETF - February (FFEB) and JPMorgan Hedged Equity Fund Class I (JHEQX). 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.

	FFEB	JHEQX	Difference
Sharpe ratio: Return per unit of total volatility	2.11	0.62	+1.49
Sortino ratio: Return per unit of downside risk	3.03	0.89	+2.13
Omega ratio: Gain probability vs. loss probability	1.41	1.12	+0.29
Calmar ratio: Return relative to maximum drawdown	2.70	0.59	+2.11
Martin ratio: Return relative to average drawdown	13.94	1.78	+12.16

FFEB vs. JHEQX - Sharpe Ratio Comparison

The current FFEB Sharpe Ratio is 2.11, which is higher than the JHEQX Sharpe Ratio of 0.62. The chart below compares the historical Sharpe Ratios of FFEB and JHEQX, 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

FFEB vs. JHEQX - Drawdown Comparison

The maximum FFEB drawdown since its inception was -23.14%, which is greater than JHEQX's maximum drawdown of -18.85%. Use the drawdown chart below to compare losses from any high point for FFEB and JHEQX.

Drawdown Indicators

	FFEB	JHEQX	Difference
Max Drawdown Largest peak-to-trough decline	-23.14%	-18.85%	-4.29%
Max Drawdown (1Y) Largest decline over 1 year	-5.73%	-6.88%	+1.15%
Max Drawdown (3Y) Largest decline over 3 years	-11.89%	-13.07%	+1.18%
Max Drawdown (5Y) Largest decline over 5 years	-13.85%	-14.34%	+0.49%
Max Drawdown (10Y) Largest decline over 10 years	—	-18.85%	—
Current Drawdown Current decline from peak	-0.18%	-2.50%	+2.32%
Average Drawdown Average peak-to-trough decline	-2.38%	-2.19%	-0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.11%	2.28%	-1.17%

Volatility

FFEB vs. JHEQX - Volatility Comparison

The current volatility for FT Vest U.S. Equity Buffer ETF - February (FFEB) is 1.80%, while JPMorgan Hedged Equity Fund Class I (JHEQX) has a volatility of 2.23%. This indicates that FFEB experiences smaller price fluctuations and is considered to be less risky than JHEQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FFEB	JHEQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.80%	2.23%	-0.43%
Volatility (6M) Calculated over the trailing 6-month period	5.98%	4.50%	+1.48%
Volatility (1Y) Calculated over the trailing 1-year period	7.34%	6.57%	+0.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.82%	8.89%	+1.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.62%	9.28%	+4.34%

FFEB vs. JHEQX - Expense Ratio Comparison

FFEB has a 0.85% expense ratio, which is higher than JHEQX's 0.58% expense ratio.

Dividends

FFEB vs. JHEQX - Dividend Comparison

FFEB has not paid dividends to shareholders, while JHEQX's dividend yield for the trailing twelve months is around 0.56%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFEB FT Vest U.S. Equity Buffer ETF - February	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
JHEQX JPMorgan Hedged Equity Fund Class I	0.56%	0.65%	0.75%	0.98%	0.99%	0.71%	1.11%	1.11%	1.13%	0.99%	1.35%	1.21%

Frequently Asked Questions

Can I hold both FFEB and JHEQX in my portfolio?

FFEB and JHEQX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FFEB or JHEQX?

JHEQX has higher volatility (2.23%) compared to FFEB (1.80%). In terms of maximum drawdown, FFEB dropped -23.14% vs JHEQX's -18.85%.

Which has better risk-adjusted returns?

FFEB currently has the higher Sharpe Ratio (2.11 vs 0.62), 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.