FIDLX vs. JEPQ

Last updated Jun 4, 2026

FIDLX (Fidelity Advisor Large Cap Fund Class Z) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both funds - FIDLX is a Large Cap Value Equities fund managed by Fidelity, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. Over the past 3 years, FIDLX returned 19.21%/yr vs 20.92%/yr for JEPQ. A 0.77 correlation means they provide meaningful diversification when combined. FIDLX charges 0.42%/yr vs 0.35%/yr for JEPQ.

Performance

FIDLX vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Large Cap Fund Class Z (FIDLX) 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, FIDLX achieves a 0.02% return, which is significantly lower than JEPQ's 9.54% return.

FIDLX

• 1D: 0.00%
• 1M: 0.02%
• YTD: 0.02%
• 6M: 0.02%
• 1Y: 12.15%
• 3Y*: 19.21%
• 5Y*: 12.51%
• 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)

FIDLX vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FIDLX Fidelity Advisor Large Cap Fund Class Z	0.02%	19.77%	26.52%	23.65%	-4.82%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	9.54%	15.18%	24.85%	36.28%	-12.89%

Correlation

The correlation between FIDLX and JEPQ is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (All Time) Calculated using the full available price history since May 5, 2022	0.77

Over the past year, the correlation between FIDLX and JEPQ has dropped to 0.49 - well below their long-term average of 0.77, suggesting their price drivers have been diverging.

Return for Risk

FIDLX vs. JEPQ — Risk / Return Rank

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

FIDLX

FIDLX Risk / Return Rank: 45
FIDLX Sharpe Ratio Rank: 39
FIDLX Sortino Ratio Rank: 38
FIDLX Omega Ratio Rank: 74
FIDLX Calmar Ratio Rank: 58
FIDLX Martin Ratio Rank: 18

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.

FIDLX vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Large Cap Fund Class Z (FIDLX) 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.

	FIDLX	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	1.82	2.49	-0.67
Sortino ratio: Return per unit of downside risk	2.55	3.29	-0.73
Omega ratio: Gain probability vs. loss probability	1.49	1.49	0.00
Calmar ratio: Return relative to maximum drawdown	2.91	3.31	-0.39
Martin ratio: Return relative to average drawdown	4.96	16.22	-11.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIDLX vs. JEPQ - Sharpe Ratio Comparison

The current FIDLX Sharpe Ratio is 1.82, which is comparable to the JEPQ Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of FIDLX 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

	FIDLX	JEPQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.82	2.49	-0.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	1.00	-0.28

Drawdowns

FIDLX vs. JEPQ - Drawdown Comparison

The maximum FIDLX drawdown since its inception was -37.51%, which is greater than JEPQ's maximum drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for FIDLX and JEPQ.

Drawdown Indicators

	FIDLX	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-37.51%	-20.07%	-17.44%
Max Drawdown (1Y) Largest decline over 1 year	-5.03%	-8.82%	+3.79%
Max Drawdown (3Y) Largest decline over 3 years	-18.86%	-20.07%	+1.21%
Max Drawdown (5Y) Largest decline over 5 years	-21.42%	—	—
Current Drawdown Current decline from peak	-4.15%	-0.10%	-4.05%
Average Drawdown Average peak-to-trough decline	-4.54%	-3.42%	-1.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.78%	1.79%	+0.99%

Volatility

FIDLX vs. JEPQ - Volatility Comparison

The current volatility for Fidelity Advisor Large Cap Fund Class Z (FIDLX) is 0.02%, while JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) has a volatility of 1.26%. This indicates that FIDLX 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

	FIDLX	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.02%	1.26%	-1.24%
Volatility (6M) Calculated over the trailing 6-month period	4.22%	9.07%	-4.85%
Volatility (1Y) Calculated over the trailing 1-year period	8.08%	11.73%	-3.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.43%	16.61%	-0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.92%	16.61%	+2.31%

FIDLX vs. JEPQ - Expense Ratio Comparison

FIDLX has a 0.42% expense ratio, which is higher than JEPQ's 0.35% expense ratio.

Dividends

FIDLX vs. JEPQ - Dividend Comparison

FIDLX's dividend yield for the trailing twelve months is around 5.87%, less than JEPQ's 10.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIDLX Fidelity Advisor Large Cap Fund Class Z	5.87%	5.87%	6.23%	3.56%	2.42%	6.64%	5.53%	8.55%	17.01%	6.13%
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%

Frequently Asked Questions

Can I hold both FIDLX and JEPQ in my portfolio?

FIDLX and JEPQ have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIDLX or JEPQ?

JEPQ has higher volatility (1.26%) compared to FIDLX (0.02%). In terms of maximum drawdown, FIDLX dropped -37.51% vs JEPQ's -20.07%.

Which has better risk-adjusted returns?

JEPQ currently has the higher Sharpe Ratio (2.49 vs 1.82), 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.