FMAG vs. JEPQ

Last updated Jun 3, 2026

FMAG (Fidelity Magellan ETF) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - FMAG is a Global Equities fund actively managed by Fidelity, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. FMAG is actively managed, while JEPQ is passively managed. Over the past 3 years, FMAG returned 21.16%/yr vs 20.96%/yr for JEPQ. Their correlation of 0.90 suggests significant overlap in exposure. FMAG charges 0.59%/yr vs 0.35%/yr for JEPQ.

Performance

FMAG vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Magellan ETF (FMAG) 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, FMAG achieves a 8.79% return, which is significantly lower than JEPQ's 9.65% return.

FMAG

• 1D: 0.19%
• 1M: 4.20%
• YTD: 8.79%
• 6M: 8.19%
• 1Y: 13.37%
• 3Y*: 21.16%
• 5Y*: 12.31%
• 10Y*: —

JEPQ

• 1D: 0.26%
• 1M: 4.36%
• YTD: 9.65%
• 6M: 10.05%
• 1Y: 29.60%
• 3Y*: 20.96%
• 5Y*: —
• 10Y*: —

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

FMAG vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FMAG Fidelity Magellan ETF	8.79%	10.40%	28.52%	31.25%	-10.71%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	9.65%	15.18%	24.85%	36.28%	-12.89%

Correlation

The correlation between FMAG and JEPQ is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (All Time) Calculated using the full available price history since May 5, 2022	0.90

The correlation between FMAG and JEPQ has been stable across timeframes, ranging from 0.86 to 0.90 - a consistent structural relationship.

FMAG vs. JEPQ - Sectors Allocation Comparison

Sectors	FMAG	JEPQ
Technology	38.9%	54.0%
Industrials	16.1%	3.1%
Financial Services	14.3%	0.4%
Consumer Cyclical	12.6%	12.8%
Communication Services	6.1%	15.4%
Healthcare	4.4%	4.4%
Basic Materials	4.3%	1.0%
Utilities	2.3%	1.3%
Consumer Defensive	1.9%	7.1%
Real Estate	1.4%	0.2%
Energy	-	0.4%

Return for Risk

FMAG vs. JEPQ — Risk / Return Rank

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

FMAG

FMAG Risk / Return Rank: 25
FMAG Sharpe Ratio Rank: 27
FMAG Sortino Ratio Rank: 26
FMAG Omega Ratio Rank: 25
FMAG Calmar Ratio Rank: 22
FMAG Martin Ratio Rank: 25

JEPQ

JEPQ Risk / Return Rank: 77
JEPQ Sharpe Ratio Rank: 77
JEPQ Sortino Ratio Rank: 73
JEPQ Omega Ratio Rank: 82
JEPQ Calmar Ratio Rank: 68
JEPQ Martin Ratio Rank: 83

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.

FMAG vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Magellan ETF (FMAG) 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.

	FMAG	JEPQ	Difference
Sharpe ratio Return per unit of total volatility	0.94	2.54	-1.59
Sortino ratio Return per unit of downside risk	1.40	3.35	-1.94
Omega ratio Gain probability vs. loss probability	1.17	1.50	-0.33
Calmar ratio Return relative to maximum drawdown	1.00	3.42	-2.42
Martin ratio Return relative to average drawdown	3.55	16.82	-13.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMAG vs. JEPQ - Sharpe Ratio Comparison

The current FMAG Sharpe Ratio is 0.94, which is lower than the JEPQ Sharpe Ratio of 2.54. The chart below compares the historical Sharpe Ratios of FMAG 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

	FMAG	JEPQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.94	2.54	-1.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	1.01	-0.38

Drawdowns

FMAG vs. JEPQ - Drawdown Comparison

The maximum FMAG drawdown since its inception was -32.93%, which is greater than JEPQ's maximum drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for FMAG and JEPQ.

Drawdown Indicators

	FMAG	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-32.93%	-20.07%	-12.86%
Max Drawdown (1Y) Largest decline over 1 year	-13.97%	-8.82%	-5.15%
Max Drawdown (3Y) Largest decline over 3 years	-20.12%	-20.07%	-0.05%
Max Drawdown (5Y) Largest decline over 5 years	-32.93%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-8.99%	-3.42%	-5.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.95%	1.79%	+2.16%

Volatility

FMAG vs. JEPQ - Volatility Comparison

Fidelity Magellan ETF (FMAG) has a higher volatility of 3.58% compared to JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) at 1.25%. This indicates that FMAG'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

	FMAG	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.58%	1.25%	+2.33%
Volatility (6M) Calculated over the trailing 6-month period	11.33%	9.07%	+2.26%
Volatility (1Y) Calculated over the trailing 1-year period	14.22%	11.73%	+2.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.85%	16.62%	+3.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.69%	16.62%	+3.07%

FMAG vs. JEPQ - Expense Ratio Comparison

FMAG has a 0.59% expense ratio, which is higher than JEPQ's 0.35% expense ratio.

Dividends

FMAG vs. JEPQ - Dividend Comparison

FMAG's dividend yield for the trailing twelve months is around 0.08%, less than JEPQ's 10.06% yield.

Position	TTM	2025	2024	2023	2022	2021
FMAG Fidelity Magellan ETF	0.08%	0.09%	0.15%	0.34%	0.23%	0.03%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.06%	10.53%	9.65%	10.03%	9.44%	0.00%

Frequently Asked Questions

Can I hold both FMAG and JEPQ in my portfolio?

FMAG and JEPQ have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMAG or JEPQ?

FMAG has higher volatility (3.58%) compared to JEPQ (1.25%). In terms of maximum drawdown, FMAG dropped -32.93% vs JEPQ's -20.07%.

Which ETF is better, FMAG or JEPQ?

On 3-year performance, FMAG leads with 21.16% vs 20.96% for JEPQ. On fees, JEPQ is cheaper at 0.35% per year. On volatility, JEPQ has been the lower-risk option at 1.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMAG or JEPQ?

Over the 3-year period, FMAG has performed better with a 21.16% return vs 20.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMAG or JEPQ?

JEPQ is cheaper with a 0.35% expense ratio, compared with 0.59% for FMAG.

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

JEPQ has the higher dividend yield at 10.06%, compared with 0.08% for FMAG.

What is the main difference between FMAG and JEPQ?

FMAG is categorized as Global Equities, while JEPQ is Nasdaq-100. They also come from different issuers: Fidelity and JPMorgan. Their fees differ too: 0.59% for FMAG and 0.35% for JEPQ.

Which has better risk-adjusted returns?

JEPQ currently has the higher Sharpe Ratio (2.54 vs 0.94), 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.