FMAG vs. JEPQ

Last updated Aug 2, 2026

FMAG (Fidelity Magellan ETF) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - FMAG is a Large Cap Growth 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 17.29%/yr vs 17.49%/yr for JEPQ. Their correlation of 0.91 means they have usually moved in the same direction. FMAG charges 0.57%/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 5.43% return, which is significantly lower than JEPQ's 6.05% return.

FMAG

• 1D: 2.40%
• 1M: 0.21%
• 6M: 4.75%
• YTD: 5.43%
• 1Y: 4.36%
• 3Y*: 17.29%
• 5Y*: 9.42%
• 10Y*: —
• ALL TIME*: 11.41%

JEPQ

• 1D: 0.57%
• 1M: -1.92%
• 6M: 3.71%
• YTD: 6.05%
• 1Y: 19.59%
• 3Y*: 17.49%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.56%

*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)
FMAG Fidelity Magellan ETF	$446.65K	$640.18K	$741.28K
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	$439.89M	$417.31M	$422.49M

FMAG vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FMAG Fidelity Magellan ETF	5.43%	10.40%	28.52%	31.25%	-8.30%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	6.05%	15.18%	24.85%	36.28%	-11.16%

Correlation

The correlation between FMAG and JEPQ is 0.90, 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.	0.90
Correlation (3Y) Balances recent behavior with more history.	0.90
Correlation (All Time) Calculated using the full available price history since May 4, 2022	0.91

The correlation between FMAG and JEPQ has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.

FMAG vs. JEPQ - Sectors Allocation Comparison

Sectors	FMAG	JEPQ
Technology	45.8%	60.6%
Industrials	15.2%	3.0%
Consumer Cyclical	11.9%	11.1%
Communication Services	10.4%	12.8%
Financial Services	7.2%	0.3%
Basic Materials	3.7%	0.9%
Healthcare	3.1%	4.0%
Utilities	2.3%	1.0%
Consumer Defensive	1.6%	5.8%
Real Estate	1.2%	0.2%
Energy	-	0.3%

Return for Risk

FMAG vs. JEPQ — Risk / Return Rank

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

FMAG

FMAG Risk / Return Rank: 14
FMAG Sharpe Ratio Rank: 14
FMAG Sortino Ratio Rank: 14
FMAG Omega Ratio Rank: 13
FMAG Calmar Ratio Rank: 14
FMAG Martin Ratio Rank: 15

JEPQ

JEPQ Risk / Return Rank: 55
JEPQ Sharpe Ratio Rank: 50
JEPQ Sortino Ratio Rank: 48
JEPQ Omega Ratio Rank: 52
JEPQ Calmar Ratio Rank: 58
JEPQ Martin Ratio Rank: 68

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.

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.

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.

	FMAG	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	0.16	1.22	-1.06
Sortino ratio: Return per unit of downside risk	0.34	1.72	-1.39
Omega ratio: Gain probability vs. loss probability	1.04	1.23	-0.19
Calmar ratio: Return relative to maximum drawdown	0.18	2.02	-1.84
Martin ratio: Return relative to average drawdown	0.61	8.30	-7.69

FMAG vs. JEPQ - Sharpe Ratio Comparison

The current FMAG Sharpe Ratio is 0.16, which is lower than the JEPQ Sharpe Ratio of 1.22. 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.

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	-3.09%	-4.23%	+1.14%
Average Drawdown Average peak-to-trough decline	-8.81%	-3.38%	-5.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.19%	2.14%	+2.05%

Volatility

FMAG vs. JEPQ - Volatility Comparison

Fidelity Magellan ETF (FMAG) and JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) have volatilities of 6.20% and 6.09%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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	6.20%	6.09%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	13.82%	12.15%	+1.67%
Volatility (1Y) Calculated over the trailing 1-year period	16.38%	14.65%	+1.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.18%	16.90%	+3.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.79%	16.90%	+2.89%

FMAG vs. JEPQ - Expense Ratio Comparison

FMAG has a 0.57% 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 10.75% 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	9.99%	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 0.90, 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 (6.20%) compared to JEPQ (6.09%). 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, JEPQ leads with 17.49% vs 17.29% for FMAG. On fees, JEPQ is cheaper at 0.35% per year. On volatility, JEPQ has been the lower-risk option at 6.09%. 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, JEPQ has performed better with a 17.49% return vs 17.29%. 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 0.57% for FMAG.

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

JEPQ has the higher dividend yield at 9.99%, compared with 0.08% for FMAG.

What is the main difference between FMAG and JEPQ?

FMAG is categorized as Large Cap Growth Equities, while JEPQ is Nasdaq-100. They also come from different issuers: Fidelity and JPMorgan. Their fees differ too: 0.57% for FMAG and 0.35% for JEPQ.

Which has better risk-adjusted returns?

JEPQ currently has the higher Sharpe Ratio (1.22 vs 0.16), 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.