FRDM vs. JEPQ

Last updated Jun 14, 2026

FRDM (Freedom 100 Emerging Markets ETF) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - FRDM is a Emerging Markets Diversified fund tracking the Life + Liberty Freedom 100 Emerging Markets Index, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. Both are passively managed. Over the past 3 years, FRDM returned 34.29%/yr vs 19.91%/yr for JEPQ. A 0.67 correlation means they provide meaningful diversification when combined. FRDM charges 0.49%/yr vs 0.35%/yr for JEPQ.

Performance

FRDM vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Freedom 100 Emerging Markets ETF (FRDM) 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, FRDM achieves a 40.13% return, which is significantly higher than JEPQ's 7.85% return.

FRDM

• 1D: 0.49%
• 1M: 4.97%
• YTD: 40.13%
• 6M: 46.37%
• 1Y: 87.32%
• 3Y*: 34.29%
• 5Y*: 18.68%
• 10Y*: —

JEPQ

• 1D: 0.62%
• 1M: 0.68%
• YTD: 7.85%
• 6M: 8.80%
• 1Y: 26.60%
• 3Y*: 19.91%
• 5Y*: —
• 10Y*: —

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

FRDM vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FRDM Freedom 100 Emerging Markets ETF	40.13%	61.27%	1.70%	22.77%	-7.10%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	7.85%	15.18%	24.85%	36.28%	-11.16%

Correlation

The correlation between FRDM and JEPQ is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (All Time) Calculated using the full available price history since May 4, 2022	0.67

The correlation between FRDM and JEPQ has been stable across timeframes, ranging from 0.67 to 0.76 - a consistent structural relationship.

Return for Risk

FRDM vs. JEPQ — Risk / Return Rank

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

FRDM

FRDM Risk / Return Rank: 92
FRDM Sharpe Ratio Rank: 94
FRDM Sortino Ratio Rank: 90
FRDM Omega Ratio Rank: 92
FRDM Calmar Ratio Rank: 91
FRDM Martin Ratio Rank: 91

JEPQ

JEPQ Risk / Return Rank: 74
JEPQ Sharpe Ratio Rank: 73
JEPQ Sortino Ratio Rank: 69
JEPQ Omega Ratio Rank: 79
JEPQ Calmar Ratio Rank: 66
JEPQ Martin Ratio Rank: 81

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.

FRDM vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Freedom 100 Emerging Markets ETF (FRDM) 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.

	FRDM	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	3.15	2.03	+1.12
Sortino ratio: Return per unit of downside risk	3.68	2.69	+0.98
Omega ratio: Gain probability vs. loss probability	1.54	1.40	+0.14
Calmar ratio: Return relative to maximum drawdown	5.02	2.91	+2.11
Martin ratio: Return relative to average drawdown	19.36	13.84	+5.52

FRDM vs. JEPQ - Sharpe Ratio Comparison

The current FRDM Sharpe Ratio is 3.15, which is higher than the JEPQ Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of FRDM 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

FRDM vs. JEPQ - Drawdown Comparison

The maximum FRDM drawdown since its inception was -40.49%, which is greater than JEPQ's maximum drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for FRDM and JEPQ.

Drawdown Indicators

	FRDM	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-40.49%	-20.07%	-20.42%
Max Drawdown (1Y) Largest decline over 1 year	-16.87%	-8.82%	-8.05%
Max Drawdown (3Y) Largest decline over 3 years	-16.87%	-20.07%	+3.20%
Max Drawdown (5Y) Largest decline over 5 years	-29.25%	—	—
Current Drawdown Current decline from peak	-4.36%	-1.64%	-2.72%
Average Drawdown Average peak-to-trough decline	-7.09%	-3.41%	-3.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.37%	1.85%	+2.52%

Volatility

FRDM vs. JEPQ - Volatility Comparison

Freedom 100 Emerging Markets ETF (FRDM) has a higher volatility of 14.27% compared to JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) at 4.98%. This indicates that FRDM'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

	FRDM	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.27%	4.98%	+9.29%
Volatility (6M) Calculated over the trailing 6-month period	24.39%	10.22%	+14.17%
Volatility (1Y) Calculated over the trailing 1-year period	26.86%	12.61%	+14.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.35%	16.73%	+4.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.09%	16.73%	+6.36%

FRDM vs. JEPQ - Expense Ratio Comparison

FRDM has a 0.49% expense ratio, which is higher than JEPQ's 0.35% expense ratio.

Dividends

FRDM vs. JEPQ - Dividend Comparison

FRDM's dividend yield for the trailing twelve months is around 1.56%, less than JEPQ's 10.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FRDM Freedom 100 Emerging Markets ETF	1.56%	2.26%	2.53%	2.66%	2.72%	2.17%	1.11%	1.07%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.22%	10.53%	9.65%	10.03%	9.44%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FRDM and JEPQ in my portfolio?

FRDM and JEPQ have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FRDM or JEPQ?

FRDM has higher volatility (14.27%) compared to JEPQ (4.98%). In terms of maximum drawdown, FRDM dropped -40.49% vs JEPQ's -20.07%.

Which ETF is better, FRDM or JEPQ?

On 3-year performance, FRDM leads with 34.29% vs 19.91% for JEPQ. On fees, JEPQ is cheaper at 0.35% per year. On volatility, JEPQ has been the lower-risk option at 4.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FRDM or JEPQ?

Over the 3-year period, FRDM has performed better with a 34.29% return vs 19.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FRDM or JEPQ?

JEPQ is cheaper with a 0.35% expense ratio, compared with 0.49% for FRDM.

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

JEPQ has the higher dividend yield at 10.22%, compared with 1.56% for FRDM.

What is the main difference between FRDM and JEPQ?

FRDM is categorized as Emerging Markets Diversified, while JEPQ is Nasdaq-100. FRDM tracks Life + Liberty Freedom 100 Emerging Markets Index, while JEPQ tracks Nasdaq-100 Index. They also come from different issuers: Freedom Funds and JPMorgan. Their fees differ too: 0.49% for FRDM and 0.35% for JEPQ.

Which has better risk-adjusted returns?

FRDM currently has the higher Sharpe Ratio (3.15 vs 2.03), 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.