GCPYX vs. JHQTX

Last updated Jun 25, 2026

GCPYX (Gateway Equity Call Premium Fund) and JHQTX (JPMorgan Hedged Equity 3 Fund) are both Options Trading funds. Over the past 5 years, GCPYX returned 9.21%/yr vs 6.91%/yr for JHQTX. Their correlation of 0.85 suggests significant overlap in exposure. GCPYX charges 0.68%/yr vs 0.60%/yr for JHQTX.

Performance

GCPYX vs. JHQTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gateway Equity Call Premium Fund (GCPYX) and JPMorgan Hedged Equity 3 Fund (JHQTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GCPYX achieves a 4.26% return, which is significantly higher than JHQTX's 1.29% return.

GCPYX

• 1D: -1.15%
• 1M: -0.13%
• YTD: 4.26%
• 6M: 3.74%
• 1Y: 16.67%
• 3Y*: 13.57%
• 5Y*: 9.21%
• 10Y*: 9.55%

JHQTX

• 1D: -0.93%
• 1M: -1.67%
• YTD: 1.29%
• 6M: 0.52%
• 1Y: 9.59%
• 3Y*: 11.77%
• 5Y*: 6.91%
• 10Y*: —

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

GCPYX vs. JHQTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GCPYX Gateway Equity Call Premium Fund	4.26%	12.59%	18.15%	17.59%	-11.48%	17.43%
JHQTX JPMorgan Hedged Equity 3 Fund	1.29%	9.32%	16.76%	18.60%	-14.49%	13.16%

Correlation

The correlation between GCPYX and JHQTX is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (All Time) Calculated using the full available price history since Feb 26, 2021	0.85

The correlation between GCPYX and JHQTX shifts across timeframes, from 0.74 (1 year) to 0.85 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GCPYX vs. JHQTX — Risk / Return Rank

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

GCPYX

GCPYX Risk / Return Rank: 76
GCPYX Sharpe Ratio Rank: 73
GCPYX Sortino Ratio Rank: 74
GCPYX Omega Ratio Rank: 78
GCPYX Calmar Ratio Rank: 68
GCPYX Martin Ratio Rank: 88

JHQTX

JHQTX Risk / Return Rank: 35
JHQTX Sharpe Ratio Rank: 33
JHQTX Sortino Ratio Rank: 32
JHQTX Omega Ratio Rank: 39
JHQTX Calmar Ratio Rank: 29
JHQTX Martin Ratio Rank: 40

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.

GCPYX vs. JHQTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gateway Equity Call Premium Fund (GCPYX) and JPMorgan Hedged Equity 3 Fund (JHQTX). 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.

	GCPYX	JHQTX	Difference
Sharpe ratio: Return per unit of total volatility	2.24	1.45	+0.79
Sortino ratio: Return per unit of downside risk	3.22	2.06	+1.17
Omega ratio: Gain probability vs. loss probability	1.45	1.30	+0.15
Calmar ratio: Return relative to maximum drawdown	2.96	1.78	+1.19
Martin ratio: Return relative to average drawdown	15.32	7.83	+7.49

GCPYX vs. JHQTX - Sharpe Ratio Comparison

The current GCPYX Sharpe Ratio is 2.24, which is higher than the JHQTX Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of GCPYX and JHQTX, 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

GCPYX vs. JHQTX - Drawdown Comparison

The maximum GCPYX drawdown since its inception was -25.24%, which is greater than JHQTX's maximum drawdown of -18.72%. Use the drawdown chart below to compare losses from any high point for GCPYX and JHQTX.

Drawdown Indicators

	GCPYX	JHQTX	Difference
Max Drawdown Largest peak-to-trough decline	-25.24%	-18.72%	-6.52%
Max Drawdown (1Y) Largest decline over 1 year	-7.02%	-5.78%	-1.24%
Max Drawdown (3Y) Largest decline over 3 years	-15.49%	-11.37%	-4.12%
Max Drawdown (5Y) Largest decline over 5 years	-18.33%	-18.72%	+0.39%
Max Drawdown (10Y) Largest decline over 10 years	-25.24%	—	—
Current Drawdown Current decline from peak	-1.23%	-1.98%	+0.75%
Average Drawdown Average peak-to-trough decline	-2.81%	-4.10%	+1.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.25%	1.31%	-0.06%

Volatility

GCPYX vs. JHQTX - Volatility Comparison

Gateway Equity Call Premium Fund (GCPYX) has a higher volatility of 3.24% compared to JPMorgan Hedged Equity 3 Fund (JHQTX) at 2.88%. This indicates that GCPYX's price experiences larger fluctuations and is considered to be riskier than JHQTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GCPYX	JHQTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.24%	2.88%	+0.36%
Volatility (6M) Calculated over the trailing 6-month period	7.28%	5.94%	+1.34%
Volatility (1Y) Calculated over the trailing 1-year period	9.29%	7.09%	+2.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.34%	9.79%	+2.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.48%	9.58%	+2.90%

GCPYX vs. JHQTX - Expense Ratio Comparison

GCPYX has a 0.68% expense ratio, which is higher than JHQTX's 0.60% expense ratio.

Dividends

GCPYX vs. JHQTX - Dividend Comparison

GCPYX's dividend yield for the trailing twelve months is around 0.42%, less than JHQTX's 0.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GCPYX Gateway Equity Call Premium Fund	0.42%	0.44%	0.73%	0.92%	0.96%	0.47%	0.82%	1.07%	1.12%	1.03%	1.15%	1.47%
JHQTX JPMorgan Hedged Equity 3 Fund	0.49%	0.50%	0.70%	0.94%	1.99%	0.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GCPYX and JHQTX in my portfolio?

GCPYX and JHQTX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GCPYX or JHQTX?

GCPYX has higher volatility (3.24%) compared to JHQTX (2.88%). In terms of maximum drawdown, GCPYX dropped -25.24% vs JHQTX's -18.72%.

Which has better risk-adjusted returns?

GCPYX currently has the higher Sharpe Ratio (2.24 vs 1.45), 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.