GLDI vs. JEPQ

Last updated Jun 23, 2026

GLDI (UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - GLDI is a Gold fund tracking the Credit Suisse NASDAQ Gold FLOWS 103 Index, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. Both are passively managed. Over the past 3 years, GLDI returned 18.11%/yr vs 20.80%/yr for JEPQ. At a 0.14 correlation, their price movements are largely independent. GLDI charges 0.65%/yr vs 0.35%/yr for JEPQ.

Performance

GLDI vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 (GLDI) 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, GLDI achieves a -2.88% return, which is significantly lower than JEPQ's 10.59% return.

GLDI

• 1D: -0.50%
• 1M: -5.67%
• YTD: -2.88%
• 6M: -3.64%
• 1Y: 14.20%
• 3Y*: 18.11%
• 5Y*: 11.32%
• 10Y*: 8.00%

JEPQ

• 1D: 0.07%
• 1M: 2.89%
• YTD: 10.59%
• 6M: 10.22%
• 1Y: 29.42%
• 3Y*: 20.80%
• 5Y*: —
• 10Y*: —

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

GLDI vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GLDI UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033	-2.88%	34.25%	17.76%	8.93%	-1.60%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.59%	15.18%	24.85%	36.28%	-11.16%

Correlation

The correlation between GLDI and JEPQ is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (All Time) Calculated using the full available price history since May 4, 2022	0.14

The correlation between GLDI and JEPQ shifts across timeframes, from 0.13 (3 years) to 0.25 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GLDI vs. JEPQ — Risk / Return Rank

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

GLDI

GLDI Risk / Return Rank: 25
GLDI Sharpe Ratio Rank: 26
GLDI Sortino Ratio Rank: 22
GLDI Omega Ratio Rank: 28
GLDI Calmar Ratio Rank: 22
GLDI Martin Ratio Rank: 26

JEPQ

JEPQ Risk / Return Rank: 75
JEPQ Sharpe Ratio Rank: 75
JEPQ Sortino Ratio Rank: 70
JEPQ Omega Ratio Rank: 80
JEPQ Calmar Ratio Rank: 69
JEPQ Martin Ratio Rank: 82

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.

GLDI vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 (GLDI) 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.

	GLDI	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	0.90	2.30	-1.41
Sortino ratio: Return per unit of downside risk	1.20	3.05	-1.85
Omega ratio: Gain probability vs. loss probability	1.19	1.46	-0.27
Calmar ratio: Return relative to maximum drawdown	1.01	3.35	-2.34
Martin ratio: Return relative to average drawdown	3.38	15.94	-12.57

GLDI vs. JEPQ - Sharpe Ratio Comparison

The current GLDI Sharpe Ratio is 0.90, which is lower than the JEPQ Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of GLDI 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

GLDI vs. JEPQ - Drawdown Comparison

The maximum GLDI drawdown since its inception was -32.26%, which is greater than JEPQ's maximum drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for GLDI and JEPQ.

Drawdown Indicators

	GLDI	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-32.26%	-20.07%	-12.19%
Max Drawdown (1Y) Largest decline over 1 year	-14.14%	-8.82%	-5.32%
Max Drawdown (3Y) Largest decline over 3 years	-14.14%	-20.07%	+5.93%
Max Drawdown (5Y) Largest decline over 5 years	-14.14%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-14.94%	—	—
Current Drawdown Current decline from peak	-11.85%	0.00%	-11.85%
Average Drawdown Average peak-to-trough decline	-13.99%	-3.40%	-10.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.21%	1.85%	+2.36%

Volatility

GLDI vs. JEPQ - Volatility Comparison

UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 (GLDI) has a higher volatility of 7.07% compared to JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) at 5.68%. This indicates that GLDI'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

	GLDI	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.07%	5.68%	+1.39%
Volatility (6M) Calculated over the trailing 6-month period	14.49%	10.33%	+4.16%
Volatility (1Y) Calculated over the trailing 1-year period	15.94%	12.85%	+3.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.55%	16.75%	-5.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.53%	16.75%	-5.22%

GLDI vs. JEPQ - Expense Ratio Comparison

GLDI has a 0.65% expense ratio, which is higher than JEPQ's 0.35% expense ratio.

Dividends

GLDI vs. JEPQ - Dividend Comparison

GLDI's dividend yield for the trailing twelve months is around 26.24%, more than JEPQ's 9.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GLDI UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033	26.24%	16.15%	10.45%	10.02%	13.73%	10.65%	14.25%	7.25%	5.33%	7.77%	17.26%	10.07%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	9.97%	10.53%	9.65%	10.03%	9.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GLDI and JEPQ in my portfolio?

GLDI and JEPQ have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GLDI or JEPQ?

GLDI has higher volatility (7.07%) compared to JEPQ (5.68%). In terms of maximum drawdown, GLDI dropped -32.26% vs JEPQ's -20.07%.

Which ETF is better, GLDI or JEPQ?

On 3-year performance, JEPQ leads with 20.80% vs 18.11% for GLDI. On fees, JEPQ is cheaper at 0.35% per year. On volatility, JEPQ has been the lower-risk option at 5.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GLDI or JEPQ?

Over the 3-year period, JEPQ has performed better with a 20.80% return vs 18.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLDI or JEPQ?

JEPQ is cheaper with a 0.35% expense ratio, compared with 0.65% for GLDI.

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

GLDI has the higher dividend yield at 26.24%, compared with 9.97% for JEPQ.

What is the main difference between GLDI and JEPQ?

GLDI is categorized as Gold, while JEPQ is Nasdaq-100. GLDI tracks Credit Suisse NASDAQ Gold FLOWS 103 Index, while JEPQ tracks Nasdaq-100 Index. They also come from different issuers: UBS and JPMorgan. Their fees differ too: 0.65% for GLDI and 0.35% for JEPQ.

Which has better risk-adjusted returns?

JEPQ currently has the higher Sharpe Ratio (2.30 vs 0.90), 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.