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HEFA vs. JEPQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HEFA vs. JEPQ

Last updated Jul 26, 2026
Documentation

HEFA (iShares Currency Hedged MSCI EAFE ETF) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - HEFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE 100% Hedged to USD Index, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. Both are passively managed. Over the past 3 years, HEFA returned 18.91%/yr vs 17.64%/yr for JEPQ. Their 0.69 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.35% expense ratio.

Performance

HEFA vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Currency Hedged MSCI EAFE ETF (HEFA) and JPMorgan Nasdaq Equity Premium Income ETF (JEPQ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, HEFA achieves a 13.57% return, which is significantly higher than JEPQ's 5.52% return.

HEFA

1D
0.51%
1M
0.73%
6M
10.08%
YTD
13.57%
1Y
26.09%
3Y*
18.91%
5Y*
13.96%
10Y*
12.70%
ALL TIME*
10.79%

JEPQ

1D
-0.97%
1M
-2.60%
6M
3.56%
YTD
5.52%
1Y
17.19%
3Y*
17.64%
5Y*
—
10Y*
—
ALL TIME*
15.50%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

HEFA

iShares Currency Hedged MSCI EAFE ETF
$39.23M$30.73M$26.09M

JEPQ

JPMorgan Nasdaq Equity Premium Income ETF
$411.15M$392.07M$419.06M

HEFA vs. JEPQ - Yearly Performance Comparison

2026 (YTD)2025202420232022
HEFA
iShares Currency Hedged MSCI EAFE ETF		13.57%24.58%13.71%20.33%-0.11%
JEPQ
JPMorgan Nasdaq Equity Premium Income ETF		5.52%15.18%24.85%36.28%-11.16%

Correlation

The correlation between HEFA and JEPQ is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.67

Correlation (3Y)
Balances recent behavior with more history.

0.65

Correlation (All Time)
Calculated using the full available price history since May 4, 2022

0.69

The correlation between HEFA and JEPQ has been stable across timeframes, ranging from 0.65 to 0.69 - a consistent structural relationship.

HEFA vs. JEPQ - Sectors Allocation Comparison

Sectors
HEFA
JEPQ

Financial Services

25.9%
0.3%

Industrials

18.9%
3.0%

Technology

12.0%
60.6%

Healthcare

10.4%
4.0%

Consumer Cyclical

7.2%
11.1%

Consumer Defensive

6.8%
5.8%

Basic Materials

5.9%
0.9%

Energy

3.7%
0.3%

Utilities

3.7%
1.0%

Communication Services

3.5%
12.8%

Real Estate

1.7%
0.2%

Financial Services

HEFA
25.9%
JEPQ
0.3%

Industrials

HEFA
18.9%
JEPQ
3.0%

Technology

HEFA
12.0%
JEPQ
60.6%

Healthcare

HEFA
10.4%
JEPQ
4.0%

Consumer Cyclical

HEFA
7.2%
JEPQ
11.1%

Consumer Defensive

HEFA
6.8%
JEPQ
5.8%

Basic Materials

HEFA
5.9%
JEPQ
0.9%

Energy

HEFA
3.7%
JEPQ
0.3%

Utilities

HEFA
3.7%
JEPQ
1.0%

Communication Services

HEFA
3.5%
JEPQ
12.8%

Real Estate

HEFA
1.7%
JEPQ
0.2%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Currency Hedged MSCI EAFE ETF

JPMorgan Nasdaq Equity Premium Income ETF

Often compared with HEFA:
HEFA vs. DBEFHEFA vs. HAWXHEFA vs. FNDFHEFA vs. HSCZHEFA vs. IDMOHEFA vs. HEWJHEFA vs. HEZU
Often compared with JEPQ:
JEPQ vs. JEPIJEPQ vs. QQQIJEPQ vs. QQQJEPQ vs. SCHDJEPQ vs. QYLDJEPQ vs. GPIQJEPQ vs. SPYI

Return for Risk

HEFA vs. JEPQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HEFA
HEFA Risk / Return Rank: 8383
Overall Rank
HEFA Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
HEFA Sortino Ratio Rank: 8686
Sortino Ratio Rank
HEFA Omega Ratio Rank: 8686
Omega Ratio Rank
HEFA Calmar Ratio Rank: 7676
Calmar Ratio Rank
HEFA Martin Ratio Rank: 8383
Martin Ratio Rank
JEPQ
JEPQ Risk / Return Rank: 5656
Overall Rank
JEPQ Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
JEPQ Sortino Ratio Rank: 4848
Sortino Ratio Rank
JEPQ Omega Ratio Rank: 5353
Omega Ratio Rank
JEPQ Calmar Ratio Rank: 5757
Calmar Ratio Rank
JEPQ Martin Ratio Rank: 7070
Martin Ratio Rank
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.

HEFA vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Currency Hedged MSCI EAFE ETF (HEFA) 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.

HEFAJEPQDifference
Sharpe ratioReturn per unit of total volatility
2.03
1.23

+0.80

Sortino ratioReturn per unit of downside risk
2.81
1.72

+1.09

Omega ratioGain probability vs. loss probability

1.37

1.23

+0.14

Calmar ratioReturn relative to maximum drawdown

2.77

1.97

+0.80

Martin ratioReturn relative to average drawdown

11.52

8.72

+2.80

HEFA vs. JEPQ - Sharpe Ratio Comparison

The current HEFA Sharpe Ratio is 2.03, which is higher than the JEPQ Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of HEFA 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.

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Drawdowns

HEFA vs. JEPQ - Drawdown Comparison

The maximum HEFA drawdown since its inception was -32.39%, which is greater than JEPQ's maximum drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for HEFA and JEPQ.

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Drawdown Indicators

HEFAJEPQDifference

Max Drawdown

Largest peak-to-trough decline

-32.39%

-20.07%

-12.32%

Max Drawdown (1Y)

Largest decline over 1 year

-9.52%

-8.82%

-0.70%

Max Drawdown (3Y)

Largest decline over 3 years

-14.28%

-20.07%

+5.79%

Max Drawdown (5Y)

Largest decline over 5 years

-14.79%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-32.39%

—

—

Current Drawdown

Current decline from peak

-1.12%

-4.71%

+3.59%

Average Drawdown

Average peak-to-trough decline

-4.13%

-3.37%

-0.76%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.29%

1.99%

+0.30%

Volatility

HEFA vs. JEPQ - Volatility Comparison

The current volatility for iShares Currency Hedged MSCI EAFE ETF (HEFA) is 3.21%, while JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) has a volatility of 5.63%. This indicates that HEFA experiences smaller price fluctuations and is considered to be less risky than JEPQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HEFAJEPQDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.21%

5.63%

-2.42%

Volatility (6M)

Calculated over the trailing 6-month period

10.72%

11.56%

-0.84%

Volatility (1Y)

Calculated over the trailing 1-year period

13.05%

14.13%

-1.08%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.82%

16.84%

-3.02%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.66%

16.84%

-1.18%

HEFA vs. JEPQ - Expense Ratio Comparison

Both HEFA and JEPQ have an expense ratio of 0.35%.

Dividends

HEFA vs. JEPQ - Dividend Comparison

HEFA's dividend yield for the trailing twelve months is around 4.04%, less than JEPQ's 10.80% yield.

PositionTTM20252024202320222021202020192018201720162015
HEFA
iShares Currency Hedged MSCI EAFE ETF		4.04%4.40%3.09%3.02%25.14%3.06%2.10%7.56%4.58%2.55%3.17%3.54%
JEPQ
JPMorgan Nasdaq Equity Premium Income ETF		10.80%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

HEFA and JEPQ have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

JEPQ has higher volatility (5.63%) compared to HEFA (3.21%). In terms of maximum drawdown, HEFA dropped -32.39% vs JEPQ's -20.07%.

On 3-year performance, HEFA leads with 18.91% vs 17.64% for JEPQ. Both ETFs have the same 0.35% expense ratio. On volatility, HEFA has been the lower-risk option at 3.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 3-year period, HEFA has performed better with a 18.91% return vs 17.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

HEFA and JEPQ have the same expense ratio: 0.35% per year.

JEPQ has the higher dividend yield at 10.80%, compared with 4.04% for HEFA.

HEFA is categorized as Foreign Large Cap Equities, while JEPQ is Nasdaq-100. HEFA tracks MSCI EAFE 100% Hedged to USD Index, while JEPQ tracks Nasdaq-100 Index. They also come from different issuers: iShares and JPMorgan.

HEFA currently has the higher Sharpe Ratio (2.03 vs 1.23), 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.

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