HEQQ vs. JEPQ

Last updated Jun 4, 2026

HEQQ (JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both Nasdaq-100 funds from JPMorgan. Over the past year, HEQQ returned 17.08% vs 29.00% for JEPQ. Their correlation of 0.93 suggests significant overlap in exposure. HEQQ charges 0.50%/yr vs 0.35%/yr for JEPQ.

Performance

HEQQ vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF (HEQQ) 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, HEQQ achieves a 4.67% return, which is significantly lower than JEPQ's 9.54% return.

HEQQ

• 1D: -0.15%
• 1M: 0.96%
• YTD: 4.67%
• 6M: 4.45%
• 1Y: 17.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —

JEPQ

• 1D: -0.10%
• 1M: 4.31%
• YTD: 9.54%
• 6M: 9.75%
• 1Y: 29.00%
• 3Y*: 20.92%
• 5Y*: —
• 10Y*: —

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

HEQQ vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025
HEQQ JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF	4.67%	17.20%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	9.54%	20.56%

Correlation

The correlation between HEQQ and JEPQ is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (All Time) Calculated using the full available price history since Mar 28, 2025	0.93

The correlation between HEQQ and JEPQ has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.

HEQQ vs. JEPQ - Sectors Allocation Comparison

Sectors	HEQQ	JEPQ
Technology	53.8%	54.0%
Communication Services	15.3%	15.4%
Consumer Cyclical	12.3%	12.8%
Consumer Defensive	6.9%	7.1%
Healthcare	4.7%	4.4%
Industrials	3.0%	3.1%
Utilities	1.8%	1.3%
Basic Materials	0.7%	1.0%
Energy	0.7%	0.4%
Financial Services	0.6%	0.4%
Real Estate	0.2%	0.2%

Return for Risk

HEQQ vs. JEPQ — Risk / Return Rank

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

HEQQ

HEQQ Risk / Return Rank: 59
HEQQ Sharpe Ratio Rank: 64
HEQQ Sortino Ratio Rank: 65
HEQQ Omega Ratio Rank: 69
HEQQ Calmar Ratio Rank: 47
HEQQ Martin Ratio Rank: 53

JEPQ

JEPQ Risk / Return Rank: 74
JEPQ Sharpe Ratio Rank: 74
JEPQ Sortino Ratio Rank: 71
JEPQ Omega Ratio Rank: 80
JEPQ Calmar Ratio Rank: 65
JEPQ Martin Ratio Rank: 80

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.

HEQQ vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF (HEQQ) 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.

	HEQQ	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	2.11	2.49	-0.38
Sortino ratio: Return per unit of downside risk	2.96	3.29	-0.33
Omega ratio: Gain probability vs. loss probability	1.41	1.49	-0.08
Calmar ratio: Return relative to maximum drawdown	2.25	3.31	-1.06
Martin ratio: Return relative to average drawdown	8.86	16.22	-7.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HEQQ vs. JEPQ - Sharpe Ratio Comparison

The current HEQQ Sharpe Ratio is 2.11, which is comparable to the JEPQ Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of HEQQ 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.

Sharpe Ratios by Period

	HEQQ	JEPQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.11	2.49	-0.38
Sharpe Ratio (All Time) Calculated using the full available price history	1.74	1.00	+0.74

Drawdowns

HEQQ vs. JEPQ - Drawdown Comparison

The maximum HEQQ drawdown since its inception was -7.64%, smaller than the maximum JEPQ drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for HEQQ and JEPQ.

Drawdown Indicators

	HEQQ	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-7.64%	-20.07%	+12.43%
Max Drawdown (1Y) Largest decline over 1 year	-7.64%	-8.82%	+1.18%
Max Drawdown (3Y) Largest decline over 3 years	—	-20.07%	—
Current Drawdown Current decline from peak	-0.55%	-0.10%	-0.45%
Average Drawdown Average peak-to-trough decline	-1.11%	-3.42%	+2.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.93%	1.79%	+0.14%

Volatility

HEQQ vs. JEPQ - Volatility Comparison

JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF (HEQQ) has a higher volatility of 1.33% compared to JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) at 1.26%. This indicates that HEQQ'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

	HEQQ	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.33%	1.26%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	6.63%	9.07%	-2.44%
Volatility (1Y) Calculated over the trailing 1-year period	8.14%	11.73%	-3.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.89%	16.61%	-5.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.89%	16.61%	-5.72%

HEQQ vs. JEPQ - Expense Ratio Comparison

HEQQ has a 0.50% expense ratio, which is higher than JEPQ's 0.35% expense ratio.

Dividends

HEQQ vs. JEPQ - Dividend Comparison

HEQQ's dividend yield for the trailing twelve months is around 0.19%, less than JEPQ's 10.07% yield.

Position	TTM	2025	2024	2023	2022
HEQQ JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF	0.19%	0.19%	0.00%	0.00%	0.00%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.07%	10.53%	9.65%	10.03%	9.44%

Frequently Asked Questions

Can I hold both HEQQ and JEPQ in my portfolio?

With a correlation of 0.92, HEQQ and JEPQ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, HEQQ or JEPQ?

HEQQ has higher volatility (1.33%) compared to JEPQ (1.26%). In terms of maximum drawdown, HEQQ dropped -7.64% vs JEPQ's -20.07%.

Which ETF is better, HEQQ or JEPQ?

On 1-year performance, JEPQ leads with 29.00% vs 17.08% for HEQQ. On fees, JEPQ is cheaper at 0.35% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HEQQ or JEPQ?

Over the 1-year period, JEPQ has performed better with a 29.00% return vs 17.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HEQQ or JEPQ?

JEPQ is cheaper with a 0.35% expense ratio, compared with 0.50% for HEQQ.

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

JEPQ has the higher dividend yield at 10.07%, compared with 0.19% for HEQQ.

What is the main difference between HEQQ and JEPQ?

Their fees differ too: 0.50% for HEQQ and 0.35% for JEPQ.

Which has better risk-adjusted returns?

JEPQ currently has the higher Sharpe Ratio (2.49 vs 2.11), 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.