HYGW vs. JEPQ

Last updated Jun 20, 2026

HYGW (iShares High Yield Corporate Bond Buywrite Strategy ETF) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - HYGW is a High Yield Bonds fund tracking the Cboe HYG BuyWrite Index, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. Both are passively managed. Over the past 3 years, HYGW returned 5.70%/yr vs 20.83%/yr for JEPQ. A 0.54 correlation means they provide meaningful diversification when combined. HYGW charges 0.69%/yr vs 0.35%/yr for JEPQ.

Performance

HYGW vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) 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, HYGW achieves a 2.12% return, which is significantly lower than JEPQ's 10.52% return.

HYGW

• 1D: 0.24%
• 1M: 0.84%
• YTD: 2.12%
• 6M: 2.52%
• 1Y: 6.56%
• 3Y*: 5.70%
• 5Y*: —
• 10Y*: —

JEPQ

• 1D: 1.61%
• 1M: 3.22%
• YTD: 10.52%
• 6M: 10.65%
• 1Y: 29.09%
• 3Y*: 20.83%
• 5Y*: —
• 10Y*: —

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

HYGW vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF	2.12%	6.19%	6.99%	7.31%	-0.39%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.52%	15.18%	24.85%	36.28%	-11.72%

Correlation

The correlation between HYGW and JEPQ is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (All Time) Calculated using the full available price history since Aug 22, 2022	0.54

The correlation between HYGW and JEPQ has been stable across timeframes, ranging from 0.49 to 0.55 - a consistent structural relationship.

Return for Risk

HYGW vs. JEPQ — Risk / Return Rank

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

HYGW

HYGW Risk / Return Rank: 80
HYGW Sharpe Ratio Rank: 76
HYGW Sortino Ratio Rank: 81
HYGW Omega Ratio Rank: 86
HYGW Calmar Ratio Rank: 75
HYGW Martin Ratio Rank: 84

JEPQ

JEPQ Risk / Return Rank: 76
JEPQ Sharpe Ratio Rank: 76
JEPQ Sortino Ratio Rank: 72
JEPQ Omega Ratio Rank: 81
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.

HYGW vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) 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.

	HYGW	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	2.31	2.28	+0.03
Sortino ratio: Return per unit of downside risk	3.38	3.02	+0.36
Omega ratio: Gain probability vs. loss probability	1.49	1.45	+0.04
Calmar ratio: Return relative to maximum drawdown	3.62	3.31	+0.31
Martin ratio: Return relative to average drawdown	16.51	15.77	+0.74

HYGW vs. JEPQ - Sharpe Ratio Comparison

The current HYGW Sharpe Ratio is 2.31, which is comparable to the JEPQ Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of HYGW 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

HYGW vs. JEPQ - Drawdown Comparison

The maximum HYGW drawdown since its inception was -5.49%, smaller than the maximum JEPQ drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for HYGW and JEPQ.

Drawdown Indicators

	HYGW	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-5.49%	-20.07%	+14.58%
Max Drawdown (1Y) Largest decline over 1 year	-1.82%	-8.82%	+7.00%
Max Drawdown (3Y) Largest decline over 3 years	-3.66%	-20.07%	+16.41%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.60%	-3.40%	+2.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.40%	1.85%	-1.45%

Volatility

HYGW vs. JEPQ - Volatility Comparison

The current volatility for iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) is 0.91%, while JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) has a volatility of 5.70%. This indicates that HYGW 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.

Volatility by Period

	HYGW	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.91%	5.70%	-4.79%
Volatility (6M) Calculated over the trailing 6-month period	2.24%	10.49%	-8.25%
Volatility (1Y) Calculated over the trailing 1-year period	2.87%	12.83%	-9.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.67%	16.76%	-12.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.67%	16.76%	-12.09%

HYGW vs. JEPQ - Expense Ratio Comparison

HYGW has a 0.69% expense ratio, which is higher than JEPQ's 0.35% expense ratio.

Dividends

HYGW vs. JEPQ - Dividend Comparison

HYGW's dividend yield for the trailing twelve months is around 11.52%, more than JEPQ's 9.98% yield.

Position	TTM	2025	2024	2023	2022
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF	11.52%	12.53%	12.30%	15.98%	8.71%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	9.98%	10.53%	9.65%	10.03%	9.44%

Frequently Asked Questions

Can I hold both HYGW and JEPQ in my portfolio?

HYGW and JEPQ have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HYGW or JEPQ?

JEPQ has higher volatility (5.70%) compared to HYGW (0.91%). In terms of maximum drawdown, HYGW dropped -5.49% vs JEPQ's -20.07%.

Which ETF is better, HYGW or JEPQ?

On 3-year performance, JEPQ leads with 20.83% vs 5.70% for HYGW. On fees, JEPQ is cheaper at 0.35% per year. On volatility, HYGW has been the lower-risk option at 0.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HYGW or JEPQ?

Over the 3-year period, JEPQ has performed better with a 20.83% return vs 5.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HYGW or JEPQ?

JEPQ is cheaper with a 0.35% expense ratio, compared with 0.69% for HYGW.

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

HYGW has the higher dividend yield at 11.52%, compared with 9.98% for JEPQ.

What is the main difference between HYGW and JEPQ?

HYGW is categorized as High Yield Bonds, while JEPQ is Nasdaq-100. HYGW tracks Cboe HYG BuyWrite Index, while JEPQ tracks Nasdaq-100 Index. They also come from different issuers: iShares and JPMorgan. Their fees differ too: 0.69% for HYGW and 0.35% for JEPQ.

Which has better risk-adjusted returns?

HYGW currently has the higher Sharpe Ratio (2.31 vs 2.28), 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.