INCM vs. JEPQ

Last updated Aug 4, 2026

INCM (Franklin Income Focus ETF) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - INCM is a Diversified Portfolio fund actively managed by Franklin Templeton, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. INCM is actively managed, while JEPQ is passively managed. Over the past 3 years, INCM returned 11.04%/yr vs 18.60%/yr for JEPQ. Their 0.46 correlation means their historical movements had little consistent relationship. INCM charges 0.38%/yr vs 0.35%/yr for JEPQ.

Performance

INCM vs. JEPQ - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with INCM having a 7.65% return and JEPQ slightly lower at 7.51%.

INCM

• 1D: 0.41%
• 1M: 0.81%
• 6M: 3.80%
• YTD: 7.65%
• 1Y: 14.02%
• 3Y*: 11.04%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.62%

JEPQ

• 1D: 1.38%
• 1M: -0.56%
• 6M: 4.41%
• YTD: 7.51%
• 1Y: 21.24%
• 3Y*: 18.60%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.90%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
INCM Franklin Income Focus ETF	$11.73M	$12.25M	$11.49M
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	$489.18M	$434.68M	$428.59M

INCM vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
INCM Franklin Income Focus ETF	7.65%	13.07%	6.80%	5.76%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	7.51%	15.18%	24.85%	12.71%

Correlation

The correlation between INCM and JEPQ is 0.39, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.39
Correlation (3Y) Balances recent behavior with more history.	0.46
Correlation (All Time) Calculated using the full available price history since Jun 8, 2023	0.46

Return for Risk

INCM vs. JEPQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

INCM

INCM Risk / Return Rank: 93
INCM Sharpe Ratio Rank: 93
INCM Sortino Ratio Rank: 93
INCM Omega Ratio Rank: 93
INCM Calmar Ratio Rank: 92
INCM Martin Ratio Rank: 93

JEPQ

JEPQ Risk / Return Rank: 66
JEPQ Sharpe Ratio Rank: 61
JEPQ Sortino Ratio Rank: 59
JEPQ Omega Ratio Rank: 64
JEPQ Calmar Ratio Rank: 69
JEPQ Martin Ratio Rank: 77

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

INCM vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Income Focus ETF (INCM) 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.

	INCM	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	2.57	1.46	+1.11
Sortino ratio: Return per unit of downside risk	3.64	2.04	+1.60
Omega ratio: Gain probability vs. loss probability	1.48	1.28	+0.20
Calmar ratio: Return relative to maximum drawdown	4.41	2.42	+1.99
Martin ratio: Return relative to average drawdown	17.73	9.91	+7.82

INCM vs. JEPQ - Sharpe Ratio Comparison

The current INCM Sharpe Ratio is 2.57, which is higher than the JEPQ Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of INCM 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

INCM vs. JEPQ - Drawdown Comparison

The maximum INCM drawdown since its inception was -7.84%, smaller than the maximum JEPQ drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for INCM and JEPQ.

Drawdown Indicators

	INCM	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-7.84%	-20.07%	+12.23%
Max Drawdown (1Y) Largest decline over 1 year	-3.19%	-8.82%	+5.63%
Max Drawdown (3Y) Largest decline over 3 years	-7.84%	-20.07%	+12.23%
Current Drawdown Current decline from peak	0.00%	-2.91%	+2.91%
Average Drawdown Average peak-to-trough decline	-1.07%	-3.38%	+2.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	2.15%	-1.36%

Volatility

INCM vs. JEPQ - Volatility Comparison

The current volatility for Franklin Income Focus ETF (INCM) is 1.48%, while JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) has a volatility of 6.14%. This indicates that INCM 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

	INCM	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.48%	6.14%	-4.66%
Volatility (6M) Calculated over the trailing 6-month period	4.36%	12.20%	-7.84%
Volatility (1Y) Calculated over the trailing 1-year period	5.50%	14.64%	-9.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.21%	16.90%	-9.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.21%	16.90%	-9.69%

INCM vs. JEPQ - Expense Ratio Comparison

INCM has a 0.38% expense ratio, which is higher than JEPQ's 0.35% expense ratio.

Dividends

INCM vs. JEPQ - Dividend Comparison

INCM's dividend yield for the trailing twelve months is around 5.18%, less than JEPQ's 11.18% yield.

Position	TTM	2025	2024	2023	2022
INCM Franklin Income Focus ETF	5.18%	4.96%	5.06%	3.01%	0.00%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	11.18%	10.53%	9.65%	10.03%	9.44%

Frequently Asked Questions

Can I hold both INCM and JEPQ in my portfolio?

INCM and JEPQ have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INCM or JEPQ?

JEPQ has higher volatility (6.14%) compared to INCM (1.48%). In terms of maximum drawdown, INCM dropped -7.84% vs JEPQ's -20.07%.

Which ETF is better, INCM or JEPQ?

On 3-year performance, JEPQ leads with 18.60% vs 11.04% for INCM. On fees, JEPQ is cheaper at 0.35% per year. On volatility, INCM has been the lower-risk option at 1.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INCM or JEPQ?

Over the 3-year period, JEPQ has performed better with a 18.60% return vs 11.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INCM or JEPQ?

JEPQ is cheaper with a 0.35% expense ratio, compared with 0.38% for INCM.

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

JEPQ has the higher dividend yield at 11.18%, compared with 5.18% for INCM.

What is the main difference between INCM and JEPQ?

INCM is categorized as Diversified Portfolio, while JEPQ is Nasdaq-100. They also come from different issuers: Franklin Templeton and JPMorgan. Their fees differ too: 0.38% for INCM and 0.35% for JEPQ.

Which has better risk-adjusted returns?

INCM currently has the higher Sharpe Ratio (2.57 vs 1.46), 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.