IWMI vs. JEPQ

Last updated Jun 4, 2026

IWMI (NEOS Russell 2000 High Income ETF) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - IWMI is a Derivative Income fund actively managed by Neos, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. IWMI is actively managed, while JEPQ is passively managed. Over the past year, IWMI returned 34.38% vs 29.00% for JEPQ. A 0.70 correlation means they provide meaningful diversification when combined. IWMI charges 0.68%/yr vs 0.35%/yr for JEPQ.

Performance

IWMI vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS Russell 2000 High Income ETF (IWMI) 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, IWMI achieves a 13.36% return, which is significantly higher than JEPQ's 9.54% return.

IWMI

• 1D: -1.02%
• 1M: 3.18%
• YTD: 13.36%
• 6M: 13.24%
• 1Y: 34.38%
• 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)

IWMI vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IWMI NEOS Russell 2000 High Income ETF	13.36%	14.97%	6.61%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	9.54%	15.18%	8.42%

Correlation

The correlation between IWMI and JEPQ is 0.70, 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	0.70
Correlation (All Time) Calculated using the full available price history since Jun 26, 2024	0.70

The correlation between IWMI and JEPQ has been stable across timeframes, ranging from 0.70 to 0.70 - a consistent structural relationship.

IWMI vs. JEPQ - Sectors Allocation Comparison

Sectors	IWMI	JEPQ
Healthcare	17.9%	4.4%
Industrials	16.6%	3.1%
Financial Services	16.0%	0.4%
Technology	15.1%	54.0%
Consumer Cyclical	8.6%	12.8%
Energy	6.5%	0.4%
Real Estate	6.3%	0.2%
Basic Materials	5.0%	1.0%
Utilities	3.1%	1.3%
Consumer Defensive	2.6%	7.1%
Communication Services	2.4%	15.4%

Return for Risk

IWMI vs. JEPQ — Risk / Return Rank

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

IWMI

IWMI Risk / Return Rank: 73
IWMI Sharpe Ratio Rank: 69
IWMI Sortino Ratio Rank: 69
IWMI Omega Ratio Rank: 66
IWMI Calmar Ratio Rank: 79
IWMI Martin Ratio Rank: 83

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.

IWMI vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Russell 2000 High Income ETF (IWMI) 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.

	IWMI	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	2.33	2.49	-0.15
Sortino ratio: Return per unit of downside risk	3.25	3.29	-0.04
Omega ratio: Gain probability vs. loss probability	1.41	1.49	-0.09
Calmar ratio: Return relative to maximum drawdown	4.11	3.31	+0.80
Martin ratio: Return relative to average drawdown	17.09	16.22	+0.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IWMI vs. JEPQ - Sharpe Ratio Comparison

The current IWMI Sharpe Ratio is 2.33, which is comparable to the JEPQ Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of IWMI 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

	IWMI	JEPQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.33	2.49	-0.15
Sharpe Ratio (All Time) Calculated using the full available price history	1.04	1.00	+0.04

Drawdowns

IWMI vs. JEPQ - Drawdown Comparison

The maximum IWMI drawdown since its inception was -23.88%, which is greater than JEPQ's maximum drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for IWMI and JEPQ.

Drawdown Indicators

	IWMI	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-23.88%	-20.07%	-3.81%
Max Drawdown (1Y) Largest decline over 1 year	-8.40%	-8.82%	+0.42%
Max Drawdown (3Y) Largest decline over 3 years	—	-20.07%	—
Current Drawdown Current decline from peak	-1.02%	-0.10%	-0.92%
Average Drawdown Average peak-to-trough decline	-4.12%	-3.42%	-0.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.02%	1.79%	+0.23%

Volatility

IWMI vs. JEPQ - Volatility Comparison

NEOS Russell 2000 High Income ETF (IWMI) has a higher volatility of 4.31% compared to JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) at 1.26%. This indicates that IWMI'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

	IWMI	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.31%	1.26%	+3.05%
Volatility (6M) Calculated over the trailing 6-month period	10.74%	9.07%	+1.67%
Volatility (1Y) Calculated over the trailing 1-year period	14.84%	11.73%	+3.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.89%	16.61%	+1.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.89%	16.61%	+1.28%

IWMI vs. JEPQ - Expense Ratio Comparison

IWMI has a 0.68% expense ratio, which is higher than JEPQ's 0.35% expense ratio.

Dividends

IWMI vs. JEPQ - Dividend Comparison

IWMI's dividend yield for the trailing twelve months is around 13.52%, more than JEPQ's 10.07% yield.

Position	TTM	2025	2024	2023	2022
IWMI NEOS Russell 2000 High Income ETF	13.52%	14.05%	8.78%	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 IWMI and JEPQ in my portfolio?

IWMI and JEPQ have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IWMI or JEPQ?

IWMI has higher volatility (4.31%) compared to JEPQ (1.26%). In terms of maximum drawdown, IWMI dropped -23.88% vs JEPQ's -20.07%.

Which ETF is better, IWMI or JEPQ?

On 1-year performance, IWMI leads with 34.38% vs 29.00% for JEPQ. On fees, JEPQ is cheaper at 0.35% per year. On volatility, JEPQ has been the lower-risk option at 1.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWMI or JEPQ?

Over the 1-year period, IWMI has performed better with a 34.38% return vs 29.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWMI or JEPQ?

JEPQ is cheaper with a 0.35% expense ratio, compared with 0.68% for IWMI.

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

IWMI has the higher dividend yield at 13.52%, compared with 10.07% for JEPQ.

What is the main difference between IWMI and JEPQ?

IWMI is categorized as Derivative Income, while JEPQ is Nasdaq-100. They also come from different issuers: Neos and JPMorgan. Their fees differ too: 0.68% for IWMI and 0.35% for JEPQ.

Which has better risk-adjusted returns?

JEPQ currently has the higher Sharpe Ratio (2.49 vs 2.33), 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.