IWMY vs. JEPQ

Last updated Jun 24, 2026

IWMY (Defiance R2000 Enhanced Options & 0DTE Income ETF) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - IWMY is a Options Trading fund tracking the Russell 2000 Index, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. Both are passively managed. Over the past year, IWMY returned 21.86% vs 25.10% for JEPQ. A 0.65 correlation means they provide meaningful diversification when combined. IWMY charges 0.99%/yr vs 0.35%/yr for JEPQ.

Performance

IWMY vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY) 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, IWMY achieves a 14.94% return, which is significantly higher than JEPQ's 7.85% return.

IWMY

• 1D: -0.81%
• 1M: 3.35%
• YTD: 14.94%
• 6M: 12.52%
• 1Y: 21.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

JEPQ

• 1D: -2.48%
• 1M: 0.34%
• YTD: 7.85%
• 6M: 7.02%
• 1Y: 25.10%
• 3Y*: 19.79%
• 5Y*: —
• 10Y*: —

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

IWMY vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	14.94%	10.18%	5.56%	10.06%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	7.85%	15.18%	24.85%	11.59%

Correlation

The correlation between IWMY and JEPQ is 0.67, 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	0.67
Correlation (All Time) Calculated using the full available price history since Oct 31, 2023	0.65

The correlation between IWMY and JEPQ has been stable across timeframes, ranging from 0.65 to 0.67 - a consistent structural relationship.

Return for Risk

IWMY vs. JEPQ — Risk / Return Rank

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

IWMY

IWMY Risk / Return Rank: 39
IWMY Sharpe Ratio Rank: 39
IWMY Sortino Ratio Rank: 37
IWMY Omega Ratio Rank: 36
IWMY Calmar Ratio Rank: 39
IWMY Martin Ratio Rank: 41

JEPQ

JEPQ Risk / Return Rank: 63
JEPQ Sharpe Ratio Rank: 60
JEPQ Sortino Ratio Rank: 55
JEPQ Omega Ratio Rank: 66
JEPQ Calmar Ratio Rank: 60
JEPQ Martin Ratio Rank: 74

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.

IWMY vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY) 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.

	IWMY	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	1.34	1.93	-0.59
Sortino ratio: Return per unit of downside risk	1.84	2.57	-0.72
Omega ratio: Gain probability vs. loss probability	1.23	1.38	-0.15
Calmar ratio: Return relative to maximum drawdown	1.90	2.86	-0.96
Martin ratio: Return relative to average drawdown	6.20	13.55	-7.36

IWMY vs. JEPQ - Sharpe Ratio Comparison

The current IWMY Sharpe Ratio is 1.34, which is lower than the JEPQ Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of IWMY 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

IWMY vs. JEPQ - Drawdown Comparison

The maximum IWMY drawdown since its inception was -18.72%, smaller than the maximum JEPQ drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for IWMY and JEPQ.

Drawdown Indicators

	IWMY	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-18.72%	-20.07%	+1.35%
Max Drawdown (1Y) Largest decline over 1 year	-11.57%	-8.82%	-2.75%
Max Drawdown (3Y) Largest decline over 3 years	—	-20.07%	—
Current Drawdown Current decline from peak	-0.81%	-2.48%	+1.67%
Average Drawdown Average peak-to-trough decline	-2.94%	-3.40%	+0.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.54%	1.86%	+1.68%

Volatility

IWMY vs. JEPQ - Volatility Comparison

Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY) and JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) have volatilities of 6.20% and 6.27%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWMY	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.20%	6.27%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	13.55%	10.58%	+2.97%
Volatility (1Y) Calculated over the trailing 1-year period	16.37%	13.08%	+3.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.95%	16.79%	-0.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.95%	16.79%	-0.84%

IWMY vs. JEPQ - Expense Ratio Comparison

IWMY has a 0.99% expense ratio, which is higher than JEPQ's 0.35% expense ratio.

Dividends

IWMY vs. JEPQ - Dividend Comparison

IWMY's dividend yield for the trailing twelve months is around 43.75%, more than JEPQ's 10.22% yield.

Position	TTM	2025	2024	2023	2022
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	43.75%	63.33%	107.92%	11.34%	0.00%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.22%	10.53%	9.65%	10.03%	9.44%

Frequently Asked Questions

Can I hold both IWMY and JEPQ in my portfolio?

IWMY 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.

Which is riskier, IWMY or JEPQ?

JEPQ has higher volatility (6.27%) compared to IWMY (6.20%). In terms of maximum drawdown, IWMY dropped -18.72% vs JEPQ's -20.07%.

Which ETF is better, IWMY or JEPQ?

On 1-year performance, JEPQ leads with 25.10% vs 21.86% for IWMY. 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, IWMY or JEPQ?

Over the 1-year period, JEPQ has performed better with a 25.10% return vs 21.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWMY or JEPQ?

JEPQ is cheaper with a 0.35% expense ratio, compared with 0.99% for IWMY.

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

IWMY has the higher dividend yield at 43.75%, compared with 10.22% for JEPQ.

What is the main difference between IWMY and JEPQ?

IWMY is categorized as Options Trading, while JEPQ is Nasdaq-100. IWMY tracks Russell 2000 Index, while JEPQ tracks Nasdaq-100 Index. They also come from different issuers: Defiance and JPMorgan. Their fees differ too: 0.99% for IWMY and 0.35% for JEPQ.

Which has better risk-adjusted returns?

JEPQ currently has the higher Sharpe Ratio (1.93 vs 1.34), 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.