JAAA vs. JEPQ

Last updated Jun 13, 2026

JAAA (Janus Henderson AAA CLO ETF) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - JAAA is a CLO fund actively managed by Janus Henderson, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. JAAA is actively managed, while JEPQ is passively managed. Over the past 3 years, JAAA returned 6.67%/yr vs 19.91%/yr for JEPQ. At a 0.13 correlation, their price movements are largely independent. JAAA charges 0.20%/yr vs 0.35%/yr for JEPQ.

Performance

JAAA vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Janus Henderson AAA CLO ETF (JAAA) 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, JAAA achieves a 1.99% return, which is significantly lower than JEPQ's 7.85% return.

JAAA

• 1D: 0.02%
• 1M: 0.31%
• YTD: 1.99%
• 6M: 2.49%
• 1Y: 5.01%
• 3Y*: 6.67%
• 5Y*: 4.76%
• 10Y*: —

JEPQ

• 1D: 0.62%
• 1M: 0.68%
• YTD: 7.85%
• 6M: 8.80%
• 1Y: 26.60%
• 3Y*: 19.91%
• 5Y*: —
• 10Y*: —

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

JAAA vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
JAAA Janus Henderson AAA CLO ETF	1.99%	5.16%	7.43%	8.59%	1.09%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	7.85%	15.18%	24.85%	36.28%	-11.16%

Correlation

The correlation between JAAA and JEPQ is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (All Time) Calculated using the full available price history since May 4, 2022	0.13

The correlation between JAAA and JEPQ shifts across timeframes, from 0.13 (all time) to 0.27 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

JAAA vs. JEPQ — Risk / Return Rank

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

JAAA

JAAA Risk / Return Rank: 98
JAAA Sharpe Ratio Rank: 99
JAAA Sortino Ratio Rank: 99
JAAA Omega Ratio Rank: 99
JAAA Calmar Ratio Rank: 98
JAAA Martin Ratio Rank: 98

JEPQ

JEPQ Risk / Return Rank: 74
JEPQ Sharpe Ratio Rank: 73
JEPQ Sortino Ratio Rank: 69
JEPQ Omega Ratio Rank: 79
JEPQ Calmar Ratio Rank: 66
JEPQ Martin Ratio Rank: 81

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.

JAAA vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Janus Henderson AAA CLO ETF (JAAA) 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.

	JAAA	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	6.03	2.03	+3.99
Sortino ratio: Return per unit of downside risk	10.06	2.69	+7.37
Omega ratio: Gain probability vs. loss probability	2.72	1.40	+1.32
Calmar ratio: Return relative to maximum drawdown	12.91	2.91	+10.01
Martin ratio: Return relative to average drawdown	69.57	13.84	+55.74

JAAA vs. JEPQ - Sharpe Ratio Comparison

The current JAAA Sharpe Ratio is 6.03, which is higher than the JEPQ Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of JAAA 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

JAAA vs. JEPQ - Drawdown Comparison

The maximum JAAA drawdown since its inception was -2.64%, smaller than the maximum JEPQ drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for JAAA and JEPQ.

Drawdown Indicators

	JAAA	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-2.64%	-20.07%	+17.43%
Max Drawdown (1Y) Largest decline over 1 year	-0.39%	-8.82%	+8.43%
Max Drawdown (3Y) Largest decline over 3 years	-1.46%	-20.07%	+18.61%
Max Drawdown (5Y) Largest decline over 5 years	-2.64%	—	—
Current Drawdown Current decline from peak	0.00%	-1.64%	+1.64%
Average Drawdown Average peak-to-trough decline	-0.25%	-3.41%	+3.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.07%	1.85%	-1.78%

Volatility

JAAA vs. JEPQ - Volatility Comparison

The current volatility for Janus Henderson AAA CLO ETF (JAAA) is 0.12%, while JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) has a volatility of 4.98%. This indicates that JAAA 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

	JAAA	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.12%	4.98%	-4.86%
Volatility (6M) Calculated over the trailing 6-month period	0.63%	10.22%	-9.59%
Volatility (1Y) Calculated over the trailing 1-year period	0.83%	12.61%	-11.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.67%	16.73%	-15.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.64%	16.73%	-15.09%

JAAA vs. JEPQ - Expense Ratio Comparison

JAAA has a 0.20% expense ratio, which is lower than JEPQ's 0.35% expense ratio.

Dividends

JAAA vs. JEPQ - Dividend Comparison

JAAA's dividend yield for the trailing twelve months is around 4.99%, less than JEPQ's 10.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
JAAA Janus Henderson AAA CLO ETF	4.99%	5.30%	6.35%	6.11%	2.74%	1.21%	0.26%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.22%	10.53%	9.65%	10.03%	9.44%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JAAA and JEPQ in my portfolio?

JAAA and JEPQ have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JAAA or JEPQ?

JEPQ has higher volatility (4.98%) compared to JAAA (0.12%). In terms of maximum drawdown, JAAA dropped -2.64% vs JEPQ's -20.07%.

Which ETF is better, JAAA or JEPQ?

On 3-year performance, JEPQ leads with 19.91% vs 6.67% for JAAA. On fees, JAAA is cheaper at 0.20% per year. On volatility, JAAA has been the lower-risk option at 0.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JAAA or JEPQ?

Over the 3-year period, JEPQ has performed better with a 19.91% return vs 6.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JAAA or JEPQ?

JAAA is cheaper with a 0.20% expense ratio, compared with 0.35% for JEPQ.

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

JEPQ has the higher dividend yield at 10.22%, compared with 4.99% for JAAA.

What is the main difference between JAAA and JEPQ?

JAAA is categorized as CLO, while JEPQ is Nasdaq-100. They also come from different issuers: Janus Henderson and JPMorgan. Their fees differ too: 0.20% for JAAA and 0.35% for JEPQ.

Which has better risk-adjusted returns?

JAAA currently has the higher Sharpe Ratio (6.03 vs 2.03), 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.