JEPQ vs. CII

Last updated Jun 14, 2026

JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) and CII (BlackRock Enhanced Large Cap Core Fund) are both funds - JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index, while CII is a Derivative Income fund actively managed by BlackRock. JEPQ is passively managed, while CII is actively managed. Over the past 3 years, JEPQ returned 19.91%/yr vs 20.94%/yr for CII. A 0.72 correlation means they provide meaningful diversification when combined. JEPQ charges 0.35%/yr vs 0.91%/yr for CII.

Performance

JEPQ vs. CII - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) and BlackRock Enhanced Large Cap Core Fund (CII). 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 JEPQ having a 7.85% return and CII slightly lower at 7.72%.

JEPQ

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

CII

• 1D: 0.58%
• 1M: -1.09%
• YTD: 7.72%
• 6M: 10.66%
• 1Y: 39.37%
• 3Y*: 20.94%
• 5Y*: 13.51%
• 10Y*: 14.94%

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

JEPQ vs. CII - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	7.85%	15.18%	24.85%	36.28%	-11.16%
CII BlackRock Enhanced Large Cap Core Fund	7.72%	37.78%	12.70%	18.47%	-4.27%

Correlation

The correlation between JEPQ and CII is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (All Time) Calculated using the full available price history since May 4, 2022	0.72

The correlation between JEPQ and CII has been stable across timeframes, ranging from 0.65 to 0.72 - a consistent structural relationship.

Return for Risk

JEPQ vs. CII — Risk / Return Rank

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

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

CII

CII Risk / Return Rank: 84
CII Sharpe Ratio Rank: 89
CII Sortino Ratio Rank: 83
CII Omega Ratio Rank: 80
CII Calmar Ratio Rank: 84
CII Martin Ratio Rank: 84

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.

JEPQ vs. CII - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) and BlackRock Enhanced Large Cap Core Fund (CII). 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.

	JEPQ	CII	Difference
Sharpe ratio: Return per unit of total volatility	2.03	2.52	-0.49
Sortino ratio: Return per unit of downside risk	2.69	3.34	-0.64
Omega ratio: Gain probability vs. loss probability	1.40	1.43	-0.03
Calmar ratio: Return relative to maximum drawdown	2.91	3.33	-0.42
Martin ratio: Return relative to average drawdown	13.84	12.71	+1.13

JEPQ vs. CII - Sharpe Ratio Comparison

The current JEPQ Sharpe Ratio is 2.03, which is comparable to the CII Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of JEPQ and CII, 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

JEPQ vs. CII - Drawdown Comparison

The maximum JEPQ drawdown since its inception was -20.07%, smaller than the maximum CII drawdown of -56.43%. Use the drawdown chart below to compare losses from any high point for JEPQ and CII.

Drawdown Indicators

	JEPQ	CII	Difference
Max Drawdown Largest peak-to-trough decline	-20.07%	-56.43%	+36.36%
Max Drawdown (1Y) Largest decline over 1 year	-8.82%	-11.67%	+2.85%
Max Drawdown (3Y) Largest decline over 3 years	-20.07%	-21.05%	+0.98%
Max Drawdown (5Y) Largest decline over 5 years	—	-22.32%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-40.56%	—
Current Drawdown Current decline from peak	-1.64%	-6.33%	+4.69%
Average Drawdown Average peak-to-trough decline	-3.41%	-6.17%	+2.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	3.05%	-1.20%

Volatility

JEPQ vs. CII - Volatility Comparison

JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) and BlackRock Enhanced Large Cap Core Fund (CII) have volatilities of 4.98% and 5.22%, 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

	JEPQ	CII	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.98%	5.22%	-0.24%
Volatility (6M) Calculated over the trailing 6-month period	10.22%	12.09%	-1.87%
Volatility (1Y) Calculated over the trailing 1-year period	12.61%	15.40%	-2.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.73%	17.16%	-0.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.73%	18.54%	-1.81%

JEPQ vs. CII - Expense Ratio Comparison

JEPQ has a 0.35% expense ratio, which is lower than CII's 0.91% expense ratio.

Dividends

JEPQ vs. CII - Dividend Comparison

JEPQ's dividend yield for the trailing twelve months is around 10.22%, less than CII's 15.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CII BlackRock Enhanced Large Cap Core Fund	15.35%	16.65%	6.15%	6.28%	12.27%	4.98%	6.03%	5.79%	7.06%	6.07%	8.38%	8.49%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.22%	10.53%	9.65%	10.03%	9.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JEPQ and CII in my portfolio?

JEPQ and CII have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JEPQ or CII?

CII has higher volatility (5.22%) compared to JEPQ (4.98%). In terms of maximum drawdown, JEPQ dropped -20.07% vs CII's -56.43%.

Which has better risk-adjusted returns?

CII currently has the higher Sharpe Ratio (2.52 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.