JEPQ vs. FBALX

Last updated Jun 9, 2026

JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) and FBALX (Fidelity Balanced Fund) are both funds - JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index, while FBALX is a Diversified Portfolio fund actively managed by Fidelity. JEPQ is passively managed, while FBALX is actively managed. Over the past 3 years, JEPQ returned 20.04%/yr vs 15.93%/yr for FBALX. Their correlation of 0.91 suggests significant overlap in exposure. JEPQ charges 0.35%/yr vs 0.46%/yr for FBALX.

Performance

JEPQ vs. FBALX - Performance Comparison

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

Returns By Period

In the year-to-date period, JEPQ achieves a 7.44% return, which is significantly lower than FBALX's 7.96% return.

JEPQ

• 1D: 1.24%
• 1M: 0.97%
• YTD: 7.44%
• 6M: 7.26%
• 1Y: 25.85%
• 3Y*: 20.04%
• 5Y*: —
• 10Y*: —

FBALX

• 1D: -2.10%
• 1M: -0.35%
• YTD: 7.96%
• 6M: 8.36%
• 1Y: 21.65%
• 3Y*: 15.93%
• 5Y*: 8.87%
• 10Y*: 11.48%

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

JEPQ vs. FBALX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	7.44%	15.18%	24.85%	36.28%	-12.89%
FBALX Fidelity Balanced Fund	7.96%	15.11%	16.09%	20.31%	-9.45%

Correlation

The correlation between JEPQ and FBALX is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (All Time) Calculated using the full available price history since May 5, 2022	0.91

The correlation between JEPQ and FBALX has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.

Return for Risk

JEPQ vs. FBALX — Risk / Return Rank

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

JEPQ

JEPQ Risk / Return Rank: 73
JEPQ Sharpe Ratio Rank: 73
JEPQ Sortino Ratio Rank: 68
JEPQ Omega Ratio Rank: 79
JEPQ Calmar Ratio Rank: 65
JEPQ Martin Ratio Rank: 80

FBALX

FBALX Risk / Return Rank: 79
FBALX Sharpe Ratio Rank: 79
FBALX Sortino Ratio Rank: 73
FBALX Omega Ratio Rank: 76
FBALX Calmar Ratio Rank: 79
FBALX Martin Ratio Rank: 88

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. FBALX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) and Fidelity Balanced Fund (FBALX). 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.

	JEPQ	FBALX	Difference
Sharpe ratio: Return per unit of total volatility	2.13	2.52	-0.39
Sortino ratio: Return per unit of downside risk	2.79	3.48	-0.68
Omega ratio: Gain probability vs. loss probability	1.42	1.48	-0.06
Calmar ratio: Return relative to maximum drawdown	2.95	3.46	-0.51
Martin ratio: Return relative to average drawdown	14.33	16.47	-2.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JEPQ vs. FBALX - Sharpe Ratio Comparison

The current JEPQ Sharpe Ratio is 2.13, which is comparable to the FBALX Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of JEPQ and FBALX, 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

	JEPQ	FBALX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	2.52	-0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.73	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.90	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.96	0.81	+0.16

Drawdowns

JEPQ vs. FBALX - Drawdown Comparison

The maximum JEPQ drawdown since its inception was -20.07%, smaller than the maximum FBALX drawdown of -43.57%. Use the drawdown chart below to compare losses from any high point for JEPQ and FBALX.

Drawdown Indicators

	JEPQ	FBALX	Difference
Max Drawdown Largest peak-to-trough decline	-20.07%	-43.57%	+23.50%
Max Drawdown (1Y) Largest decline over 1 year	-8.82%	-6.47%	-2.35%
Max Drawdown (3Y) Largest decline over 3 years	-20.07%	-12.88%	-7.19%
Max Drawdown (5Y) Largest decline over 5 years	—	-22.89%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-26.68%	—
Current Drawdown Current decline from peak	-2.02%	-2.12%	+0.10%
Average Drawdown Average peak-to-trough decline	-3.42%	-4.37%	+0.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.81%	1.35%	+0.46%

Volatility

JEPQ vs. FBALX - Volatility Comparison

JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) has a higher volatility of 3.65% compared to Fidelity Balanced Fund (FBALX) at 3.23%. This indicates that JEPQ's price experiences larger fluctuations and is considered to be riskier than FBALX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JEPQ	FBALX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.65%	3.23%	+0.42%
Volatility (6M) Calculated over the trailing 6-month period	9.66%	7.15%	+2.51%
Volatility (1Y) Calculated over the trailing 1-year period	12.19%	8.87%	+3.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.67%	12.21%	+4.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.67%	12.79%	+3.88%

JEPQ vs. FBALX - Expense Ratio Comparison

JEPQ has a 0.35% expense ratio, which is lower than FBALX's 0.46% expense ratio.

Dividends

JEPQ vs. FBALX - Dividend Comparison

JEPQ's dividend yield for the trailing twelve months is around 10.26%, more than FBALX's 5.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBALX Fidelity Balanced Fund	5.25%	5.69%	5.67%	2.28%	8.06%	9.66%	5.90%	4.24%	10.99%	7.90%	3.07%	7.70%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.26%	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 FBALX in my portfolio?

JEPQ and FBALX have a correlation of 0.90, 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 FBALX?

JEPQ has higher volatility (3.65%) compared to FBALX (3.23%). In terms of maximum drawdown, JEPQ dropped -20.07% vs FBALX's -43.57%.

Which has better risk-adjusted returns?

FBALX currently has the higher Sharpe Ratio (2.52 vs 2.13), 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.