JEPQ vs. HYGW

Last updated Jun 20, 2026

JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) and HYGW (iShares High Yield Corporate Bond Buywrite Strategy ETF) are both exchange-traded funds - JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index, while HYGW is a High Yield Bonds fund tracking the Cboe HYG BuyWrite Index. Both are passively managed. Over the past 3 years, JEPQ returned 20.83%/yr vs 5.70%/yr for HYGW. A 0.54 correlation means they provide meaningful diversification when combined. JEPQ charges 0.35%/yr vs 0.69%/yr for HYGW.

Performance

JEPQ vs. HYGW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) and iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JEPQ achieves a 10.52% return, which is significantly higher than HYGW's 2.12% return.

JEPQ

• 1D: 1.61%
• 1M: 3.22%
• YTD: 10.52%
• 6M: 10.65%
• 1Y: 29.09%
• 3Y*: 20.83%
• 5Y*: —
• 10Y*: —

HYGW

• 1D: 0.24%
• 1M: 0.84%
• YTD: 2.12%
• 6M: 2.52%
• 1Y: 6.56%
• 3Y*: 5.70%
• 5Y*: —
• 10Y*: —

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

JEPQ vs. HYGW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.52%	15.18%	24.85%	36.28%	-11.72%
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF	2.12%	6.19%	6.99%	7.31%	-0.39%

Correlation

The correlation between JEPQ and HYGW is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (All Time) Calculated using the full available price history since Aug 22, 2022	0.54

The correlation between JEPQ and HYGW has been stable across timeframes, ranging from 0.49 to 0.55 - a consistent structural relationship.

Return for Risk

JEPQ vs. HYGW — Risk / Return Rank

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

JEPQ

JEPQ Risk / Return Rank: 76
JEPQ Sharpe Ratio Rank: 76
JEPQ Sortino Ratio Rank: 72
JEPQ Omega Ratio Rank: 81
JEPQ Calmar Ratio Rank: 69
JEPQ Martin Ratio Rank: 82

HYGW

HYGW Risk / Return Rank: 80
HYGW Sharpe Ratio Rank: 76
HYGW Sortino Ratio Rank: 81
HYGW Omega Ratio Rank: 86
HYGW Calmar Ratio Rank: 75
HYGW 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. HYGW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) and iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW). 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	HYGW	Difference
Sharpe ratio: Return per unit of total volatility	2.28	2.31	-0.03
Sortino ratio: Return per unit of downside risk	3.02	3.38	-0.36
Omega ratio: Gain probability vs. loss probability	1.45	1.49	-0.04
Calmar ratio: Return relative to maximum drawdown	3.31	3.62	-0.31
Martin ratio: Return relative to average drawdown	15.77	16.51	-0.74

JEPQ vs. HYGW - Sharpe Ratio Comparison

The current JEPQ Sharpe Ratio is 2.28, which is comparable to the HYGW Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of JEPQ and HYGW, 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. HYGW - Drawdown Comparison

The maximum JEPQ drawdown since its inception was -20.07%, which is greater than HYGW's maximum drawdown of -5.49%. Use the drawdown chart below to compare losses from any high point for JEPQ and HYGW.

Drawdown Indicators

	JEPQ	HYGW	Difference
Max Drawdown Largest peak-to-trough decline	-20.07%	-5.49%	-14.58%
Max Drawdown (1Y) Largest decline over 1 year	-8.82%	-1.82%	-7.00%
Max Drawdown (3Y) Largest decline over 3 years	-20.07%	-3.66%	-16.41%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.40%	-0.60%	-2.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	0.40%	+1.45%

Volatility

JEPQ vs. HYGW - Volatility Comparison

JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) has a higher volatility of 5.70% compared to iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) at 0.91%. This indicates that JEPQ's price experiences larger fluctuations and is considered to be riskier than HYGW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JEPQ	HYGW	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.70%	0.91%	+4.79%
Volatility (6M) Calculated over the trailing 6-month period	10.49%	2.24%	+8.25%
Volatility (1Y) Calculated over the trailing 1-year period	12.83%	2.87%	+9.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.76%	4.67%	+12.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.76%	4.67%	+12.09%

JEPQ vs. HYGW - Expense Ratio Comparison

JEPQ has a 0.35% expense ratio, which is lower than HYGW's 0.69% expense ratio.

Dividends

JEPQ vs. HYGW - Dividend Comparison

JEPQ's dividend yield for the trailing twelve months is around 9.98%, less than HYGW's 11.52% yield.

Position	TTM	2025	2024	2023	2022
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF	11.52%	12.53%	12.30%	15.98%	8.71%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	9.98%	10.53%	9.65%	10.03%	9.44%

Frequently Asked Questions

Can I hold both JEPQ and HYGW in my portfolio?

JEPQ and HYGW have a correlation of 0.55, 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 HYGW?

JEPQ has higher volatility (5.70%) compared to HYGW (0.91%). In terms of maximum drawdown, JEPQ dropped -20.07% vs HYGW's -5.49%.

Which ETF is better, JEPQ or HYGW?

On 3-year performance, JEPQ leads with 20.83% vs 5.70% for HYGW. On fees, JEPQ is cheaper at 0.35% per year. On volatility, HYGW has been the lower-risk option at 0.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JEPQ or HYGW?

Over the 3-year period, JEPQ has performed better with a 20.83% return vs 5.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JEPQ or HYGW?

JEPQ is cheaper with a 0.35% expense ratio, compared with 0.69% for HYGW.

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

HYGW has the higher dividend yield at 11.52%, compared with 9.98% for JEPQ.

What is the main difference between JEPQ and HYGW?

JEPQ is categorized as Nasdaq-100, while HYGW is High Yield Bonds. JEPQ tracks Nasdaq-100 Index, while HYGW tracks Cboe HYG BuyWrite Index. They also come from different issuers: JPMorgan and iShares. Their fees differ too: 0.35% for JEPQ and 0.69% for HYGW.

Which has better risk-adjusted returns?

HYGW currently has the higher Sharpe Ratio (2.31 vs 2.28), 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.