JEPQ vs. IWMI

Last updated Jun 9, 2026

JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) and IWMI (NEOS Russell 2000 High Income ETF) are both exchange-traded funds - JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index, while IWMI is a Derivative Income fund actively managed by Neos. JEPQ is passively managed, while IWMI is actively managed. Over the past year, JEPQ returned 25.85% vs 32.02% for IWMI. A 0.70 correlation means they provide meaningful diversification when combined. JEPQ charges 0.35%/yr vs 0.68%/yr for IWMI.

Performance

JEPQ vs. IWMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) and NEOS Russell 2000 High Income ETF (IWMI). 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 IWMI's 12.27% return.

JEPQ

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

IWMI

• 1D: 0.82%
• 1M: 0.38%
• YTD: 12.27%
• 6M: 11.67%
• 1Y: 32.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JEPQ vs. IWMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	7.44%	15.18%	8.42%
IWMI NEOS Russell 2000 High Income ETF	12.27%	14.97%	6.61%

Correlation

The correlation between JEPQ and IWMI is 0.70, 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	0.70
Correlation (All Time) Calculated using the full available price history since Jun 26, 2024	0.70

The correlation between JEPQ and IWMI has been stable across timeframes, ranging from 0.70 to 0.70 - a consistent structural relationship.

JEPQ vs. IWMI - Sectors Allocation Comparison

Sectors	JEPQ	IWMI
Technology	54.0%	15.1%
Communication Services	15.4%	2.4%
Consumer Cyclical	12.8%	8.6%
Consumer Defensive	7.1%	2.6%
Healthcare	4.4%	17.9%
Industrials	3.1%	16.6%
Utilities	1.3%	3.1%
Basic Materials	1.0%	5.0%
Energy	0.4%	6.5%
Financial Services	0.4%	16.0%
Real Estate	0.2%	6.3%

Return for Risk

JEPQ vs. IWMI — 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

IWMI

IWMI Risk / Return Rank: 76
IWMI Sharpe Ratio Rank: 73
IWMI Sortino Ratio Rank: 73
IWMI Omega Ratio Rank: 69
IWMI Calmar Ratio Rank: 81
IWMI 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. IWMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) and NEOS Russell 2000 High Income ETF (IWMI). 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	IWMI	Difference
Sharpe ratio: Return per unit of total volatility	2.13	2.13	+0.01
Sortino ratio: Return per unit of downside risk	2.79	2.93	-0.14
Omega ratio: Gain probability vs. loss probability	1.42	1.37	+0.05
Calmar ratio: Return relative to maximum drawdown	2.95	3.83	-0.88
Martin ratio: Return relative to average drawdown	14.33	15.82	-1.49
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. IWMI - Sharpe Ratio Comparison

The current JEPQ Sharpe Ratio is 2.13, which is comparable to the IWMI Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of JEPQ and IWMI, 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	IWMI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	2.13	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.96	1.00	-0.03

Drawdowns

JEPQ vs. IWMI - Drawdown Comparison

The maximum JEPQ drawdown since its inception was -20.07%, smaller than the maximum IWMI drawdown of -23.88%. Use the drawdown chart below to compare losses from any high point for JEPQ and IWMI.

Drawdown Indicators

	JEPQ	IWMI	Difference
Max Drawdown Largest peak-to-trough decline	-20.07%	-23.88%	+3.81%
Max Drawdown (1Y) Largest decline over 1 year	-8.82%	-8.40%	-0.42%
Max Drawdown (3Y) Largest decline over 3 years	-20.07%	—	—
Current Drawdown Current decline from peak	-2.02%	-2.04%	+0.02%
Average Drawdown Average peak-to-trough decline	-3.42%	-4.10%	+0.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.81%	2.03%	-0.22%

Volatility

JEPQ vs. IWMI - Volatility Comparison

The current volatility for JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) is 3.65%, while NEOS Russell 2000 High Income ETF (IWMI) has a volatility of 5.01%. This indicates that JEPQ experiences smaller price fluctuations and is considered to be less risky than IWMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JEPQ	IWMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.65%	5.01%	-1.36%
Volatility (6M) Calculated over the trailing 6-month period	9.66%	11.12%	-1.46%
Volatility (1Y) Calculated over the trailing 1-year period	12.19%	15.16%	-2.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.67%	17.98%	-1.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.67%	17.98%	-1.31%

JEPQ vs. IWMI - Expense Ratio Comparison

JEPQ has a 0.35% expense ratio, which is lower than IWMI's 0.68% expense ratio.

Dividends

JEPQ vs. IWMI - Dividend Comparison

JEPQ's dividend yield for the trailing twelve months is around 10.26%, less than IWMI's 13.65% yield.

Position	TTM	2025	2024	2023	2022
IWMI NEOS Russell 2000 High Income ETF	13.65%	14.05%	8.78%	0.00%	0.00%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.26%	10.53%	9.65%	10.03%	9.44%

Frequently Asked Questions

Can I hold both JEPQ and IWMI in my portfolio?

JEPQ and IWMI have a correlation of 0.70, 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 IWMI?

IWMI has higher volatility (5.01%) compared to JEPQ (3.65%). In terms of maximum drawdown, JEPQ dropped -20.07% vs IWMI's -23.88%.

Which ETF is better, JEPQ or IWMI?

On 1-year performance, IWMI leads with 32.02% vs 25.85% for JEPQ. On fees, JEPQ is cheaper at 0.35% per year. On volatility, JEPQ has been the lower-risk option at 3.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JEPQ or IWMI?

Over the 1-year period, IWMI has performed better with a 32.02% return vs 25.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JEPQ or IWMI?

JEPQ is cheaper with a 0.35% expense ratio, compared with 0.68% for IWMI.

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

IWMI has the higher dividend yield at 13.65%, compared with 10.26% for JEPQ.

What is the main difference between JEPQ and IWMI?

JEPQ is categorized as Nasdaq-100, while IWMI is Derivative Income. They also come from different issuers: JPMorgan and Neos. Their fees differ too: 0.35% for JEPQ and 0.68% for IWMI.

Which has better risk-adjusted returns?

JEPQ currently has the higher Sharpe Ratio (2.13 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.