JEPQ vs. PFFA

Last updated Jun 20, 2026

JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) and PFFA (Virtus InfraCap U.S. Preferred Stock ETF) are both exchange-traded funds - JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index, while PFFA is a Preferred Stock/Convertible Bonds fund actively managed by Virtus Investment Partners. JEPQ is passively managed, while PFFA is actively managed. Over the past 3 years, JEPQ returned 20.83%/yr vs 14.42%/yr for PFFA. At a 0.46 correlation, their price movements are largely independent. JEPQ charges 0.35%/yr vs 1.47%/yr for PFFA.

Performance

JEPQ vs. PFFA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) and Virtus InfraCap U.S. Preferred Stock ETF (PFFA). 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 PFFA's 3.08% return.

JEPQ

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

PFFA

• 1D: 0.19%
• 1M: -0.14%
• YTD: 3.08%
• 6M: 2.32%
• 1Y: 12.59%
• 3Y*: 14.42%
• 5Y*: 6.42%
• 10Y*: —

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

JEPQ vs. PFFA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.52%	15.18%	24.85%	36.28%	-11.16%
PFFA Virtus InfraCap U.S. Preferred Stock ETF	3.08%	8.22%	16.11%	26.45%	-15.40%

Correlation

The correlation between JEPQ and PFFA is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (All Time) Calculated using the full available price history since May 4, 2022	0.46

The correlation between JEPQ and PFFA shifts across timeframes, from 0.39 (3 years) to 0.51 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

JEPQ vs. PFFA — 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

PFFA

PFFA Risk / Return Rank: 49
PFFA Sharpe Ratio Rank: 54
PFFA Sortino Ratio Rank: 55
PFFA Omega Ratio Rank: 55
PFFA Calmar Ratio Rank: 41
PFFA Martin Ratio Rank: 42

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. PFFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) and Virtus InfraCap U.S. Preferred Stock ETF (PFFA). 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	PFFA	Difference
Sharpe ratio: Return per unit of total volatility	2.28	1.77	+0.50
Sortino ratio: Return per unit of downside risk	3.02	2.53	+0.49
Omega ratio: Gain probability vs. loss probability	1.45	1.33	+0.12
Calmar ratio: Return relative to maximum drawdown	3.31	1.95	+1.37
Martin ratio: Return relative to average drawdown	15.77	6.47	+9.29

JEPQ vs. PFFA - Sharpe Ratio Comparison

The current JEPQ Sharpe Ratio is 2.28, which is comparable to the PFFA Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of JEPQ and PFFA, 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. PFFA - Drawdown Comparison

The maximum JEPQ drawdown since its inception was -20.07%, smaller than the maximum PFFA drawdown of -70.52%. Use the drawdown chart below to compare losses from any high point for JEPQ and PFFA.

Drawdown Indicators

	JEPQ	PFFA	Difference
Max Drawdown Largest peak-to-trough decline	-20.07%	-70.52%	+50.45%
Max Drawdown (1Y) Largest decline over 1 year	-8.82%	-6.49%	-2.33%
Max Drawdown (3Y) Largest decline over 3 years	-20.07%	-12.15%	-7.92%
Max Drawdown (5Y) Largest decline over 5 years	—	-22.70%	—
Current Drawdown Current decline from peak	0.00%	-1.50%	+1.50%
Average Drawdown Average peak-to-trough decline	-3.40%	-6.62%	+3.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	1.95%	-0.10%

Volatility

JEPQ vs. PFFA - Volatility Comparison

JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) has a higher volatility of 5.70% compared to Virtus InfraCap U.S. Preferred Stock ETF (PFFA) at 2.17%. This indicates that JEPQ's price experiences larger fluctuations and is considered to be riskier than PFFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JEPQ	PFFA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.70%	2.17%	+3.53%
Volatility (6M) Calculated over the trailing 6-month period	10.49%	5.89%	+4.60%
Volatility (1Y) Calculated over the trailing 1-year period	12.83%	7.13%	+5.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.76%	11.53%	+5.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.76%	31.76%	-15.00%

JEPQ vs. PFFA - Expense Ratio Comparison

JEPQ has a 0.35% expense ratio, which is lower than PFFA's 1.47% expense ratio.

Dividends

JEPQ vs. PFFA - Dividend Comparison

JEPQ's dividend yield for the trailing twelve months is around 9.98%, more than PFFA's 9.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	9.98%	10.53%	9.65%	10.03%	9.44%	0.00%	0.00%	0.00%	0.00%
PFFA Virtus InfraCap U.S. Preferred Stock ETF	9.62%	9.47%	9.18%	9.56%	10.75%	7.64%	8.54%	10.02%	5.15%

Frequently Asked Questions

Can I hold both JEPQ and PFFA in my portfolio?

JEPQ and PFFA have a correlation of 0.51, 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 PFFA?

JEPQ has higher volatility (5.70%) compared to PFFA (2.17%). In terms of maximum drawdown, JEPQ dropped -20.07% vs PFFA's -70.52%.

Which ETF is better, JEPQ or PFFA?

On 3-year performance, JEPQ leads with 20.83% vs 14.42% for PFFA. On fees, JEPQ is cheaper at 0.35% per year. On volatility, PFFA has been the lower-risk option at 2.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JEPQ or PFFA?

Over the 3-year period, JEPQ has performed better with a 20.83% return vs 14.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JEPQ or PFFA?

JEPQ is cheaper with a 0.35% expense ratio, compared with 1.47% for PFFA.

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

JEPQ has the higher dividend yield at 9.98%, compared with 9.62% for PFFA.

What is the main difference between JEPQ and PFFA?

JEPQ is categorized as Nasdaq-100, while PFFA is Preferred Stock/Convertible Bonds. They also come from different issuers: JPMorgan and Virtus Investment Partners. Their fees differ too: 0.35% for JEPQ and 1.47% for PFFA.

Which has better risk-adjusted returns?

JEPQ currently has the higher Sharpe Ratio (2.28 vs 1.77), 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.