JEPQ vs. QBUF

Last updated Jun 4, 2026

JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) and QBUF (Innovator Nasdaq-100 10 Buffer ETF - Quarterly) are both Nasdaq-100 funds - JEPQ tracks the Nasdaq-100 Index while QBUF tracks the Invesco QQQ Trust. Both are passively managed. Over the past year, JEPQ returned 29.00% vs 11.93% for QBUF. Their correlation of 0.87 suggests significant overlap in exposure. JEPQ charges 0.35%/yr vs 0.79%/yr for QBUF.

Performance

JEPQ vs. QBUF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) and Innovator Nasdaq-100 10 Buffer ETF - Quarterly (QBUF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JEPQ achieves a 9.54% return, which is significantly higher than QBUF's 4.68% return.

JEPQ

• 1D: -0.10%
• 1M: 4.31%
• YTD: 9.54%
• 6M: 9.75%
• 1Y: 29.00%
• 3Y*: 20.92%
• 5Y*: —
• 10Y*: —

QBUF

• 1D: -0.01%
• 1M: 0.84%
• YTD: 4.68%
• 6M: 4.57%
• 1Y: 11.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JEPQ vs. QBUF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	9.54%	15.18%	7.83%
QBUF Innovator Nasdaq-100 10 Buffer ETF - Quarterly	4.68%	11.08%	5.92%

Correlation

The correlation between JEPQ and QBUF is 0.84, 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	0.84
Correlation (All Time) Calculated using the full available price history since Jul 2, 2024	0.87

The correlation between JEPQ and QBUF has been stable across timeframes, ranging from 0.84 to 0.87 - a consistent structural relationship.

JEPQ vs. QBUF - Sectors Allocation Comparison

Sectors	JEPQ	QBUF
Technology	54.0%	50.7%
Communication Services	15.4%	15.8%
Consumer Cyclical	12.8%	12.5%
Consumer Defensive	7.1%	8.7%
Healthcare	4.4%	5.1%
Industrials	3.1%	3.3%
Utilities	1.3%	1.6%
Basic Materials	1.0%	1.3%
Energy	0.4%	0.7%
Financial Services	0.4%	0.2%
Real Estate	0.2%	0.1%

Return for Risk

JEPQ vs. QBUF — 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: 74
JEPQ Sortino Ratio Rank: 71
JEPQ Omega Ratio Rank: 80
JEPQ Calmar Ratio Rank: 65
JEPQ Martin Ratio Rank: 80

QBUF

QBUF Risk / Return Rank: 79
QBUF Sharpe Ratio Rank: 70
QBUF Sortino Ratio Rank: 71
QBUF Omega Ratio Rank: 80
QBUF Calmar Ratio Rank: 88
QBUF Martin Ratio Rank: 85

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. QBUF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) and Innovator Nasdaq-100 10 Buffer ETF - Quarterly (QBUF). 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	QBUF	Difference
Sharpe ratio: Return per unit of total volatility	2.49	2.28	+0.21
Sortino ratio: Return per unit of downside risk	3.29	3.20	+0.08
Omega ratio: Gain probability vs. loss probability	1.49	1.48	+0.01
Calmar ratio: Return relative to maximum drawdown	3.31	5.19	-1.88
Martin ratio: Return relative to average drawdown	16.22	17.79	-1.57
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. QBUF - Sharpe Ratio Comparison

The current JEPQ Sharpe Ratio is 2.49, which is comparable to the QBUF Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of JEPQ and QBUF, 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	QBUF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.49	2.28	+0.21
Sharpe Ratio (All Time) Calculated using the full available price history	1.00	1.36	-0.36

Drawdowns

JEPQ vs. QBUF - Drawdown Comparison

The maximum JEPQ drawdown since its inception was -20.07%, which is greater than QBUF's maximum drawdown of -8.84%. Use the drawdown chart below to compare losses from any high point for JEPQ and QBUF.

Drawdown Indicators

	JEPQ	QBUF	Difference
Max Drawdown Largest peak-to-trough decline	-20.07%	-8.84%	-11.23%
Max Drawdown (1Y) Largest decline over 1 year	-8.82%	-2.31%	-6.51%
Max Drawdown (3Y) Largest decline over 3 years	-20.07%	—	—
Current Drawdown Current decline from peak	-0.10%	-0.01%	-0.09%
Average Drawdown Average peak-to-trough decline	-3.42%	-0.82%	-2.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.79%	0.67%	+1.12%

Volatility

JEPQ vs. QBUF - Volatility Comparison

JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) has a higher volatility of 1.26% compared to Innovator Nasdaq-100 10 Buffer ETF - Quarterly (QBUF) at 0.23%. This indicates that JEPQ's price experiences larger fluctuations and is considered to be riskier than QBUF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JEPQ	QBUF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.26%	0.23%	+1.03%
Volatility (6M) Calculated over the trailing 6-month period	9.07%	3.88%	+5.19%
Volatility (1Y) Calculated over the trailing 1-year period	11.73%	5.25%	+6.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.61%	8.47%	+8.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.61%	8.47%	+8.14%

JEPQ vs. QBUF - Expense Ratio Comparison

JEPQ has a 0.35% expense ratio, which is lower than QBUF's 0.79% expense ratio.

Dividends

JEPQ vs. QBUF - Dividend Comparison

JEPQ's dividend yield for the trailing twelve months is around 10.07%, while QBUF has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.07%	10.53%	9.65%	10.03%	9.44%
QBUF Innovator Nasdaq-100 10 Buffer ETF - Quarterly	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JEPQ and QBUF in my portfolio?

JEPQ and QBUF have a correlation of 0.84, 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 QBUF?

JEPQ has higher volatility (1.26%) compared to QBUF (0.23%). In terms of maximum drawdown, JEPQ dropped -20.07% vs QBUF's -8.84%.

Which ETF is better, JEPQ or QBUF?

On 1-year performance, JEPQ leads with 29.00% vs 11.93% for QBUF. On fees, JEPQ is cheaper at 0.35% per year. On volatility, QBUF has been the lower-risk option at 0.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JEPQ or QBUF?

Over the 1-year period, JEPQ has performed better with a 29.00% return vs 11.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JEPQ or QBUF?

JEPQ is cheaper with a 0.35% expense ratio, compared with 0.79% for QBUF.

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

JEPQ has the higher dividend yield at 10.07%, compared with 0.00% for QBUF.

What is the main difference between JEPQ and QBUF?

JEPQ tracks Nasdaq-100 Index, while QBUF tracks Invesco QQQ Trust. They also come from different issuers: JPMorgan and Innovator. Their fees differ too: 0.35% for JEPQ and 0.79% for QBUF.

Which has better risk-adjusted returns?

JEPQ currently has the higher Sharpe Ratio (2.49 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.