JEPQ vs. TAXE

Last updated Jun 9, 2026

JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) and TAXE (T. Rowe Price Intermediate Municipal Income ETF) are both exchange-traded funds - JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index, while TAXE is a Municipal Bonds fund actively managed by T. Rowe Price. JEPQ is passively managed, while TAXE is actively managed. Over the past year, JEPQ returned 25.85% vs 7.45% for TAXE. At a 0.06 correlation, their price movements are largely independent. JEPQ charges 0.35%/yr vs 0.24%/yr for TAXE.

Performance

JEPQ vs. TAXE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) and T. Rowe Price Intermediate Municipal Income ETF (TAXE). 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 higher than TAXE's 1.74% return.

JEPQ

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

TAXE

• 1D: -0.01%
• 1M: 0.34%
• YTD: 1.74%
• 6M: 2.10%
• 1Y: 7.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JEPQ vs. TAXE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	7.44%	15.18%	6.10%
TAXE T. Rowe Price Intermediate Municipal Income ETF	1.74%	5.78%	1.55%

Correlation

The correlation between JEPQ and TAXE is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.09
Correlation (All Time) Calculated using the full available price history since Jul 11, 2024	0.06

Return for Risk

JEPQ vs. TAXE — 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

TAXE

TAXE Risk / Return Rank: 83
TAXE Sharpe Ratio Rank: 95
TAXE Sortino Ratio Rank: 96
TAXE Omega Ratio Rank: 97
TAXE Calmar Ratio Rank: 66
TAXE Martin Ratio Rank: 62

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. TAXE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) and T. Rowe Price Intermediate Municipal Income ETF (TAXE). 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	TAXE	Difference
Sharpe ratio: Return per unit of total volatility	2.13	3.35	-1.22
Sortino ratio: Return per unit of downside risk	2.79	5.11	-2.32
Omega ratio: Gain probability vs. loss probability	1.42	1.80	-0.38
Calmar ratio: Return relative to maximum drawdown	2.95	2.96	-0.01
Martin ratio: Return relative to average drawdown	14.33	10.06	+4.27
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. TAXE - Sharpe Ratio Comparison

The current JEPQ Sharpe Ratio is 2.13, which is lower than the TAXE Sharpe Ratio of 3.35. The chart below compares the historical Sharpe Ratios of JEPQ and TAXE, 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	TAXE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	3.35	-1.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.96	1.52	-0.56

Drawdowns

JEPQ vs. TAXE - Drawdown Comparison

The maximum JEPQ drawdown since its inception was -20.07%, which is greater than TAXE's maximum drawdown of -3.72%. Use the drawdown chart below to compare losses from any high point for JEPQ and TAXE.

Drawdown Indicators

	JEPQ	TAXE	Difference
Max Drawdown Largest peak-to-trough decline	-20.07%	-3.72%	-16.35%
Max Drawdown (1Y) Largest decline over 1 year	-8.82%	-2.53%	-6.29%
Max Drawdown (3Y) Largest decline over 3 years	-20.07%	—	—
Current Drawdown Current decline from peak	-2.02%	-0.63%	-1.39%
Average Drawdown Average peak-to-trough decline	-3.42%	-0.71%	-2.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.81%	0.74%	+1.07%

Volatility

JEPQ vs. TAXE - Volatility Comparison

JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) has a higher volatility of 3.65% compared to T. Rowe Price Intermediate Municipal Income ETF (TAXE) at 0.77%. This indicates that JEPQ's price experiences larger fluctuations and is considered to be riskier than TAXE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JEPQ	TAXE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.65%	0.77%	+2.88%
Volatility (6M) Calculated over the trailing 6-month period	9.66%	1.66%	+8.00%
Volatility (1Y) Calculated over the trailing 1-year period	12.19%	2.24%	+9.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.67%	3.15%	+13.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.67%	3.15%	+13.52%

JEPQ vs. TAXE - Expense Ratio Comparison

JEPQ has a 0.35% expense ratio, which is higher than TAXE's 0.24% expense ratio.

Dividends

JEPQ vs. TAXE - Dividend Comparison

JEPQ's dividend yield for the trailing twelve months is around 10.26%, more than TAXE's 3.56% yield.

Position	TTM	2025	2024	2023	2022
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.26%	10.53%	9.65%	10.03%	9.44%
TAXE T. Rowe Price Intermediate Municipal Income ETF	3.56%	3.46%	1.74%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JEPQ and TAXE in my portfolio?

JEPQ and TAXE have a correlation of 0.09, 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 TAXE?

JEPQ has higher volatility (3.65%) compared to TAXE (0.77%). In terms of maximum drawdown, JEPQ dropped -20.07% vs TAXE's -3.72%.

Which ETF is better, JEPQ or TAXE?

On 1-year performance, JEPQ leads with 25.85% vs 7.45% for TAXE. On fees, TAXE is cheaper at 0.24% per year. On volatility, TAXE has been the lower-risk option at 0.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JEPQ or TAXE?

Over the 1-year period, JEPQ has performed better with a 25.85% return vs 7.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JEPQ or TAXE?

TAXE is cheaper with a 0.24% expense ratio, compared with 0.35% for JEPQ.

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

JEPQ has the higher dividend yield at 10.26%, compared with 3.56% for TAXE.

What is the main difference between JEPQ and TAXE?

JEPQ is categorized as Nasdaq-100, while TAXE is Municipal Bonds. They also come from different issuers: JPMorgan and T. Rowe Price. Their fees differ too: 0.35% for JEPQ and 0.24% for TAXE.

Which has better risk-adjusted returns?

TAXE currently has the higher Sharpe Ratio (3.35 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.