JEPQ vs. TCAF

Last updated Jun 9, 2026

JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) and TCAF (T. Rowe Price Capital Appreciation Equity ETF) are both exchange-traded funds - JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index, while TCAF is a Large Cap Blend Equities fund actively managed by T. Rowe Price. JEPQ is passively managed, while TCAF is actively managed. Over the past year, JEPQ returned 25.85% vs 17.40% for TCAF. Their correlation of 0.85 suggests significant overlap in exposure. JEPQ charges 0.35%/yr vs 0.31%/yr for TCAF.

Performance

JEPQ vs. TCAF - 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 Capital Appreciation Equity ETF (TCAF). 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 TCAF's 4.53% return.

JEPQ

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

TCAF

• 1D: -0.20%
• 1M: -0.52%
• YTD: 4.53%
• 6M: 5.02%
• 1Y: 17.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JEPQ vs. TCAF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	7.44%	15.18%	24.85%	10.77%
TCAF T. Rowe Price Capital Appreciation Equity ETF	4.53%	15.45%	20.93%	8.40%

Correlation

The correlation between JEPQ and TCAF is 0.81, 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	0.81
Correlation (All Time) Calculated using the full available price history since Jun 16, 2023	0.85

The correlation between JEPQ and TCAF has been stable across timeframes, ranging from 0.81 to 0.85 - a consistent structural relationship.

JEPQ vs. TCAF - Sectors Allocation Comparison

Sectors	JEPQ	TCAF
Technology	54.0%	33.7%
Communication Services	15.4%	11.4%
Consumer Cyclical	12.8%	10.6%
Consumer Defensive	7.1%	3.3%
Healthcare	4.4%	17.3%
Industrials	3.1%	4.6%
Utilities	1.3%	8.6%
Basic Materials	1.0%	0.1%
Energy	0.4%	2.6%
Financial Services	0.4%	6.0%
Real Estate	0.2%	0.1%

Return for Risk

JEPQ vs. TCAF — 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

TCAF

TCAF Risk / Return Rank: 44
TCAF Sharpe Ratio Rank: 47
TCAF Sortino Ratio Rank: 46
TCAF Omega Ratio Rank: 47
TCAF Calmar Ratio Rank: 34
TCAF 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. TCAF - 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 Capital Appreciation Equity ETF (TCAF). 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	TCAF	Difference
Sharpe ratio: Return per unit of total volatility	2.13	1.50	+0.64
Sortino ratio: Return per unit of downside risk	2.79	2.07	+0.72
Omega ratio: Gain probability vs. loss probability	1.42	1.27	+0.15
Calmar ratio: Return relative to maximum drawdown	2.95	1.54	+1.40
Martin ratio: Return relative to average drawdown	14.33	6.15	+8.18
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. TCAF - Sharpe Ratio Comparison

The current JEPQ Sharpe Ratio is 2.13, which is higher than the TCAF Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of JEPQ and TCAF, 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	TCAF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	1.50	+0.64
Sharpe Ratio (All Time) Calculated using the full available price history	0.96	1.20	-0.24

Drawdowns

JEPQ vs. TCAF - Drawdown Comparison

The maximum JEPQ drawdown since its inception was -20.07%, which is greater than TCAF's maximum drawdown of -16.37%. Use the drawdown chart below to compare losses from any high point for JEPQ and TCAF.

Drawdown Indicators

	JEPQ	TCAF	Difference
Max Drawdown Largest peak-to-trough decline	-20.07%	-16.37%	-3.70%
Max Drawdown (1Y) Largest decline over 1 year	-8.82%	-11.33%	+2.51%
Max Drawdown (3Y) Largest decline over 3 years	-20.07%	—	—
Current Drawdown Current decline from peak	-2.02%	-2.82%	+0.80%
Average Drawdown Average peak-to-trough decline	-3.42%	-2.06%	-1.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.81%	2.83%	-1.02%

Volatility

JEPQ vs. TCAF - Volatility Comparison

JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) has a higher volatility of 3.65% compared to T. Rowe Price Capital Appreciation Equity ETF (TCAF) at 3.25%. This indicates that JEPQ's price experiences larger fluctuations and is considered to be riskier than TCAF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JEPQ	TCAF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.65%	3.25%	+0.40%
Volatility (6M) Calculated over the trailing 6-month period	9.66%	9.05%	+0.61%
Volatility (1Y) Calculated over the trailing 1-year period	12.19%	11.68%	+0.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.67%	13.98%	+2.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.67%	13.98%	+2.69%

JEPQ vs. TCAF - Expense Ratio Comparison

JEPQ has a 0.35% expense ratio, which is higher than TCAF's 0.31% expense ratio.

Dividends

JEPQ vs. TCAF - Dividend Comparison

JEPQ's dividend yield for the trailing twelve months is around 10.26%, more than TCAF's 0.48% yield.

Position	TTM	2025	2024	2023	2022
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.26%	10.53%	9.65%	10.03%	9.44%
TCAF T. Rowe Price Capital Appreciation Equity ETF	0.48%	0.50%	0.43%	0.26%	0.00%

Frequently Asked Questions

Can I hold both JEPQ and TCAF in my portfolio?

JEPQ and TCAF have a correlation of 0.81, 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 TCAF?

JEPQ has higher volatility (3.65%) compared to TCAF (3.25%). In terms of maximum drawdown, JEPQ dropped -20.07% vs TCAF's -16.37%.

Which ETF is better, JEPQ or TCAF?

On 1-year performance, JEPQ leads with 25.85% vs 17.40% for TCAF. On fees, TCAF is cheaper at 0.31% per year. On volatility, TCAF has been the lower-risk option at 3.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JEPQ or TCAF?

Over the 1-year period, JEPQ has performed better with a 25.85% return vs 17.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JEPQ or TCAF?

TCAF is cheaper with a 0.31% expense ratio, compared with 0.35% for JEPQ.

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

JEPQ has the higher dividend yield at 10.26%, compared with 0.48% for TCAF.

What is the main difference between JEPQ and TCAF?

JEPQ is categorized as Nasdaq-100, while TCAF is Large Cap Blend Equities. They also come from different issuers: JPMorgan and T. Rowe Price. Their fees differ too: 0.35% for JEPQ and 0.31% for TCAF.

Which has better risk-adjusted returns?

JEPQ currently has the higher Sharpe Ratio (2.13 vs 1.50), 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.