JEPQ vs. USO
JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 3 years, JEPQ returned 20.92%/yr vs 29.98%/yr for USO. At a 0.01 correlation, their price movements are largely independent. JEPQ charges 0.35%/yr vs 0.86%/yr for USO.
Performance
JEPQ vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, JEPQ achieves a 9.54% return, which is significantly lower than USO's 103.67% return.
JEPQ
- 1D
- -0.10%
- 1M
- 4.31%
- YTD
- 9.54%
- 6M
- 9.75%
- 1Y
- 29.00%
- 3Y*
- 20.92%
- 5Y*
- —
- 10Y*
- —
USO
- 1D
- 2.62%
- 1M
- -4.57%
- YTD
- 103.67%
- 6M
- 99.35%
- 1Y
- 101.55%
- 3Y*
- 29.98%
- 5Y*
- 24.41%
- 10Y*
- 4.07%
JEPQ vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
JEPQ JPMorgan Nasdaq Equity Premium Income ETF | 9.54% | 15.18% | 24.85% | 36.28% | -12.89% |
USO United States Oil Fund LP | 103.67% | -8.46% | 13.35% | -4.94% | -12.60% |
Correlation
The correlation between JEPQ and USO is -0.28, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (All Time) Calculated using the full available price history since May 5, 2022 | 0.01 |
The correlation between JEPQ and USO shifts across timeframes, from -0.28 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
JEPQ vs. USO — Risk / Return Rank
JEPQ
USO
JEPQ vs. USO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) and United States Oil Fund LP (USO). 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 | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.18 | ||
| Sortino ratioReturn per unit of downside risk | +0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.38 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 3.31 | 5.01 | -1.70 |
| Martin ratioReturn relative to average drawdown | 16.22 | 9.42 | +6.81 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| JEPQ | USO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.49 | 2.31 | +0.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.68 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.10 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.00 | -0.18 | +1.18 |
Drawdowns
JEPQ vs. USO - Drawdown Comparison
The maximum JEPQ drawdown since its inception was -20.07%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for JEPQ and USO.
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Drawdown Indicators
| JEPQ | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.07% | -98.19% | +78.12% |
Max Drawdown (1Y)Largest decline over 1 year | -8.82% | -20.39% | +11.57% |
Max Drawdown (3Y)Largest decline over 3 years | -20.07% | -26.05% | +5.98% |
Max Drawdown (5Y)Largest decline over 5 years | — | -36.23% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -86.75% | — |
Current DrawdownCurrent decline from peak | -0.10% | -85.01% | +84.91% |
Average DrawdownAverage peak-to-trough decline | -3.42% | -75.30% | +71.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.79% | 10.82% | -9.03% |
Volatility
JEPQ vs. USO - Volatility Comparison
The current volatility for JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) is 1.26%, while United States Oil Fund LP (USO) has a volatility of 14.87%. This indicates that JEPQ experiences smaller price fluctuations and is considered to be less risky than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JEPQ | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.26% | 14.87% | -13.61% |
Volatility (6M)Calculated over the trailing 6-month period | 9.07% | 38.23% | -29.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.73% | 44.20% | -32.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.61% | 36.06% | -19.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.61% | 39.00% | -22.39% |
JEPQ vs. USO - Expense Ratio Comparison
JEPQ has a 0.35% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
JEPQ vs. USO - Dividend Comparison
JEPQ's dividend yield for the trailing twelve months is around 10.07%, while USO 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% |
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
JEPQ and USO have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USO has higher volatility (14.87%) compared to JEPQ (1.26%). In terms of maximum drawdown, JEPQ dropped -20.07% vs USO's -98.19%.
On 3-year performance, USO leads with 29.98% vs 20.92% for JEPQ. On fees, JEPQ is cheaper at 0.35% per year. On volatility, JEPQ has been the lower-risk option at 1.26%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, USO has performed better with a 29.98% return vs 20.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JEPQ is cheaper with a 0.35% expense ratio, compared with 0.86% for USO.
JEPQ has the higher dividend yield at 10.07%, compared with 0.00% for USO.
JEPQ is categorized as Nasdaq-100, while USO is Oil & Gas. JEPQ tracks Nasdaq-100 Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: JPMorgan and USCF. Their fees differ too: 0.35% for JEPQ and 0.86% for USO.
JEPQ currently has the higher Sharpe Ratio (2.49 vs 2.31), 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.
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