JEPQ vs. XME

Last updated Jun 9, 2026

JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) and XME (SPDR S&P Metals & Mining ETF) are both exchange-traded funds - JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index, while XME is a Materials fund tracking the S&P Metals & Mining Select Industry Index. Both are passively managed. Over the past 3 years, JEPQ returned 20.04%/yr vs 35.78%/yr for XME. A 0.53 correlation means they provide meaningful diversification when combined. Both charge a 0.35% expense ratio.

Performance

JEPQ vs. XME - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) and SPDR S&P Metals & Mining ETF (XME). 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 lower than XME's 14.53% return.

JEPQ

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

XME

• 1D: -0.01%
• 1M: -1.95%
• YTD: 14.53%
• 6M: 20.99%
• 1Y: 84.92%
• 3Y*: 35.78%
• 5Y*: 21.45%
• 10Y*: 19.09%

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

JEPQ vs. XME - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	7.44%	15.18%	24.85%	36.28%	-11.16%
XME SPDR S&P Metals & Mining ETF	14.53%	83.47%	-4.54%	21.51%	-10.83%

Correlation

The correlation between JEPQ and XME 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	0.48
Correlation (All Time) Calculated using the full available price history since May 4, 2022	0.53

The correlation between JEPQ and XME has been stable across timeframes, ranging from 0.48 to 0.53 - a consistent structural relationship.

JEPQ vs. XME - Sectors Allocation Comparison

Sectors	JEPQ	XME
Technology	54.0%	2.2%
Communication Services	15.4%	-
Consumer Cyclical	12.8%	-
Consumer Defensive	7.1%	0.8%
Healthcare	4.4%	-
Industrials	3.1%	0.4%
Utilities	1.3%	-
Basic Materials	1.0%	75.3%
Energy	0.4%	23.4%
Financial Services	0.4%	-
Real Estate	0.2%	-

Return for Risk

JEPQ vs. XME — 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

XME

XME Risk / Return Rank: 72
XME Sharpe Ratio Rank: 82
XME Sortino Ratio Rank: 70
XME Omega Ratio Rank: 70
XME Calmar Ratio Rank: 80
XME Martin Ratio Rank: 59

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. XME - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) and SPDR S&P Metals & Mining ETF (XME). 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	XME	Difference
Sharpe ratio: Return per unit of total volatility	2.13	2.40	-0.27
Sortino ratio: Return per unit of downside risk	2.79	2.85	-0.06
Omega ratio: Gain probability vs. loss probability	1.42	1.37	+0.05
Calmar ratio: Return relative to maximum drawdown	2.95	3.78	-0.83
Martin ratio: Return relative to average drawdown	14.33	9.55	+4.78
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. XME - Sharpe Ratio Comparison

The current JEPQ Sharpe Ratio is 2.13, which is comparable to the XME Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of JEPQ and XME, 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	XME	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	2.40	-0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.66	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.58	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.96	0.16	+0.80

Drawdowns

JEPQ vs. XME - Drawdown Comparison

The maximum JEPQ drawdown since its inception was -20.07%, smaller than the maximum XME drawdown of -85.89%. Use the drawdown chart below to compare losses from any high point for JEPQ and XME.

Drawdown Indicators

	JEPQ	XME	Difference
Max Drawdown Largest peak-to-trough decline	-20.07%	-85.89%	+65.82%
Max Drawdown (1Y) Largest decline over 1 year	-8.82%	-22.60%	+13.78%
Max Drawdown (3Y) Largest decline over 3 years	-20.07%	-30.47%	+10.40%
Max Drawdown (5Y) Largest decline over 5 years	—	-37.27%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-61.69%	—
Current Drawdown Current decline from peak	-2.02%	-10.72%	+8.70%
Average Drawdown Average peak-to-trough decline	-3.42%	-44.12%	+40.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.81%	8.92%	-7.11%

Volatility

JEPQ vs. XME - Volatility Comparison

The current volatility for JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) is 3.65%, while SPDR S&P Metals & Mining ETF (XME) has a volatility of 14.01%. This indicates that JEPQ experiences smaller price fluctuations and is considered to be less risky than XME based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JEPQ	XME	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.65%	14.01%	-10.36%
Volatility (6M) Calculated over the trailing 6-month period	9.66%	27.83%	-18.17%
Volatility (1Y) Calculated over the trailing 1-year period	12.19%	35.60%	-23.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.67%	32.72%	-16.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.67%	32.91%	-16.24%

JEPQ vs. XME - Expense Ratio Comparison

Both JEPQ and XME have an expense ratio of 0.35%.

Dividends

JEPQ vs. XME - Dividend Comparison

JEPQ's dividend yield for the trailing twelve months is around 10.26%, more than XME's 0.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.26%	10.53%	9.65%	10.03%	9.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XME SPDR S&P Metals & Mining ETF	0.32%	0.38%	0.65%	1.00%	1.64%	0.70%	0.99%	2.43%	2.23%	1.15%	1.02%	2.61%

Frequently Asked Questions

Can I hold both JEPQ and XME in my portfolio?

JEPQ and XME 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 XME?

XME has higher volatility (14.01%) compared to JEPQ (3.65%). In terms of maximum drawdown, JEPQ dropped -20.07% vs XME's -85.89%.

Which ETF is better, JEPQ or XME?

On 3-year performance, XME leads with 35.78% vs 20.04% for JEPQ. Both ETFs have the same 0.35% expense ratio. On volatility, JEPQ has been the lower-risk option at 3.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JEPQ or XME?

Over the 3-year period, XME has performed better with a 35.78% return vs 20.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JEPQ or XME?

JEPQ and XME have the same expense ratio: 0.35% per year.

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

JEPQ has the higher dividend yield at 10.26%, compared with 0.32% for XME.

What is the main difference between JEPQ and XME?

JEPQ is categorized as Nasdaq-100, while XME is Materials. JEPQ tracks Nasdaq-100 Index, while XME tracks S&P Metals & Mining Select Industry Index. They also come from different issuers: JPMorgan and State Street.

Which has better risk-adjusted returns?

XME currently has the higher Sharpe Ratio (2.40 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.