JEPQ vs. XOP

Last updated Jun 16, 2026

JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) and XOP (SPDR S&P Oil & Gas Exploration & Production ETF) are both exchange-traded funds - JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index, while XOP is a Energy Equities fund tracking the S&P Oil & Gas Exploration & Production Select Industry. Both are passively managed. Over the past 3 years, JEPQ returned 20.72%/yr vs 10.05%/yr for XOP. At a 0.22 correlation, their price movements are largely independent. Both charge a 0.35% expense ratio.

Performance

JEPQ vs. XOP - 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 Oil & Gas Exploration & Production ETF (XOP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JEPQ achieves a 10.23% return, which is significantly lower than XOP's 25.93% return.

JEPQ

• 1D: 2.21%
• 1M: 3.31%
• YTD: 10.23%
• 6M: 11.56%
• 1Y: 29.39%
• 3Y*: 20.72%
• 5Y*: —
• 10Y*: —

XOP

• 1D: -4.22%
• 1M: -9.06%
• YTD: 25.93%
• 6M: 23.31%
• 1Y: 22.12%
• 3Y*: 10.05%
• 5Y*: 12.85%
• 10Y*: 3.15%

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

JEPQ vs. XOP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.23%	15.18%	24.85%	36.28%	-11.16%
XOP SPDR S&P Oil & Gas Exploration & Production ETF	25.93%	-2.15%	-1.00%	3.56%	0.45%

Correlation

The correlation between JEPQ and XOP is -0.14, 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	-0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (All Time) Calculated using the full available price history since May 4, 2022	0.22

The correlation between JEPQ and XOP shifts across timeframes, from -0.14 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.

JEPQ vs. XOP - Sectors Allocation Comparison

Sectors	JEPQ	XOP
Technology	58.9%	-
Communication Services	13.9%	-
Consumer Cyclical	11.8%	-
Consumer Defensive	6.0%	-
Healthcare	3.9%	-
Industrials	2.8%	-
Utilities	1.1%	-
Basic Materials	0.9%	3.2%
Financial Services	0.3%	-
Energy	0.3%	96.8%
Real Estate	0.2%	-

Return for Risk

JEPQ vs. XOP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

JEPQ

JEPQ Risk / Return Rank: 81
JEPQ Sharpe Ratio Rank: 81
JEPQ Sortino Ratio Rank: 77
JEPQ Omega Ratio Rank: 85
JEPQ Calmar Ratio Rank: 73
JEPQ Martin Ratio Rank: 86

XOP

XOP Risk / Return Rank: 26
XOP Sharpe Ratio Rank: 24
XOP Sortino Ratio Rank: 23
XOP Omega Ratio Rank: 23
XOP Calmar Ratio Rank: 31
XOP Martin Ratio Rank: 28

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. XOP - 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 Oil & Gas Exploration & Production ETF (XOP). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	JEPQ	XOP	Difference
Sharpe ratio: Return per unit of total volatility	2.31	0.79	+1.53
Sortino ratio: Return per unit of downside risk	3.06	1.18	+1.87
Omega ratio: Gain probability vs. loss probability	1.46	1.14	+0.32
Calmar ratio: Return relative to maximum drawdown	3.35	1.40	+1.95
Martin ratio: Return relative to average drawdown	15.94	3.53	+12.40

JEPQ vs. XOP - Sharpe Ratio Comparison

The current JEPQ Sharpe Ratio is 2.31, which is higher than the XOP Sharpe Ratio of 0.79. The chart below compares the historical Sharpe Ratios of JEPQ and XOP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

JEPQ vs. XOP - Drawdown Comparison

The maximum JEPQ drawdown since its inception was -20.07%, smaller than the maximum XOP drawdown of -90.27%. Use the drawdown chart below to compare losses from any high point for JEPQ and XOP.

Drawdown Indicators

	JEPQ	XOP	Difference
Max Drawdown Largest peak-to-trough decline	-20.07%	-90.27%	+70.20%
Max Drawdown (1Y) Largest decline over 1 year	-8.82%	-15.85%	+7.03%
Max Drawdown (3Y) Largest decline over 3 years	-20.07%	-34.98%	+14.91%
Max Drawdown (5Y) Largest decline over 5 years	—	-34.98%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-82.61%	—
Current Drawdown Current decline from peak	0.00%	-41.14%	+41.14%
Average Drawdown Average peak-to-trough decline	-3.41%	-42.58%	+39.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	6.28%	-4.43%

Volatility

JEPQ vs. XOP - Volatility Comparison

The current volatility for JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) is 5.42%, while SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has a volatility of 9.98%. This indicates that JEPQ experiences smaller price fluctuations and is considered to be less risky than XOP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JEPQ	XOP	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.42%	9.98%	-4.56%
Volatility (6M) Calculated over the trailing 6-month period	10.44%	22.50%	-12.06%
Volatility (1Y) Calculated over the trailing 1-year period	12.78%	28.29%	-15.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.76%	34.01%	-17.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.76%	40.30%	-23.54%

JEPQ vs. XOP - Expense Ratio Comparison

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

Dividends

JEPQ vs. XOP - Dividend Comparison

JEPQ's dividend yield for the trailing twelve months is around 10.00%, more than XOP's 2.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.00%	10.53%	9.65%	10.03%	9.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XOP SPDR S&P Oil & Gas Exploration & Production ETF	2.05%	2.62%	2.45%	2.63%	2.47%	1.61%	2.34%	1.47%	0.99%	0.76%	0.76%	2.21%

Frequently Asked Questions

Can I hold both JEPQ and XOP in my portfolio?

JEPQ and XOP have a correlation of -0.14, 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 XOP?

XOP has higher volatility (9.98%) compared to JEPQ (5.42%). In terms of maximum drawdown, JEPQ dropped -20.07% vs XOP's -90.27%.

Which ETF is better, JEPQ or XOP?

On 3-year performance, JEPQ leads with 20.72% vs 10.05% for XOP. Both ETFs have the same 0.35% expense ratio. On volatility, JEPQ has been the lower-risk option at 5.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JEPQ or XOP?

Over the 3-year period, JEPQ has performed better with a 20.72% return vs 10.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JEPQ or XOP?

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

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

JEPQ has the higher dividend yield at 10.00%, compared with 2.05% for XOP.

What is the main difference between JEPQ and XOP?

JEPQ is categorized as Nasdaq-100, while XOP is Energy Equities. JEPQ tracks Nasdaq-100 Index, while XOP tracks S&P Oil & Gas Exploration & Production Select Industry. They also come from different issuers: JPMorgan and State Street.

Which has better risk-adjusted returns?

JEPQ currently has the higher Sharpe Ratio (2.31 vs 0.79), 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.