JHQDX vs. JEPI

Last updated Jun 23, 2026

JHQDX (JPMorgan Hedged Equity 2 Fund Class I) and JEPI (JPMorgan Equity Premium Income ETF) are both funds - JHQDX is a Options Trading fund managed by JPMorgan, while JEPI is a Dividend fund actively managed by JPMorgan. Over the past 5 years, JHQDX returned 8.02%/yr vs 7.51%/yr for JEPI. A 0.75 correlation means they provide meaningful diversification when combined. JHQDX charges 0.60%/yr vs 0.35%/yr for JEPI.

Performance

JHQDX vs. JEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Hedged Equity 2 Fund Class I (JHQDX) and JPMorgan Equity Premium Income ETF (JEPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JHQDX achieves a 5.89% return, which is significantly higher than JEPI's 1.34% return.

JHQDX

• 1D: 0.48%
• 1M: 0.57%
• YTD: 5.89%
• 6M: 5.47%
• 1Y: 13.23%
• 3Y*: 11.07%
• 5Y*: 8.02%
• 10Y*: —

JEPI

• 1D: -0.05%
• 1M: 0.23%
• YTD: 1.34%
• 6M: 1.18%
• 1Y: 8.97%
• 3Y*: 9.13%
• 5Y*: 7.51%
• 10Y*: —

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

JHQDX vs. JEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
JHQDX JPMorgan Hedged Equity 2 Fund Class I	5.89%	7.56%	18.03%	15.26%	-13.30%	14.40%
JEPI JPMorgan Equity Premium Income ETF	1.34%	8.09%	12.57%	9.83%	-3.49%	21.51%

Correlation

The correlation between JHQDX and JEPI is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since Feb 26, 2021	0.75

The correlation between JHQDX and JEPI shifts across timeframes, from 0.64 (1 year) to 0.75 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

JHQDX vs. JEPI — Risk / Return Rank

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

JHQDX

JHQDX Risk / Return Rank: 51
JHQDX Sharpe Ratio Rank: 47
JHQDX Sortino Ratio Rank: 46
JHQDX Omega Ratio Rank: 55
JHQDX Calmar Ratio Rank: 46
JHQDX Martin Ratio Rank: 58

JEPI

JEPI Risk / Return Rank: 30
JEPI Sharpe Ratio Rank: 32
JEPI Sortino Ratio Rank: 32
JEPI Omega Ratio Rank: 31
JEPI Calmar Ratio Rank: 28
JEPI Martin Ratio Rank: 30

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.

JHQDX vs. JEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Hedged Equity 2 Fund Class I (JHQDX) and JPMorgan Equity Premium Income ETF (JEPI). 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.

	JHQDX	JEPI	Difference
Sharpe ratio: Return per unit of total volatility	1.88	1.12	+0.76
Sortino ratio: Return per unit of downside risk	2.65	1.66	+0.98
Omega ratio: Gain probability vs. loss probability	1.37	1.21	+0.17
Calmar ratio: Return relative to maximum drawdown	2.46	1.35	+1.12
Martin ratio: Return relative to average drawdown	10.86	4.00	+6.86

JHQDX vs. JEPI - Sharpe Ratio Comparison

The current JHQDX Sharpe Ratio is 1.88, which is higher than the JEPI Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of JHQDX and JEPI, 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

JHQDX vs. JEPI - Drawdown Comparison

The maximum JHQDX drawdown since its inception was -15.25%, which is greater than JEPI's maximum drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for JHQDX and JEPI.

Drawdown Indicators

	JHQDX	JEPI	Difference
Max Drawdown Largest peak-to-trough decline	-15.25%	-13.71%	-1.54%
Max Drawdown (1Y) Largest decline over 1 year	-5.41%	-6.68%	+1.27%
Max Drawdown (3Y) Largest decline over 3 years	-9.27%	-13.26%	+3.99%
Max Drawdown (5Y) Largest decline over 5 years	-15.25%	-13.71%	-1.54%
Current Drawdown Current decline from peak	-0.24%	-3.69%	+3.45%
Average Drawdown Average peak-to-trough decline	-3.21%	-2.13%	-1.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.23%	2.24%	-1.01%

Volatility

JHQDX vs. JEPI - Volatility Comparison

JPMorgan Hedged Equity 2 Fund Class I (JHQDX) and JPMorgan Equity Premium Income ETF (JEPI) have volatilities of 2.26% and 2.35%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JHQDX	JEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.26%	2.35%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	5.83%	6.28%	-0.45%
Volatility (1Y) Calculated over the trailing 1-year period	7.10%	8.04%	-0.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.82%	11.08%	-2.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.66%	10.79%	-2.13%

JHQDX vs. JEPI - Expense Ratio Comparison

JHQDX has a 0.60% expense ratio, which is higher than JEPI's 0.35% expense ratio.

Dividends

JHQDX vs. JEPI - Dividend Comparison

JHQDX's dividend yield for the trailing twelve months is around 0.47%, less than JEPI's 8.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
JEPI JPMorgan Equity Premium Income ETF	8.17%	8.25%	7.33%	8.40%	11.68%	6.59%	5.79%
JHQDX JPMorgan Hedged Equity 2 Fund Class I	0.47%	0.50%	0.75%	0.96%	6.91%	0.40%	0.00%

Frequently Asked Questions

Can I hold both JHQDX and JEPI in my portfolio?

JHQDX and JEPI have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JHQDX or JEPI?

JEPI has higher volatility (2.35%) compared to JHQDX (2.26%). In terms of maximum drawdown, JHQDX dropped -15.25% vs JEPI's -13.71%.

Which has better risk-adjusted returns?

JHQDX currently has the higher Sharpe Ratio (1.88 vs 1.12), 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.