JMEE vs. JEPQ

Last updated Aug 2, 2026

JMEE (JPMorgan Small & Mid Cap Enhanced Equity ETF) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - JMEE is a Small Cap Blend Equities fund actively managed by JPMorgan, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. JMEE is actively managed, while JEPQ is passively managed. Over the past 3 years, JMEE returned 14.61%/yr vs 17.49%/yr for JEPQ. Their 0.69 correlation means they have sometimes moved together and sometimes differently. JMEE charges 0.24%/yr vs 0.35%/yr for JEPQ.

Performance

JMEE vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Small & Mid Cap Enhanced Equity ETF (JMEE) and JPMorgan Nasdaq Equity Premium Income ETF (JEPQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JMEE achieves a 18.52% return, which is significantly higher than JEPQ's 6.05% return.

JMEE

• 1D: -0.12%
• 1M: -0.74%
• 6M: 13.12%
• YTD: 18.52%
• 1Y: 30.34%
• 3Y*: 14.61%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.60%

JEPQ

• 1D: 0.57%
• 1M: -1.92%
• 6M: 3.71%
• YTD: 6.05%
• 1Y: 19.59%
• 3Y*: 17.49%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.56%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	$439.89M	$417.31M	$422.49M
JMEE JPMorgan Small & Mid Cap Enhanced Equity ETF	$6.28M	$7.48M	$8.96M

JMEE vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
JMEE JPMorgan Small & Mid Cap Enhanced Equity ETF	18.52%	7.65%	13.65%	18.12%	0.09%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	6.05%	15.18%	24.85%	36.28%	-9.55%

Correlation

The correlation between JMEE and JEPQ is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.66
Correlation (3Y) Balances recent behavior with more history.	0.64
Correlation (All Time) Calculated using the full available price history since May 9, 2022	0.69

The correlation between JMEE and JEPQ has been stable across timeframes, ranging from 0.64 to 0.69 - a consistent structural relationship.

JMEE vs. JEPQ - Sectors Allocation Comparison

Sectors	JMEE	JEPQ
Industrials	21.5%	3.0%
Technology	17.4%	60.6%
Financial Services	15.9%	0.3%
Consumer Cyclical	12.2%	11.1%
Healthcare	9.1%	4.0%
Real Estate	7.5%	0.2%
Energy	4.6%	0.3%
Basic Materials	4.4%	0.9%
Consumer Defensive	3.6%	5.8%
Utilities	2.1%	1.0%
Communication Services	1.6%	12.8%

Return for Risk

JMEE vs. JEPQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

JMEE

JMEE Risk / Return Rank: 82
JMEE Sharpe Ratio Rank: 79
JMEE Sortino Ratio Rank: 81
JMEE Omega Ratio Rank: 77
JMEE Calmar Ratio Rank: 87
JMEE Martin Ratio Rank: 86

JEPQ

JEPQ Risk / Return Rank: 55
JEPQ Sharpe Ratio Rank: 50
JEPQ Sortino Ratio Rank: 48
JEPQ Omega Ratio Rank: 52
JEPQ Calmar Ratio Rank: 58
JEPQ Martin Ratio Rank: 68

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

JMEE vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Small & Mid Cap Enhanced Equity ETF (JMEE) and JPMorgan Nasdaq Equity Premium Income ETF (JEPQ). 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.

	JMEE	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	1.80	1.22	+0.58
Sortino ratio: Return per unit of downside risk	2.63	1.72	+0.91
Omega ratio: Gain probability vs. loss probability	1.32	1.23	+0.09
Calmar ratio: Return relative to maximum drawdown	3.49	2.02	+1.47
Martin ratio: Return relative to average drawdown	12.21	8.30	+3.91

JMEE vs. JEPQ - Sharpe Ratio Comparison

The current JMEE Sharpe Ratio is 1.80, which is higher than the JEPQ Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of JMEE and JEPQ, 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

JMEE vs. JEPQ - Drawdown Comparison

The maximum JMEE drawdown since its inception was -25.40%, which is greater than JEPQ's maximum drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for JMEE and JEPQ.

Drawdown Indicators

	JMEE	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-25.40%	-20.07%	-5.33%
Max Drawdown (1Y) Largest decline over 1 year	-8.24%	-8.82%	+0.58%
Max Drawdown (3Y) Largest decline over 3 years	-25.40%	-20.07%	-5.33%
Current Drawdown Current decline from peak	-2.22%	-4.23%	+2.01%
Average Drawdown Average peak-to-trough decline	-5.23%	-3.38%	-1.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.35%	2.14%	+0.21%

Volatility

JMEE vs. JEPQ - Volatility Comparison

The current volatility for JPMorgan Small & Mid Cap Enhanced Equity ETF (JMEE) is 3.31%, while JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) has a volatility of 6.09%. This indicates that JMEE experiences smaller price fluctuations and is considered to be less risky than JEPQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JMEE	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.31%	6.09%	-2.78%
Volatility (6M) Calculated over the trailing 6-month period	11.44%	12.15%	-0.71%
Volatility (1Y) Calculated over the trailing 1-year period	16.04%	14.65%	+1.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.32%	16.90%	+2.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.32%	16.90%	+2.42%

JMEE vs. JEPQ - Expense Ratio Comparison

JMEE has a 0.24% expense ratio, which is lower than JEPQ's 0.35% expense ratio.

Dividends

JMEE vs. JEPQ - Dividend Comparison

JMEE's dividend yield for the trailing twelve months is around 0.95%, less than JEPQ's 10.75% yield.

Position	TTM	2025	2024	2023	2022
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	9.99%	10.53%	9.65%	10.03%	9.44%
JMEE JPMorgan Small & Mid Cap Enhanced Equity ETF	0.95%	1.13%	0.95%	1.25%	6.63%

Frequently Asked Questions

Can I hold both JMEE and JEPQ in my portfolio?

JMEE and JEPQ have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JMEE or JEPQ?

JEPQ has higher volatility (6.09%) compared to JMEE (3.31%). In terms of maximum drawdown, JMEE dropped -25.40% vs JEPQ's -20.07%.

Which ETF is better, JMEE or JEPQ?

On 3-year performance, JEPQ leads with 17.49% vs 14.61% for JMEE. On fees, JMEE is cheaper at 0.24% per year. On volatility, JMEE has been the lower-risk option at 3.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JMEE or JEPQ?

Over the 3-year period, JEPQ has performed better with a 17.49% return vs 14.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JMEE or JEPQ?

JMEE is cheaper with a 0.24% expense ratio, compared with 0.35% for JEPQ.

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

JEPQ has the higher dividend yield at 9.99%, compared with 0.95% for JMEE.

What is the main difference between JMEE and JEPQ?

JMEE is categorized as Small Cap Blend Equities, while JEPQ is Nasdaq-100. Their fees differ too: 0.24% for JMEE and 0.35% for JEPQ.

Which has better risk-adjusted returns?

JMEE currently has the higher Sharpe Ratio (1.80 vs 1.22), 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.