JNK vs. JEPQ

Last updated Jun 13, 2026

JNK (State Street SPDR Bloomberg High Yield Bond ETF) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - JNK is a High Yield Bonds fund tracking the Bloomberg High Yield Very Liquid Index, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. Both are passively managed. Over the past 3 years, JNK returned 8.62%/yr vs 19.91%/yr for JEPQ. A 0.63 correlation means they provide meaningful diversification when combined. JNK charges 0.40%/yr vs 0.35%/yr for JEPQ.

Performance

JNK vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR Bloomberg High Yield Bond ETF (JNK) 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, JNK achieves a 1.83% return, which is significantly lower than JEPQ's 7.85% return.

JNK

• 1D: 0.02%
• 1M: 0.67%
• YTD: 1.83%
• 6M: 2.49%
• 1Y: 7.11%
• 3Y*: 8.62%
• 5Y*: 3.65%
• 10Y*: 5.09%

JEPQ

• 1D: 0.62%
• 1M: 0.88%
• YTD: 7.85%
• 6M: 8.80%
• 1Y: 25.53%
• 3Y*: 19.91%
• 5Y*: —
• 10Y*: —

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

JNK vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
JNK State Street SPDR Bloomberg High Yield Bond ETF	1.83%	8.76%	7.71%	12.42%	-3.91%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	7.85%	15.18%	24.85%	36.28%	-11.16%

Correlation

The correlation between JNK and JEPQ is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (All Time) Calculated using the full available price history since May 4, 2022	0.63

The correlation between JNK and JEPQ has been stable across timeframes, ranging from 0.59 to 0.67 - a consistent structural relationship.

JNK vs. JEPQ - Sectors Allocation Comparison

Sectors	JNK	JEPQ
Technology	0.0%	54.0%
Energy	0.0%	0.4%
Basic Materials	-	1.0%
Communication Services	-	15.4%
Consumer Cyclical	-	12.8%
Consumer Defensive	-	7.1%
Financial Services	-	0.4%
Healthcare	-	4.4%
Industrials	-	3.1%
Real Estate	-	0.2%
Utilities	-	1.3%

Return for Risk

JNK vs. JEPQ — Risk / Return Rank

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

JNK

JNK Risk / Return Rank: 69
JNK Sharpe Ratio Rank: 65
JNK Sortino Ratio Rank: 72
JNK Omega Ratio Rank: 69
JNK Calmar Ratio Rank: 65
JNK Martin Ratio Rank: 76

JEPQ

JEPQ Risk / Return Rank: 74
JEPQ Sharpe Ratio Rank: 73
JEPQ Sortino Ratio Rank: 69
JEPQ Omega Ratio Rank: 79
JEPQ Calmar Ratio Rank: 66
JEPQ Martin Ratio Rank: 81

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.

JNK vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Bloomberg High Yield Bond ETF (JNK) 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.

	JNK	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	1.84	2.03	-0.19
Sortino ratio: Return per unit of downside risk	2.81	2.69	+0.11
Omega ratio: Gain probability vs. loss probability	1.35	1.40	-0.05
Calmar ratio: Return relative to maximum drawdown	2.85	2.91	-0.06
Martin ratio: Return relative to average drawdown	12.52	13.84	-1.32

JNK vs. JEPQ - Sharpe Ratio Comparison

The current JNK Sharpe Ratio is 1.84, which is comparable to the JEPQ Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of JNK 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

JNK vs. JEPQ - Drawdown Comparison

The maximum JNK drawdown since its inception was -38.48%, which is greater than JEPQ's maximum drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for JNK and JEPQ.

Drawdown Indicators

	JNK	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-38.48%	-20.07%	-18.41%
Max Drawdown (1Y) Largest decline over 1 year	-2.51%	-8.82%	+6.31%
Max Drawdown (3Y) Largest decline over 3 years	-5.02%	-20.07%	+15.05%
Max Drawdown (5Y) Largest decline over 5 years	-16.67%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-22.89%	—	—
Current Drawdown Current decline from peak	0.00%	-1.64%	+1.64%
Average Drawdown Average peak-to-trough decline	-3.69%	-3.41%	-0.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.57%	1.85%	-1.28%

Volatility

JNK vs. JEPQ - Volatility Comparison

The current volatility for State Street SPDR Bloomberg High Yield Bond ETF (JNK) is 1.21%, while JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) has a volatility of 4.98%. This indicates that JNK 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

	JNK	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.21%	4.98%	-3.77%
Volatility (6M) Calculated over the trailing 6-month period	3.03%	10.22%	-7.19%
Volatility (1Y) Calculated over the trailing 1-year period	3.87%	12.61%	-8.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.55%	16.73%	-9.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.31%	16.73%	-8.42%

JNK vs. JEPQ - Expense Ratio Comparison

JNK has a 0.40% expense ratio, which is higher than JEPQ's 0.35% expense ratio.

Dividends

JNK vs. JEPQ - Dividend Comparison

JNK's dividend yield for the trailing twelve months is around 6.60%, less than JEPQ's 10.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.22%	10.53%	9.65%	10.03%	9.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
JNK State Street SPDR Bloomberg High Yield Bond ETF	6.60%	6.54%	6.63%	6.38%	6.06%	4.27%	5.11%	5.44%	5.90%	5.60%	6.06%	6.59%

Frequently Asked Questions

Can I hold both JNK and JEPQ in my portfolio?

JNK and JEPQ have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JNK or JEPQ?

JEPQ has higher volatility (4.98%) compared to JNK (1.21%). In terms of maximum drawdown, JNK dropped -38.48% vs JEPQ's -20.07%.

Which ETF is better, JNK or JEPQ?

On 3-year performance, JEPQ leads with 19.91% vs 8.62% for JNK. On fees, JEPQ is cheaper at 0.35% per year. On volatility, JNK has been the lower-risk option at 1.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JNK or JEPQ?

Over the 3-year period, JEPQ has performed better with a 19.91% return vs 8.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JNK or JEPQ?

JEPQ is cheaper with a 0.35% expense ratio, compared with 0.40% for JNK.

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

JEPQ has the higher dividend yield at 10.22%, compared with 6.60% for JNK.

What is the main difference between JNK and JEPQ?

JNK is categorized as High Yield Bonds, while JEPQ is Nasdaq-100. JNK tracks Bloomberg High Yield Very Liquid Index, while JEPQ tracks Nasdaq-100 Index. They also come from different issuers: State Street and JPMorgan. Their fees differ too: 0.40% for JNK and 0.35% for JEPQ.

Which has better risk-adjusted returns?

JEPQ currently has the higher Sharpe Ratio (2.03 vs 1.84), 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.