JPSE vs. JEPQ

Last updated Jun 4, 2026

JPSE (JPMorgan Diversified Return U.S. Small Cap Equity ETF) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - JPSE is a Small Cap Growth Equities fund tracking the JPMorgan Diversified Factor US Small Cap Equity Index, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. Both are passively managed. Over the past 3 years, JPSE returned 15.24%/yr vs 20.92%/yr for JEPQ. A 0.65 correlation means they provide meaningful diversification when combined. JPSE charges 0.29%/yr vs 0.35%/yr for JEPQ.

Performance

JPSE vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Diversified Return U.S. Small Cap Equity ETF (JPSE) 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, JPSE achieves a 15.46% return, which is significantly higher than JEPQ's 9.54% return.

JPSE

• 1D: -1.03%
• 1M: 0.95%
• YTD: 15.46%
• 6M: 14.54%
• 1Y: 31.79%
• 3Y*: 15.24%
• 5Y*: 7.07%
• 10Y*: —

JEPQ

• 1D: -0.10%
• 1M: 4.31%
• YTD: 9.54%
• 6M: 9.75%
• 1Y: 29.00%
• 3Y*: 20.92%
• 5Y*: —
• 10Y*: —

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

JPSE vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF	15.46%	8.77%	8.07%	15.87%	-6.92%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	9.54%	15.18%	24.85%	36.28%	-12.89%

Correlation

The correlation between JPSE and JEPQ is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (All Time) Calculated using the full available price history since May 5, 2022	0.65

The correlation between JPSE and JEPQ has been stable across timeframes, ranging from 0.56 to 0.65 - a consistent structural relationship.

JPSE vs. JEPQ - Sectors Allocation Comparison

Sectors	JPSE	JEPQ
Technology	14.6%	54.0%
Real Estate	13.1%	0.2%
Industrials	11.7%	3.1%
Financial Services	9.7%	0.4%
Basic Materials	9.6%	1.0%
Healthcare	9.0%	4.4%
Energy	8.9%	0.4%
Consumer Defensive	8.1%	7.1%
Consumer Cyclical	7.9%	12.8%
Utilities	4.8%	1.3%
Communication Services	2.7%	15.4%

Return for Risk

JPSE vs. JEPQ — Risk / Return Rank

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

JPSE

JPSE Risk / Return Rank: 66
JPSE Sharpe Ratio Rank: 59
JPSE Sortino Ratio Rank: 61
JPSE Omega Ratio Rank: 56
JPSE Calmar Ratio Rank: 78
JPSE Martin Ratio Rank: 75

JEPQ

JEPQ Risk / Return Rank: 74
JEPQ Sharpe Ratio Rank: 74
JEPQ Sortino Ratio Rank: 71
JEPQ Omega Ratio Rank: 80
JEPQ Calmar Ratio Rank: 65
JEPQ Martin Ratio Rank: 80

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.

JPSE vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Diversified Return U.S. Small Cap Equity ETF (JPSE) 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.

	JPSE	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	2.00	2.49	-0.49
Sortino ratio: Return per unit of downside risk	2.89	3.29	-0.40
Omega ratio: Gain probability vs. loss probability	1.34	1.49	-0.15
Calmar ratio: Return relative to maximum drawdown	3.99	3.31	+0.68
Martin ratio: Return relative to average drawdown	14.20	16.22	-2.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JPSE vs. JEPQ - Sharpe Ratio Comparison

The current JPSE Sharpe Ratio is 2.00, which is comparable to the JEPQ Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of JPSE 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.

Sharpe Ratios by Period

	JPSE	JEPQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.00	2.49	-0.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	1.00	-0.52

Drawdowns

JPSE vs. JEPQ - Drawdown Comparison

The maximum JPSE drawdown since its inception was -43.02%, which is greater than JEPQ's maximum drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for JPSE and JEPQ.

Drawdown Indicators

	JPSE	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-43.02%	-20.07%	-22.95%
Max Drawdown (1Y) Largest decline over 1 year	-8.00%	-8.82%	+0.82%
Max Drawdown (3Y) Largest decline over 3 years	-25.49%	-20.07%	-5.42%
Max Drawdown (5Y) Largest decline over 5 years	-25.56%	—	—
Current Drawdown Current decline from peak	-1.37%	-0.10%	-1.27%
Average Drawdown Average peak-to-trough decline	-7.42%	-3.42%	-4.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	1.79%	+0.45%

Volatility

JPSE vs. JEPQ - Volatility Comparison

JPMorgan Diversified Return U.S. Small Cap Equity ETF (JPSE) has a higher volatility of 4.52% compared to JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) at 1.26%. This indicates that JPSE's price experiences larger fluctuations and is considered to be riskier than JEPQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JPSE	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.52%	1.26%	+3.26%
Volatility (6M) Calculated over the trailing 6-month period	10.90%	9.07%	+1.83%
Volatility (1Y) Calculated over the trailing 1-year period	16.00%	11.73%	+4.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.08%	16.61%	+3.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.82%	16.61%	+5.21%

JPSE vs. JEPQ - Expense Ratio Comparison

JPSE has a 0.29% expense ratio, which is lower than JEPQ's 0.35% expense ratio.

Dividends

JPSE vs. JEPQ - Dividend Comparison

JPSE's dividend yield for the trailing twelve months is around 1.38%, less than JEPQ's 10.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.07%	10.53%	9.65%	10.03%	9.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF	1.38%	1.62%	1.66%	1.76%	1.55%	1.24%	1.32%	1.23%	1.18%	0.74%	0.14%

Frequently Asked Questions

Can I hold both JPSE and JEPQ in my portfolio?

JPSE and JEPQ have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JPSE or JEPQ?

JPSE has higher volatility (4.52%) compared to JEPQ (1.26%). In terms of maximum drawdown, JPSE dropped -43.02% vs JEPQ's -20.07%.

Which ETF is better, JPSE or JEPQ?

On 3-year performance, JEPQ leads with 20.92% vs 15.24% for JPSE. On fees, JPSE is cheaper at 0.29% per year. On volatility, JEPQ has been the lower-risk option at 1.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JPSE or JEPQ?

Over the 3-year period, JEPQ has performed better with a 20.92% return vs 15.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JPSE or JEPQ?

JPSE is cheaper with a 0.29% expense ratio, compared with 0.35% for JEPQ.

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

JEPQ has the higher dividend yield at 10.07%, compared with 1.38% for JPSE.

What is the main difference between JPSE and JEPQ?

JPSE is categorized as Small Cap Growth Equities, while JEPQ is Nasdaq-100. JPSE tracks JPMorgan Diversified Factor US Small Cap Equity Index, while JEPQ tracks Nasdaq-100 Index. Their fees differ too: 0.29% for JPSE and 0.35% for JEPQ.

Which has better risk-adjusted returns?

JEPQ currently has the higher Sharpe Ratio (2.49 vs 2.00), 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.