JPSE vs. JEPQ

Last updated Aug 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 14.13%/yr vs 18.60%/yr for JEPQ. Their 0.64 correlation means they have sometimes moved together and sometimes differently. 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 20.54% return, which is significantly higher than JEPQ's 7.51% return.

JPSE

• 1D: 1.46%
• 1M: 0.65%
• 6M: 12.63%
• YTD: 20.54%
• 1Y: 35.43%
• 3Y*: 14.13%
• 5Y*: 8.74%
• 10Y*: —
• ALL TIME*: 10.87%

JEPQ

• 1D: 1.38%
• 1M: -0.56%
• 6M: 4.41%
• YTD: 7.51%
• 1Y: 21.24%
• 3Y*: 18.60%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.90%

*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	$489.18M	$434.68M	$428.59M
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF	$998.97K	$1.47M	$1.84M

JPSE vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF	20.54%	8.77%	8.07%	15.87%	-4.58%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	7.51%	15.18%	24.85%	36.28%	-11.16%

Correlation

The correlation between JPSE and JEPQ is 0.61, 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.	0.61
Correlation (3Y) Balances recent behavior with more history.	0.58
Correlation (All Time) Calculated using the full available price history since May 4, 2022	0.64

The correlation between JPSE and JEPQ has been stable across timeframes, ranging from 0.58 to 0.64 - a consistent structural relationship.

JPSE vs. JEPQ - Sectors Allocation Comparison

Sectors	JPSE	JEPQ
Real Estate	14.7%	0.2%
Financial Services	11.4%	0.3%
Technology	11.1%	60.6%
Industrials	10.9%	3.0%
Healthcare	10.3%	4.0%
Basic Materials	9.3%	0.9%
Consumer Defensive	8.7%	5.8%
Consumer Cyclical	8.1%	11.1%
Energy	7.9%	0.3%
Utilities	4.8%	1.0%
Communication Services	2.6%	12.8%

Return for Risk

JPSE vs. JEPQ — Risk / Return Rank

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

JPSE

JPSE Risk / Return Rank: 90
JPSE Sharpe Ratio Rank: 89
JPSE Sortino Ratio Rank: 90
JPSE Omega Ratio Rank: 86
JPSE Calmar Ratio Rank: 92
JPSE Martin Ratio Rank: 92

JEPQ

JEPQ Risk / Return Rank: 66
JEPQ Sharpe Ratio Rank: 61
JEPQ Sortino Ratio Rank: 59
JEPQ Omega Ratio Rank: 64
JEPQ Calmar Ratio Rank: 69
JEPQ Martin Ratio Rank: 77

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.

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.

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.

	JPSE	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	2.27	1.46	+0.81
Sortino ratio: Return per unit of downside risk	3.29	2.04	+1.25
Omega ratio: Gain probability vs. loss probability	1.39	1.28	+0.12
Calmar ratio: Return relative to maximum drawdown	4.45	2.42	+2.03
Martin ratio: Return relative to average drawdown	16.25	9.91	+6.35

JPSE vs. JEPQ - Sharpe Ratio Comparison

The current JPSE Sharpe Ratio is 2.27, which is higher than the JEPQ Sharpe Ratio of 1.46. 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.

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	-0.12%	-2.91%	+2.79%
Average Drawdown Average peak-to-trough decline	-7.31%	-3.38%	-3.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.19%	2.15%	+0.04%

Volatility

JPSE vs. JEPQ - Volatility Comparison

The current volatility for JPMorgan Diversified Return U.S. Small Cap Equity ETF (JPSE) is 3.25%, while JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) has a volatility of 6.14%. This indicates that JPSE 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

	JPSE	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.25%	6.14%	-2.89%
Volatility (6M) Calculated over the trailing 6-month period	10.86%	12.20%	-1.34%
Volatility (1Y) Calculated over the trailing 1-year period	15.71%	14.64%	+1.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.92%	16.90%	+3.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.69%	16.90%	+4.79%

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 1.32%, less than JEPQ's 11.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	11.18%	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	1.32%	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?

JEPQ has higher volatility (6.14%) compared to JPSE (3.25%). 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 18.60% vs 14.13% for JPSE. On fees, JPSE is cheaper at 0.29% per year. On volatility, JPSE has been the lower-risk option at 3.25%. 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 18.60% return vs 14.13%. 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 11.18%, compared with 1.32% 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?

JPSE currently has the higher Sharpe Ratio (2.27 vs 1.46), 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.