KBWD vs. JEPQ

Last updated Aug 2, 2026

KBWD (Invesco KBW High Dividend Yield Financial ETF) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - KBWD is a Financials Equities fund tracking the KBW Nasdaq Financial Sector Dividend Yield Index, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. Both are passively managed. Over the past 3 years, KBWD returned 1.98%/yr vs 17.49%/yr for JEPQ. Their 0.51 correlation means they have sometimes moved together and sometimes differently. KBWD charges 5.39%/yr vs 0.35%/yr for JEPQ.

Performance

KBWD vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco KBW High Dividend Yield Financial ETF (KBWD) 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, KBWD achieves a -5.22% return, which is significantly lower than JEPQ's 6.05% return.

KBWD

• 1D: -0.75%
• 1M: -2.41%
• 6M: -7.83%
• YTD: -5.22%
• 1Y: 0.00%
• 3Y*: 1.98%
• 5Y*: 0.90%
• 10Y*: 4.42%
• ALL TIME*: 5.57%

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
KBWD Invesco KBW High Dividend Yield Financial ETF	$5.79M	$4.78M	$4.61M

KBWD vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
KBWD Invesco KBW High Dividend Yield Financial ETF	-5.22%	5.59%	4.30%	20.21%	-12.84%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	6.05%	15.18%	24.85%	36.28%	-11.16%

Correlation

The correlation between KBWD and JEPQ is 0.35, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.35
Correlation (3Y) Balances recent behavior with more history.	0.41
Correlation (All Time) Calculated using the full available price history since May 4, 2022	0.51

The correlation between KBWD and JEPQ shifts across timeframes, from 0.35 (1 year) to 0.51 (all time), reflecting how their relationship changes across market environments.

KBWD vs. JEPQ - Sectors Allocation Comparison

Sectors	KBWD	JEPQ
Financial Services	57.3%	0.3%
Real Estate	42.7%	0.2%
Basic Materials	-	0.9%
Communication Services	-	12.8%
Consumer Cyclical	-	11.1%
Consumer Defensive	-	5.8%
Energy	-	0.3%
Healthcare	-	4.0%
Industrials	-	3.0%
Technology	-	60.6%
Utilities	-	1.0%

Return for Risk

KBWD vs. JEPQ — Risk / Return Rank

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

KBWD

KBWD Risk / Return Rank: 10
KBWD Sharpe Ratio Rank: 10
KBWD Sortino Ratio Rank: 10
KBWD Omega Ratio Rank: 10
KBWD Calmar Ratio Rank: 10
KBWD Martin Ratio Rank: 10

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.

KBWD vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco KBW High Dividend Yield Financial ETF (KBWD) 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.

	KBWD	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.04	1.22	-1.25
Sortino ratio: Return per unit of downside risk	0.06	1.72	-1.66
Omega ratio: Gain probability vs. loss probability	1.01	1.23	-0.22
Calmar ratio: Return relative to maximum drawdown	-0.04	2.02	-2.06
Martin ratio: Return relative to average drawdown	-0.08	8.30	-8.38

KBWD vs. JEPQ - Sharpe Ratio Comparison

The current KBWD Sharpe Ratio is -0.04, which is lower than the JEPQ Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of KBWD 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

KBWD vs. JEPQ - Drawdown Comparison

The maximum KBWD drawdown since its inception was -58.63%, which is greater than JEPQ's maximum drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for KBWD and JEPQ.

Drawdown Indicators

	KBWD	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-58.63%	-20.07%	-38.56%
Max Drawdown (1Y) Largest decline over 1 year	-15.05%	-8.82%	-6.23%
Max Drawdown (3Y) Largest decline over 3 years	-19.65%	-20.07%	+0.42%
Max Drawdown (5Y) Largest decline over 5 years	-30.74%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-58.63%	—	—
Current Drawdown Current decline from peak	-11.95%	-4.23%	-7.72%
Average Drawdown Average peak-to-trough decline	-7.44%	-3.38%	-4.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.19%	2.14%	+5.05%

Volatility

KBWD vs. JEPQ - Volatility Comparison

The current volatility for Invesco KBW High Dividend Yield Financial ETF (KBWD) is 4.54%, while JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) has a volatility of 6.09%. This indicates that KBWD 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

	KBWD	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.54%	6.09%	-1.55%
Volatility (6M) Calculated over the trailing 6-month period	12.49%	12.15%	+0.34%
Volatility (1Y) Calculated over the trailing 1-year period	15.87%	14.65%	+1.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.78%	16.90%	+2.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.26%	16.90%	+6.36%

KBWD vs. JEPQ - Expense Ratio Comparison

KBWD has a 5.39% expense ratio, which is higher than JEPQ's 0.35% expense ratio.

Dividends

KBWD vs. JEPQ - Dividend Comparison

KBWD's dividend yield for the trailing twelve months is around 14.50%, more than JEPQ's 10.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	9.99%	10.53%	9.65%	10.03%	9.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
KBWD Invesco KBW High Dividend Yield Financial ETF	14.50%	12.83%	12.45%	11.45%	11.32%	7.26%	9.68%	8.63%	9.47%	8.77%	8.68%	8.89%

Frequently Asked Questions

Can I hold both KBWD and JEPQ in my portfolio?

KBWD and JEPQ have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KBWD or JEPQ?

JEPQ has higher volatility (6.09%) compared to KBWD (4.54%). In terms of maximum drawdown, KBWD dropped -58.63% vs JEPQ's -20.07%.

Which ETF is better, KBWD or JEPQ?

On 3-year performance, JEPQ leads with 17.49% vs 1.98% for KBWD. On fees, JEPQ is cheaper at 0.35% per year. On volatility, KBWD has been the lower-risk option at 4.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KBWD or JEPQ?

Over the 3-year period, JEPQ has performed better with a 17.49% return vs 1.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KBWD or JEPQ?

JEPQ is cheaper with a 0.35% expense ratio, compared with 5.39% for KBWD.

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

KBWD has the higher dividend yield at 14.50%, compared with 9.99% for JEPQ.

What is the main difference between KBWD and JEPQ?

KBWD is categorized as Financials Equities, while JEPQ is Nasdaq-100. KBWD tracks KBW Nasdaq Financial Sector Dividend Yield Index, while JEPQ tracks Nasdaq-100 Index. They also come from different issuers: Invesco and JPMorgan. Their fees differ too: 5.39% for KBWD and 0.35% for JEPQ.

Which has better risk-adjusted returns?

JEPQ currently has the higher Sharpe Ratio (1.22 vs -0.04), 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.