KBWY vs. JEPQ

Last updated Jun 20, 2026

KBWY (Invesco KBW Premium Yield Equity REIT ETF) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - KBWY is a REIT fund tracking the KBW Nasdaq Premium Yield Equity REIT Index, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. Both are passively managed. Over the past 3 years, KBWY returned 8.41%/yr vs 20.83%/yr for JEPQ. At a 0.39 correlation, their price movements are largely independent. Both charge a 0.35% expense ratio.

Performance

KBWY vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco KBW Premium Yield Equity REIT ETF (KBWY) 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, KBWY achieves a 20.98% return, which is significantly higher than JEPQ's 10.52% return.

KBWY

• 1D: 1.08%
• 1M: 4.24%
• YTD: 20.98%
• 6M: 21.39%
• 1Y: 25.16%
• 3Y*: 8.41%
• 5Y*: 3.26%
• 10Y*: 1.32%

JEPQ

• 1D: 1.61%
• 1M: 3.22%
• YTD: 10.52%
• 6M: 10.65%
• 1Y: 29.09%
• 3Y*: 20.83%
• 5Y*: —
• 10Y*: —

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

KBWY vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
KBWY Invesco KBW Premium Yield Equity REIT ETF	20.98%	-5.30%	-3.49%	12.88%	-11.66%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.52%	15.18%	24.85%	36.28%	-11.16%

Correlation

The correlation between KBWY and JEPQ is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (All Time) Calculated using the full available price history since May 4, 2022	0.39

The correlation between KBWY and JEPQ shifts across timeframes, from 0.19 (1 year) to 0.39 (all time), reflecting how their relationship changes across market environments.

Return for Risk

KBWY vs. JEPQ — Risk / Return Rank

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

KBWY

KBWY Risk / Return Rank: 46
KBWY Sharpe Ratio Rank: 45
KBWY Sortino Ratio Rank: 45
KBWY Omega Ratio Rank: 40
KBWY Calmar Ratio Rank: 58
KBWY Martin Ratio Rank: 42

JEPQ

JEPQ Risk / Return Rank: 76
JEPQ Sharpe Ratio Rank: 76
JEPQ Sortino Ratio Rank: 72
JEPQ Omega Ratio Rank: 81
JEPQ Calmar Ratio Rank: 69
JEPQ Martin Ratio Rank: 82

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.

KBWY vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco KBW Premium Yield Equity REIT ETF (KBWY) 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.

	KBWY	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	1.51	2.28	-0.77
Sortino ratio: Return per unit of downside risk	2.17	3.02	-0.85
Omega ratio: Gain probability vs. loss probability	1.25	1.45	-0.20
Calmar ratio: Return relative to maximum drawdown	2.73	3.31	-0.58
Martin ratio: Return relative to average drawdown	6.50	15.77	-9.26

KBWY vs. JEPQ - Sharpe Ratio Comparison

The current KBWY Sharpe Ratio is 1.51, which is lower than the JEPQ Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of KBWY 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

KBWY vs. JEPQ - Drawdown Comparison

The maximum KBWY drawdown since its inception was -57.68%, which is greater than JEPQ's maximum drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for KBWY and JEPQ.

Drawdown Indicators

	KBWY	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-57.68%	-20.07%	-37.61%
Max Drawdown (1Y) Largest decline over 1 year	-9.24%	-8.82%	-0.42%
Max Drawdown (3Y) Largest decline over 3 years	-29.93%	-20.07%	-9.86%
Max Drawdown (5Y) Largest decline over 5 years	-32.29%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-57.68%	—	—
Current Drawdown Current decline from peak	-7.84%	0.00%	-7.84%
Average Drawdown Average peak-to-trough decline	-14.16%	-3.40%	-10.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.88%	1.85%	+2.03%

Volatility

KBWY vs. JEPQ - Volatility Comparison

The current volatility for Invesco KBW Premium Yield Equity REIT ETF (KBWY) is 5.12%, while JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) has a volatility of 5.70%. This indicates that KBWY 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

	KBWY	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.12%	5.70%	-0.58%
Volatility (6M) Calculated over the trailing 6-month period	12.13%	10.49%	+1.64%
Volatility (1Y) Calculated over the trailing 1-year period	16.79%	12.83%	+3.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.62%	16.76%	+4.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.06%	16.76%	+10.30%

KBWY vs. JEPQ - Expense Ratio Comparison

Both KBWY and JEPQ have an expense ratio of 0.35%.

Dividends

KBWY vs. JEPQ - Dividend Comparison

KBWY's dividend yield for the trailing twelve months is around 8.37%, less than JEPQ's 9.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	9.98%	10.53%	9.65%	10.03%	9.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
KBWY Invesco KBW Premium Yield Equity REIT ETF	8.37%	9.79%	8.74%	7.90%	7.41%	5.05%	10.35%	6.19%	8.64%	7.25%	6.55%	5.72%

Frequently Asked Questions

Can I hold both KBWY and JEPQ in my portfolio?

KBWY and JEPQ have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KBWY or JEPQ?

JEPQ has higher volatility (5.70%) compared to KBWY (5.12%). In terms of maximum drawdown, KBWY dropped -57.68% vs JEPQ's -20.07%.

Which ETF is better, KBWY or JEPQ?

On 3-year performance, JEPQ leads with 20.83% vs 8.41% for KBWY. Both ETFs have the same 0.35% expense ratio. On volatility, KBWY has been the lower-risk option at 5.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KBWY or JEPQ?

Over the 3-year period, JEPQ has performed better with a 20.83% return vs 8.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KBWY or JEPQ?

KBWY and JEPQ have the same expense ratio: 0.35% per year.

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

JEPQ has the higher dividend yield at 9.98%, compared with 8.37% for KBWY.

What is the main difference between KBWY and JEPQ?

KBWY is categorized as REIT, while JEPQ is Nasdaq-100. KBWY tracks KBW Nasdaq Premium Yield Equity REIT Index, while JEPQ tracks Nasdaq-100 Index. They also come from different issuers: Invesco and JPMorgan.

Which has better risk-adjusted returns?

JEPQ currently has the higher Sharpe Ratio (2.28 vs 1.51), 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.