MSFO vs. JEPQ

Last updated Jul 14, 2026

MSFO (YieldMax MSFT Option Income Strategy ETF ) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - MSFO is a Options Trading fund actively managed by YieldMax, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. MSFO is actively managed, while JEPQ is passively managed. Over the past year, MSFO returned -17.30% vs 22.08% for JEPQ. A 0.58 correlation means they provide meaningful diversification when combined. MSFO charges 0.99%/yr vs 0.35%/yr for JEPQ.

Performance

MSFO vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax MSFT Option Income Strategy ETF (MSFO) 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, MSFO achieves a -16.34% return, which is significantly lower than JEPQ's 8.49% return.

MSFO

• 1D: 1.61%
• 1M: -0.22%
• 6M: -15.04%
• YTD: -16.34%
• 1Y: -17.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

JEPQ

• 1D: -1.52%
• 1M: 0.59%
• 6M: 6.42%
• YTD: 8.49%
• 1Y: 22.08%
• 3Y*: 18.89%
• 5Y*: —
• 10Y*: —

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

MSFO vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MSFO YieldMax MSFT Option Income Strategy ETF	-16.34%	15.69%	10.34%	18.74%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	8.49%	15.18%	24.85%	10.30%

Correlation

The correlation between MSFO and JEPQ is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (All Time) Calculated using the full available price history since Aug 25, 2023	0.58

Over the past year, the correlation between MSFO and JEPQ has dropped to 0.37 - well below their long-term average of 0.58, suggesting their price drivers have been diverging.

Return for Risk

MSFO vs. JEPQ — Risk / Return Rank

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

MSFO

MSFO Risk / Return Rank: 4
MSFO Sharpe Ratio Rank: 3
MSFO Sortino Ratio Rank: 4
MSFO Omega Ratio Rank: 3
MSFO Calmar Ratio Rank: 4
MSFO Martin Ratio Rank: 4

JEPQ

JEPQ Risk / Return Rank: 65
JEPQ Sharpe Ratio Rank: 60
JEPQ Sortino Ratio Rank: 58
JEPQ Omega Ratio Rank: 65
JEPQ Calmar Ratio Rank: 63
JEPQ Martin Ratio Rank: 77

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.

MSFO vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax MSFT Option Income Strategy ETF (MSFO) 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.

	MSFO	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.74	1.62	-2.36
Sortino ratio: Return per unit of downside risk	-0.92	2.19	-3.12
Omega ratio: Gain probability vs. loss probability	0.88	1.31	-0.43
Calmar ratio: Return relative to maximum drawdown	-0.59	2.52	-3.10
Martin ratio: Return relative to average drawdown	-1.14	11.61	-12.75

MSFO vs. JEPQ - Sharpe Ratio Comparison

The current MSFO Sharpe Ratio is -0.74, which is lower than the JEPQ Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of MSFO 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

MSFO vs. JEPQ - Drawdown Comparison

The maximum MSFO drawdown since its inception was -29.65%, which is greater than JEPQ's maximum drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for MSFO and JEPQ.

Drawdown Indicators

	MSFO	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-29.65%	-20.07%	-9.58%
Max Drawdown (1Y) Largest decline over 1 year	-29.65%	-8.82%	-20.83%
Max Drawdown (3Y) Largest decline over 3 years	—	-20.07%	—
Current Drawdown Current decline from peak	-23.34%	-2.03%	-21.31%
Average Drawdown Average peak-to-trough decline	-7.17%	-3.37%	-3.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.26%	1.91%	+13.35%

Volatility

MSFO vs. JEPQ - Volatility Comparison

YieldMax MSFT Option Income Strategy ETF (MSFO) has a higher volatility of 9.07% compared to JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) at 6.46%. This indicates that MSFO'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

	MSFO	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.07%	6.46%	+2.61%
Volatility (6M) Calculated over the trailing 6-month period	20.91%	11.30%	+9.61%
Volatility (1Y) Calculated over the trailing 1-year period	23.42%	13.75%	+9.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.22%	16.82%	+3.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.22%	16.82%	+3.40%

MSFO vs. JEPQ - Expense Ratio Comparison

MSFO has a 0.99% expense ratio, which is higher than JEPQ's 0.35% expense ratio.

Dividends

MSFO vs. JEPQ - Dividend Comparison

MSFO's dividend yield for the trailing twelve months is around 42.86%, more than JEPQ's 10.51% yield.

Position	TTM	2025	2024	2023	2022
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.51%	10.53%	9.65%	10.03%	9.44%
MSFO YieldMax MSFT Option Income Strategy ETF	42.86%	33.91%	35.15%	6.44%	0.00%

Frequently Asked Questions

Can I hold both MSFO and JEPQ in my portfolio?

MSFO and JEPQ have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSFO or JEPQ?

MSFO has higher volatility (9.07%) compared to JEPQ (6.46%). In terms of maximum drawdown, MSFO dropped -29.65% vs JEPQ's -20.07%.

Which ETF is better, MSFO or JEPQ?

On 1-year performance, JEPQ leads with 22.08% vs -17.30% for MSFO. On fees, JEPQ is cheaper at 0.35% per year. On volatility, JEPQ has been the lower-risk option at 6.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSFO or JEPQ?

Over the 1-year period, JEPQ has performed better with a 22.08% return vs -17.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSFO or JEPQ?

JEPQ is cheaper with a 0.35% expense ratio, compared with 0.99% for MSFO.

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

MSFO has the higher dividend yield at 42.86%, compared with 10.51% for JEPQ.

What is the main difference between MSFO and JEPQ?

MSFO is categorized as Options Trading, while JEPQ is Nasdaq-100. They also come from different issuers: YieldMax and JPMorgan. Their fees differ too: 0.99% for MSFO and 0.35% for JEPQ.

Which has better risk-adjusted returns?

JEPQ currently has the higher Sharpe Ratio (1.62 vs -0.74), 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.