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MTUM vs. JEPQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MTUM vs. JEPQ

Last updated Jul 26, 2026
Documentation

MTUM (iShares MSCI USA Momentum Factor ETF) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. Both are passively managed. Over the past 3 years, MTUM returned 28.98%/yr vs 17.64%/yr for JEPQ. Their correlation of 0.81 means they have usually moved in the same direction. MTUM charges 0.15%/yr vs 0.35%/yr for JEPQ.

Performance

MTUM vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Momentum Factor ETF (MTUM) and JPMorgan Nasdaq Equity Premium Income ETF (JEPQ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, MTUM achieves a 22.65% return, which is significantly higher than JEPQ's 5.52% return.

MTUM

1D
-2.42%
1M
-9.70%
6M
20.16%
YTD
22.65%
1Y
27.88%
3Y*
28.98%
5Y*
13.15%
10Y*
16.00%
ALL TIME*
15.84%

JEPQ

1D
-0.97%
1M
-2.60%
6M
3.56%
YTD
5.52%
1Y
17.19%
3Y*
17.64%
5Y*
—
10Y*
—
ALL TIME*
15.50%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

JEPQ

JPMorgan Nasdaq Equity Premium Income ETF
$411.15M$392.07M$419.06M

MTUM

iShares MSCI USA Momentum Factor ETF
$620.00M$622.73M$495.72M

MTUM vs. JEPQ - Yearly Performance Comparison

2026 (YTD)2025202420232022
MTUM
iShares MSCI USA Momentum Factor ETF		22.65%22.15%32.89%9.15%-1.18%
JEPQ
JPMorgan Nasdaq Equity Premium Income ETF		5.52%15.18%24.85%36.28%-11.16%

Correlation

The correlation between MTUM and JEPQ is 0.85, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.85

Correlation (3Y)
Balances recent behavior with more history.

0.87

Correlation (All Time)
Calculated using the full available price history since May 4, 2022

0.81

The correlation between MTUM and JEPQ has been stable across timeframes, ranging from 0.81 to 0.87 - a consistent structural relationship.

MTUM vs. JEPQ - Sectors Allocation Comparison

Sectors
MTUM
JEPQ

Technology

48.0%
60.6%

Industrials

15.3%
3.0%

Energy

11.3%
0.3%

Financial Services

5.2%
0.3%

Communication Services

4.9%
12.8%

Healthcare

4.0%
4.0%

Consumer Defensive

3.9%
5.8%

Consumer Cyclical

3.0%
11.1%

Basic Materials

2.1%
0.9%

Real Estate

1.5%
0.2%

Utilities

0.6%
1.0%

Technology

MTUM
48.0%
JEPQ
60.6%

Industrials

MTUM
15.3%
JEPQ
3.0%

Energy

MTUM
11.3%
JEPQ
0.3%

Financial Services

MTUM
5.2%
JEPQ
0.3%

Communication Services

MTUM
4.9%
JEPQ
12.8%

Healthcare

MTUM
4.0%
JEPQ
4.0%

Consumer Defensive

MTUM
3.9%
JEPQ
5.8%

Consumer Cyclical

MTUM
3.0%
JEPQ
11.1%

Basic Materials

MTUM
2.1%
JEPQ
0.9%

Real Estate

MTUM
1.5%
JEPQ
0.2%

Utilities

MTUM
0.6%
JEPQ
1.0%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI USA Momentum Factor ETF

JPMorgan Nasdaq Equity Premium Income ETF

Often compared with MTUM:
MTUM vs. SPMOMTUM vs. SPYMTUM vs. QQQMTUM vs. QUALMTUM vs. VFMOMTUM vs. VOOMTUM vs. QMOM
Often compared with JEPQ:
JEPQ vs. JEPIJEPQ vs. QQQIJEPQ vs. QQQJEPQ vs. SCHDJEPQ vs. QYLDJEPQ vs. GPIQJEPQ vs. SPYI

Return for Risk

MTUM vs. JEPQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MTUM
MTUM Risk / Return Rank: 5555
Overall Rank
MTUM Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
MTUM Sortino Ratio Rank: 4646
Sortino Ratio Rank
MTUM Omega Ratio Rank: 5050
Omega Ratio Rank
MTUM Calmar Ratio Rank: 6666
Calmar Ratio Rank
MTUM Martin Ratio Rank: 6262
Martin Ratio Rank
JEPQ
JEPQ Risk / Return Rank: 5656
Overall Rank
JEPQ Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
JEPQ Sortino Ratio Rank: 4848
Sortino Ratio Rank
JEPQ Omega Ratio Rank: 5353
Omega Ratio Rank
JEPQ Calmar Ratio Rank: 5757
Calmar Ratio Rank
JEPQ Martin Ratio Rank: 7070
Martin Ratio Rank
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.

MTUM vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Momentum Factor ETF (MTUM) 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.

MTUMJEPQDifference
Sharpe ratioReturn per unit of total volatility
1.18
1.23

-0.05

Sortino ratioReturn per unit of downside risk
1.66
1.72

-0.06

Omega ratioGain probability vs. loss probability

1.22

1.23

-0.01

Calmar ratioReturn relative to maximum drawdown

2.31

1.97

+0.34

Martin ratioReturn relative to average drawdown

7.45

8.72

-1.27

MTUM vs. JEPQ - Sharpe Ratio Comparison

The current MTUM Sharpe Ratio is 1.18, which is comparable to the JEPQ Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of MTUM 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.

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Drawdowns

MTUM vs. JEPQ - Drawdown Comparison

The maximum MTUM drawdown since its inception was -34.08%, which is greater than JEPQ's maximum drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for MTUM and JEPQ.

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Drawdown Indicators

MTUMJEPQDifference

Max Drawdown

Largest peak-to-trough decline

-34.08%

-20.07%

-14.01%

Max Drawdown (1Y)

Largest decline over 1 year

-12.49%

-8.82%

-3.67%

Max Drawdown (3Y)

Largest decline over 3 years

-20.99%

-20.07%

-0.92%

Max Drawdown (5Y)

Largest decline over 5 years

-32.28%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-34.08%

—

—

Current Drawdown

Current decline from peak

-11.25%

-4.71%

-6.54%

Average Drawdown

Average peak-to-trough decline

-6.20%

-3.37%

-2.83%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.87%

1.99%

+1.88%

Volatility

MTUM vs. JEPQ - Volatility Comparison

iShares MSCI USA Momentum Factor ETF (MTUM) has a higher volatility of 11.65% compared to JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) at 5.63%. This indicates that MTUM'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.

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Volatility by Period

MTUMJEPQDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.65%

5.63%

+6.02%

Volatility (6M)

Calculated over the trailing 6-month period

22.19%

11.56%

+10.63%

Volatility (1Y)

Calculated over the trailing 1-year period

24.47%

14.13%

+10.34%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.65%

16.84%

+4.81%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.60%

16.84%

+4.76%

MTUM vs. JEPQ - Expense Ratio Comparison

MTUM has a 0.15% expense ratio, which is lower than JEPQ's 0.35% expense ratio.

Dividends

MTUM vs. JEPQ - Dividend Comparison

MTUM's dividend yield for the trailing twelve months is around 0.60%, less than JEPQ's 10.80% yield.

PositionTTM20252024202320222021202020192018201720162015
JEPQ
JPMorgan Nasdaq Equity Premium Income ETF		10.80%10.53%9.65%10.03%9.44%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
MTUM
iShares MSCI USA Momentum Factor ETF		0.60%0.91%0.75%1.35%1.80%0.55%0.83%1.48%1.27%1.02%1.43%1.12%

Frequently Asked Questions

MTUM and JEPQ have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

MTUM has higher volatility (11.65%) compared to JEPQ (5.63%). In terms of maximum drawdown, MTUM dropped -34.08% vs JEPQ's -20.07%.

On 3-year performance, MTUM leads with 28.98% vs 17.64% for JEPQ. On fees, MTUM is cheaper at 0.15% per year. On volatility, JEPQ has been the lower-risk option at 5.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 3-year period, MTUM has performed better with a 28.98% return vs 17.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

MTUM is cheaper with a 0.15% expense ratio, compared with 0.35% for JEPQ.

JEPQ has the higher dividend yield at 10.80%, compared with 0.60% for MTUM.

MTUM is categorized as Momentum, while JEPQ is Nasdaq-100. MTUM tracks MSCI USA Momentum SR Variant Index, while JEPQ tracks Nasdaq-100 Index. They also come from different issuers: iShares and JPMorgan. Their fees differ too: 0.15% for MTUM and 0.35% for JEPQ.

JEPQ currently has the higher Sharpe Ratio (1.23 vs 1.18), 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.

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