NAPR vs. JEPQ

Last updated Jun 23, 2026

NAPR (Innovator Nasdaq-100 Power Buffer ETF - April) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both Nasdaq-100 funds - NAPR tracks the NASDAQ-100 Index while JEPQ tracks the Nasdaq-100 Index. Both are passively managed. Over the past 3 years, NAPR returned 12.61%/yr vs 20.80%/yr for JEPQ. Their correlation of 0.91 suggests significant overlap in exposure. NAPR charges 0.79%/yr vs 0.35%/yr for JEPQ.

Performance

NAPR vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Nasdaq-100 Power Buffer ETF - April (NAPR) and JPMorgan Nasdaq Equity Premium Income ETF (JEPQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with NAPR having a 10.18% return and JEPQ slightly higher at 10.59%.

NAPR

• 1D: -0.07%
• 1M: 0.21%
• YTD: 10.18%
• 6M: 10.27%
• 1Y: 17.72%
• 3Y*: 12.61%
• 5Y*: 9.70%
• 10Y*: —

JEPQ

• 1D: 0.07%
• 1M: 2.89%
• YTD: 10.59%
• 6M: 10.22%
• 1Y: 29.42%
• 3Y*: 20.80%
• 5Y*: —
• 10Y*: —

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

NAPR vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
NAPR Innovator Nasdaq-100 Power Buffer ETF - April	10.18%	6.56%	13.29%	30.60%	-6.89%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.59%	15.18%	24.85%	36.28%	-11.16%

Correlation

The correlation between NAPR and JEPQ is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (All Time) Calculated using the full available price history since May 4, 2022	0.91

The correlation between NAPR and JEPQ has been stable across timeframes, ranging from 0.82 to 0.91 - a consistent structural relationship.

NAPR vs. JEPQ - Sectors Allocation Comparison

Sectors	NAPR	JEPQ
Technology	50.7%	58.9%
Communication Services	15.8%	13.9%
Consumer Cyclical	12.5%	11.8%
Consumer Defensive	8.7%	6.0%
Healthcare	5.1%	3.9%
Industrials	3.3%	2.8%
Utilities	1.6%	1.1%
Basic Materials	1.3%	0.9%
Energy	0.7%	0.3%
Financial Services	0.2%	0.3%
Real Estate	0.1%	0.2%

Return for Risk

NAPR vs. JEPQ — Risk / Return Rank

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

NAPR

NAPR Risk / Return Rank: 97
NAPR Sharpe Ratio Rank: 97
NAPR Sortino Ratio Rank: 98
NAPR Omega Ratio Rank: 98
NAPR Calmar Ratio Rank: 97
NAPR Martin Ratio Rank: 98

JEPQ

JEPQ Risk / Return Rank: 75
JEPQ Sharpe Ratio Rank: 75
JEPQ Sortino Ratio Rank: 70
JEPQ Omega Ratio Rank: 80
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.

NAPR vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Nasdaq-100 Power Buffer ETF - April (NAPR) 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.

	NAPR	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	4.19	2.30	+1.88
Sortino ratio: Return per unit of downside risk	6.93	3.05	+3.88
Omega ratio: Gain probability vs. loss probability	2.02	1.46	+0.56
Calmar ratio: Return relative to maximum drawdown	9.95	3.35	+6.60
Martin ratio: Return relative to average drawdown	61.01	15.94	+45.06

NAPR vs. JEPQ - Sharpe Ratio Comparison

The current NAPR Sharpe Ratio is 4.19, which is higher than the JEPQ Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of NAPR 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

NAPR vs. JEPQ - Drawdown Comparison

The maximum NAPR drawdown since its inception was -16.53%, smaller than the maximum JEPQ drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for NAPR and JEPQ.

Drawdown Indicators

	NAPR	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-16.53%	-20.07%	+3.54%
Max Drawdown (1Y) Largest decline over 1 year	-1.79%	-8.82%	+7.03%
Max Drawdown (3Y) Largest decline over 3 years	-14.52%	-20.07%	+5.55%
Max Drawdown (5Y) Largest decline over 5 years	-16.53%	—	—
Current Drawdown Current decline from peak	-0.42%	0.00%	-0.42%
Average Drawdown Average peak-to-trough decline	-2.26%	-3.40%	+1.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.29%	1.85%	-1.56%

Volatility

NAPR vs. JEPQ - Volatility Comparison

The current volatility for Innovator Nasdaq-100 Power Buffer ETF - April (NAPR) is 2.12%, while JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) has a volatility of 5.68%. This indicates that NAPR 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

	NAPR	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.12%	5.68%	-3.56%
Volatility (6M) Calculated over the trailing 6-month period	3.44%	10.33%	-6.89%
Volatility (1Y) Calculated over the trailing 1-year period	4.26%	12.85%	-8.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.30%	16.75%	-5.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.60%	16.75%	-6.15%

NAPR vs. JEPQ - Expense Ratio Comparison

NAPR has a 0.79% expense ratio, which is higher than JEPQ's 0.35% expense ratio.

Dividends

NAPR vs. JEPQ - Dividend Comparison

NAPR has not paid dividends to shareholders, while JEPQ's dividend yield for the trailing twelve months is around 9.97%.

Position	TTM	2025	2024	2023	2022
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	9.97%	10.53%	9.65%	10.03%	9.44%
NAPR Innovator Nasdaq-100 Power Buffer ETF - April	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NAPR and JEPQ in my portfolio?

NAPR and JEPQ have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NAPR or JEPQ?

JEPQ has higher volatility (5.68%) compared to NAPR (2.12%). In terms of maximum drawdown, NAPR dropped -16.53% vs JEPQ's -20.07%.

Which ETF is better, NAPR or JEPQ?

On 3-year performance, JEPQ leads with 20.80% vs 12.61% for NAPR. On fees, JEPQ is cheaper at 0.35% per year. On volatility, NAPR has been the lower-risk option at 2.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NAPR or JEPQ?

Over the 3-year period, JEPQ has performed better with a 20.80% return vs 12.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NAPR or JEPQ?

JEPQ is cheaper with a 0.35% expense ratio, compared with 0.79% for NAPR.

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

JEPQ has the higher dividend yield at 9.97%, compared with 0.00% for NAPR.

What is the main difference between NAPR and JEPQ?

NAPR tracks NASDAQ-100 Index, while JEPQ tracks Nasdaq-100 Index. They also come from different issuers: Innovator and JPMorgan. Their fees differ too: 0.79% for NAPR and 0.35% for JEPQ.

Which has better risk-adjusted returns?

NAPR currently has the higher Sharpe Ratio (4.19 vs 2.30), 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.