NJAN vs. JEPQ

Last updated Jun 5, 2026

NJAN (Innovator Growth-100 Power Buffer ETF - January) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - NJAN is a Defined Outcome fund tracking the NASDAQ-100 Index, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. Both are passively managed. Over the past 3 years, NJAN returned 14.29%/yr vs 20.81%/yr for JEPQ. Their correlation of 0.92 suggests significant overlap in exposure. NJAN charges 0.79%/yr vs 0.35%/yr for JEPQ.

Performance

NJAN vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Growth-100 Power Buffer ETF - January (NJAN) 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, NJAN achieves a 7.27% return, which is significantly lower than JEPQ's 9.42% return.

NJAN

• 1D: -0.07%
• 1M: 2.16%
• YTD: 7.27%
• 6M: 8.25%
• 1Y: 18.67%
• 3Y*: 14.29%
• 5Y*: 8.15%
• 10Y*: —

JEPQ

• 1D: -0.12%
• 1M: 3.79%
• YTD: 9.42%
• 6M: 9.57%
• 1Y: 28.59%
• 3Y*: 20.81%
• 5Y*: —
• 10Y*: —

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

NJAN vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
NJAN Innovator Growth-100 Power Buffer ETF - January	7.27%	14.20%	15.35%	20.95%	-10.96%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	9.42%	15.18%	24.85%	36.28%	-12.89%

Correlation

The correlation between NJAN and JEPQ is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (All Time) Calculated using the full available price history since May 5, 2022	0.92

The correlation between NJAN and JEPQ has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

NJAN vs. JEPQ - Sectors Allocation Comparison

Sectors	NJAN	JEPQ
Technology	54.2%	54.0%
Communication Services	15.5%	15.4%
Consumer Cyclical	12.2%	12.8%
Consumer Defensive	7.6%	7.1%
Healthcare	4.2%	4.4%
Industrials	2.8%	3.1%
Utilities	1.4%	1.3%
Basic Materials	1.2%	1.0%
Energy	0.6%	0.4%
Financial Services	0.2%	0.4%
Real Estate	0.1%	0.2%

Return for Risk

NJAN vs. JEPQ — Risk / Return Rank

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

NJAN

NJAN Risk / Return Rank: 80
NJAN Sharpe Ratio Rank: 83
NJAN Sortino Ratio Rank: 86
NJAN Omega Ratio Rank: 87
NJAN Calmar Ratio Rank: 65
NJAN Martin Ratio Rank: 79

JEPQ

JEPQ Risk / Return Rank: 76
JEPQ Sharpe Ratio Rank: 77
JEPQ Sortino Ratio Rank: 73
JEPQ Omega Ratio Rank: 81
JEPQ Calmar Ratio Rank: 66
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.

NJAN vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Growth-100 Power Buffer ETF - January (NJAN) 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.

	NJAN	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	2.67	2.45	+0.22
Sortino ratio: Return per unit of downside risk	3.81	3.25	+0.56
Omega ratio: Gain probability vs. loss probability	1.54	1.48	+0.05
Calmar ratio: Return relative to maximum drawdown	3.18	3.26	-0.08
Martin ratio: Return relative to average drawdown	15.27	15.99	-0.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NJAN vs. JEPQ - Sharpe Ratio Comparison

The current NJAN Sharpe Ratio is 2.67, which is comparable to the JEPQ Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of NJAN 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.

Sharpe Ratios by Period

	NJAN	JEPQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.67	2.45	+0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	1.00	-0.35

Drawdowns

NJAN vs. JEPQ - Drawdown Comparison

The maximum NJAN drawdown since its inception was -20.70%, roughly equal to the maximum JEPQ drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for NJAN and JEPQ.

Drawdown Indicators

	NJAN	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-20.70%	-20.07%	-0.63%
Max Drawdown (1Y) Largest decline over 1 year	-5.90%	-8.82%	+2.92%
Max Drawdown (3Y) Largest decline over 3 years	-13.14%	-20.07%	+6.93%
Max Drawdown (5Y) Largest decline over 5 years	-20.70%	—	—
Current Drawdown Current decline from peak	-0.22%	-0.21%	-0.01%
Average Drawdown Average peak-to-trough decline	-3.82%	-3.42%	-0.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.23%	1.79%	-0.56%

Volatility

NJAN vs. JEPQ - Volatility Comparison

The current volatility for Innovator Growth-100 Power Buffer ETF - January (NJAN) is 1.06%, while JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) has a volatility of 1.28%. This indicates that NJAN 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

	NJAN	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.06%	1.28%	-0.22%
Volatility (6M) Calculated over the trailing 6-month period	5.72%	9.06%	-3.34%
Volatility (1Y) Calculated over the trailing 1-year period	7.03%	11.72%	-4.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.29%	16.60%	-4.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.92%	16.60%	-3.68%

NJAN vs. JEPQ - Expense Ratio Comparison

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

Dividends

NJAN vs. JEPQ - Dividend Comparison

NJAN has not paid dividends to shareholders, while JEPQ's dividend yield for the trailing twelve months is around 10.08%.

Position	TTM	2025	2024	2023	2022
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.08%	10.53%	9.65%	10.03%	9.44%
NJAN Innovator Growth-100 Power Buffer ETF - January	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NJAN and JEPQ in my portfolio?

With a correlation of 0.92, NJAN and JEPQ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, NJAN or JEPQ?

JEPQ has higher volatility (1.28%) compared to NJAN (1.06%). In terms of maximum drawdown, NJAN dropped -20.70% vs JEPQ's -20.07%.

Which ETF is better, NJAN or JEPQ?

On 3-year performance, JEPQ leads with 20.81% vs 14.29% for NJAN. On fees, JEPQ is cheaper at 0.35% per year. On volatility, NJAN has been the lower-risk option at 1.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NJAN or JEPQ?

Over the 3-year period, JEPQ has performed better with a 20.81% return vs 14.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NJAN or JEPQ?

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

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

JEPQ has the higher dividend yield at 10.08%, compared with 0.00% for NJAN.

What is the main difference between NJAN and JEPQ?

NJAN is categorized as Defined Outcome, while JEPQ is Nasdaq-100. NJAN 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 NJAN and 0.35% for JEPQ.

Which has better risk-adjusted returns?

NJAN currently has the higher Sharpe Ratio (2.67 vs 2.45), 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.