NJUL vs. JEPQ

Last updated Jun 4, 2026

NJUL (Innovator Nasdaq-100 Power Buffer ETF - July) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both Nasdaq-100 funds - NJUL tracks the Invesco QQQ Trust while JEPQ tracks the Nasdaq-100 Index. Both are passively managed. Over the past 3 years, NJUL returned 14.95%/yr vs 20.92%/yr for JEPQ. Their correlation of 0.94 suggests significant overlap in exposure. NJUL charges 0.79%/yr vs 0.35%/yr for JEPQ.

Performance

NJUL vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Nasdaq-100 Power Buffer ETF - July (NJUL) 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, NJUL achieves a 6.16% return, which is significantly lower than JEPQ's 9.54% return.

NJUL

• 1D: 0.02%
• 1M: 1.39%
• YTD: 6.16%
• 6M: 6.40%
• 1Y: 18.75%
• 3Y*: 14.95%
• 5Y*: 10.86%
• 10Y*: —

JEPQ

• 1D: -0.10%
• 1M: 4.31%
• YTD: 9.54%
• 6M: 9.75%
• 1Y: 29.00%
• 3Y*: 20.92%
• 5Y*: —
• 10Y*: —

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

NJUL vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
NJUL Innovator Nasdaq-100 Power Buffer ETF - July	6.16%	15.67%	13.93%	29.52%	-6.39%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	9.54%	15.18%	24.85%	36.28%	-12.89%

Correlation

The correlation between NJUL 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	0.93
Correlation (All Time) Calculated using the full available price history since May 5, 2022	0.94

The correlation between NJUL and JEPQ has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

NJUL vs. JEPQ - Sectors Allocation Comparison

Sectors	NJUL	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

NJUL vs. JEPQ — Risk / Return Rank

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

NJUL

NJUL Risk / Return Rank: 80
NJUL Sharpe Ratio Rank: 75
NJUL Sortino Ratio Rank: 79
NJUL Omega Ratio Rank: 81
NJUL Calmar Ratio Rank: 76
NJUL Martin Ratio Rank: 88

JEPQ

JEPQ Risk / Return Rank: 74
JEPQ Sharpe Ratio Rank: 74
JEPQ Sortino Ratio Rank: 71
JEPQ Omega Ratio Rank: 80
JEPQ Calmar Ratio Rank: 65
JEPQ Martin Ratio Rank: 80

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.

NJUL vs. JEPQ - Risk-Adjusted Trends Comparison

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

	NJUL	JEPQ	Difference
Sharpe ratio Return per unit of total volatility	2.45	2.49	-0.03
Sortino ratio Return per unit of downside risk	3.56	3.29	+0.27
Omega ratio Gain probability vs. loss probability	1.49	1.49	0.00
Calmar ratio Return relative to maximum drawdown	3.82	3.31	+0.52
Martin ratio Return relative to average drawdown	19.60	16.22	+3.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NJUL vs. JEPQ - Sharpe Ratio Comparison

The current NJUL Sharpe Ratio is 2.45, which is comparable to the JEPQ Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of NJUL 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

	NJUL	JEPQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.45	2.49	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.94	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.01	1.00	+0.01

Drawdowns

NJUL vs. JEPQ - Drawdown Comparison

The maximum NJUL drawdown since its inception was -14.37%, smaller than the maximum JEPQ drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for NJUL and JEPQ.

Drawdown Indicators

	NJUL	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-14.37%	-20.07%	+5.70%
Max Drawdown (1Y) Largest decline over 1 year	-4.93%	-8.82%	+3.89%
Max Drawdown (3Y) Largest decline over 3 years	-13.58%	-20.07%	+6.49%
Max Drawdown (5Y) Largest decline over 5 years	-14.37%	—	—
Current Drawdown Current decline from peak	0.00%	-0.10%	+0.10%
Average Drawdown Average peak-to-trough decline	-2.31%	-3.42%	+1.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.96%	1.79%	-0.83%

Volatility

NJUL vs. JEPQ - Volatility Comparison

The current volatility for Innovator Nasdaq-100 Power Buffer ETF - July (NJUL) is 0.40%, while JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) has a volatility of 1.26%. This indicates that NJUL 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

	NJUL	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.40%	1.26%	-0.86%
Volatility (6M) Calculated over the trailing 6-month period	5.33%	9.07%	-3.74%
Volatility (1Y) Calculated over the trailing 1-year period	7.71%	11.73%	-4.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.56%	16.61%	-5.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.06%	16.61%	-5.55%

NJUL vs. JEPQ - Expense Ratio Comparison

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

Dividends

NJUL vs. JEPQ - Dividend Comparison

NJUL has not paid dividends to shareholders, while JEPQ's dividend yield for the trailing twelve months is around 10.07%.

Position	TTM	2025	2024	2023	2022
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.07%	10.53%	9.65%	10.03%	9.44%
NJUL Innovator Nasdaq-100 Power Buffer ETF - July	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NJUL and JEPQ in my portfolio?

With a correlation of 0.92, NJUL 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, NJUL or JEPQ?

JEPQ has higher volatility (1.26%) compared to NJUL (0.40%). In terms of maximum drawdown, NJUL dropped -14.37% vs JEPQ's -20.07%.

Which ETF is better, NJUL or JEPQ?

On 3-year performance, JEPQ leads with 20.92% vs 14.95% for NJUL. On fees, JEPQ is cheaper at 0.35% per year. On volatility, NJUL has been the lower-risk option at 0.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NJUL or JEPQ?

Over the 3-year period, JEPQ has performed better with a 20.92% return vs 14.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NJUL or JEPQ?

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

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

JEPQ has the higher dividend yield at 10.07%, compared with 0.00% for NJUL.

What is the main difference between NJUL and JEPQ?

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

Which has better risk-adjusted returns?

JEPQ currently has the higher Sharpe Ratio (2.49 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.