OCTW vs. JEPQ

Last updated Aug 2, 2026

OCTW (AllianzIM U.S. Equity Buffer20 Oct ETF) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - OCTW is a Defined Outcome fund tracking the SPDR S&P 500 ETF Trust, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. Both are passively managed. Over the past 3 years, OCTW returned 10.42%/yr vs 17.49%/yr for JEPQ. Their correlation of 0.82 means they have usually moved in the same direction. OCTW charges 0.74%/yr vs 0.35%/yr for JEPQ.

Performance

OCTW vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Equity Buffer20 Oct ETF (OCTW) 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, OCTW achieves a 5.74% return, which is significantly lower than JEPQ's 6.05% return.

OCTW

• 1D: 0.37%
• 1M: 0.76%
• 6M: 5.10%
• YTD: 5.74%
• 1Y: 10.80%
• 3Y*: 10.42%
• 5Y*: 8.95%
• 10Y*: —
• ALL TIME*: 8.96%

JEPQ

• 1D: 0.57%
• 1M: -1.92%
• 6M: 3.71%
• YTD: 6.05%
• 1Y: 19.59%
• 3Y*: 17.49%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.56%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	$439.89M	$417.31M	$422.49M
OCTW AllianzIM U.S. Equity Buffer20 Oct ETF	$584.65K	$1.46M	$4.73M

OCTW vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
OCTW AllianzIM U.S. Equity Buffer20 Oct ETF	5.74%	9.68%	8.67%	17.57%	3.64%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	6.05%	15.18%	24.85%	36.28%	-11.16%

Correlation

The correlation between OCTW and JEPQ is 0.89, 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.	0.89
Correlation (3Y) Balances recent behavior with more history.	0.83
Correlation (All Time) Calculated using the full available price history since May 4, 2022	0.82

The correlation between OCTW and JEPQ has been stable across timeframes, ranging from 0.82 to 0.89 - a consistent structural relationship.

OCTW vs. JEPQ - Sectors Allocation Comparison

Sectors	OCTW	JEPQ
Technology	37.9%	60.6%
Financial Services	11.7%	0.3%
Communication Services	10.0%	12.8%
Consumer Cyclical	9.6%	11.1%
Healthcare	9.1%	4.0%
Industrials	8.4%	3.0%
Consumer Defensive	4.6%	5.8%
Energy	3.0%	0.3%
Utilities	2.3%	1.0%
Real Estate	1.9%	0.2%
Basic Materials	1.7%	0.9%

Return for Risk

OCTW vs. JEPQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

OCTW

OCTW Risk / Return Rank: 86
OCTW Sharpe Ratio Rank: 86
OCTW Sortino Ratio Rank: 88
OCTW Omega Ratio Rank: 89
OCTW Calmar Ratio Rank: 78
OCTW Martin Ratio Rank: 89

JEPQ

JEPQ Risk / Return Rank: 55
JEPQ Sharpe Ratio Rank: 50
JEPQ Sortino Ratio Rank: 48
JEPQ Omega Ratio Rank: 52
JEPQ Calmar Ratio Rank: 58
JEPQ Martin Ratio Rank: 68

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

OCTW vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Equity Buffer20 Oct ETF (OCTW) 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.

	OCTW	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	2.02	1.22	+0.81
Sortino ratio: Return per unit of downside risk	2.98	1.72	+1.25
Omega ratio: Gain probability vs. loss probability	1.40	1.23	+0.17
Calmar ratio: Return relative to maximum drawdown	2.77	2.02	+0.75
Martin ratio: Return relative to average drawdown	14.05	8.30	+5.74

OCTW vs. JEPQ - Sharpe Ratio Comparison

The current OCTW Sharpe Ratio is 2.02, which is higher than the JEPQ Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of OCTW 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

OCTW vs. JEPQ - Drawdown Comparison

The maximum OCTW drawdown since its inception was -8.38%, smaller than the maximum JEPQ drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for OCTW and JEPQ.

Drawdown Indicators

	OCTW	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-8.38%	-20.07%	+11.69%
Max Drawdown (1Y) Largest decline over 1 year	-3.65%	-8.82%	+5.17%
Max Drawdown (3Y) Largest decline over 3 years	-8.38%	-20.07%	+11.69%
Max Drawdown (5Y) Largest decline over 5 years	-8.38%	—	—
Current Drawdown Current decline from peak	0.00%	-4.23%	+4.23%
Average Drawdown Average peak-to-trough decline	-0.80%	-3.38%	+2.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.72%	2.14%	-1.42%

Volatility

OCTW vs. JEPQ - Volatility Comparison

The current volatility for AllianzIM U.S. Equity Buffer20 Oct ETF (OCTW) is 1.20%, while JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) has a volatility of 6.09%. This indicates that OCTW 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

	OCTW	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.20%	6.09%	-4.89%
Volatility (6M) Calculated over the trailing 6-month period	3.90%	12.15%	-8.25%
Volatility (1Y) Calculated over the trailing 1-year period	5.00%	14.65%	-9.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.33%	16.90%	-10.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.10%	16.90%	-10.80%

OCTW vs. JEPQ - Expense Ratio Comparison

OCTW has a 0.74% expense ratio, which is higher than JEPQ's 0.35% expense ratio.

Dividends

OCTW vs. JEPQ - Dividend Comparison

OCTW has not paid dividends to shareholders, while JEPQ's dividend yield for the trailing twelve months is around 10.75%.

Position	TTM	2025	2024	2023	2022
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	9.99%	10.53%	9.65%	10.03%	9.44%
OCTW AllianzIM U.S. Equity Buffer20 Oct ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OCTW and JEPQ in my portfolio?

OCTW and JEPQ have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OCTW or JEPQ?

JEPQ has higher volatility (6.09%) compared to OCTW (1.20%). In terms of maximum drawdown, OCTW dropped -8.38% vs JEPQ's -20.07%.

Which ETF is better, OCTW or JEPQ?

On 3-year performance, JEPQ leads with 17.49% vs 10.42% for OCTW. On fees, JEPQ is cheaper at 0.35% per year. On volatility, OCTW has been the lower-risk option at 1.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OCTW or JEPQ?

Over the 3-year period, JEPQ has performed better with a 17.49% return vs 10.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OCTW or JEPQ?

JEPQ is cheaper with a 0.35% expense ratio, compared with 0.74% for OCTW.

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

JEPQ has the higher dividend yield at 9.99%, compared with 0.00% for OCTW.

What is the main difference between OCTW and JEPQ?

OCTW is categorized as Defined Outcome, while JEPQ is Nasdaq-100. OCTW tracks SPDR S&P 500 ETF Trust, while JEPQ tracks Nasdaq-100 Index. They also come from different issuers: Allianz and JPMorgan. Their fees differ too: 0.74% for OCTW and 0.35% for JEPQ.

Which has better risk-adjusted returns?

OCTW currently has the higher Sharpe Ratio (2.02 vs 1.22), 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.