ONEQ vs. JEPQ

Last updated Jun 13, 2026

ONEQ (Fidelity Nasdaq Composite Index ETF) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - ONEQ is a Large Cap Growth Equities fund tracking the Nasdaq Composite Index, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. Both are passively managed. Over the past 3 years, ONEQ returned 25.07%/yr vs 19.91%/yr for JEPQ. With a 0.96 correlation, they move nearly in lockstep. ONEQ charges 0.21%/yr vs 0.35%/yr for JEPQ.

Performance

ONEQ vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Nasdaq Composite Index ETF (ONEQ) 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, ONEQ achieves a 12.04% return, which is significantly higher than JEPQ's 7.85% return.

ONEQ

• 1D: 0.33%
• 1M: -1.72%
• YTD: 12.04%
• 6M: 12.27%
• 1Y: 32.91%
• 3Y*: 25.07%
• 5Y*: 14.18%
• 10Y*: 19.51%

JEPQ

• 1D: 0.62%
• 1M: 0.88%
• YTD: 7.85%
• 6M: 8.80%
• 1Y: 25.53%
• 3Y*: 19.91%
• 5Y*: —
• 10Y*: —

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

ONEQ vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ONEQ Fidelity Nasdaq Composite Index ETF	12.04%	20.89%	29.30%	45.73%	-15.80%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	7.85%	15.18%	24.85%	36.28%	-11.16%

Correlation

The correlation between ONEQ and JEPQ is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (All Time) Calculated using the full available price history since May 4, 2022	0.96

The correlation between ONEQ and JEPQ has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

ONEQ vs. JEPQ - Sectors Allocation Comparison

Sectors	ONEQ	JEPQ
Technology	50.8%	54.0%
Communication Services	16.7%	15.4%
Consumer Cyclical	13.3%	12.8%
Consumer Defensive	5.2%	7.1%
Healthcare	5.1%	4.4%
Financial Services	3.1%	0.4%
Industrials	2.9%	3.1%
Basic Materials	1.0%	1.0%
Utilities	0.9%	1.3%
Real Estate	0.6%	0.2%
Energy	0.6%	0.4%

Return for Risk

ONEQ vs. JEPQ — Risk / Return Rank

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

ONEQ

ONEQ Risk / Return Rank: 65
ONEQ Sharpe Ratio Rank: 70
ONEQ Sortino Ratio Rank: 65
ONEQ Omega Ratio Rank: 67
ONEQ Calmar Ratio Rank: 60
ONEQ Martin Ratio Rank: 64

JEPQ

JEPQ Risk / Return Rank: 74
JEPQ Sharpe Ratio Rank: 73
JEPQ Sortino Ratio Rank: 69
JEPQ Omega Ratio Rank: 79
JEPQ Calmar Ratio Rank: 66
JEPQ Martin Ratio Rank: 81

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.

ONEQ vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Nasdaq Composite Index ETF (ONEQ) 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.

	ONEQ	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	1.96	2.03	-0.07
Sortino ratio: Return per unit of downside risk	2.58	2.69	-0.11
Omega ratio: Gain probability vs. loss probability	1.34	1.40	-0.06
Calmar ratio: Return relative to maximum drawdown	2.62	2.91	-0.29
Martin ratio: Return relative to average drawdown	10.05	13.84	-3.79

ONEQ vs. JEPQ - Sharpe Ratio Comparison

The current ONEQ Sharpe Ratio is 1.96, which is comparable to the JEPQ Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of ONEQ 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

ONEQ vs. JEPQ - Drawdown Comparison

The maximum ONEQ drawdown since its inception was -55.09%, which is greater than JEPQ's maximum drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for ONEQ and JEPQ.

Drawdown Indicators

	ONEQ	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-55.09%	-20.07%	-35.02%
Max Drawdown (1Y) Largest decline over 1 year	-12.64%	-8.82%	-3.82%
Max Drawdown (3Y) Largest decline over 3 years	-24.09%	-20.07%	-4.02%
Max Drawdown (5Y) Largest decline over 5 years	-35.23%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-35.23%	—	—
Current Drawdown Current decline from peak	-4.37%	-1.64%	-2.73%
Average Drawdown Average peak-to-trough decline	-7.95%	-3.41%	-4.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.29%	1.85%	+1.44%

Volatility

ONEQ vs. JEPQ - Volatility Comparison

Fidelity Nasdaq Composite Index ETF (ONEQ) has a higher volatility of 6.43% compared to JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) at 4.98%. This indicates that ONEQ'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.

Volatility by Period

	ONEQ	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.43%	4.98%	+1.45%
Volatility (6M) Calculated over the trailing 6-month period	13.17%	10.22%	+2.95%
Volatility (1Y) Calculated over the trailing 1-year period	16.87%	12.61%	+4.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.26%	16.73%	+5.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.77%	16.73%	+5.04%

ONEQ vs. JEPQ - Expense Ratio Comparison

ONEQ has a 0.21% expense ratio, which is lower than JEPQ's 0.35% expense ratio.

Dividends

ONEQ vs. JEPQ - Dividend Comparison

ONEQ's dividend yield for the trailing twelve months is around 0.69%, less than JEPQ's 10.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.22%	10.53%	9.65%	10.03%	9.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ONEQ Fidelity Nasdaq Composite Index ETF	0.69%	0.54%	0.65%	0.71%	0.97%	0.54%	0.71%	2.51%	1.08%	0.84%	1.12%	1.04%

Frequently Asked Questions

Can I hold both ONEQ and JEPQ in my portfolio?

With a correlation of 0.94, ONEQ 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, ONEQ or JEPQ?

ONEQ has higher volatility (6.43%) compared to JEPQ (4.98%). In terms of maximum drawdown, ONEQ dropped -55.09% vs JEPQ's -20.07%.

Which ETF is better, ONEQ or JEPQ?

On 3-year performance, ONEQ leads with 25.07% vs 19.91% for JEPQ. On fees, ONEQ is cheaper at 0.21% per year. On volatility, JEPQ has been the lower-risk option at 4.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ONEQ or JEPQ?

Over the 3-year period, ONEQ has performed better with a 25.07% return vs 19.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ONEQ or JEPQ?

ONEQ is cheaper with a 0.21% expense ratio, compared with 0.35% for JEPQ.

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

JEPQ has the higher dividend yield at 10.22%, compared with 0.69% for ONEQ.

What is the main difference between ONEQ and JEPQ?

ONEQ is categorized as Large Cap Growth Equities, while JEPQ is Nasdaq-100. ONEQ tracks Nasdaq Composite Index, while JEPQ tracks Nasdaq-100 Index. They also come from different issuers: Fidelity and JPMorgan. Their fees differ too: 0.21% for ONEQ and 0.35% for JEPQ.

Which has better risk-adjusted returns?

JEPQ currently has the higher Sharpe Ratio (2.03 vs 1.96), 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.