OVL vs. JEPQ

Last updated Jun 23, 2026

OVL (Overlay Shares Large Cap Equity ETF) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - OVL is a Derivative Income fund actively managed by Liquid Strategies, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. OVL is actively managed, while JEPQ is passively managed. Over the past 3 years, OVL returned 23.01%/yr vs 20.80%/yr for JEPQ. Their correlation of 0.91 suggests significant overlap in exposure. OVL charges 0.79%/yr vs 0.35%/yr for JEPQ.

Performance

OVL vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Overlay Shares Large Cap Equity ETF (OVL) 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, OVL achieves a 11.57% return, which is significantly higher than JEPQ's 10.59% return.

OVL

• 1D: -0.40%
• 1M: -0.31%
• YTD: 11.57%
• 6M: 10.92%
• 1Y: 31.10%
• 3Y*: 23.01%
• 5Y*: 13.81%
• 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)

OVL vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
OVL Overlay Shares Large Cap Equity ETF	11.57%	17.81%	27.91%	28.01%	-9.15%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.59%	15.18%	24.85%	36.28%	-11.16%

Correlation

The correlation between OVL and JEPQ is 0.90, 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	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (All Time) Calculated using the full available price history since May 4, 2022	0.91

The correlation between OVL and JEPQ has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.

OVL vs. JEPQ - Sectors Allocation Comparison

Sectors	OVL	JEPQ
Technology	39.1%	58.9%
Financial Services	10.9%	0.3%
Communication Services	10.7%	13.9%
Consumer Cyclical	9.9%	11.8%
Healthcare	8.3%	3.9%
Industrials	7.8%	2.8%
Consumer Defensive	4.5%	6.0%
Energy	3.1%	0.3%
Utilities	2.1%	1.1%
Real Estate	1.8%	0.2%
Basic Materials	1.7%	0.9%

Return for Risk

OVL vs. JEPQ — Risk / Return Rank

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

OVL

OVL Risk / Return Rank: 70
OVL Sharpe Ratio Rank: 68
OVL Sortino Ratio Rank: 63
OVL Omega Ratio Rank: 67
OVL Calmar Ratio Rank: 73
OVL Martin Ratio Rank: 80

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.

OVL vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Large Cap Equity ETF (OVL) 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.

	OVL	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	2.14	2.30	-0.16
Sortino ratio: Return per unit of downside risk	2.84	3.05	-0.21
Omega ratio: Gain probability vs. loss probability	1.38	1.46	-0.07
Calmar ratio: Return relative to maximum drawdown	3.58	3.35	+0.23
Martin ratio: Return relative to average drawdown	15.15	15.94	-0.80

OVL vs. JEPQ - Sharpe Ratio Comparison

The current OVL Sharpe Ratio is 2.14, which is comparable to the JEPQ Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of OVL 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

OVL vs. JEPQ - Drawdown Comparison

The maximum OVL drawdown since its inception was -35.49%, which is greater than JEPQ's maximum drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for OVL and JEPQ.

Drawdown Indicators

	OVL	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-35.49%	-20.07%	-15.42%
Max Drawdown (1Y) Largest decline over 1 year	-8.73%	-8.82%	+0.09%
Max Drawdown (3Y) Largest decline over 3 years	-21.73%	-20.07%	-1.66%
Max Drawdown (5Y) Largest decline over 5 years	-29.23%	—	—
Current Drawdown Current decline from peak	-2.37%	0.00%	-2.37%
Average Drawdown Average peak-to-trough decline	-6.69%	-3.40%	-3.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	1.85%	+0.21%

Volatility

OVL vs. JEPQ - Volatility Comparison

The current volatility for Overlay Shares Large Cap Equity ETF (OVL) is 5.22%, while JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) has a volatility of 5.68%. This indicates that OVL 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

	OVL	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.22%	5.68%	-0.46%
Volatility (6M) Calculated over the trailing 6-month period	11.32%	10.33%	+0.99%
Volatility (1Y) Calculated over the trailing 1-year period	14.60%	12.85%	+1.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.88%	16.75%	+3.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.54%	16.75%	+5.79%

OVL vs. JEPQ - Expense Ratio Comparison

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

Dividends

OVL vs. JEPQ - Dividend Comparison

OVL's dividend yield for the trailing twelve months is around 6.27%, less than JEPQ's 9.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	9.97%	10.53%	9.65%	10.03%	9.44%	0.00%	0.00%	0.00%
OVL Overlay Shares Large Cap Equity ETF	6.27%	2.99%	3.10%	3.33%	3.85%	3.63%	2.43%	0.50%

Frequently Asked Questions

Can I hold both OVL and JEPQ in my portfolio?

With a correlation of 0.90, OVL 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, OVL or JEPQ?

JEPQ has higher volatility (5.68%) compared to OVL (5.22%). In terms of maximum drawdown, OVL dropped -35.49% vs JEPQ's -20.07%.

Which ETF is better, OVL or JEPQ?

On 3-year performance, OVL leads with 23.01% vs 20.80% for JEPQ. On fees, JEPQ is cheaper at 0.35% per year. On volatility, OVL has been the lower-risk option at 5.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OVL or JEPQ?

Over the 3-year period, OVL has performed better with a 23.01% return vs 20.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OVL or JEPQ?

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

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

JEPQ has the higher dividend yield at 9.97%, compared with 6.27% for OVL.

What is the main difference between OVL and JEPQ?

OVL is categorized as Derivative Income, while JEPQ is Nasdaq-100. They also come from different issuers: Liquid Strategies and JPMorgan. Their fees differ too: 0.79% for OVL and 0.35% for JEPQ.

Which has better risk-adjusted returns?

JEPQ currently has the higher Sharpe Ratio (2.30 vs 2.14), 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.