PAULX vs. JEPQ

Last updated Jul 3, 2026

PAULX (T. Rowe Price U.S. Large-Cap Core Fund) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both funds - PAULX is a Large Cap Blend Equities fund managed by T. Rowe Price, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. Over the past 3 years, PAULX returned 17.74%/yr vs 19.38%/yr for JEPQ. Their correlation of 0.87 suggests significant overlap in exposure. PAULX charges 0.97%/yr vs 0.35%/yr for JEPQ.

Performance

PAULX vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price U.S. Large-Cap Core Fund (PAULX) and JPMorgan Nasdaq Equity Premium Income ETF (JEPQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with PAULX having a 8.13% return and JEPQ slightly lower at 8.12%.

PAULX

• 1D: 0.09%
• 1M: -0.77%
• 6M: 8.13%
• YTD: 8.13%
• 1Y: 15.49%
• 3Y*: 17.74%
• 5Y*: 10.75%
• 10Y*: 13.13%

JEPQ

• 1D: -1.35%
• 1M: -1.39%
• 6M: 8.12%
• YTD: 8.12%
• 1Y: 22.53%
• 3Y*: 19.38%
• 5Y*: —
• 10Y*: —

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

PAULX vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PAULX T. Rowe Price U.S. Large-Cap Core Fund	8.13%	12.43%	22.59%	22.23%	-3.15%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	8.12%	15.18%	24.85%	36.28%	-11.16%

Correlation

The correlation between PAULX and JEPQ is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (All Time) Calculated using the full available price history since May 4, 2022	0.87

The correlation between PAULX and JEPQ has been stable across timeframes, ranging from 0.83 to 0.87 - a consistent structural relationship.

Return for Risk

PAULX vs. JEPQ — Risk / Return Rank

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

PAULX

PAULX Risk / Return Rank: 38
PAULX Sharpe Ratio Rank: 36
PAULX Sortino Ratio Rank: 35
PAULX Omega Ratio Rank: 36
PAULX Calmar Ratio Rank: 35
PAULX Martin Ratio Rank: 46

JEPQ

JEPQ Risk / Return Rank: 63
JEPQ Sharpe Ratio Rank: 59
JEPQ Sortino Ratio Rank: 56
JEPQ Omega Ratio Rank: 64
JEPQ Calmar Ratio Rank: 62
JEPQ Martin Ratio Rank: 75

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.

PAULX vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price U.S. Large-Cap Core Fund (PAULX) 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.

	PAULX	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	1.37	1.68	-0.31
Sortino ratio: Return per unit of downside risk	1.94	2.28	-0.34
Omega ratio: Gain probability vs. loss probability	1.25	1.33	-0.08
Calmar ratio: Return relative to maximum drawdown	1.81	2.57	-0.76
Martin ratio: Return relative to average drawdown	7.89	11.96	-4.08

PAULX vs. JEPQ - Sharpe Ratio Comparison

The current PAULX Sharpe Ratio is 1.37, which is comparable to the JEPQ Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of PAULX 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

PAULX vs. JEPQ - Drawdown Comparison

The maximum PAULX drawdown since its inception was -33.69%, which is greater than JEPQ's maximum drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for PAULX and JEPQ.

Drawdown Indicators

	PAULX	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-33.69%	-20.07%	-13.62%
Max Drawdown (1Y) Largest decline over 1 year	-8.61%	-8.82%	+0.21%
Max Drawdown (3Y) Largest decline over 3 years	-17.33%	-20.07%	+2.74%
Max Drawdown (5Y) Largest decline over 5 years	-23.11%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-33.69%	—	—
Current Drawdown Current decline from peak	-0.77%	-2.36%	+1.59%
Average Drawdown Average peak-to-trough decline	-3.68%	-3.38%	-0.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	1.89%	+0.08%

Volatility

PAULX vs. JEPQ - Volatility Comparison

The current volatility for T. Rowe Price U.S. Large-Cap Core Fund (PAULX) is 4.00%, while JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) has a volatility of 7.07%. This indicates that PAULX 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

	PAULX	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.00%	7.07%	-3.07%
Volatility (6M) Calculated over the trailing 6-month period	9.00%	11.01%	-2.01%
Volatility (1Y) Calculated over the trailing 1-year period	11.35%	13.43%	-2.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.03%	16.81%	-0.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.95%	16.81%	+0.14%

PAULX vs. JEPQ - Expense Ratio Comparison

PAULX has a 0.97% expense ratio, which is higher than JEPQ's 0.35% expense ratio.

Dividends

PAULX vs. JEPQ - Dividend Comparison

PAULX's dividend yield for the trailing twelve months is around 6.84%, less than JEPQ's 10.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.54%	10.53%	9.65%	10.03%	9.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PAULX T. Rowe Price U.S. Large-Cap Core Fund	6.84%	7.40%	6.30%	0.16%	4.05%	6.85%	0.59%	3.21%	7.52%	2.10%	0.59%	5.25%

Frequently Asked Questions

Can I hold both PAULX and JEPQ in my portfolio?

PAULX and JEPQ have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PAULX or JEPQ?

JEPQ has higher volatility (7.07%) compared to PAULX (4.00%). In terms of maximum drawdown, PAULX dropped -33.69% vs JEPQ's -20.07%.

Which has better risk-adjusted returns?

JEPQ currently has the higher Sharpe Ratio (1.68 vs 1.37), 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.