PNAIX vs. JEPQ

Last updated Jun 13, 2026

PNAIX (T. Rowe Price All-Cap Opportunities Fund I Class) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both funds - PNAIX is a Large Cap Growth Equities fund tracking the Russell 3000 Index, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. Both are passively managed. Over the past 3 years, PNAIX returned 17.41%/yr vs 19.91%/yr for JEPQ. Their correlation of 0.89 suggests significant overlap in exposure. PNAIX charges 0.66%/yr vs 0.35%/yr for JEPQ.

Performance

PNAIX vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price All-Cap Opportunities Fund I Class (PNAIX) 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, PNAIX achieves a -1.66% return, which is significantly lower than JEPQ's 7.85% return.

PNAIX

• 1D: 2.25%
• 1M: -1.01%
• YTD: -1.66%
• 6M: -1.61%
• 1Y: 10.14%
• 3Y*: 17.41%
• 5Y*: 9.52%
• 10Y*: 15.46%

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)

PNAIX vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PNAIX T. Rowe Price All-Cap Opportunities Fund I Class	-1.66%	16.53%	25.43%	29.18%	-7.18%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	7.85%	15.18%	24.85%	36.28%	-11.16%

Correlation

The correlation between PNAIX and JEPQ is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (All Time) Calculated using the full available price history since May 4, 2022	0.89

The correlation between PNAIX and JEPQ has been stable across timeframes, ranging from 0.87 to 0.89 - a consistent structural relationship.

Return for Risk

PNAIX vs. JEPQ — Risk / Return Rank

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

PNAIX

PNAIX Risk / Return Rank: 13
PNAIX Sharpe Ratio Rank: 13
PNAIX Sortino Ratio Rank: 13
PNAIX Omega Ratio Rank: 13
PNAIX Calmar Ratio Rank: 11
PNAIX Martin Ratio Rank: 13

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.

PNAIX vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price All-Cap Opportunities Fund I Class (PNAIX) 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.

	PNAIX	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	0.75	2.03	-1.28
Sortino ratio: Return per unit of downside risk	1.12	2.69	-1.57
Omega ratio: Gain probability vs. loss probability	1.14	1.40	-0.26
Calmar ratio: Return relative to maximum drawdown	0.75	2.91	-2.16
Martin ratio: Return relative to average drawdown	2.60	13.84	-11.23

PNAIX vs. JEPQ - Sharpe Ratio Comparison

The current PNAIX Sharpe Ratio is 0.75, which is lower than the JEPQ Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of PNAIX 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

PNAIX vs. JEPQ - Drawdown Comparison

The maximum PNAIX drawdown since its inception was -30.49%, which is greater than JEPQ's maximum drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for PNAIX and JEPQ.

Drawdown Indicators

	PNAIX	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-30.49%	-20.07%	-10.42%
Max Drawdown (1Y) Largest decline over 1 year	-14.02%	-8.82%	-5.20%
Max Drawdown (3Y) Largest decline over 3 years	-19.05%	-20.07%	+1.02%
Max Drawdown (5Y) Largest decline over 5 years	-29.29%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-30.49%	—	—
Current Drawdown Current decline from peak	-3.56%	-1.64%	-1.92%
Average Drawdown Average peak-to-trough decline	-5.52%	-3.41%	-2.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.01%	1.85%	+2.16%

Volatility

PNAIX vs. JEPQ - Volatility Comparison

T. Rowe Price All-Cap Opportunities Fund I Class (PNAIX) and JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) have volatilities of 5.17% and 4.98%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PNAIX	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.17%	4.98%	+0.19%
Volatility (6M) Calculated over the trailing 6-month period	11.38%	10.22%	+1.16%
Volatility (1Y) Calculated over the trailing 1-year period	13.90%	12.61%	+1.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.69%	16.73%	+0.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.20%	16.73%	+2.47%

PNAIX vs. JEPQ - Expense Ratio Comparison

PNAIX has a 0.66% expense ratio, which is higher than JEPQ's 0.35% expense ratio.

Dividends

PNAIX vs. JEPQ - Dividend Comparison

PNAIX's dividend yield for the trailing twelve months is around 8.68%, less than JEPQ's 10.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
PNAIX T. Rowe Price All-Cap Opportunities Fund I Class	8.68%	8.53%	9.37%	5.23%	3.31%	20.62%	15.56%	7.43%	12.75%	0.29%

Frequently Asked Questions

Can I hold both PNAIX and JEPQ in my portfolio?

PNAIX and JEPQ have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PNAIX or JEPQ?

PNAIX has higher volatility (5.17%) compared to JEPQ (4.98%). In terms of maximum drawdown, PNAIX dropped -30.49% vs JEPQ's -20.07%.

Which has better risk-adjusted returns?

JEPQ currently has the higher Sharpe Ratio (2.03 vs 0.75), 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.