QLD vs. JEPQ

Last updated Jun 4, 2026

QLD (ProShares Ultra QQQ) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - QLD is a Leveraged Equities fund tracking the NASDAQ-100 Index (200%), while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. Both are passively managed. Over the past 3 years, QLD returned 50.15%/yr vs 20.92%/yr for JEPQ. With a 0.97 correlation, they move nearly in lockstep. QLD charges 0.95%/yr vs 0.35%/yr for JEPQ.

Performance

QLD vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra QQQ (QLD) 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, QLD achieves a 42.06% return, which is significantly higher than JEPQ's 9.54% return.

QLD

• 1D: -0.53%
• 1M: 21.54%
• YTD: 42.06%
• 6M: 37.45%
• 1Y: 85.49%
• 3Y*: 50.15%
• 5Y*: 25.75%
• 10Y*: 36.10%

JEPQ

• 1D: -0.10%
• 1M: 4.31%
• YTD: 9.54%
• 6M: 9.75%
• 1Y: 29.00%
• 3Y*: 20.92%
• 5Y*: —
• 10Y*: —

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

QLD vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
QLD ProShares Ultra QQQ	42.06%	30.36%	42.82%	117.72%	-40.29%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	9.54%	15.18%	24.85%	36.28%	-12.89%

Correlation

The correlation between QLD and JEPQ is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (All Time) Calculated using the full available price history since May 5, 2022	0.97

The correlation between QLD and JEPQ has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

QLD vs. JEPQ - Sectors Allocation Comparison

Sectors	QLD	JEPQ
Technology	53.8%	54.0%
Communication Services	15.8%	15.4%
Consumer Cyclical	12.3%	12.8%
Consumer Defensive	7.7%	7.1%
Healthcare	4.2%	4.4%
Industrials	2.8%	3.1%
Utilities	1.4%	1.3%
Basic Materials	1.1%	1.0%
Energy	0.6%	0.4%
Financial Services	0.2%	0.4%
Real Estate	0.1%	0.2%

Return for Risk

QLD vs. JEPQ — Risk / Return Rank

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

QLD

QLD Risk / Return Rank: 69
QLD Sharpe Ratio Rank: 81
QLD Sortino Ratio Rank: 67
QLD Omega Ratio Rank: 67
QLD Calmar Ratio Rank: 67
QLD Martin Ratio Rank: 64

JEPQ

JEPQ Risk / Return Rank: 74
JEPQ Sharpe Ratio Rank: 74
JEPQ Sortino Ratio Rank: 71
JEPQ Omega Ratio Rank: 80
JEPQ Calmar Ratio Rank: 65
JEPQ Martin Ratio Rank: 80

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.

QLD vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra QQQ (QLD) 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.

	QLD	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	2.70	2.49	+0.22
Sortino ratio: Return per unit of downside risk	3.16	3.29	-0.13
Omega ratio: Gain probability vs. loss probability	1.41	1.49	-0.08
Calmar ratio: Return relative to maximum drawdown	3.42	3.31	+0.12
Martin ratio: Return relative to average drawdown	11.92	16.22	-4.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QLD vs. JEPQ - Sharpe Ratio Comparison

The current QLD Sharpe Ratio is 2.70, which is comparable to the JEPQ Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of QLD 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.

Sharpe Ratios by Period

	QLD	JEPQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.70	2.49	+0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.81	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	1.00	-0.41

Drawdowns

QLD vs. JEPQ - Drawdown Comparison

The maximum QLD drawdown since its inception was -83.13%, which is greater than JEPQ's maximum drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for QLD and JEPQ.

Drawdown Indicators

	QLD	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-83.13%	-20.07%	-63.06%
Max Drawdown (1Y) Largest decline over 1 year	-25.13%	-8.82%	-16.31%
Max Drawdown (3Y) Largest decline over 3 years	-42.29%	-20.07%	-22.22%
Max Drawdown (5Y) Largest decline over 5 years	-63.68%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-63.68%	—	—
Current Drawdown Current decline from peak	-0.53%	-0.10%	-0.43%
Average Drawdown Average peak-to-trough decline	-18.17%	-3.42%	-14.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.20%	1.79%	+5.41%

Volatility

QLD vs. JEPQ - Volatility Comparison

ProShares Ultra QQQ (QLD) has a higher volatility of 8.90% compared to JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) at 1.26%. This indicates that QLD'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

	QLD	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.90%	1.26%	+7.64%
Volatility (6M) Calculated over the trailing 6-month period	24.08%	9.07%	+15.01%
Volatility (1Y) Calculated over the trailing 1-year period	31.85%	11.73%	+20.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.74%	16.61%	+28.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.56%	16.61%	+27.95%

QLD vs. JEPQ - Expense Ratio Comparison

QLD has a 0.95% expense ratio, which is higher than JEPQ's 0.35% expense ratio.

Dividends

QLD vs. JEPQ - Dividend Comparison

QLD's dividend yield for the trailing twelve months is around 0.12%, less than JEPQ's 10.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.07%	10.53%	9.65%	10.03%	9.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QLD ProShares Ultra QQQ	0.12%	0.17%	0.25%	0.33%	0.31%	0.00%	0.00%	0.13%	0.06%	0.02%	0.21%	0.11%

Frequently Asked Questions

Can I hold both QLD and JEPQ in my portfolio?

With a correlation of 0.95, QLD 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, QLD or JEPQ?

QLD has higher volatility (8.90%) compared to JEPQ (1.26%). In terms of maximum drawdown, QLD dropped -83.13% vs JEPQ's -20.07%.

Which ETF is better, QLD or JEPQ?

On 3-year performance, QLD leads with 50.15% vs 20.92% for JEPQ. On fees, JEPQ is cheaper at 0.35% per year. On volatility, JEPQ has been the lower-risk option at 1.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QLD or JEPQ?

Over the 3-year period, QLD has performed better with a 50.15% return vs 20.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QLD or JEPQ?

JEPQ is cheaper with a 0.35% expense ratio, compared with 0.95% for QLD.

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

JEPQ has the higher dividend yield at 10.07%, compared with 0.12% for QLD.

What is the main difference between QLD and JEPQ?

QLD is categorized as Leveraged Equities, while JEPQ is Nasdaq-100. QLD tracks NASDAQ-100 Index (200%), while JEPQ tracks Nasdaq-100 Index. They also come from different issuers: ProShares and JPMorgan. Their fees differ too: 0.95% for QLD and 0.35% for JEPQ.

Which has better risk-adjusted returns?

QLD currently has the higher Sharpe Ratio (2.70 vs 2.49), 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.