SLV vs. JEPQ

Last updated Jun 14, 2026

SLV (iShares Silver Trust) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - SLV is a Silver fund tracking the LBMA Silver Price, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. Both are passively managed. Over the past 3 years, SLV returned 41.27%/yr vs 19.91%/yr for JEPQ. At a 0.24 correlation, their price movements are largely independent. SLV charges 0.50%/yr vs 0.35%/yr for JEPQ.

Performance

SLV vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Silver Trust (SLV) 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, SLV achieves a -4.86% return, which is significantly lower than JEPQ's 7.85% return.

SLV

• 1D: 0.77%
• 1M: -11.23%
• YTD: -4.86%
• 6M: 9.25%
• 1Y: 85.90%
• 3Y*: 41.27%
• 5Y*: 18.83%
• 10Y*: 13.99%

JEPQ

• 1D: 0.62%
• 1M: 1.08%
• YTD: 7.85%
• 6M: 8.80%
• 1Y: 26.60%
• 3Y*: 19.91%
• 5Y*: —
• 10Y*: —

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

SLV vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SLV iShares Silver Trust	-4.86%	144.66%	20.89%	-1.09%	5.71%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	7.85%	15.18%	24.85%	36.28%	-11.16%

Correlation

The correlation between SLV and JEPQ is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (All Time) Calculated using the full available price history since May 4, 2022	0.24

Return for Risk

SLV vs. JEPQ — Risk / Return Rank

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

SLV

SLV Risk / Return Rank: 42
SLV Sharpe Ratio Rank: 47
SLV Sortino Ratio Rank: 38
SLV Omega Ratio Rank: 53
SLV Calmar Ratio Rank: 43
SLV Martin Ratio Rank: 32

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.

SLV vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Silver Trust (SLV) 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.

	SLV	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	1.44	2.03	-0.60
Sortino ratio: Return per unit of downside risk	1.76	2.69	-0.94
Omega ratio: Gain probability vs. loss probability	1.29	1.40	-0.11
Calmar ratio: Return relative to maximum drawdown	1.89	2.91	-1.02
Martin ratio: Return relative to average drawdown	4.10	13.84	-9.74

SLV vs. JEPQ - Sharpe Ratio Comparison

The current SLV Sharpe Ratio is 1.44, which is comparable to the JEPQ Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of SLV 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

SLV vs. JEPQ - Drawdown Comparison

The maximum SLV drawdown since its inception was -76.28%, which is greater than JEPQ's maximum drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for SLV and JEPQ.

Drawdown Indicators

	SLV	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-76.28%	-20.07%	-56.21%
Max Drawdown (1Y) Largest decline over 1 year	-45.40%	-8.82%	-36.58%
Max Drawdown (3Y) Largest decline over 3 years	-45.40%	-20.07%	-25.33%
Max Drawdown (5Y) Largest decline over 5 years	-45.40%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-45.40%	—	—
Current Drawdown Current decline from peak	-41.96%	-1.64%	-40.32%
Average Drawdown Average peak-to-trough decline	-44.66%	-3.41%	-41.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.88%	1.85%	+19.03%

Volatility

SLV vs. JEPQ - Volatility Comparison

iShares Silver Trust (SLV) has a higher volatility of 16.34% compared to JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) at 4.98%. This indicates that SLV'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

	SLV	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.34%	4.98%	+11.36%
Volatility (6M) Calculated over the trailing 6-month period	59.10%	10.22%	+48.88%
Volatility (1Y) Calculated over the trailing 1-year period	59.82%	12.61%	+47.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.46%	16.73%	+19.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.00%	16.73%	+15.27%

SLV vs. JEPQ - Expense Ratio Comparison

SLV has a 0.50% expense ratio, which is higher than JEPQ's 0.35% expense ratio.

Dividends

SLV vs. JEPQ - Dividend Comparison

SLV has not paid dividends to shareholders, while JEPQ's dividend yield for the trailing twelve months is around 10.22%.

Position	TTM	2025	2024	2023	2022
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.22%	10.53%	9.65%	10.03%	9.44%
SLV iShares Silver Trust	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SLV and JEPQ in my portfolio?

SLV and JEPQ have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SLV or JEPQ?

SLV has higher volatility (16.34%) compared to JEPQ (4.98%). In terms of maximum drawdown, SLV dropped -76.28% vs JEPQ's -20.07%.

Which ETF is better, SLV or JEPQ?

On 3-year performance, SLV leads with 41.27% vs 19.91% for JEPQ. On fees, JEPQ is cheaper at 0.35% 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, SLV or JEPQ?

Over the 3-year period, SLV has performed better with a 41.27% return vs 19.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLV or JEPQ?

JEPQ is cheaper with a 0.35% expense ratio, compared with 0.50% for SLV.

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

JEPQ has the higher dividend yield at 10.22%, compared with 0.00% for SLV.

What is the main difference between SLV and JEPQ?

SLV is categorized as Silver, while JEPQ is Nasdaq-100. SLV tracks LBMA Silver Price, while JEPQ tracks Nasdaq-100 Index. They also come from different issuers: iShares and JPMorgan. Their fees differ too: 0.50% for SLV and 0.35% for JEPQ.

Which has better risk-adjusted returns?

JEPQ currently has the higher Sharpe Ratio (2.03 vs 1.44), 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.