SLVO vs. JEPQ

Last updated Jun 23, 2026

SLVO (UBS ETRACS Silver Shares Covered Call ETN) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - SLVO is a Silver fund tracking the Credit Suisse NASDAQ Silver FLOWS 106 Index, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. Both are passively managed. Over the past year, SLVO returned 46.62% vs 29.42% for JEPQ. At a 0.30 correlation, their price movements are largely independent. SLVO charges 0.65%/yr vs 0.35%/yr for JEPQ.

Performance

SLVO vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in UBS ETRACS Silver Shares Covered Call ETN (SLVO) 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, SLVO achieves a 4.48% return, which is significantly lower than JEPQ's 10.59% return.

SLVO

• 1D: -0.66%
• 1M: -8.03%
• YTD: 4.48%
• 6M: 4.33%
• 1Y: 46.62%
• 3Y*: —
• 5Y*: —
• 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)

SLVO vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SLVO UBS ETRACS Silver Shares Covered Call ETN	4.48%	71.20%	0.94%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.59%	15.18%	11.63%

Correlation

The correlation between SLVO and JEPQ is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (All Time) Calculated using the full available price history since Jun 3, 2024	0.30

Return for Risk

SLVO vs. JEPQ — Risk / Return Rank

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

SLVO

SLVO Risk / Return Rank: 49
SLVO Sharpe Ratio Rank: 44
SLVO Sortino Ratio Rank: 36
SLVO Omega Ratio Rank: 52
SLVO Calmar Ratio Rank: 56
SLVO Martin Ratio Rank: 59

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.

SLVO vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UBS ETRACS Silver Shares Covered Call ETN (SLVO) 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.

	SLVO	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	1.52	2.30	-0.79
Sortino ratio: Return per unit of downside risk	1.83	3.05	-1.22
Omega ratio: Gain probability vs. loss probability	1.32	1.46	-0.14
Calmar ratio: Return relative to maximum drawdown	2.72	3.35	-0.63
Martin ratio: Return relative to average drawdown	10.08	15.94	-5.87

SLVO vs. JEPQ - Sharpe Ratio Comparison

The current SLVO Sharpe Ratio is 1.52, which is lower than the JEPQ Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of SLVO 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

SLVO vs. JEPQ - Drawdown Comparison

The maximum SLVO drawdown since its inception was -17.23%, smaller than the maximum JEPQ drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for SLVO and JEPQ.

Drawdown Indicators

	SLVO	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-17.23%	-20.07%	+2.84%
Max Drawdown (1Y) Largest decline over 1 year	-17.23%	-8.82%	-8.41%
Max Drawdown (3Y) Largest decline over 3 years	—	-20.07%	—
Current Drawdown Current decline from peak	-10.90%	0.00%	-10.90%
Average Drawdown Average peak-to-trough decline	-3.26%	-3.40%	+0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.64%	1.85%	+2.79%

Volatility

SLVO vs. JEPQ - Volatility Comparison

UBS ETRACS Silver Shares Covered Call ETN (SLVO) has a higher volatility of 9.68% compared to JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) at 5.68%. This indicates that SLVO'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

	SLVO	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.68%	5.68%	+4.00%
Volatility (6M) Calculated over the trailing 6-month period	28.86%	10.33%	+18.53%
Volatility (1Y) Calculated over the trailing 1-year period	30.97%	12.85%	+18.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.77%	16.75%	+9.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.77%	16.75%	+9.02%

SLVO vs. JEPQ - Expense Ratio Comparison

SLVO has a 0.65% expense ratio, which is higher than JEPQ's 0.35% expense ratio.

Dividends

SLVO vs. JEPQ - Dividend Comparison

SLVO's dividend yield for the trailing twelve months is around 63.50%, more than JEPQ's 9.97% yield.

Position	TTM	2025	2024	2023	2022
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	9.97%	10.53%	9.65%	10.03%	9.44%
SLVO UBS ETRACS Silver Shares Covered Call ETN	63.50%	19.35%	14.45%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SLVO and JEPQ in my portfolio?

SLVO and JEPQ have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SLVO or JEPQ?

SLVO has higher volatility (9.68%) compared to JEPQ (5.68%). In terms of maximum drawdown, SLVO dropped -17.23% vs JEPQ's -20.07%.

Which ETF is better, SLVO or JEPQ?

On 1-year performance, SLVO leads with 46.62% vs 29.42% for JEPQ. On fees, JEPQ is cheaper at 0.35% per year. On volatility, JEPQ has been the lower-risk option at 5.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLVO or JEPQ?

Over the 1-year period, SLVO has performed better with a 46.62% return vs 29.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLVO or JEPQ?

JEPQ is cheaper with a 0.35% expense ratio, compared with 0.65% for SLVO.

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

SLVO has the higher dividend yield at 63.50%, compared with 9.97% for JEPQ.

What is the main difference between SLVO and JEPQ?

SLVO is categorized as Silver, while JEPQ is Nasdaq-100. SLVO tracks Credit Suisse NASDAQ Silver FLOWS 106 Index, while JEPQ tracks Nasdaq-100 Index. They also come from different issuers: UBS and JPMorgan. Their fees differ too: 0.65% for SLVO and 0.35% for JEPQ.

Which has better risk-adjusted returns?

JEPQ currently has the higher Sharpe Ratio (2.30 vs 1.52), 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.