SMAX.TO vs. JEPQ

Last updated Jun 4, 2026

SMAX.TO (Hamilton U.S. Equity YIELD MAXIMIZER ETF) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - SMAX.TO is a Derivative Income fund actively managed by Hamilton Capital, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. SMAX.TO is actively managed, while JEPQ is passively managed. Over the past year, SMAX.TO returned 44.38% vs 30.27% for JEPQ. A 0.78 correlation means they provide meaningful diversification when combined. SMAX.TO charges 0.65%/yr vs 0.35%/yr for JEPQ.

Performance

SMAX.TO vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Hamilton U.S. Equity YIELD MAXIMIZER ETF (SMAX.TO) and JPMorgan Nasdaq Equity Premium Income ETF (JEPQ). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SMAX.TO is traded in CAD, while JEPQ is traded in USD. To make them comparable, the JEPQ values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, SMAX.TO achieves a 18.79% return, which is significantly higher than JEPQ's 10.60% return.

SMAX.TO

• 1D: 0.31%
• 1M: 10.49%
• YTD: 18.79%
• 6M: 17.56%
• 1Y: 44.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

JEPQ

• 1D: 0.00%
• 1M: 6.07%
• YTD: 10.60%
• 6M: 8.99%
• 1Y: 30.27%
• 3Y*: 22.20%
• 5Y*: —
• 10Y*: —

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

SMAX.TO vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SMAX.TO Hamilton U.S. Equity YIELD MAXIMIZER ETF	18.79%	18.64%	40.16%	7.98%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.94%	9.89%	35.57%	8.75%

Correlation

The correlation between SMAX.TO and JEPQ is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (All Time) Calculated using the full available price history since Oct 27, 2023	0.78

The correlation between SMAX.TO and JEPQ has been stable across timeframes, ranging from 0.71 to 0.78 - a consistent structural relationship.

SMAX.TO vs. JEPQ - Sectors Allocation Comparison

Sectors	SMAX.TO	JEPQ
Technology	33.6%	54.0%
Communication Services	11.9%	15.4%
Financial Services	11.5%	0.4%
Consumer Cyclical	8.3%	12.8%
Industrials	8.1%	3.1%
Healthcare	7.4%	4.4%
Consumer Defensive	4.0%	7.1%
Real Estate	4.0%	0.2%
Utilities	3.9%	1.3%
Basic Materials	3.8%	1.0%
Energy	3.6%	0.4%

Return for Risk

SMAX.TO vs. JEPQ — Risk / Return Rank

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

SMAX.TO

SMAX.TO Risk / Return Rank: 94
SMAX.TO Sharpe Ratio Rank: 94
SMAX.TO Sortino Ratio Rank: 94
SMAX.TO Omega Ratio Rank: 94
SMAX.TO Calmar Ratio Rank: 93
SMAX.TO Martin Ratio Rank: 93

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.

SMAX.TO vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hamilton U.S. Equity YIELD MAXIMIZER ETF (SMAX.TO) 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.

	SMAX.TO	JEPQ	Difference
Sharpe ratio Return per unit of total volatility	3.61	2.58	+1.03
Sortino ratio Return per unit of downside risk	5.00	3.39	+1.61
Omega ratio Gain probability vs. loss probability	1.71	1.51	+0.20
Calmar ratio Return relative to maximum drawdown	6.95	4.05	+2.89
Martin ratio Return relative to average drawdown	25.77	16.72	+9.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMAX.TO vs. JEPQ - Sharpe Ratio Comparison

The current SMAX.TO Sharpe Ratio is 3.61, which is higher than the JEPQ Sharpe Ratio of 2.58. The chart below compares the historical Sharpe Ratios of SMAX.TO 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

	SMAX.TO	JEPQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.61	2.58	+1.03
Sharpe Ratio (All Time) Calculated using the full available price history	2.32	1.25	+1.07

Drawdowns

SMAX.TO vs. JEPQ - Drawdown Comparison

The maximum SMAX.TO drawdown since its inception was -18.22%, smaller than the maximum JEPQ drawdown of -19.88%. Use the drawdown chart below to compare losses from any high point for SMAX.TO and JEPQ.

Drawdown Indicators

	SMAX.TO	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-18.22%	-19.88%	+1.66%
Max Drawdown (1Y) Largest decline over 1 year	-6.42%	-7.50%	+1.08%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.88%	—
Current Drawdown Current decline from peak	-0.32%	0.00%	-0.32%
Average Drawdown Average peak-to-trough decline	-2.09%	-3.05%	+0.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.73%	1.81%	-0.08%

Volatility

SMAX.TO vs. JEPQ - Volatility Comparison

Hamilton U.S. Equity YIELD MAXIMIZER ETF (SMAX.TO) has a higher volatility of 5.51% compared to JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) at 1.28%. This indicates that SMAX.TO'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

	SMAX.TO	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.51%	1.28%	+4.23%
Volatility (6M) Calculated over the trailing 6-month period	9.72%	9.01%	+0.71%
Volatility (1Y) Calculated over the trailing 1-year period	12.36%	11.78%	+0.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.62%	15.27%	-0.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.62%	15.27%	-0.65%

SMAX.TO vs. JEPQ - Expense Ratio Comparison

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

Dividends

SMAX.TO vs. JEPQ - Dividend Comparison

SMAX.TO's dividend yield for the trailing twelve months is around 13.36%, more than JEPQ's 10.07% yield.

Position	TTM	2025	2024	2023	2022
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.07%	10.53%	9.65%	10.03%	9.44%
SMAX.TO Hamilton U.S. Equity YIELD MAXIMIZER ETF	13.36%	14.67%	13.88%	2.57%	0.00%

Frequently Asked Questions

Can I hold both SMAX.TO and JEPQ in my portfolio?

SMAX.TO and JEPQ have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMAX.TO or JEPQ?

On fees, JEPQ is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMAX.TO or JEPQ?

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

What is the main difference between SMAX.TO and JEPQ?

SMAX.TO is categorized as Derivative Income, while JEPQ is Nasdaq-100. They also come from different issuers: Hamilton Capital and JPMorgan. Their fees differ too: 0.65% for SMAX.TO and 0.35% for JEPQ.