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SMH vs. JEPQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SMH vs. JEPQ

Last updated Jun 13, 2026

SMH (VanEck Semiconductor ETF) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. Both are passively managed. Over the past 3 years, SMH returned 60.05%/yr vs 19.91%/yr for JEPQ. Their correlation of 0.85 suggests significant overlap in exposure. Both charge a 0.35% expense ratio.

Performance

SMH vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Semiconductor ETF (SMH) and JPMorgan Nasdaq Equity Premium Income ETF (JEPQ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SMH achieves a 72.15% return, which is significantly higher than JEPQ's 7.85% return.

SMH

1D
1.72%
1M
8.30%
YTD
72.15%
6M
75.62%
1Y
136.32%
3Y*
60.05%
5Y*
38.42%
10Y*
37.49%

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)

SMH vs. JEPQ - Yearly Performance Comparison

2026 (YTD)2025202420232022
SMH
VanEck Semiconductor ETF		72.15%49.17%39.10%73.38%-13.94%
JEPQ
JPMorgan Nasdaq Equity Premium Income ETF		7.85%15.18%24.85%36.28%-11.16%

Correlation

The correlation between SMH and JEPQ is 0.82, 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

0.82

Correlation (3Y)
Calculated over the trailing 3-year period

0.84

Correlation (All Time)
Calculated using the full available price history since May 4, 2022

0.85

The correlation between SMH and JEPQ has been stable across timeframes, ranging from 0.82 to 0.85 - a consistent structural relationship.

SMH vs. JEPQ - Sectors Allocation Comparison

Sectors
SMH
JEPQ

Technology

100.0%
54.0%

Basic Materials

-

1.0%

Communication Services

-

15.4%

Consumer Cyclical

-

12.8%

Consumer Defensive

-

7.1%

Energy

-

0.4%

Financial Services

-

0.4%

Healthcare

-

4.4%

Industrials

-

3.1%

Real Estate

-

0.2%

Utilities

-

1.3%

Technology

SMH
100.0%
JEPQ
54.0%

Basic Materials

SMH

-

JEPQ
1.0%

Communication Services

SMH

-

JEPQ
15.4%

Consumer Cyclical

SMH

-

JEPQ
12.8%

Consumer Defensive

SMH

-

JEPQ
7.1%

Energy

SMH

-

JEPQ
0.4%

Financial Services

SMH

-

JEPQ
0.4%

Healthcare

SMH

-

JEPQ
4.4%

Industrials

SMH

-

JEPQ
3.1%

Real Estate

SMH

-

JEPQ
0.2%

Utilities

SMH

-

JEPQ
1.3%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

VanEck Semiconductor ETF

JPMorgan Nasdaq Equity Premium Income ETF

Often compared with SMH:
SMH vs. SOXXSMH vs. QQQSMH vs. VGTSMH vs. FSELXSMH vs. SPYSMH vs. SMHXSMH vs. XLK
Often compared with JEPQ:
JEPQ vs. JEPIJEPQ vs. QQQIJEPQ vs. QQQJEPQ vs. SCHDJEPQ vs. QYLDJEPQ vs. GPIQJEPQ vs. SPYI

Return for Risk

SMH vs. JEPQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SMH
SMH Risk / Return Rank: 9696
Overall Rank
SMH Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
SMH Sortino Ratio Rank: 9494
Sortino Ratio Rank
SMH Omega Ratio Rank: 9494
Omega Ratio Rank
SMH Calmar Ratio Rank: 9797
Calmar Ratio Rank
SMH Martin Ratio Rank: 9696
Martin Ratio Rank
JEPQ
JEPQ Risk / Return Rank: 7474
Overall Rank
JEPQ Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
JEPQ Sortino Ratio Rank: 6969
Sortino Ratio Rank
JEPQ Omega Ratio Rank: 7979
Omega Ratio Rank
JEPQ Calmar Ratio Rank: 6666
Calmar Ratio Rank
JEPQ Martin Ratio Rank: 8181
Martin Ratio Rank
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.

SMH vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor ETF (SMH) 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.

SMHJEPQDifference
Sharpe ratioReturn per unit of total volatility
4.13
2.03

+2.10

Sortino ratioReturn per unit of downside risk
4.26
2.69

+1.57

Omega ratioGain probability vs. loss probability

1.60

1.40

+0.20

Calmar ratioReturn relative to maximum drawdown

9.18

2.91

+6.28

Martin ratioReturn relative to average drawdown

33.74

13.84

+19.90

SMH vs. JEPQ - Sharpe Ratio Comparison

The current SMH Sharpe Ratio is 4.13, which is higher than the JEPQ Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of SMH 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.

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Drawdowns

SMH vs. JEPQ - Drawdown Comparison

The maximum SMH drawdown since its inception was -84.96%, which is greater than JEPQ's maximum drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for SMH and JEPQ.

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Drawdown Indicators

SMHJEPQDifference

Max Drawdown

Largest peak-to-trough decline

-84.96%

-20.07%

-64.89%

Max Drawdown (1Y)

Largest decline over 1 year

-14.93%

-8.82%

-6.11%

Max Drawdown (3Y)

Largest decline over 3 years

-35.74%

-20.07%

-15.67%

Max Drawdown (5Y)

Largest decline over 5 years

-45.30%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-45.30%

—

—

Current Drawdown

Current decline from peak

-2.81%

-1.64%

-1.17%

Average Drawdown

Average peak-to-trough decline

-41.04%

-3.41%

-37.63%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.06%

1.85%

+2.21%

Volatility

SMH vs. JEPQ - Volatility Comparison

VanEck Semiconductor ETF (SMH) has a higher volatility of 16.25% compared to JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) at 4.98%. This indicates that SMH'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.

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Volatility by Period

SMHJEPQDifference

Volatility (1M)

Calculated over the trailing 1-month period

16.25%

4.98%

+11.27%

Volatility (6M)

Calculated over the trailing 6-month period

27.73%

10.22%

+17.51%

Volatility (1Y)

Calculated over the trailing 1-year period

33.20%

12.61%

+20.59%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

35.47%

16.73%

+18.74%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

32.82%

16.73%

+16.09%

SMH vs. JEPQ - Expense Ratio Comparison

Both SMH and JEPQ have an expense ratio of 0.35%.

Dividends

SMH vs. JEPQ - Dividend Comparison

SMH's dividend yield for the trailing twelve months is around 0.18%, less than JEPQ's 10.22% yield.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%0.00%
SMH
VanEck Semiconductor ETF		0.18%0.31%0.44%0.60%1.18%0.51%0.69%1.50%1.88%1.43%0.80%2.14%

Frequently Asked Questions

SMH and JEPQ have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SMH has higher volatility (16.25%) compared to JEPQ (4.98%). In terms of maximum drawdown, SMH dropped -84.96% vs JEPQ's -20.07%.

On 3-year performance, SMH leads with 60.05% vs 19.91% for JEPQ. Both ETFs have the same 0.35% expense ratio. 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.

Over the 3-year period, SMH has performed better with a 60.05% return vs 19.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SMH and JEPQ have the same expense ratio: 0.35% per year.

JEPQ has the higher dividend yield at 10.22%, compared with 0.18% for SMH.

SMH is categorized as Semiconductors, while JEPQ is Nasdaq-100. SMH tracks MVIS US Listed Semiconductor 25 Index, while JEPQ tracks Nasdaq-100 Index. They also come from different issuers: VanEck and JPMorgan.

SMH currently has the higher Sharpe Ratio (4.13 vs 2.03), 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.

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