SPAX vs. JEPQ

Last updated Aug 2, 2026

SPAX (Robinson Alternative Yield Pre-merger SPAC ETF) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - SPAX is a Actively Managed fund actively managed by Toroso Investments, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. SPAX is actively managed, while JEPQ is passively managed. Their 0.05 correlation means their historical movements had little consistent relationship. SPAX charges 0.85%/yr vs 0.35%/yr for JEPQ.

Performance

SPAX vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Robinson Alternative Yield Pre-merger SPAC ETF (SPAX) and JPMorgan Nasdaq Equity Premium Income ETF (JEPQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPAX

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

JEPQ

• 1D: 0.57%
• 1M: -1.92%
• 6M: 3.71%
• YTD: 6.05%
• 1Y: 19.59%
• 3Y*: 17.49%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.56%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	$439.89M	$417.31M	$422.49M

SPAX vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SPAX Robinson Alternative Yield Pre-merger SPAC ETF	0.00%	0.02%	5.11%	6.63%	0.77%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	6.05%	15.18%	24.85%	36.28%	-11.16%

Correlation

The correlation between SPAX and JEPQ is 0.05, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (3Y) Balances recent behavior with more history.	0.09
Correlation (All Time) Calculated using the full available price history since May 4, 2022	0.05

Return for Risk

SPAX vs. JEPQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SPAX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

JEPQ

JEPQ Risk / Return Rank: 55
JEPQ Sharpe Ratio Rank: 50
JEPQ Sortino Ratio Rank: 48
JEPQ Omega Ratio Rank: 52
JEPQ Calmar Ratio Rank: 58
JEPQ Martin Ratio Rank: 68

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SPAX vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Robinson Alternative Yield Pre-merger SPAC ETF (SPAX) 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.

	SPAX	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	—	1.22	—
Sortino ratio: Return per unit of downside risk	—	1.72	—
Omega ratio: Gain probability vs. loss probability	—	1.23	—
Calmar ratio: Return relative to maximum drawdown	—	2.02	—
Martin ratio: Return relative to average drawdown	—	8.30	—

Drawdowns

Drawdown Indicators

	SPAX	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	—	-20.07%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-8.82%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-20.07%	—
Current Drawdown Current decline from peak	—	-4.23%	—
Average Drawdown Average peak-to-trough decline	—	-3.38%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.14%	—

Volatility

Volatility by Period

	SPAX	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	6.09%	—
Volatility (6M) Calculated over the trailing 6-month period	—	12.15%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	14.65%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	16.90%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	16.90%	—

SPAX vs. JEPQ - Expense Ratio Comparison

SPAX has a 0.85% expense ratio, which is higher than JEPQ's 0.35% expense ratio.

Dividends

SPAX vs. JEPQ - Dividend Comparison

SPAX has not paid dividends to shareholders, while JEPQ's dividend yield for the trailing twelve months is around 10.75%.

Position	TTM	2025	2024	2023	2022
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	9.99%	10.53%	9.65%	10.03%	9.44%
SPAX Robinson Alternative Yield Pre-merger SPAC ETF	0.00%	0.00%	5.50%	7.54%	0.97%

Frequently Asked Questions

Can I hold both SPAX and JEPQ in my portfolio?

SPAX and JEPQ have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPAX 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, SPAX or JEPQ?

JEPQ is cheaper with a 0.35% expense ratio, compared with 0.85% for SPAX.

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

JEPQ has the higher dividend yield at 9.99%, compared with 0.00% for SPAX.

What is the main difference between SPAX and JEPQ?

SPAX is categorized as Actively Managed, while JEPQ is Nasdaq-100. They also come from different issuers: Toroso Investments and JPMorgan. Their fees differ too: 0.85% for SPAX and 0.35% for JEPQ.