SPAX vs. JEPQ

Last updated Jun 3, 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 Event Driven 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. At a 0.05 correlation, their price movements are largely independent. 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: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

JEPQ

• 1D: 0.26%
• 1M: 4.36%
• YTD: 9.65%
• 6M: 10.05%
• 1Y: 29.60%
• 3Y*: 20.96%
• 5Y*: —
• 10Y*: —

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

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	9.65%	15.18%	24.85%	36.28%	-12.89%

Correlation

The correlation between SPAX and JEPQ is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (All Time) Calculated using the full available price history since May 5, 2022	0.05

SPAX vs. JEPQ - Sectors Allocation Comparison

Sectors	SPAX	JEPQ
Financial Services	100.0%	0.4%
Basic Materials	-	1.0%
Communication Services	-	15.4%
Consumer Cyclical	-	12.8%
Consumer Defensive	-	7.1%
Energy	-	0.4%
Healthcare	-	4.4%
Industrials	-	3.1%
Real Estate	-	0.2%
Technology	-	54.0%
Utilities	-	1.3%

Return for Risk

SPAX vs. JEPQ — Risk / Return Rank

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

JEPQ

JEPQ Risk / Return Rank: 77
JEPQ Sharpe Ratio Rank: 77
JEPQ Sortino Ratio Rank: 73
JEPQ Omega Ratio Rank: 82
JEPQ Calmar Ratio Rank: 68
JEPQ Martin Ratio Rank: 83

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.

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.

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

Sharpe Ratios by Period

	SPAX	JEPQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.54	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	1.01	—

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	—	0.00%	—
Average Drawdown Average peak-to-trough decline	—	-3.42%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.79%	—

Volatility

Volatility by Period

	SPAX	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.25%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.07%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	11.73%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	16.62%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	16.62%	—

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 10.06%.

Position	TTM	2025	2024	2023	2022
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.06%	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 10.06%, compared with 0.00% for SPAX.

What is the main difference between SPAX and JEPQ?

SPAX is categorized as Event Driven, 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.