SPUT vs. JEPQ

Last updated Jun 23, 2026

SPUT (Innovator Equity Premium Income Daily PutWrite ETF) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - SPUT is a Derivative Income fund actively managed by Innovator, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. SPUT is actively managed, while JEPQ is passively managed. Over the past year, SPUT returned 16.41% vs 29.42% for JEPQ. Their correlation of 0.88 suggests significant overlap in exposure. SPUT charges 0.79%/yr vs 0.35%/yr for JEPQ.

Performance

SPUT vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Premium Income Daily PutWrite ETF (SPUT) 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, SPUT achieves a 5.47% return, which is significantly lower than JEPQ's 10.59% return.

SPUT

• 1D: -0.18%
• 1M: -0.92%
• YTD: 5.47%
• 6M: 5.45%
• 1Y: 16.41%
• 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)

SPUT vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025
SPUT Innovator Equity Premium Income Daily PutWrite ETF	5.47%	13.49%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.59%	24.14%

Correlation

The correlation between SPUT and JEPQ is 0.87, 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	0.87
Correlation (All Time) Calculated using the full available price history since Mar 14, 2025	0.88

The correlation between SPUT and JEPQ has been stable across timeframes, ranging from 0.87 to 0.88 - a consistent structural relationship.

SPUT vs. JEPQ - Sectors Allocation Comparison

Sectors	SPUT	JEPQ
Technology	39.0%	58.9%
Communication Services	10.9%	13.9%
Financial Services	10.3%	0.3%
Consumer Cyclical	10.1%	11.8%
Healthcare	8.4%	3.9%
Industrials	8.2%	2.8%
Consumer Defensive	4.4%	6.0%
Energy	3.2%	0.3%
Utilities	2.1%	1.1%
Basic Materials	1.8%	0.9%
Real Estate	1.7%	0.2%

Return for Risk

SPUT vs. JEPQ — Risk / Return Rank

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

SPUT

SPUT Risk / Return Rank: 75
SPUT Sharpe Ratio Rank: 68
SPUT Sortino Ratio Rank: 64
SPUT Omega Ratio Rank: 76
SPUT Calmar Ratio Rank: 84
SPUT Martin Ratio Rank: 84

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.

SPUT vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Premium Income Daily PutWrite ETF (SPUT) 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.

	SPUT	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	2.13	2.30	-0.17
Sortino ratio: Return per unit of downside risk	2.88	3.05	-0.17
Omega ratio: Gain probability vs. loss probability	1.43	1.46	-0.03
Calmar ratio: Return relative to maximum drawdown	4.32	3.35	+0.97
Martin ratio: Return relative to average drawdown	16.78	15.94	+0.84

SPUT vs. JEPQ - Sharpe Ratio Comparison

The current SPUT Sharpe Ratio is 2.13, which is comparable to the JEPQ Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of SPUT 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

SPUT vs. JEPQ - Drawdown Comparison

The maximum SPUT drawdown since its inception was -10.55%, smaller than the maximum JEPQ drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for SPUT and JEPQ.

Drawdown Indicators

	SPUT	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-10.55%	-20.07%	+9.52%
Max Drawdown (1Y) Largest decline over 1 year	-3.81%	-8.82%	+5.01%
Max Drawdown (3Y) Largest decline over 3 years	—	-20.07%	—
Current Drawdown Current decline from peak	-2.00%	0.00%	-2.00%
Average Drawdown Average peak-to-trough decline	-0.93%	-3.40%	+2.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	1.85%	-0.87%

Volatility

SPUT vs. JEPQ - Volatility Comparison

The current volatility for Innovator Equity Premium Income Daily PutWrite ETF (SPUT) is 3.12%, while JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) has a volatility of 5.68%. This indicates that SPUT experiences smaller price fluctuations and is considered to be less risky than JEPQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPUT	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.12%	5.68%	-2.56%
Volatility (6M) Calculated over the trailing 6-month period	6.14%	10.33%	-4.19%
Volatility (1Y) Calculated over the trailing 1-year period	7.74%	12.85%	-5.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.34%	16.75%	-5.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.34%	16.75%	-5.41%

SPUT vs. JEPQ - Expense Ratio Comparison

SPUT has a 0.79% expense ratio, which is higher than JEPQ's 0.35% expense ratio.

Dividends

SPUT vs. JEPQ - Dividend Comparison

SPUT's dividend yield for the trailing twelve months is around 5.11%, less 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%
SPUT Innovator Equity Premium Income Daily PutWrite ETF	5.11%	4.66%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPUT and JEPQ in my portfolio?

SPUT and JEPQ have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPUT or JEPQ?

JEPQ has higher volatility (5.68%) compared to SPUT (3.12%). In terms of maximum drawdown, SPUT dropped -10.55% vs JEPQ's -20.07%.

Which ETF is better, SPUT or JEPQ?

On 1-year performance, JEPQ leads with 29.42% vs 16.41% for SPUT. On fees, JEPQ is cheaper at 0.35% per year. On volatility, SPUT has been the lower-risk option at 3.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPUT or JEPQ?

Over the 1-year period, JEPQ has performed better with a 29.42% return vs 16.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPUT or JEPQ?

JEPQ is cheaper with a 0.35% expense ratio, compared with 0.79% for SPUT.

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

JEPQ has the higher dividend yield at 9.97%, compared with 5.11% for SPUT.

What is the main difference between SPUT and JEPQ?

SPUT is categorized as Derivative Income, while JEPQ is Nasdaq-100. They also come from different issuers: Innovator and JPMorgan. Their fees differ too: 0.79% for SPUT and 0.35% for JEPQ.

Which has better risk-adjusted returns?

JEPQ currently has the higher Sharpe Ratio (2.30 vs 2.13), 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.