SPXL vs. JEPQ

Last updated Jun 13, 2026

SPXL (Direxion Daily S&P 500 Bull 3X ETF) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - SPXL is a Leveraged Equities fund tracking the S&P 500, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. Both are passively managed. Over the past 3 years, SPXL returned 47.11%/yr vs 19.91%/yr for JEPQ. Their correlation of 0.92 suggests significant overlap in exposure. SPXL charges 0.84%/yr vs 0.35%/yr for JEPQ.

Performance

SPXL vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily S&P 500 Bull 3X ETF (SPXL) 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, SPXL achieves a 20.98% return, which is significantly higher than JEPQ's 7.85% return.

SPXL

• 1D: 1.54%
• 1M: -1.59%
• YTD: 20.98%
• 6M: 21.36%
• 1Y: 65.66%
• 3Y*: 47.11%
• 5Y*: 21.80%
• 10Y*: 29.90%

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)

SPXL vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SPXL Direxion Daily S&P 500 Bull 3X ETF	20.98%	31.94%	63.61%	69.49%	-32.34%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	7.85%	15.18%	24.85%	36.28%	-11.16%

Correlation

The correlation between SPXL and JEPQ is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (All Time) Calculated using the full available price history since May 4, 2022	0.92

The correlation between SPXL and JEPQ has been stable across timeframes, ranging from 0.92 to 0.92 - a consistent structural relationship.

SPXL vs. JEPQ - Sectors Allocation Comparison

Sectors	SPXL	JEPQ
Technology	8.4%	54.0%
Financial Services	2.4%	0.4%
Communication Services	2.3%	15.4%
Consumer Cyclical	2.2%	12.8%
Healthcare	1.8%	4.4%
Industrials	1.7%	3.1%
Consumer Defensive	1.0%	7.1%
Energy	0.7%	0.4%
Utilities	0.6%	1.3%
Real Estate	0.4%	0.2%
Basic Materials	0.4%	1.0%

Return for Risk

SPXL vs. JEPQ — Risk / Return Rank

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

SPXL

SPXL Risk / Return Rank: 58
SPXL Sharpe Ratio Rank: 62
SPXL Sortino Ratio Rank: 53
SPXL Omega Ratio Rank: 55
SPXL Calmar Ratio Rank: 57
SPXL Martin Ratio Rank: 64

JEPQ

JEPQ Risk / Return Rank: 74
JEPQ Sharpe Ratio Rank: 73
JEPQ Sortino Ratio Rank: 69
JEPQ Omega Ratio Rank: 79
JEPQ Calmar Ratio Rank: 66
JEPQ Martin Ratio Rank: 81

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.

SPXL vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bull 3X ETF (SPXL) 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.

	SPXL	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	1.79	2.03	-0.24
Sortino ratio: Return per unit of downside risk	2.25	2.69	-0.44
Omega ratio: Gain probability vs. loss probability	1.30	1.40	-0.10
Calmar ratio: Return relative to maximum drawdown	2.47	2.91	-0.44
Martin ratio: Return relative to average drawdown	10.16	13.84	-3.68

SPXL vs. JEPQ - Sharpe Ratio Comparison

The current SPXL Sharpe Ratio is 1.79, which is comparable to the JEPQ Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of SPXL 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

SPXL vs. JEPQ - Drawdown Comparison

The maximum SPXL drawdown since its inception was -76.86%, which is greater than JEPQ's maximum drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for SPXL and JEPQ.

Drawdown Indicators

	SPXL	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-76.86%	-20.07%	-56.79%
Max Drawdown (1Y) Largest decline over 1 year	-26.77%	-8.82%	-17.95%
Max Drawdown (3Y) Largest decline over 3 years	-48.95%	-20.07%	-28.88%
Max Drawdown (5Y) Largest decline over 5 years	-63.80%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-76.86%	—	—
Current Drawdown Current decline from peak	-7.55%	-1.64%	-5.91%
Average Drawdown Average peak-to-trough decline	-16.11%	-3.41%	-12.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.49%	1.85%	+4.64%

Volatility

SPXL vs. JEPQ - Volatility Comparison

Direxion Daily S&P 500 Bull 3X ETF (SPXL) has a higher volatility of 13.20% compared to JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) at 4.98%. This indicates that SPXL'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

	SPXL	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.20%	4.98%	+8.22%
Volatility (6M) Calculated over the trailing 6-month period	28.79%	10.22%	+18.57%
Volatility (1Y) Calculated over the trailing 1-year period	36.81%	12.61%	+24.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.44%	16.73%	+33.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.50%	16.73%	+36.77%

SPXL vs. JEPQ - Expense Ratio Comparison

SPXL has a 0.84% expense ratio, which is higher than JEPQ's 0.35% expense ratio.

Dividends

SPXL vs. JEPQ - Dividend Comparison

SPXL's dividend yield for the trailing twelve months is around 0.56%, less than JEPQ's 10.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
SPXL Direxion Daily S&P 500 Bull 3X ETF	0.56%	0.69%	0.74%	0.98%	0.32%	0.11%	0.22%	0.84%	1.02%	3.88%

Frequently Asked Questions

Can I hold both SPXL and JEPQ in my portfolio?

With a correlation of 0.92, SPXL and JEPQ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SPXL or JEPQ?

SPXL has higher volatility (13.20%) compared to JEPQ (4.98%). In terms of maximum drawdown, SPXL dropped -76.86% vs JEPQ's -20.07%.

Which ETF is better, SPXL or JEPQ?

On 3-year performance, SPXL leads with 47.11% vs 19.91% for JEPQ. On fees, JEPQ is cheaper at 0.35% per year. 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.

Which ETF has performed better, SPXL or JEPQ?

Over the 3-year period, SPXL has performed better with a 47.11% return vs 19.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXL or JEPQ?

JEPQ is cheaper with a 0.35% expense ratio, compared with 0.84% for SPXL.

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

JEPQ has the higher dividend yield at 10.22%, compared with 0.56% for SPXL.

What is the main difference between SPXL and JEPQ?

SPXL is categorized as Leveraged Equities, while JEPQ is Nasdaq-100. SPXL tracks S&P 500, while JEPQ tracks Nasdaq-100 Index. They also come from different issuers: Direxion and JPMorgan. Their fees differ too: 0.84% for SPXL and 0.35% for JEPQ.

Which has better risk-adjusted returns?

JEPQ currently has the higher Sharpe Ratio (2.03 vs 1.79), 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.