SPYM vs. JEPQ

Last updated Jun 16, 2026

SPYM (State Street SPDR Portfolio S&P 500 ETF) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - SPYM is a S&P 500 fund tracking the S&P 500 Index, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. Both are passively managed. Over the past 3 years, SPYM returned 21.24%/yr vs 20.72%/yr for JEPQ. Their correlation of 0.92 suggests significant overlap in exposure. SPYM charges 0.02%/yr vs 0.35%/yr for JEPQ.

Performance

SPYM vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR Portfolio S&P 500 ETF (SPYM) 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, SPYM achieves a 11.01% return, which is significantly higher than JEPQ's 10.23% return.

SPYM

• 1D: 1.76%
• 1M: 2.12%
• YTD: 11.01%
• 6M: 11.52%
• 1Y: 27.97%
• 3Y*: 21.24%
• 5Y*: 13.94%
• 10Y*: 15.73%

JEPQ

• 1D: 2.21%
• 1M: 3.31%
• YTD: 10.23%
• 6M: 11.56%
• 1Y: 29.39%
• 3Y*: 20.72%
• 5Y*: —
• 10Y*: —

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

SPYM vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SPYM State Street SPDR Portfolio S&P 500 ETF	11.01%	17.79%	25.00%	26.24%	-6.91%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.23%	15.18%	24.85%	36.28%	-11.16%

Correlation

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

SPYM vs. JEPQ - Sectors Allocation Comparison

Sectors	SPYM	JEPQ
Technology	39.0%	58.9%
Financial Services	11.1%	0.3%
Communication Services	10.6%	13.9%
Consumer Cyclical	9.9%	11.8%
Healthcare	8.3%	3.9%
Industrials	7.8%	2.8%
Consumer Defensive	4.5%	6.0%
Energy	3.1%	0.3%
Utilities	2.1%	1.1%
Real Estate	1.8%	0.2%
Basic Materials	1.7%	0.9%

Return for Risk

SPYM vs. JEPQ — Risk / Return Rank

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

SPYM

SPYM Risk / Return Rank: 77
SPYM Sharpe Ratio Rank: 80
SPYM Sortino Ratio Rank: 78
SPYM Omega Ratio Rank: 79
SPYM Calmar Ratio Rank: 69
SPYM Martin Ratio Rank: 81

JEPQ

JEPQ Risk / Return Rank: 81
JEPQ Sharpe Ratio Rank: 81
JEPQ Sortino Ratio Rank: 77
JEPQ Omega Ratio Rank: 85
JEPQ Calmar Ratio Rank: 73
JEPQ Martin Ratio Rank: 86

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.

SPYM vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio S&P 500 ETF (SPYM) 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.

	SPYM	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	2.28	2.31	-0.03
Sortino ratio: Return per unit of downside risk	3.07	3.06	+0.02
Omega ratio: Gain probability vs. loss probability	1.42	1.46	-0.04
Calmar ratio: Return relative to maximum drawdown	3.16	3.35	-0.19
Martin ratio: Return relative to average drawdown	14.26	15.94	-1.67

SPYM vs. JEPQ - Sharpe Ratio Comparison

The current SPYM Sharpe Ratio is 2.28, which is comparable to the JEPQ Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of SPYM 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

SPYM vs. JEPQ - Drawdown Comparison

The maximum SPYM drawdown since its inception was -54.46%, which is greater than JEPQ's maximum drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for SPYM and JEPQ.

Drawdown Indicators

	SPYM	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-54.46%	-20.07%	-34.39%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-8.82%	-0.08%
Max Drawdown (3Y) Largest decline over 3 years	-18.72%	-20.07%	+1.35%
Max Drawdown (5Y) Largest decline over 5 years	-24.48%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-33.87%	—	—
Current Drawdown Current decline from peak	-0.63%	0.00%	-0.63%
Average Drawdown Average peak-to-trough decline	-7.14%	-3.41%	-3.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	1.85%	+0.12%

Volatility

SPYM vs. JEPQ - Volatility Comparison

The current volatility for State Street SPDR Portfolio S&P 500 ETF (SPYM) is 4.61%, while JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) has a volatility of 5.42%. This indicates that SPYM 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

	SPYM	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.61%	5.42%	-0.81%
Volatility (6M) Calculated over the trailing 6-month period	9.72%	10.44%	-0.72%
Volatility (1Y) Calculated over the trailing 1-year period	12.33%	12.78%	-0.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.89%	16.76%	+0.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.04%	16.76%	+1.28%

SPYM vs. JEPQ - Expense Ratio Comparison

SPYM has a 0.02% expense ratio, which is lower than JEPQ's 0.35% expense ratio.

Dividends

SPYM vs. JEPQ - Dividend Comparison

SPYM's dividend yield for the trailing twelve months is around 1.27%, less than JEPQ's 10.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.00%	10.53%	9.65%	10.03%	9.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPYM State Street SPDR Portfolio S&P 500 ETF	1.27%	1.13%	1.28%	1.44%	1.69%	1.25%	1.54%	1.79%	2.23%	1.75%	1.97%	1.98%

Frequently Asked Questions

Can I hold both SPYM and JEPQ in my portfolio?

With a correlation of 0.92, SPYM 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, SPYM or JEPQ?

JEPQ has higher volatility (5.42%) compared to SPYM (4.61%). In terms of maximum drawdown, SPYM dropped -54.46% vs JEPQ's -20.07%.

Which ETF is better, SPYM or JEPQ?

On 3-year performance, SPYM leads with 21.24% vs 20.72% for JEPQ. On fees, SPYM is cheaper at 0.02% per year. On volatility, SPYM has been the lower-risk option at 4.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYM or JEPQ?

Over the 3-year period, SPYM has performed better with a 21.24% return vs 20.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYM or JEPQ?

SPYM is cheaper with a 0.02% expense ratio, compared with 0.35% for JEPQ.

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

JEPQ has the higher dividend yield at 10.00%, compared with 1.27% for SPYM.

What is the main difference between SPYM and JEPQ?

SPYM is categorized as S&P 500, while JEPQ is Nasdaq-100. SPYM tracks S&P 500 Index, while JEPQ tracks Nasdaq-100 Index. They also come from different issuers: State Street and JPMorgan. Their fees differ too: 0.02% for SPYM and 0.35% for JEPQ.

Which has better risk-adjusted returns?

JEPQ currently has the higher Sharpe Ratio (2.31 vs 2.28), 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.