SPYT vs. JEPQ

Last updated Jun 4, 2026

SPYT (Defiance S&P 500 Income Target ETF) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - SPYT is a Derivative Income fund actively managed by Defiance, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. SPYT is actively managed, while JEPQ is passively managed. Over the past year, SPYT returned 23.29% vs 29.00% for JEPQ. Their correlation of 0.89 suggests significant overlap in exposure. SPYT charges 0.87%/yr vs 0.35%/yr for JEPQ.

Performance

SPYT vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance S&P 500 Income Target ETF (SPYT) and JPMorgan Nasdaq Equity Premium Income ETF (JEPQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with SPYT having a 9.70% return and JEPQ slightly lower at 9.54%.

SPYT

• 1D: -0.68%
• 1M: 3.81%
• YTD: 9.70%
• 6M: 9.51%
• 1Y: 23.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

JEPQ

• 1D: -0.10%
• 1M: 4.31%
• YTD: 9.54%
• 6M: 9.75%
• 1Y: 29.00%
• 3Y*: 20.92%
• 5Y*: —
• 10Y*: —

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

SPYT vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPYT Defiance S&P 500 Income Target ETF	9.70%	12.41%	12.94%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	9.54%	15.18%	14.90%

Correlation

The correlation between SPYT and JEPQ is 0.89, 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	0.89
Correlation (All Time) Calculated using the full available price history since Mar 8, 2024	0.89

The correlation between SPYT and JEPQ has been stable across timeframes, ranging from 0.89 to 0.89 - a consistent structural relationship.

SPYT vs. JEPQ - Sectors Allocation Comparison

Sectors	SPYT	JEPQ
Technology	36.2%	54.0%
Financial Services	11.9%	0.4%
Communication Services	10.9%	15.4%
Consumer Cyclical	10.1%	12.8%
Healthcare	8.4%	4.4%
Industrials	8.1%	3.1%
Consumer Defensive	4.9%	7.1%
Energy	3.5%	0.4%
Utilities	2.3%	1.3%
Real Estate	1.9%	0.2%
Basic Materials	1.8%	1.0%

Return for Risk

SPYT vs. JEPQ — Risk / Return Rank

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

SPYT

SPYT Risk / Return Rank: 65
SPYT Sharpe Ratio Rank: 63
SPYT Sortino Ratio Rank: 63
SPYT Omega Ratio Rank: 70
SPYT Calmar Ratio Rank: 58
SPYT Martin Ratio Rank: 72

JEPQ

JEPQ Risk / Return Rank: 74
JEPQ Sharpe Ratio Rank: 74
JEPQ Sortino Ratio Rank: 71
JEPQ Omega Ratio Rank: 80
JEPQ Calmar Ratio Rank: 65
JEPQ Martin Ratio Rank: 80

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.

SPYT vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance S&P 500 Income Target ETF (SPYT) 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.

	SPYT	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	2.16	2.49	-0.33
Sortino ratio: Return per unit of downside risk	2.98	3.29	-0.31
Omega ratio: Gain probability vs. loss probability	1.43	1.49	-0.06
Calmar ratio: Return relative to maximum drawdown	2.93	3.31	-0.38
Martin ratio: Return relative to average drawdown	13.59	16.22	-2.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPYT vs. JEPQ - Sharpe Ratio Comparison

The current SPYT Sharpe Ratio is 2.16, which is comparable to the JEPQ Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of SPYT 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.

Sharpe Ratios by Period

	SPYT	JEPQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.16	2.49	-0.33
Sharpe Ratio (All Time) Calculated using the full available price history	1.08	1.00	+0.08

Drawdowns

SPYT vs. JEPQ - Drawdown Comparison

The maximum SPYT drawdown since its inception was -18.25%, smaller than the maximum JEPQ drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for SPYT and JEPQ.

Drawdown Indicators

	SPYT	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-18.25%	-20.07%	+1.82%
Max Drawdown (1Y) Largest decline over 1 year	-8.00%	-8.82%	+0.82%
Max Drawdown (3Y) Largest decline over 3 years	—	-20.07%	—
Current Drawdown Current decline from peak	-0.68%	-0.10%	-0.58%
Average Drawdown Average peak-to-trough decline	-2.00%	-3.42%	+1.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.72%	1.79%	-0.07%

Volatility

SPYT vs. JEPQ - Volatility Comparison

Defiance S&P 500 Income Target ETF (SPYT) has a higher volatility of 2.54% compared to JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) at 1.26%. This indicates that SPYT'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

	SPYT	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.54%	1.26%	+1.28%
Volatility (6M) Calculated over the trailing 6-month period	8.32%	9.07%	-0.75%
Volatility (1Y) Calculated over the trailing 1-year period	10.86%	11.73%	-0.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.80%	16.61%	-1.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.80%	16.61%	-1.81%

SPYT vs. JEPQ - Expense Ratio Comparison

SPYT has a 0.87% expense ratio, which is higher than JEPQ's 0.35% expense ratio.

Dividends

SPYT vs. JEPQ - Dividend Comparison

SPYT's dividend yield for the trailing twelve months is around 20.73%, more than JEPQ's 10.07% yield.

Position	TTM	2025	2024	2023	2022
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.07%	10.53%	9.65%	10.03%	9.44%
SPYT Defiance S&P 500 Income Target ETF	20.73%	21.40%	17.37%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPYT and JEPQ in my portfolio?

SPYT and JEPQ have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYT or JEPQ?

SPYT has higher volatility (2.54%) compared to JEPQ (1.26%). In terms of maximum drawdown, SPYT dropped -18.25% vs JEPQ's -20.07%.

Which ETF is better, SPYT or JEPQ?

On 1-year performance, JEPQ leads with 29.00% vs 23.29% for SPYT. On fees, JEPQ is cheaper at 0.35% per year. On volatility, JEPQ has been the lower-risk option at 1.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYT or JEPQ?

Over the 1-year period, JEPQ has performed better with a 29.00% return vs 23.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYT or JEPQ?

JEPQ is cheaper with a 0.35% expense ratio, compared with 0.87% for SPYT.

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

SPYT has the higher dividend yield at 20.73%, compared with 10.07% for JEPQ.

What is the main difference between SPYT and JEPQ?

SPYT is categorized as Derivative Income, while JEPQ is Nasdaq-100. They also come from different issuers: Defiance and JPMorgan. Their fees differ too: 0.87% for SPYT and 0.35% for JEPQ.

Which has better risk-adjusted returns?

JEPQ currently has the higher Sharpe Ratio (2.49 vs 2.16), 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.