TBLYX vs. JEPQ

Last updated Jun 13, 2026

TBLYX (T. Rowe Price Retirement Blend 2035 Fund) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both funds - TBLYX is a Target Retirement Date fund actively managed by T. Rowe Price, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. TBLYX is actively managed, while JEPQ is passively managed. Over the past 3 years, TBLYX returned 15.45%/yr vs 19.91%/yr for JEPQ. Their correlation of 0.84 suggests significant overlap in exposure. TBLYX charges 0.40%/yr vs 0.35%/yr for JEPQ.

Performance

TBLYX vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Retirement Blend 2035 Fund (TBLYX) 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 TBLYX having a 7.90% return and JEPQ slightly lower at 7.85%.

TBLYX

• 1D: 1.86%
• 1M: 0.08%
• YTD: 7.90%
• 6M: 8.49%
• 1Y: 19.16%
• 3Y*: 15.45%
• 5Y*: —
• 10Y*: —

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)

TBLYX vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TBLYX T. Rowe Price Retirement Blend 2035 Fund	7.90%	17.30%	12.43%	18.44%	-5.87%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	7.85%	15.18%	24.85%	36.28%	-11.16%

Correlation

The correlation between TBLYX and JEPQ is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (All Time) Calculated using the full available price history since May 4, 2022	0.84

The correlation between TBLYX and JEPQ has been stable across timeframes, ranging from 0.81 to 0.85 - a consistent structural relationship.

Return for Risk

TBLYX vs. JEPQ — Risk / Return Rank

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

TBLYX

TBLYX Risk / Return Rank: 64
TBLYX Sharpe Ratio Rank: 63
TBLYX Sortino Ratio Rank: 62
TBLYX Omega Ratio Rank: 64
TBLYX Calmar Ratio Rank: 60
TBLYX Martin Ratio Rank: 70

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.

TBLYX vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Retirement Blend 2035 Fund (TBLYX) 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.

	TBLYX	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	1.90	2.03	-0.13
Sortino ratio: Return per unit of downside risk	2.66	2.69	-0.03
Omega ratio: Gain probability vs. loss probability	1.36	1.40	-0.05
Calmar ratio: Return relative to maximum drawdown	2.51	2.91	-0.40
Martin ratio: Return relative to average drawdown	10.93	13.84	-2.90

TBLYX vs. JEPQ - Sharpe Ratio Comparison

The current TBLYX Sharpe Ratio is 1.90, which is comparable to the JEPQ Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of TBLYX 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

TBLYX vs. JEPQ - Drawdown Comparison

The maximum TBLYX drawdown since its inception was -24.54%, which is greater than JEPQ's maximum drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for TBLYX and JEPQ.

Drawdown Indicators

	TBLYX	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-24.54%	-20.07%	-4.47%
Max Drawdown (1Y) Largest decline over 1 year	-7.83%	-8.82%	+0.99%
Max Drawdown (3Y) Largest decline over 3 years	-13.02%	-20.07%	+7.05%
Current Drawdown Current decline from peak	-1.58%	-1.64%	+0.06%
Average Drawdown Average peak-to-trough decline	-6.07%	-3.41%	-2.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	1.85%	-0.05%

Volatility

TBLYX vs. JEPQ - Volatility Comparison

The current volatility for T. Rowe Price Retirement Blend 2035 Fund (TBLYX) is 4.08%, while JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) has a volatility of 4.98%. This indicates that TBLYX 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

	TBLYX	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.08%	4.98%	-0.90%
Volatility (6M) Calculated over the trailing 6-month period	8.52%	10.22%	-1.70%
Volatility (1Y) Calculated over the trailing 1-year period	10.34%	12.61%	-2.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.11%	16.73%	-3.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.11%	16.73%	-3.62%

TBLYX vs. JEPQ - Expense Ratio Comparison

TBLYX has a 0.40% expense ratio, which is higher than JEPQ's 0.35% expense ratio.

Dividends

TBLYX vs. JEPQ - Dividend Comparison

TBLYX's dividend yield for the trailing twelve months is around 2.32%, less than JEPQ's 10.22% yield.

Position	TTM	2025	2024	2023	2022	2021
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.22%	10.53%	9.65%	10.03%	9.44%	0.00%
TBLYX T. Rowe Price Retirement Blend 2035 Fund	2.32%	2.50%	2.05%	1.94%	2.18%	1.40%

Frequently Asked Questions

Can I hold both TBLYX and JEPQ in my portfolio?

TBLYX and JEPQ have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TBLYX or JEPQ?

JEPQ has higher volatility (4.98%) compared to TBLYX (4.08%). In terms of maximum drawdown, TBLYX dropped -24.54% vs JEPQ's -20.07%.

Which has better risk-adjusted returns?

JEPQ currently has the higher Sharpe Ratio (2.03 vs 1.90), 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.