TFLR vs. JEPQ

Last updated Jun 16, 2026

TFLR (T. Rowe Price Floating Rate ETF) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - TFLR is a Bank Loan fund actively managed by T. Rowe Price, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. TFLR is actively managed, while JEPQ is passively managed. Over the past 3 years, TFLR returned 7.80%/yr vs 20.72%/yr for JEPQ. At a 0.45 correlation, their price movements are largely independent. TFLR charges 0.60%/yr vs 0.35%/yr for JEPQ.

Performance

TFLR vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Floating Rate ETF (TFLR) 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, TFLR achieves a 1.31% return, which is significantly lower than JEPQ's 10.23% return.

TFLR

• 1D: 0.14%
• 1M: 0.18%
• YTD: 1.31%
• 6M: 1.62%
• 1Y: 5.46%
• 3Y*: 7.80%
• 5Y*: —
• 10Y*: —

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)

TFLR vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TFLR T. Rowe Price Floating Rate ETF	1.31%	6.57%	8.77%	12.05%	-0.44%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.23%	15.18%	24.85%	36.28%	-3.43%

Correlation

The correlation between TFLR and JEPQ is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (All Time) Calculated using the full available price history since Nov 17, 2022	0.45

Return for Risk

TFLR vs. JEPQ — Risk / Return Rank

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

TFLR

TFLR Risk / Return Rank: 80
TFLR Sharpe Ratio Rank: 91
TFLR Sortino Ratio Rank: 92
TFLR Omega Ratio Rank: 94
TFLR Calmar Ratio Rank: 55
TFLR Martin Ratio Rank: 68

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.

TFLR vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Floating Rate ETF (TFLR) 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.

	TFLR	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	2.77	2.31	+0.45
Sortino ratio: Return per unit of downside risk	4.10	3.06	+1.04
Omega ratio: Gain probability vs. loss probability	1.64	1.46	+0.18
Calmar ratio: Return relative to maximum drawdown	2.52	3.35	-0.83
Martin ratio: Return relative to average drawdown	11.52	15.94	-4.42

TFLR vs. JEPQ - Sharpe Ratio Comparison

The current TFLR Sharpe Ratio is 2.77, which is comparable to the JEPQ Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of TFLR 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

TFLR vs. JEPQ - Drawdown Comparison

The maximum TFLR drawdown since its inception was -4.01%, smaller than the maximum JEPQ drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for TFLR and JEPQ.

Drawdown Indicators

	TFLR	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-4.01%	-20.07%	+16.06%
Max Drawdown (1Y) Largest decline over 1 year	-2.18%	-8.82%	+6.64%
Max Drawdown (3Y) Largest decline over 3 years	-4.01%	-20.07%	+16.06%
Current Drawdown Current decline from peak	-0.16%	0.00%	-0.16%
Average Drawdown Average peak-to-trough decline	-0.22%	-3.41%	+3.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	1.85%	-1.37%

Volatility

TFLR vs. JEPQ - Volatility Comparison

The current volatility for T. Rowe Price Floating Rate ETF (TFLR) is 0.44%, while JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) has a volatility of 5.42%. This indicates that TFLR 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

	TFLR	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.44%	5.42%	-4.98%
Volatility (6M) Calculated over the trailing 6-month period	1.74%	10.44%	-8.70%
Volatility (1Y) Calculated over the trailing 1-year period	1.99%	12.78%	-10.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.66%	16.76%	-13.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.66%	16.76%	-13.10%

TFLR vs. JEPQ - Expense Ratio Comparison

TFLR has a 0.60% expense ratio, which is higher than JEPQ's 0.35% expense ratio.

Dividends

TFLR vs. JEPQ - Dividend Comparison

TFLR's dividend yield for the trailing twelve months is around 6.77%, less than JEPQ's 10.00% yield.

Position	TTM	2025	2024	2023	2022
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.00%	10.53%	9.65%	10.03%	9.44%
TFLR T. Rowe Price Floating Rate ETF	6.77%	6.93%	8.18%	7.76%	0.58%

Frequently Asked Questions

Can I hold both TFLR and JEPQ in my portfolio?

TFLR and JEPQ have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TFLR or JEPQ?

JEPQ has higher volatility (5.42%) compared to TFLR (0.44%). In terms of maximum drawdown, TFLR dropped -4.01% vs JEPQ's -20.07%.

Which ETF is better, TFLR or JEPQ?

On 3-year performance, JEPQ leads with 20.72% vs 7.80% for TFLR. On fees, JEPQ is cheaper at 0.35% per year. On volatility, TFLR has been the lower-risk option at 0.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TFLR or JEPQ?

Over the 3-year period, JEPQ has performed better with a 20.72% return vs 7.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TFLR or JEPQ?

JEPQ is cheaper with a 0.35% expense ratio, compared with 0.60% for TFLR.

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

JEPQ has the higher dividend yield at 10.00%, compared with 6.77% for TFLR.

What is the main difference between TFLR and JEPQ?

TFLR is categorized as Bank Loan, while JEPQ is Nasdaq-100. They also come from different issuers: T. Rowe Price and JPMorgan. Their fees differ too: 0.60% for TFLR and 0.35% for JEPQ.

Which has better risk-adjusted returns?

TFLR currently has the higher Sharpe Ratio (2.77 vs 2.31), 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.