TSPA vs. JEPQ

Last updated Jun 9, 2026

TSPA (T. Rowe Price US Equity Research ETF) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - TSPA is a Large Cap Blend Equities fund actively managed by T. Rowe Price, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. TSPA is actively managed, while JEPQ is passively managed. Over the past 3 years, TSPA returned 22.03%/yr vs 20.04%/yr for JEPQ. Their correlation of 0.93 suggests significant overlap in exposure. TSPA charges 0.34%/yr vs 0.35%/yr for JEPQ.

Performance

TSPA vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price US Equity Research ETF (TSPA) 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, TSPA achieves a 9.02% return, which is significantly higher than JEPQ's 7.44% return.

TSPA

• 1D: 0.26%
• 1M: -0.15%
• YTD: 9.02%
• 6M: 9.17%
• 1Y: 24.38%
• 3Y*: 22.03%
• 5Y*: —
• 10Y*: —

JEPQ

• 1D: 1.24%
• 1M: 0.97%
• YTD: 7.44%
• 6M: 7.26%
• 1Y: 25.85%
• 3Y*: 20.04%
• 5Y*: —
• 10Y*: —

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

TSPA vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TSPA T. Rowe Price US Equity Research ETF	9.02%	16.44%	26.37%	29.95%	-9.58%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	7.44%	15.18%	24.85%	36.28%	-12.89%

Correlation

The correlation between TSPA and JEPQ is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (All Time) Calculated using the full available price history since May 5, 2022	0.93

The correlation between TSPA and JEPQ has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

TSPA vs. JEPQ - Sectors Allocation Comparison

Sectors	TSPA	JEPQ
Technology	36.0%	54.0%
Financial Services	12.3%	0.4%
Communication Services	11.1%	15.4%
Consumer Cyclical	10.0%	12.8%
Healthcare	8.6%	4.4%
Industrials	7.7%	3.1%
Consumer Defensive	4.7%	7.1%
Energy	3.6%	0.4%
Utilities	2.8%	1.3%
Basic Materials	1.8%	1.0%
Real Estate	1.7%	0.2%

Return for Risk

TSPA vs. JEPQ — Risk / Return Rank

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

TSPA

TSPA Risk / Return Rank: 65
TSPA Sharpe Ratio Rank: 66
TSPA Sortino Ratio Rank: 64
TSPA Omega Ratio Rank: 66
TSPA Calmar Ratio Rank: 59
TSPA Martin Ratio Rank: 72

JEPQ

JEPQ Risk / Return Rank: 73
JEPQ Sharpe Ratio Rank: 73
JEPQ Sortino Ratio Rank: 68
JEPQ Omega Ratio Rank: 79
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.

TSPA vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price US Equity Research ETF (TSPA) 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.

	TSPA	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	1.95	2.13	-0.18
Sortino ratio: Return per unit of downside risk	2.65	2.79	-0.14
Omega ratio: Gain probability vs. loss probability	1.36	1.42	-0.07
Calmar ratio: Return relative to maximum drawdown	2.65	2.95	-0.29
Martin ratio: Return relative to average drawdown	12.24	14.33	-2.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TSPA vs. JEPQ - Sharpe Ratio Comparison

The current TSPA Sharpe Ratio is 1.95, which is comparable to the JEPQ Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of TSPA 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

	TSPA	JEPQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.95	2.13	-0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	0.96	-0.14

Drawdowns

TSPA vs. JEPQ - Drawdown Comparison

The maximum TSPA drawdown since its inception was -24.72%, which is greater than JEPQ's maximum drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for TSPA and JEPQ.

Drawdown Indicators

	TSPA	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-24.72%	-20.07%	-4.65%
Max Drawdown (1Y) Largest decline over 1 year	-9.24%	-8.82%	-0.42%
Max Drawdown (3Y) Largest decline over 3 years	-19.04%	-20.07%	+1.03%
Max Drawdown (5Y) Largest decline over 5 years	-24.72%	—	—
Current Drawdown Current decline from peak	-2.71%	-2.02%	-0.69%
Average Drawdown Average peak-to-trough decline	-5.48%	-3.42%	-2.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.00%	1.81%	+0.19%

Volatility

TSPA vs. JEPQ - Volatility Comparison

T. Rowe Price US Equity Research ETF (TSPA) has a higher volatility of 3.90% compared to JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) at 3.65%. This indicates that TSPA'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

	TSPA	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.90%	3.65%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	9.88%	9.66%	+0.22%
Volatility (1Y) Calculated over the trailing 1-year period	12.57%	12.19%	+0.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.03%	16.67%	+0.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.03%	16.67%	+0.36%

TSPA vs. JEPQ - Expense Ratio Comparison

TSPA has a 0.34% expense ratio, which is lower than JEPQ's 0.35% expense ratio.

Dividends

TSPA vs. JEPQ - Dividend Comparison

TSPA's dividend yield for the trailing twelve months is around 0.57%, less than JEPQ's 10.26% yield.

Position	TTM	2025	2024	2023	2022	2021
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.26%	10.53%	9.65%	10.03%	9.44%	0.00%
TSPA T. Rowe Price US Equity Research ETF	0.57%	0.62%	0.50%	0.41%	1.16%	0.43%

Frequently Asked Questions

Can I hold both TSPA and JEPQ in my portfolio?

With a correlation of 0.91, TSPA 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, TSPA or JEPQ?

TSPA has higher volatility (3.90%) compared to JEPQ (3.65%). In terms of maximum drawdown, TSPA dropped -24.72% vs JEPQ's -20.07%.

Which ETF is better, TSPA or JEPQ?

On 3-year performance, TSPA leads with 22.03% vs 20.04% for JEPQ. On fees, TSPA is cheaper at 0.34% per year. On volatility, JEPQ has been the lower-risk option at 3.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSPA or JEPQ?

Over the 3-year period, TSPA has performed better with a 22.03% return vs 20.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSPA or JEPQ?

TSPA is cheaper with a 0.34% expense ratio, compared with 0.35% for JEPQ.

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

JEPQ has the higher dividend yield at 10.26%, compared with 0.57% for TSPA.

What is the main difference between TSPA and JEPQ?

TSPA is categorized as Large Cap Blend Equities, while JEPQ is Nasdaq-100. They also come from different issuers: T. Rowe Price and JPMorgan. Their fees differ too: 0.34% for TSPA and 0.35% for JEPQ.

Which has better risk-adjusted returns?

JEPQ currently has the higher Sharpe Ratio (2.13 vs 1.95), 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.