ULTY vs. JEPQ

Last updated Apr 2, 2026

Compare and contrast key facts about YieldMax Ultra Option Income Strategy ETF (ULTY) and JPMorgan Nasdaq Equity Premium Income ETF (JEPQ).

ULTY and JEPQ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ULTY is an actively managed fund by YieldMax. It was launched on Feb 28, 2024. JEPQ is a passively managed fund by JPMorgan that tracks the performance of the Nasdaq-100 Index. It was launched on May 3, 2022.

Performance

ULTY vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Ultra Option Income Strategy ETF (ULTY) and JPMorgan Nasdaq Equity Premium Income ETF (JEPQ). The values are adjusted to include any dividend payments, if applicable.

ULTY vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ULTY YieldMax Ultra Option Income Strategy ETF	-3.10%	-0.84%	0.54%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	-1.88%	15.18%	16.20%

Returns By Period

In the year-to-date period, ULTY achieves a -3.10% return, which is significantly lower than JEPQ's -1.88% return.

ULTY

• 1D: 0.63%
• 1M: -7.50%
• YTD: -3.10%
• 6M: -18.46%
• 1Y: 10.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —

JEPQ

• 1D: 1.02%
• 1M: -2.60%
• YTD: -1.88%
• 6M: 2.46%
• 1Y: 20.16%
• 3Y*: 19.46%
• 5Y*: —
• 10Y*: —

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

ULTY vs. JEPQ - Expense Ratio Comparison

ULTY has a 1.14% expense ratio, which is higher than JEPQ's 0.35% expense ratio.

ULTY

YieldMax Ultra Option Income Strategy ETF

JEPQ

JPMorgan Nasdaq Equity Premium Income ETF

Return for Risk

ULTY vs. JEPQ — Risk / Return Rank

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

ULTY

ULTY Risk / Return Rank: 23
ULTY Sharpe Ratio Rank: 23
ULTY Sortino Ratio Rank: 24
ULTY Omega Ratio Rank: 23
ULTY Calmar Ratio Rank: 23
ULTY Martin Ratio Rank: 20

JEPQ

JEPQ Risk / Return Rank: 68
JEPQ Sharpe Ratio Rank: 60
JEPQ Sortino Ratio Rank: 63
JEPQ Omega Ratio Rank: 71
JEPQ Calmar Ratio Rank: 69
JEPQ Martin Ratio Rank: 79

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.

ULTY vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Ultra Option Income Strategy ETF (ULTY) 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.

	ULTY	JEPQ	Difference
Sharpe ratio Return per unit of total volatility	0.42	1.09	-0.67
Sortino ratio Return per unit of downside risk	0.74	1.66	-0.93
Omega ratio Gain probability vs. loss probability	1.09	1.27	-0.18
Calmar ratio Return relative to maximum drawdown	0.51	1.82	-1.31
Martin ratio Return relative to average drawdown	1.11	8.93	-7.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ULTY vs. JEPQ - Sharpe Ratio Comparison

The current ULTY Sharpe Ratio is 0.42, which is lower than the JEPQ Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of ULTY and JEPQ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ULTY	JEPQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.42	1.09	-0.67
Sharpe Ratio (All Time) Calculated using the full available price history	-0.06	0.84	-0.90

Correlation

The correlation between ULTY and JEPQ is 0.73, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

ULTY vs. JEPQ - Dividend Comparison

ULTY's dividend yield for the trailing twelve months is around 133.15%, more than JEPQ's 11.14% yield.

	TTM	2025	2024	2023	2022
ULTY YieldMax Ultra Option Income Strategy ETF	133.15%	142.99%	111.70%	0.00%	0.00%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	11.14%	10.53%	9.65%	10.03%	9.44%

Drawdowns

ULTY vs. JEPQ - Drawdown Comparison

The maximum ULTY drawdown since its inception was -26.85%, which is greater than JEPQ's maximum drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for ULTY and JEPQ.

Drawdown Indicators

	ULTY	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-26.85%	-20.07%	-6.78%
Max Drawdown (1Y) Largest decline over 1 year	-24.16%	-11.58%	-12.58%
Current Drawdown Current decline from peak	-20.55%	-4.89%	-15.66%
Average Drawdown Average peak-to-trough decline	-9.06%	-3.55%	-5.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.12%	2.36%	+8.76%

Volatility

ULTY vs. JEPQ - Volatility Comparison

YieldMax Ultra Option Income Strategy ETF (ULTY) has a higher volatility of 9.06% compared to JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) at 6.08%. This indicates that ULTY'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

	ULTY	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.06%	6.08%	+2.98%
Volatility (6M) Calculated over the trailing 6-month period	17.10%	10.52%	+6.58%
Volatility (1Y) Calculated over the trailing 1-year period	25.28%	18.54%	+6.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.62%	16.91%	+10.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.62%	16.91%	+10.71%