UMAX.TO vs. JEPQ

Last updated Jun 25, 2026

UMAX.TO (Hamilton Utilities YIELD MAXIMIZER ETF) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - UMAX.TO is a Derivative Income fund actively managed by Hamilton Capital, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. UMAX.TO is actively managed, while JEPQ is passively managed. Over the past 3 years, UMAX.TO returned 9.29%/yr vs 22.82%/yr for JEPQ. At a 0.10 correlation, their price movements are largely independent. UMAX.TO charges 0.65%/yr vs 0.35%/yr for JEPQ.

Performance

UMAX.TO vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Hamilton Utilities YIELD MAXIMIZER ETF (UMAX.TO) and JPMorgan Nasdaq Equity Premium Income ETF (JEPQ). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

UMAX.TO is traded in CAD, while JEPQ is traded in USD. To make them comparable, the JEPQ values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, UMAX.TO achieves a 9.99% return, which is significantly lower than JEPQ's 11.59% return.

UMAX.TO

• 1D: 0.15%
• 1M: 0.59%
• YTD: 9.99%
• 6M: 10.80%
• 1Y: 16.01%
• 3Y*: 9.29%
• 5Y*: —
• 10Y*: —

JEPQ

• 1D: 0.08%
• 1M: 3.21%
• YTD: 11.59%
• 6M: 10.54%
• 1Y: 27.82%
• 3Y*: 22.82%
• 5Y*: —
• 10Y*: —

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

UMAX.TO vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
UMAX.TO Hamilton Utilities YIELD MAXIMIZER ETF	9.99%	9.90%	5.99%	0.18%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	11.59%	9.92%	35.42%	10.30%

Correlation

The correlation between UMAX.TO and JEPQ is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (All Time) Calculated using the full available price history since Jun 15, 2023	0.10

The correlation between UMAX.TO and JEPQ shifts across timeframes, from -0.09 (1 year) to 0.10 (all time), reflecting how their relationship changes across market environments.

UMAX.TO vs. JEPQ - Sectors Allocation Comparison

Sectors	UMAX.TO	JEPQ
Utilities	30.6%	1.1%
Energy	24.0%	0.3%
Industrials	23.0%	2.8%
Communication Services	22.4%	13.9%
Basic Materials	-	0.9%
Consumer Cyclical	-	11.8%
Consumer Defensive	-	6.0%
Financial Services	-	0.3%
Healthcare	-	3.9%
Real Estate	-	0.2%
Technology	-	58.9%

Return for Risk

UMAX.TO vs. JEPQ — Risk / Return Rank

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

UMAX.TO

UMAX.TO Risk / Return Rank: 78
UMAX.TO Sharpe Ratio Rank: 82
UMAX.TO Sortino Ratio Rank: 89
UMAX.TO Omega Ratio Rank: 82
UMAX.TO Calmar Ratio Rank: 70
UMAX.TO Martin Ratio Rank: 66

JEPQ

JEPQ Risk / Return Rank: 64
JEPQ Sharpe Ratio Rank: 60
JEPQ Sortino Ratio Rank: 56
JEPQ Omega Ratio Rank: 67
JEPQ Calmar Ratio Rank: 60
JEPQ Martin Ratio Rank: 75

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.

UMAX.TO vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hamilton Utilities YIELD MAXIMIZER ETF (UMAX.TO) 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.

	UMAX.TO	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	2.34	2.08	+0.26
Sortino ratio: Return per unit of downside risk	3.61	2.84	+0.77
Omega ratio: Gain probability vs. loss probability	1.44	1.39	+0.05
Calmar ratio: Return relative to maximum drawdown	3.15	3.57	-0.43
Martin ratio: Return relative to average drawdown	10.93	14.21	-3.27

UMAX.TO vs. JEPQ - Sharpe Ratio Comparison

The current UMAX.TO Sharpe Ratio is 2.34, which is comparable to the JEPQ Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of UMAX.TO 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

UMAX.TO vs. JEPQ - Drawdown Comparison

The maximum UMAX.TO drawdown since its inception was -10.09%, smaller than the maximum JEPQ drawdown of -20.09%. Use the drawdown chart below to compare losses from any high point for UMAX.TO and JEPQ.

Drawdown Indicators

	UMAX.TO	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-10.09%	-20.09%	+10.00%
Max Drawdown (1Y) Largest decline over 1 year	-5.11%	-7.82%	+2.71%
Max Drawdown (3Y) Largest decline over 3 years	-10.09%	-20.09%	+10.00%
Current Drawdown Current decline from peak	-0.22%	-2.51%	+2.29%
Average Drawdown Average peak-to-trough decline	-2.03%	-3.08%	+1.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.47%	1.96%	-0.49%

Volatility

UMAX.TO vs. JEPQ - Volatility Comparison

The current volatility for Hamilton Utilities YIELD MAXIMIZER ETF (UMAX.TO) is 2.44%, while JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) has a volatility of 6.57%. This indicates that UMAX.TO 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

	UMAX.TO	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.44%	6.57%	-4.13%
Volatility (6M) Calculated over the trailing 6-month period	5.68%	10.95%	-5.27%
Volatility (1Y) Calculated over the trailing 1-year period	6.87%	13.44%	-6.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.70%	17.74%	-9.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.70%	17.74%	-9.04%

UMAX.TO vs. JEPQ - Expense Ratio Comparison

UMAX.TO has a 0.65% expense ratio, which is higher than JEPQ's 0.35% expense ratio.

Dividends

UMAX.TO vs. JEPQ - Dividend Comparison

UMAX.TO's dividend yield for the trailing twelve months is around 13.84%, more than JEPQ's 10.25% yield.

Position	TTM	2025	2024	2023	2022
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.25%	10.53%	9.65%	10.03%	9.44%
UMAX.TO Hamilton Utilities YIELD MAXIMIZER ETF	13.84%	14.85%	14.78%	6.96%	0.00%

Frequently Asked Questions

Can I hold both UMAX.TO and JEPQ in my portfolio?

UMAX.TO and JEPQ have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, UMAX.TO or JEPQ?

On fees, JEPQ is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UMAX.TO or JEPQ?

JEPQ is cheaper with a 0.35% expense ratio, compared with 0.65% for UMAX.TO.

What is the main difference between UMAX.TO and JEPQ?

UMAX.TO is categorized as Derivative Income, while JEPQ is Nasdaq-100. They also come from different issuers: Hamilton Capital and JPMorgan. Their fees differ too: 0.65% for UMAX.TO and 0.35% for JEPQ.