USHY vs. JEPQ

Last updated Jun 9, 2026

USHY (iShares Broad USD High Yield Corporate Bond ETF) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - USHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Constrained Index, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. Both are passively managed. Over the past 3 years, USHY returned 8.79%/yr vs 20.04%/yr for JEPQ. A 0.62 correlation means they provide meaningful diversification when combined. USHY charges 0.15%/yr vs 0.35%/yr for JEPQ.

Performance

USHY vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Broad USD High Yield Corporate Bond ETF (USHY) 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, USHY achieves a 1.29% return, which is significantly lower than JEPQ's 7.44% return.

USHY

• 1D: 0.08%
• 1M: -0.14%
• YTD: 1.29%
• 6M: 1.85%
• 1Y: 6.84%
• 3Y*: 8.79%
• 5Y*: 4.16%
• 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)

USHY vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
USHY iShares Broad USD High Yield Corporate Bond ETF	1.29%	8.81%	8.45%	12.73%	-3.09%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	7.44%	15.18%	24.85%	36.28%	-11.16%

Correlation

The correlation between USHY and JEPQ is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (All Time) Calculated using the full available price history since May 4, 2022	0.62

The correlation between USHY and JEPQ has been stable across timeframes, ranging from 0.58 to 0.67 - a consistent structural relationship.

USHY vs. JEPQ - Sectors Allocation Comparison

Sectors	USHY	JEPQ
Energy	99.2%	0.4%
Real Estate	0.8%	0.2%
Basic Materials	-	1.0%
Communication Services	-	15.4%
Consumer Cyclical	-	12.8%
Consumer Defensive	-	7.1%
Financial Services	-	0.4%
Healthcare	-	4.4%
Industrials	-	3.1%
Technology	-	54.0%
Utilities	-	1.3%

Return for Risk

USHY vs. JEPQ — Risk / Return Rank

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

USHY

USHY Risk / Return Rank: 67
USHY Sharpe Ratio Rank: 62
USHY Sortino Ratio Rank: 69
USHY Omega Ratio Rank: 67
USHY Calmar Ratio Rank: 63
USHY Martin Ratio Rank: 74

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.

USHY vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Broad USD High Yield Corporate Bond ETF (USHY) 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.

	USHY	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	1.88	2.13	-0.26
Sortino ratio: Return per unit of downside risk	2.81	2.79	+0.02
Omega ratio: Gain probability vs. loss probability	1.36	1.42	-0.06
Calmar ratio: Return relative to maximum drawdown	2.83	2.95	-0.12
Martin ratio: Return relative to average drawdown	12.68	14.33	-1.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USHY vs. JEPQ - Sharpe Ratio Comparison

The current USHY Sharpe Ratio is 1.88, which is comparable to the JEPQ Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of USHY 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

	USHY	JEPQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.88	2.13	-0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.96	-0.39

Drawdowns

USHY vs. JEPQ - Drawdown Comparison

The maximum USHY drawdown since its inception was -22.44%, which is greater than JEPQ's maximum drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for USHY and JEPQ.

Drawdown Indicators

	USHY	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-22.44%	-20.07%	-2.37%
Max Drawdown (1Y) Largest decline over 1 year	-2.43%	-8.82%	+6.39%
Max Drawdown (3Y) Largest decline over 3 years	-4.66%	-20.07%	+15.41%
Max Drawdown (5Y) Largest decline over 5 years	-15.56%	—	—
Current Drawdown Current decline from peak	-0.41%	-2.02%	+1.61%
Average Drawdown Average peak-to-trough decline	-2.66%	-3.42%	+0.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.54%	1.81%	-1.27%

Volatility

USHY vs. JEPQ - Volatility Comparison

The current volatility for iShares Broad USD High Yield Corporate Bond ETF (USHY) is 1.13%, while JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) has a volatility of 3.65%. This indicates that USHY 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

	USHY	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.13%	3.65%	-2.52%
Volatility (6M) Calculated over the trailing 6-month period	2.95%	9.66%	-6.71%
Volatility (1Y) Calculated over the trailing 1-year period	3.67%	12.19%	-8.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.34%	16.67%	-9.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.25%	16.67%	-8.42%

USHY vs. JEPQ - Expense Ratio Comparison

USHY has a 0.15% expense ratio, which is lower than JEPQ's 0.35% expense ratio.

Dividends

USHY vs. JEPQ - Dividend Comparison

USHY's dividend yield for the trailing twelve months is around 6.93%, less than JEPQ's 10.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.26%	10.53%	9.65%	10.03%	9.44%	0.00%	0.00%	0.00%	0.00%	0.00%
USHY iShares Broad USD High Yield Corporate Bond ETF	6.93%	6.79%	6.89%	6.63%	6.08%	5.07%	5.30%	5.92%	6.30%	0.73%

Frequently Asked Questions

Can I hold both USHY and JEPQ in my portfolio?

USHY and JEPQ have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USHY or JEPQ?

JEPQ has higher volatility (3.65%) compared to USHY (1.13%). In terms of maximum drawdown, USHY dropped -22.44% vs JEPQ's -20.07%.

Which ETF is better, USHY or JEPQ?

On 3-year performance, JEPQ leads with 20.04% vs 8.79% for USHY. On fees, USHY is cheaper at 0.15% per year. On volatility, USHY has been the lower-risk option at 1.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USHY or JEPQ?

Over the 3-year period, JEPQ has performed better with a 20.04% return vs 8.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USHY or JEPQ?

USHY is cheaper with a 0.15% expense ratio, compared with 0.35% for JEPQ.

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

JEPQ has the higher dividend yield at 10.26%, compared with 6.93% for USHY.

What is the main difference between USHY and JEPQ?

USHY is categorized as High Yield Bonds, while JEPQ is Nasdaq-100. USHY tracks ICE BofA US High Yield Constrained Index, while JEPQ tracks Nasdaq-100 Index. They also come from different issuers: iShares and JPMorgan. Their fees differ too: 0.15% for USHY and 0.35% for JEPQ.

Which has better risk-adjusted returns?

JEPQ currently has the higher Sharpe Ratio (2.13 vs 1.88), 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.