VOE vs. JEPQ

Last updated Jun 13, 2026

VOE (Vanguard Mid-Cap Value ETF) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - VOE is a Mid Cap Value Equities fund tracking the CRSP US Mid Cap Value Index, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. Both are passively managed. Over the past 3 years, VOE returned 16.04%/yr vs 19.91%/yr for JEPQ. A 0.59 correlation means they provide meaningful diversification when combined. VOE charges 0.05%/yr vs 0.35%/yr for JEPQ.

Performance

VOE vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Mid-Cap Value ETF (VOE) 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, VOE achieves a 12.81% return, which is significantly higher than JEPQ's 7.85% return.

VOE

• 1D: 1.10%
• 1M: 3.67%
• YTD: 12.81%
• 6M: 11.83%
• 1Y: 24.24%
• 3Y*: 16.04%
• 5Y*: 8.93%
• 10Y*: 10.92%

JEPQ

• 1D: 0.62%
• 1M: 0.88%
• YTD: 7.85%
• 6M: 8.80%
• 1Y: 25.53%
• 3Y*: 19.91%
• 5Y*: —
• 10Y*: —

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

VOE vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
VOE Vanguard Mid-Cap Value ETF	12.81%	12.08%	14.00%	9.85%	-4.33%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	7.85%	15.18%	24.85%	36.28%	-11.16%

Correlation

The correlation between VOE and JEPQ is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (All Time) Calculated using the full available price history since May 4, 2022	0.59

The correlation between VOE and JEPQ shifts across timeframes, from 0.46 (1 year) to 0.59 (all time), reflecting how their relationship changes across market environments.

VOE vs. JEPQ - Sectors Allocation Comparison

Sectors	VOE	JEPQ
Financial Services	16.5%	0.4%
Industrials	14.0%	3.1%
Energy	12.8%	0.4%
Utilities	12.1%	1.3%
Technology	10.9%	54.0%
Consumer Defensive	7.9%	7.1%
Healthcare	6.3%	4.4%
Real Estate	6.0%	0.2%
Basic Materials	5.8%	1.0%
Consumer Cyclical	5.7%	12.8%
Communication Services	2.2%	15.4%

Return for Risk

VOE vs. JEPQ — Risk / Return Rank

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

VOE

VOE Risk / Return Rank: 77
VOE Sharpe Ratio Rank: 76
VOE Sortino Ratio Rank: 78
VOE Omega Ratio Rank: 72
VOE Calmar Ratio Rank: 78
VOE Martin Ratio Rank: 79

JEPQ

JEPQ Risk / Return Rank: 74
JEPQ Sharpe Ratio Rank: 73
JEPQ Sortino Ratio Rank: 69
JEPQ Omega Ratio Rank: 79
JEPQ Calmar Ratio Rank: 66
JEPQ Martin Ratio Rank: 81

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.

VOE vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap Value ETF (VOE) 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.

	VOE	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	2.10	2.03	+0.06
Sortino ratio: Return per unit of downside risk	3.01	2.69	+0.32
Omega ratio: Gain probability vs. loss probability	1.36	1.40	-0.04
Calmar ratio: Return relative to maximum drawdown	3.52	2.91	+0.61
Martin ratio: Return relative to average drawdown	13.34	13.84	-0.50

VOE vs. JEPQ - Sharpe Ratio Comparison

The current VOE Sharpe Ratio is 2.10, which is comparable to the JEPQ Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of VOE 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

VOE vs. JEPQ - Drawdown Comparison

The maximum VOE drawdown since its inception was -61.50%, which is greater than JEPQ's maximum drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for VOE and JEPQ.

Drawdown Indicators

	VOE	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-61.50%	-20.07%	-41.43%
Max Drawdown (1Y) Largest decline over 1 year	-6.93%	-8.82%	+1.89%
Max Drawdown (3Y) Largest decline over 3 years	-18.45%	-20.07%	+1.62%
Max Drawdown (5Y) Largest decline over 5 years	-19.70%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-43.18%	—	—
Current Drawdown Current decline from peak	0.00%	-1.64%	+1.64%
Average Drawdown Average peak-to-trough decline	-8.34%	-3.41%	-4.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.83%	1.85%	-0.02%

Volatility

VOE vs. JEPQ - Volatility Comparison

The current volatility for Vanguard Mid-Cap Value ETF (VOE) is 3.19%, while JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) has a volatility of 4.98%. This indicates that VOE 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

	VOE	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.19%	4.98%	-1.79%
Volatility (6M) Calculated over the trailing 6-month period	8.30%	10.22%	-1.92%
Volatility (1Y) Calculated over the trailing 1-year period	11.63%	12.61%	-0.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.06%	16.73%	-0.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.83%	16.73%	+2.10%

VOE vs. JEPQ - Expense Ratio Comparison

VOE has a 0.05% expense ratio, which is lower than JEPQ's 0.35% expense ratio.

Dividends

VOE vs. JEPQ - Dividend Comparison

VOE's dividend yield for the trailing twelve months is around 1.84%, less than JEPQ's 10.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.22%	10.53%	9.65%	10.03%	9.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VOE Vanguard Mid-Cap Value ETF	1.84%	2.10%	2.11%	2.27%	2.27%	1.78%	2.36%	2.05%	2.75%	1.86%	1.92%	2.05%

Frequently Asked Questions

Can I hold both VOE and JEPQ in my portfolio?

VOE and JEPQ have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VOE or JEPQ?

JEPQ has higher volatility (4.98%) compared to VOE (3.19%). In terms of maximum drawdown, VOE dropped -61.50% vs JEPQ's -20.07%.

Which ETF is better, VOE or JEPQ?

On 3-year performance, JEPQ leads with 19.91% vs 16.04% for VOE. On fees, VOE is cheaper at 0.05% per year. On volatility, VOE has been the lower-risk option at 3.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VOE or JEPQ?

Over the 3-year period, JEPQ has performed better with a 19.91% return vs 16.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VOE or JEPQ?

VOE is cheaper with a 0.05% expense ratio, compared with 0.35% for JEPQ.

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

JEPQ has the higher dividend yield at 10.22%, compared with 1.84% for VOE.

What is the main difference between VOE and JEPQ?

VOE is categorized as Mid Cap Value Equities, while JEPQ is Nasdaq-100. VOE tracks CRSP US Mid Cap Value Index, while JEPQ tracks Nasdaq-100 Index. They also come from different issuers: Vanguard and JPMorgan. Their fees differ too: 0.05% for VOE and 0.35% for JEPQ.

Which has better risk-adjusted returns?

VOE currently has the higher Sharpe Ratio (2.10 vs 2.03), 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.