VPU vs. JEPQ

Last updated Jun 9, 2026

VPU (Vanguard Utilities ETF) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - VPU is a Utilities Equities fund tracking the MSCI US Investable Market Utilities 25/50 Index, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. Both are passively managed. Over the past 3 years, VPU returned 12.74%/yr vs 20.04%/yr for JEPQ. At a 0.27 correlation, their price movements are largely independent. VPU charges 0.09%/yr vs 0.35%/yr for JEPQ.

Performance

VPU vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Utilities ETF (VPU) 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, VPU achieves a 2.68% return, which is significantly lower than JEPQ's 7.44% return.

VPU

• 1D: -1.87%
• 1M: -2.65%
• YTD: 2.68%
• 6M: 3.11%
• 1Y: 10.68%
• 3Y*: 12.74%
• 5Y*: 8.91%
• 10Y*: 8.85%

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)

VPU vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
VPU Vanguard Utilities ETF	2.68%	16.46%	23.04%	-7.45%	-0.25%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	7.44%	15.18%	24.85%	36.28%	-12.89%

Correlation

The correlation between VPU and JEPQ is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (All Time) Calculated using the full available price history since May 5, 2022	0.27

The correlation between VPU and JEPQ shifts across timeframes, from 0.11 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.

VPU vs. JEPQ - Sectors Allocation Comparison

Sectors	VPU	JEPQ
Utilities	99.3%	1.3%
Energy	0.5%	0.4%
Industrials	0.2%	3.1%
Basic Materials	-	1.0%
Communication Services	-	15.4%
Consumer Cyclical	-	12.8%
Consumer Defensive	-	7.1%
Financial Services	-	0.4%
Healthcare	-	4.4%
Real Estate	-	0.2%
Technology	-	54.0%

Return for Risk

VPU vs. JEPQ — Risk / Return Rank

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

VPU

VPU Risk / Return Rank: 23
VPU Sharpe Ratio Rank: 23
VPU Sortino Ratio Rank: 22
VPU Omega Ratio Rank: 22
VPU Calmar Ratio Rank: 27
VPU Martin Ratio Rank: 22

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.

VPU vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Utilities ETF (VPU) 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.

	VPU	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	0.75	2.13	-1.39
Sortino ratio: Return per unit of downside risk	1.09	2.79	-1.70
Omega ratio: Gain probability vs. loss probability	1.14	1.42	-0.29
Calmar ratio: Return relative to maximum drawdown	1.20	2.95	-1.74
Martin ratio: Return relative to average drawdown	2.66	14.33	-11.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VPU vs. JEPQ - Sharpe Ratio Comparison

The current VPU Sharpe Ratio is 0.75, which is lower than the JEPQ Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of VPU 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

	VPU	JEPQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.75	2.13	-1.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.96	-0.43

Drawdowns

VPU vs. JEPQ - Drawdown Comparison

The maximum VPU drawdown since its inception was -46.31%, which is greater than JEPQ's maximum drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for VPU and JEPQ.

Drawdown Indicators

	VPU	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-46.31%	-20.07%	-26.24%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-8.82%	-0.08%
Max Drawdown (3Y) Largest decline over 3 years	-17.34%	-20.07%	+2.73%
Max Drawdown (5Y) Largest decline over 5 years	-25.15%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-36.42%	—	—
Current Drawdown Current decline from peak	-7.71%	-2.02%	-5.69%
Average Drawdown Average peak-to-trough decline	-7.78%	-3.42%	-4.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.02%	1.81%	+2.21%

Volatility

VPU vs. JEPQ - Volatility Comparison

Vanguard Utilities ETF (VPU) has a higher volatility of 5.56% compared to JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) at 3.65%. This indicates that VPU'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

	VPU	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.56%	3.65%	+1.91%
Volatility (6M) Calculated over the trailing 6-month period	11.53%	9.66%	+1.87%
Volatility (1Y) Calculated over the trailing 1-year period	14.38%	12.19%	+2.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.07%	16.67%	+0.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.14%	16.67%	+2.47%

VPU vs. JEPQ - Expense Ratio Comparison

VPU has a 0.09% expense ratio, which is lower than JEPQ's 0.35% expense ratio.

Dividends

VPU vs. JEPQ - Dividend Comparison

VPU's dividend yield for the trailing twelve months is around 2.70%, less than JEPQ's 10.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
VPU Vanguard Utilities ETF	2.70%	2.73%	3.02%	3.49%	2.98%	2.70%	3.17%	2.83%	3.23%	3.18%	3.19%	3.63%

Frequently Asked Questions

Can I hold both VPU and JEPQ in my portfolio?

VPU and JEPQ have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VPU or JEPQ?

VPU has higher volatility (5.56%) compared to JEPQ (3.65%). In terms of maximum drawdown, VPU dropped -46.31% vs JEPQ's -20.07%.

Which ETF is better, VPU or JEPQ?

On 3-year performance, JEPQ leads with 20.04% vs 12.74% for VPU. On fees, VPU is cheaper at 0.09% 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, VPU or JEPQ?

Over the 3-year period, JEPQ has performed better with a 20.04% return vs 12.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VPU or JEPQ?

VPU is cheaper with a 0.09% expense ratio, compared with 0.35% for JEPQ.

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

JEPQ has the higher dividend yield at 10.26%, compared with 2.70% for VPU.

What is the main difference between VPU and JEPQ?

VPU is categorized as Utilities Equities, while JEPQ is Nasdaq-100. VPU tracks MSCI US Investable Market Utilities 25/50 Index, while JEPQ tracks Nasdaq-100 Index. They also come from different issuers: Vanguard and JPMorgan. Their fees differ too: 0.09% for VPU and 0.35% for JEPQ.

Which has better risk-adjusted returns?

JEPQ currently has the higher Sharpe Ratio (2.13 vs 0.75), 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.