XME vs. JEPQ

Last updated Jun 13, 2026

XME (SPDR S&P Metals & Mining ETF) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - XME is a Materials fund tracking the S&P Metals & Mining Select Industry Index, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. Both are passively managed. Over the past 3 years, XME returned 35.23%/yr vs 19.91%/yr for JEPQ. A 0.53 correlation means they provide meaningful diversification when combined. Both charge a 0.35% expense ratio.

Performance

XME vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Metals & Mining ETF (XME) 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, XME achieves a 16.32% return, which is significantly higher than JEPQ's 7.85% return.

XME

• 1D: 1.77%
• 1M: -2.35%
• YTD: 16.32%
• 6M: 18.13%
• 1Y: 86.41%
• 3Y*: 35.23%
• 5Y*: 21.78%
• 10Y*: 19.60%

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)

XME vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
XME SPDR S&P Metals & Mining ETF	16.32%	83.47%	-4.54%	21.51%	-10.83%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	7.85%	15.18%	24.85%	36.28%	-11.16%

Correlation

The correlation between XME and JEPQ is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (All Time) Calculated using the full available price history since May 4, 2022	0.53

The correlation between XME and JEPQ has been stable across timeframes, ranging from 0.49 to 0.53 - a consistent structural relationship.

XME vs. JEPQ - Sectors Allocation Comparison

Sectors	XME	JEPQ
Basic Materials	75.3%	1.0%
Energy	23.4%	0.4%
Technology	2.2%	54.0%
Consumer Defensive	0.8%	7.1%
Industrials	0.4%	3.1%
Communication Services	-	15.4%
Consumer Cyclical	-	12.8%
Financial Services	-	0.4%
Healthcare	-	4.4%
Real Estate	-	0.2%
Utilities	-	1.3%

Return for Risk

XME vs. JEPQ — Risk / Return Rank

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

XME

XME Risk / Return Rank: 75
XME Sharpe Ratio Rank: 86
XME Sortino Ratio Rank: 74
XME Omega Ratio Rank: 73
XME Calmar Ratio Rank: 82
XME Martin Ratio Rank: 61

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.

XME vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Metals & Mining ETF (XME) 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.

	XME	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	2.41	2.03	+0.37
Sortino ratio: Return per unit of downside risk	2.86	2.69	+0.17
Omega ratio: Gain probability vs. loss probability	1.37	1.40	-0.03
Calmar ratio: Return relative to maximum drawdown	3.84	2.91	+0.94
Martin ratio: Return relative to average drawdown	9.58	13.84	-4.26

XME vs. JEPQ - Sharpe Ratio Comparison

The current XME Sharpe Ratio is 2.41, which is comparable to the JEPQ Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of XME 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

XME vs. JEPQ - Drawdown Comparison

The maximum XME drawdown since its inception was -85.89%, which is greater than JEPQ's maximum drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for XME and JEPQ.

Drawdown Indicators

	XME	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-85.89%	-20.07%	-65.82%
Max Drawdown (1Y) Largest decline over 1 year	-22.60%	-8.82%	-13.78%
Max Drawdown (3Y) Largest decline over 3 years	-30.47%	-20.07%	-10.40%
Max Drawdown (5Y) Largest decline over 5 years	-37.27%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-61.69%	—	—
Current Drawdown Current decline from peak	-9.33%	-1.64%	-7.69%
Average Drawdown Average peak-to-trough decline	-44.09%	-3.41%	-40.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.05%	1.85%	+7.20%

Volatility

XME vs. JEPQ - Volatility Comparison

SPDR S&P Metals & Mining ETF (XME) has a higher volatility of 15.26% compared to JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) at 4.98%. This indicates that XME'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

	XME	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.26%	4.98%	+10.28%
Volatility (6M) Calculated over the trailing 6-month period	28.51%	10.22%	+18.29%
Volatility (1Y) Calculated over the trailing 1-year period	36.11%	12.61%	+23.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.84%	16.73%	+16.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.96%	16.73%	+16.23%

XME vs. JEPQ - Expense Ratio Comparison

Both XME and JEPQ have an expense ratio of 0.35%.

Dividends

XME vs. JEPQ - Dividend Comparison

XME's dividend yield for the trailing twelve months is around 0.32%, 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%
XME SPDR S&P Metals & Mining ETF	0.32%	0.38%	0.65%	1.00%	1.64%	0.70%	0.99%	2.43%	2.23%	1.15%	1.02%	2.61%

Frequently Asked Questions

Can I hold both XME and JEPQ in my portfolio?

XME and JEPQ have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XME or JEPQ?

XME has higher volatility (15.26%) compared to JEPQ (4.98%). In terms of maximum drawdown, XME dropped -85.89% vs JEPQ's -20.07%.

Which ETF is better, XME or JEPQ?

On 3-year performance, XME leads with 35.23% vs 19.91% for JEPQ. Both ETFs have the same 0.35% expense ratio. On volatility, JEPQ has been the lower-risk option at 4.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XME or JEPQ?

Over the 3-year period, XME has performed better with a 35.23% return vs 19.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XME or JEPQ?

XME and JEPQ have the same expense ratio: 0.35% per year.

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

JEPQ has the higher dividend yield at 10.22%, compared with 0.32% for XME.

What is the main difference between XME and JEPQ?

XME is categorized as Materials, while JEPQ is Nasdaq-100. XME tracks S&P Metals & Mining Select Industry Index, while JEPQ tracks Nasdaq-100 Index. They also come from different issuers: State Street and JPMorgan.

Which has better risk-adjusted returns?

XME currently has the higher Sharpe Ratio (2.41 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.