XOP vs. JEPQ

Last updated Jun 16, 2026

XOP (SPDR S&P Oil & Gas Exploration & Production ETF) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - XOP is a Energy Equities fund tracking the S&P Oil & Gas Exploration & Production Select Industry, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. Both are passively managed. Over the past 3 years, XOP returned 10.05%/yr vs 20.72%/yr for JEPQ. At a 0.22 correlation, their price movements are largely independent. Both charge a 0.35% expense ratio.

Performance

XOP vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Oil & Gas Exploration & Production ETF (XOP) 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, XOP achieves a 25.93% return, which is significantly higher than JEPQ's 10.23% return.

XOP

• 1D: -4.22%
• 1M: -9.06%
• YTD: 25.93%
• 6M: 23.31%
• 1Y: 22.12%
• 3Y*: 10.05%
• 5Y*: 12.85%
• 10Y*: 3.15%

JEPQ

• 1D: 2.21%
• 1M: 3.31%
• YTD: 10.23%
• 6M: 11.56%
• 1Y: 29.39%
• 3Y*: 20.72%
• 5Y*: —
• 10Y*: —

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

XOP vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
XOP SPDR S&P Oil & Gas Exploration & Production ETF	25.93%	-2.15%	-1.00%	3.56%	0.45%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.23%	15.18%	24.85%	36.28%	-11.16%

Correlation

The correlation between XOP and JEPQ is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (All Time) Calculated using the full available price history since May 4, 2022	0.22

The correlation between XOP and JEPQ shifts across timeframes, from -0.14 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.

XOP vs. JEPQ - Sectors Allocation Comparison

Sectors	XOP	JEPQ
Energy	96.8%	0.3%
Basic Materials	3.2%	0.9%
Communication Services	-	13.9%
Consumer Cyclical	-	11.8%
Consumer Defensive	-	6.0%
Financial Services	-	0.3%
Healthcare	-	3.9%
Industrials	-	2.8%
Real Estate	-	0.2%
Technology	-	58.9%
Utilities	-	1.1%

Return for Risk

XOP vs. JEPQ — Risk / Return Rank

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

XOP

XOP Risk / Return Rank: 26
XOP Sharpe Ratio Rank: 24
XOP Sortino Ratio Rank: 23
XOP Omega Ratio Rank: 23
XOP Calmar Ratio Rank: 31
XOP Martin Ratio Rank: 28

JEPQ

JEPQ Risk / Return Rank: 81
JEPQ Sharpe Ratio Rank: 81
JEPQ Sortino Ratio Rank: 77
JEPQ Omega Ratio Rank: 85
JEPQ Calmar Ratio Rank: 73
JEPQ Martin Ratio Rank: 86

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.

XOP vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Oil & Gas Exploration & Production ETF (XOP) 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.

	XOP	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	0.79	2.31	-1.53
Sortino ratio: Return per unit of downside risk	1.18	3.06	-1.87
Omega ratio: Gain probability vs. loss probability	1.14	1.46	-0.32
Calmar ratio: Return relative to maximum drawdown	1.40	3.35	-1.95
Martin ratio: Return relative to average drawdown	3.53	15.94	-12.40

XOP vs. JEPQ - Sharpe Ratio Comparison

The current XOP Sharpe Ratio is 0.79, which is lower than the JEPQ Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of XOP 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

XOP vs. JEPQ - Drawdown Comparison

The maximum XOP drawdown since its inception was -90.27%, which is greater than JEPQ's maximum drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for XOP and JEPQ.

Drawdown Indicators

	XOP	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-90.27%	-20.07%	-70.20%
Max Drawdown (1Y) Largest decline over 1 year	-15.85%	-8.82%	-7.03%
Max Drawdown (3Y) Largest decline over 3 years	-34.98%	-20.07%	-14.91%
Max Drawdown (5Y) Largest decline over 5 years	-34.98%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-82.61%	—	—
Current Drawdown Current decline from peak	-41.14%	0.00%	-41.14%
Average Drawdown Average peak-to-trough decline	-42.58%	-3.41%	-39.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.28%	1.85%	+4.43%

Volatility

XOP vs. JEPQ - Volatility Comparison

SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has a higher volatility of 9.98% compared to JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) at 5.42%. This indicates that XOP'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

	XOP	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.98%	5.42%	+4.56%
Volatility (6M) Calculated over the trailing 6-month period	22.50%	10.44%	+12.06%
Volatility (1Y) Calculated over the trailing 1-year period	28.29%	12.78%	+15.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.01%	16.76%	+17.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.30%	16.76%	+23.54%

XOP vs. JEPQ - Expense Ratio Comparison

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

Dividends

XOP vs. JEPQ - Dividend Comparison

XOP's dividend yield for the trailing twelve months is around 2.05%, less than JEPQ's 10.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.00%	10.53%	9.65%	10.03%	9.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XOP SPDR S&P Oil & Gas Exploration & Production ETF	2.05%	2.62%	2.45%	2.63%	2.47%	1.61%	2.34%	1.47%	0.99%	0.76%	0.76%	2.21%

Frequently Asked Questions

Can I hold both XOP and JEPQ in my portfolio?

XOP and JEPQ have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XOP or JEPQ?

XOP has higher volatility (9.98%) compared to JEPQ (5.42%). In terms of maximum drawdown, XOP dropped -90.27% vs JEPQ's -20.07%.

Which ETF is better, XOP or JEPQ?

On 3-year performance, JEPQ leads with 20.72% vs 10.05% for XOP. Both ETFs have the same 0.35% expense ratio. On volatility, JEPQ has been the lower-risk option at 5.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XOP or JEPQ?

Over the 3-year period, JEPQ has performed better with a 20.72% return vs 10.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XOP or JEPQ?

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

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

JEPQ has the higher dividend yield at 10.00%, compared with 2.05% for XOP.

What is the main difference between XOP and JEPQ?

XOP is categorized as Energy Equities, while JEPQ is Nasdaq-100. XOP tracks S&P Oil & Gas Exploration & Production Select Industry, while JEPQ tracks Nasdaq-100 Index. They also come from different issuers: State Street and JPMorgan.

Which has better risk-adjusted returns?

JEPQ currently has the higher Sharpe Ratio (2.31 vs 0.79), 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.