XPAY vs. JEPQ

Last updated Jun 25, 2026

XPAY (Roundhill S&P 500 Target 20 Managed Distribution ETF) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - XPAY is a Derivative Income fund actively managed by Roundhill, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. XPAY is actively managed, while JEPQ is passively managed. Over the past year, XPAY returned 21.40% vs 23.49% for JEPQ. Their correlation of 0.92 suggests significant overlap in exposure. XPAY charges 0.49%/yr vs 0.35%/yr for JEPQ.

Performance

XPAY vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY) and JPMorgan Nasdaq Equity Premium Income ETF (JEPQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with XPAY having a 7.87% return and JEPQ slightly lower at 7.54%.

XPAY

• 1D: -0.36%
• 1M: -1.56%
• YTD: 7.87%
• 6M: 6.66%
• 1Y: 21.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

JEPQ

• 1D: -0.28%
• 1M: 0.06%
• YTD: 7.54%
• 6M: 6.46%
• 1Y: 23.49%
• 3Y*: 19.68%
• 5Y*: —
• 10Y*: —

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

XPAY vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	7.87%	16.78%	1.60%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	7.54%	15.18%	4.06%

Correlation

The correlation between XPAY and JEPQ is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (All Time) Calculated using the full available price history since Oct 31, 2024	0.92

The correlation between XPAY and JEPQ has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

XPAY vs. JEPQ - Sectors Allocation Comparison

Sectors	XPAY	JEPQ
Technology	39.0%	58.9%
Financial Services	11.1%	0.3%
Communication Services	10.6%	13.9%
Consumer Cyclical	9.9%	11.8%
Healthcare	8.3%	3.9%
Industrials	7.8%	2.8%
Consumer Defensive	4.5%	6.0%
Energy	3.1%	0.3%
Utilities	2.1%	1.1%
Real Estate	1.8%	0.2%
Basic Materials	1.7%	0.9%

Return for Risk

XPAY vs. JEPQ — Risk / Return Rank

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

XPAY

XPAY Risk / Return Rank: 57
XPAY Sharpe Ratio Rank: 58
XPAY Sortino Ratio Rank: 55
XPAY Omega Ratio Rank: 57
XPAY Calmar Ratio Rank: 52
XPAY Martin Ratio Rank: 63

JEPQ

JEPQ Risk / Return Rank: 64
JEPQ Sharpe Ratio Rank: 60
JEPQ Sortino Ratio Rank: 56
JEPQ Omega Ratio Rank: 67
JEPQ Calmar Ratio Rank: 60
JEPQ Martin Ratio Rank: 75

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.

XPAY vs. JEPQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY) 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.

	XPAY	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	1.74	1.81	-0.07
Sortino ratio: Return per unit of downside risk	2.38	2.42	-0.04
Omega ratio: Gain probability vs. loss probability	1.32	1.36	-0.04
Calmar ratio: Return relative to maximum drawdown	2.30	2.68	-0.38
Martin ratio: Return relative to average drawdown	10.19	12.63	-2.44

XPAY vs. JEPQ - Sharpe Ratio Comparison

The current XPAY Sharpe Ratio is 1.74, which is comparable to the JEPQ Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of XPAY 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

XPAY vs. JEPQ - Drawdown Comparison

The maximum XPAY drawdown since its inception was -18.20%, smaller than the maximum JEPQ drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for XPAY and JEPQ.

Drawdown Indicators

	XPAY	JEPQ	Difference
Max Drawdown Largest peak-to-trough decline	-18.20%	-20.07%	+1.87%
Max Drawdown (1Y) Largest decline over 1 year	-9.34%	-8.82%	-0.52%
Max Drawdown (3Y) Largest decline over 3 years	—	-20.07%	—
Current Drawdown Current decline from peak	-3.33%	-2.75%	-0.58%
Average Drawdown Average peak-to-trough decline	-2.37%	-3.39%	+1.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	1.86%	+0.24%

Volatility

XPAY vs. JEPQ - Volatility Comparison

The current volatility for Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY) is 4.75%, while JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) has a volatility of 6.27%. This indicates that XPAY 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

	XPAY	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.75%	6.27%	-1.52%
Volatility (6M) Calculated over the trailing 6-month period	9.67%	10.52%	-0.85%
Volatility (1Y) Calculated over the trailing 1-year period	12.37%	13.06%	-0.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.82%	16.78%	+0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.82%	16.78%	+0.04%

XPAY vs. JEPQ - Expense Ratio Comparison

XPAY has a 0.49% expense ratio, which is higher than JEPQ's 0.35% expense ratio.

Dividends

XPAY vs. JEPQ - Dividend Comparison

XPAY's dividend yield for the trailing twelve months is around 21.18%, more than JEPQ's 10.25% yield.

Position	TTM	2025	2024	2023	2022
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.25%	10.53%	9.65%	10.03%	9.44%
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	21.18%	21.21%	3.40%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XPAY and JEPQ in my portfolio?

With a correlation of 0.90, XPAY and JEPQ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, XPAY or JEPQ?

JEPQ has higher volatility (6.27%) compared to XPAY (4.75%). In terms of maximum drawdown, XPAY dropped -18.20% vs JEPQ's -20.07%.

Which ETF is better, XPAY or JEPQ?

On 1-year performance, JEPQ leads with 23.49% vs 21.40% for XPAY. On fees, JEPQ is cheaper at 0.35% per year. On volatility, XPAY has been the lower-risk option at 4.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XPAY or JEPQ?

Over the 1-year period, JEPQ has performed better with a 23.49% return vs 21.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XPAY or JEPQ?

JEPQ is cheaper with a 0.35% expense ratio, compared with 0.49% for XPAY.

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

XPAY has the higher dividend yield at 21.18%, compared with 10.25% for JEPQ.

What is the main difference between XPAY and JEPQ?

XPAY is categorized as Derivative Income, while JEPQ is Nasdaq-100. They also come from different issuers: Roundhill and JPMorgan. Their fees differ too: 0.49% for XPAY and 0.35% for JEPQ.

Which has better risk-adjusted returns?

JEPQ currently has the higher Sharpe Ratio (1.81 vs 1.74), 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.