# JEPI vs JEPQ: fees, holdings and returns compared

> JEPI vs JEPQ: what each ETF holds, what it costs, and how both did over the same dates, with yearly returns and worst drops.

JEPI holds large US stocks and sells options on the S&P 500. JEPQ holds Nasdaq-100 stocks and sells options on the Nasdaq-100. Both pay monthly income and charge the same fee. JEPQ leans on tech, so it has swung more and paid more. Over the same dates since May 2022, JEPI returned about 8.1% a year and JEPQ returned about 15.6% a year.

Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 20, 2026.

## Key points

- Both charge 0.35% a year.
- JEPI started trading in May 2020. JEPQ started in May 2022.
- Worst drops since 2022: JEPI −13.3%, JEPQ −20.1%.
- Daily correlation: 0.78 (1 means they always move together).

## What is the difference between JEPI and JEPQ?

They use the same approach on different markets. JEPI's stocks are picked by its managers to be steadier than the market, and it sells options on the S&P 500. JEPQ holds mostly Nasdaq-100 companies and sells options on that index. The Nasdaq-100 swings more, so options on it bring in more cash, and JEPQ's price moves more with tech stocks.

| Fact | JEPI | JEPQ |
| --- | --- | --- |
| Full name | JPMorgan Equity Premium Income ETF | JPMorgan Nasdaq Equity Premium Income ETF |
| Issuer | J.P. Morgan Asset Management | J.P. Morgan Asset Management |
| Expense ratio | 0.35% a year | 0.35% a year |
| Started trading | May 20, 2020 | May 3, 2022 |
| Tracks | No index (actively managed) | No index (actively managed) |
| Holdings | 135 holdings as of October 15, 2026 | 110 holdings as of October 16, 2026 |
| Type | US stocks, ETF | US stocks, ETF |

Fund facts checked on the [J.P. Morgan Asset Management JEPI page](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-equity-premium-income-etf-etf-shares-46641q332) and the [J.P. Morgan Asset Management JEPQ page](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-nasdaq-equity-premium-income-etf-etf-shares-46654q203).

## Is JEPI or JEPQ cheaper?

Both charge 0.35% a year. On $10,000, that is about $35 a year for JEPI and $35 for JEPQ. The fund takes its fee out of its own value a little each day, so you never get a bill.

## JEPI vs JEPQ performance over the same dates

Both funds are measured from May 2022 to October 2026, the dates both traded. JEPI returned about 8.1% a year and JEPQ returned about 15.6% a year. JEPQ came out ahead over this period, which does not mean it will again.

| Measure | JEPI | JEPQ |
| --- | --- | --- |
| $10,000 grew to | $14,156 | $19,090 |
| Total return | 41.6% | 90.9% |
| Return per year (CAGR) | 8.1% | 15.6% |
| Worst drop from a high | −13.3% | −20.1% |
| Volatility (how much it swings) | 10.8% | 16.6% |
| Last 12 months | 8.7% | 15.2% |
| Last 3 years, per year | 11.4% | 21.1% |

Prices through October 20, 2026. Figures use daily closing prices adjusted for splits, with dividends reinvested. They do not include taxes or the cost of buying and selling. Past results do not tell you what will happen next.

## JEPI and JEPQ returns by year

| Year | JEPI | JEPQ |
| --- | --- | --- |
| 2026 (part of the year) | 6.4% | 11.8% |
| 2025 | 8.1% | 15.2% |
| 2024 | 12.6% | 24.9% |
| 2023 | 9.8% | 36.3% |
| 2022 (part of the year) | −0.4% | −12.9% |

## Which fell further in bad times?

A drawdown is how far a fund falls from its last high point. JEPI's worst fall was −13.3%, from February 20, 2025 to April 8, 2025. It got back to that high on August 22, 2025.

JEPQ's worst fall was −20.1%, from February 19, 2025 to April 8, 2025. It got back to that high on August 8, 2025.

Their daily moves had a correlation of 0.78. A correlation of 1 means two funds always move up and down together. Near 0 means they move on their own. So they often move together, but not always.

## Why people choose JEPI or JEPQ

**JEPI.** People who want monthly income from a calmer set of large US stocks tend to pick JEPI.

**JEPQ.** People who want monthly income tied to the Nasdaq-100, and accept bigger swings, tend to pick JEPQ.

## Strategies that hold JEPI or JEPQ

No classic strategy holds JEPI or JEPQ yet.

## Other funds like JEPI and JEPQ

Each fund has more funds that hold the same kind of investments, ranked by how closely they move with it: [JEPI alternatives](https://tactfolio.com/alternatives/JEPI.md) and [JEPQ alternatives](https://tactfolio.com/alternatives/JEPQ.md).

## Test a mix of JEPI and JEPQ

Open the [builder](https://tactfolio.com/builder), add JEPI and JEPQ, and give each a weight, such as 50% and 50%. The backtest shows how the mix would have done, with its worst drop, on daily prices. You can also add a rule, for example to switch between them, and compare. Read the full pages for [JEPI](https://tactfolio.com/etf/JEPI.md) and [JEPQ](https://tactfolio.com/etf/JEPQ.md), or see [more ETF comparisons](https://tactfolio.com/etf-comparisons.md).

## The details

Both funds use Tactfolio's stored daily prices, adjusted for splits, with dividends reinvested. They are compared only on days both traded, starting the later fund's first day, so neither gets a head start. Correlation uses daily returns over the same days. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) for more on these measures.

## Research and test it

- [Covered calls](https://tactfolio.com/learn/covered-call): A covered call means owning 100 shares and selling a call option on them for income.
- [Dividend calculator](https://tactfolio.com/trading-tools/dividend-calculator): See the income your shares could pay over the years, with or without reinvesting (DRIP), with the formula and an example.
- [S&P 500 index](https://tactfolio.com/learn/sp500-index): The S&P 500 tracks about 500 large US companies. Learn how stocks get in, how the index is weighted, how to invest in it, and how far it has fallen before.
- [ETF screener](https://tactfolio.com/screener.md): A free ETF screener for 162 US-listed funds. Filter by type, issuer and fee, sort by returns or worst drop, and compare funds side by side.
- [ETF expense ratio](https://tactfolio.com/learn/etf-expense-ratio): What an ETF expense ratio is, how the fund charges it, and how 0.03% vs 1% adds up over 10 and 30 years, with real fund examples.
- [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio): Backtest a portfolio of US stocks and ETFs. Enter tickers and shares, pick when to rebalance, and get the results with a link to share.

## Common questions

### Why does JEPQ pay more than JEPI?

Options on the Nasdaq-100 are worth more because that index swings more, so JEPQ collects more for selling them. Payouts from both change month to month.

### Why does the JEPI and JEPQ comparison start in 2022?

JEPQ started trading in May 2022, so the figures above start then, when both were trading.

### Which is cheaper, JEPI or JEPQ?

Both charge 0.35% a year. Fees come from each issuer and were checked on October 16, 2026.

### Which did better, JEPI or JEPQ?

From May 2022 to October 2026, JEPI returned about 8.1% a year and JEPQ returned about 15.6% a year, with dividends reinvested. Their worst drops were −13.3% and −20.1%. Past returns do not tell you what comes next.

## Sources

- [J.P. Morgan Asset Management: JPMorgan Equity Premium Income ETF fund page](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-equity-premium-income-etf-etf-shares-46641q332)
- [J.P. Morgan Asset Management: JPMorgan Nasdaq Equity Premium Income ETF fund page](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-nasdaq-equity-premium-income-etf-etf-shares-46654q203)

> Not financial advice. Tactfolio is a research and automation tool. It is not a broker or a financial adviser. This page is for education only. Backtests are hypothetical. They show how rules would have done on past prices, not how they will do. All investing involves risk, including losing the money you put in.