JEPQ vs QYLD: fees, holdings and returns
JEPQ and QYLD both hold Nasdaq-100 stocks and sell options to pay monthly income. QYLD sells options on its whole holding at today’s price, which gives away almost all of the upside. JEPQ sells options on part of its holding, further above today’s price, so it keeps more of the gains. Over the same dates since May 2022, JEPQ returned about 15.6% a year and QYLD returned about 10.5% a year.
Written by the Tactfolio research team. Fund facts checked October 17, 2026. Prices through October 20, 2026.
Key points
- JEPQ costs less: 0.35% a year against 0.6%.
- JEPQ started trading in May 2022. QYLD started in December 2013.
- Worst drops since 2022: JEPQ −20.1%, QYLD −19.9%.
- Daily correlation: 0.92 (1 means they always move together).
What is the difference between JEPQ and QYLD?#
QYLD follows a set rule: each month it sells a call on the full Nasdaq-100 at the current level. That brings in a lot of cash but means the fund keeps little when the index rises, while still taking most of the fall when it drops. JEPQ’s managers pick its stocks and sell options on only part of the fund, at higher prices, so it gives up less of the rise and pays less. QYLD charges a higher fee.
| Fact | JEPQ | QYLD |
|---|---|---|
| Full name | JPMorgan Nasdaq Equity Premium Income ETF | Global X NASDAQ 100 Covered Call ETF |
| Issuer | J.P. Morgan Asset Management | Global X (Mirae Asset) |
| Expense ratio | 0.35% a year | 0.6% a year |
| Started trading | May 3, 2022 | December 11, 2013 |
| Tracks | No index (actively managed) | Cboe NASDAQ-100 BuyWrite V2 Index |
| Holdings | 110 holdings as of October 16, 2026 | 102 holdings as of October 16, 2026 |
| Type | US stocks, ETF | US stocks, ETF |
Fund facts checked on the J.P. Morgan Asset Management JEPQ page and the Global X (Mirae Asset) QYLD page.
Is JEPQ or QYLD cheaper?#
JEPQ costs less: 0.35% a year against 0.6%. On $10,000, that is about $35 a year for JEPQ and $60 for QYLD. The fund takes its fee out of its own value a little each day, so you never get a bill.
JEPQ vs QYLD performance over the same dates#
Both funds are measured from May 2022 to October 2026, the dates both traded. JEPQ returned about 15.6% a year and QYLD returned about 10.5% a year. JEPQ came out ahead over this period, which does not mean it will again.
| Measure | JEPQ | QYLD |
|---|---|---|
| $10,000 grew to | $19,090 | $15,628 |
| Total return | 90.9% | 56.3% |
| Return per year (CAGR) | 15.6% | 10.5% |
| Worst drop from a high | −20.1% | −19.9% |
| Volatility (how much it swings) | 16.6% | 14.3% |
| Last 12 months | 15.2% | 19.4% |
| Last 3 years, per year | 21.1% | 16.8% |
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.
JEPQ and QYLD returns by year#
| Year | JEPQ | QYLD |
|---|---|---|
| 2026 (part of the year) | 11.8% | 14.3% |
| 2025 | 15.2% | 9.3% |
| 2024 | 24.9% | 19.4% |
| 2023 | 36.3% | 22.8% |
| 2022 (part of the year) | −12.9% | −14.6% |
Which fell further in bad times?#
A drawdown is how far a fund falls from its last high point. 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.
QYLD’s worst fall was −19.9%, from May 4, 2022 to October 14, 2022. It got back to that high on June 2, 2023.
Their daily moves had a correlation of 0.92. A correlation of 1 means two funds always move up and down together. Near 0 means they move on their own. So holding both adds little variety.
Why people choose JEPQ or QYLD#
JEPQ. People who want monthly income from the Nasdaq-100 while keeping part of the growth tend to pick JEPQ.
QYLD. People who want the highest steady payout from the Nasdaq-100, and accept giving up most of the growth, tend to pick QYLD.
Strategies that hold JEPQ or QYLD#
No classic strategy holds JEPQ or QYLD yet.
Other funds like JEPQ and QYLD#
Each fund has more funds that hold the same kind of investments, ranked by how closely they move with it: JEPQ alternatives and QYLD alternatives.
Test a mix of JEPQ and QYLD#
Open the builder, add JEPQ and QYLD, 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 JEPQ and QYLD, or see more ETF comparisons.
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 for more on these measures.
Common questions#
Why has QYLD’s price fallen over time?#
QYLD gives away most gains above today’s level each month but keeps the losses, so its price has tended to drift lower while it pays out its income.
What does at the money mean?#
An at the money option is set at today’s price. Selling one brings the most cash, but any rise above that price goes to the buyer.
Which is cheaper, JEPQ or QYLD?#
JEPQ costs less: 0.35% a year against 0.6%. Fees come from each issuer and were checked on October 17, 2026.
Which did better, JEPQ or QYLD?#
From May 2022 to October 2026, JEPQ returned about 15.6% a year and QYLD returned about 10.5% a year, with dividends reinvested. Their worst drops were −20.1% and −19.9%. Past returns do not tell you what comes next.