JEPI vs QYLD: returns, risk and drawdowns compared
JPMorgan Equity Premium Income ETF against Global X NASDAQ 100 Covered Call ETF, over the same 5 years (March 2021 to October 2026) with dividends reinvested.
Data updated October 2026
From March 2021 to October 2026, JEPI returned 9.5% a year and QYLD 9.1% a year on average, so JEPI came out ahead by 0.5% a year. QYLD was the more volatile of the two (11.2% against 10.0% a year), and the deepest falls from a month-end high were 13.0% for JEPI and 22.7% for QYLD.
The correlation of monthly returns was 0.67: they moved together only in part. Over 33 rolling 3-year periods, JEPI did better in 42% and QYLD in 58%.
Side by side
| JEPI | QYLD | |
|---|---|---|
| Annual return (CAGR) | +9.5% | +9.1% |
| Total return | +67% | +63% |
| Annual volatility | 10.0% | 11.2% |
| Maximum drawdown (month-end) | −13.0% | −22.7% |
| Worst month | −6.3% | −7.3% |
| Best month | +7.5% | +7.2% |
| Positive months | 68% | 68% |
| Best year | 2024: +12.6% | 2023: +22.8% |
| Worst year | 2022: −3.5% | 2022: −19.1% |
| 1-year return | +8.7% | +20.5% |
| 5 years, a year | +7.4% | +8.5% |
| 10 years, a year | — | +9.9% |
| Trading currency | USD | USD |
First nine rows: the same 68 months for both funds. Trailing returns: to each fund’s last close.
Growth of 10,000: JEPI vs QYLD
Returns by calendar year
| Year | JEPI | QYLD |
|---|---|---|
| 2025 | +8.1% | +9.3% |
| 2024 | +12.6% | +19.4% |
| 2023 | +9.8% | +22.8% |
| 2022 | −3.5% | −19.1% |
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
The comparison uses only the months in which both funds have prices, so the figures cover the same period even when one fund is older.
Questions
Which has returned more, JEPI or QYLD?
From March 2021 to October 2026, JEPI returned +9.5% a year and QYLD +9.1% a year, with dividends reinvested. Over rolling 3-year periods JEPI did better in 42% of cases. Past returns do not predict future returns.
Which is riskier, JEPI or QYLD?
Over the same months annual volatility was 10.0% for JEPI and 11.2% for QYLD; the deepest fall from a month-end high was 13.0% and 22.7%, and the worst single month −6.3% and −7.3%.
How correlated are JEPI and QYLD?
The correlation of their monthly returns was 0.67: they moved together only in part. Combining them has historically given some diversification.
More comparisons
Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.