JEPQ: JPMorgan Nasdaq Equity Premium Income ETF returns, drawdowns and risk
Funds that sell options on stocks or indices to pay a high monthly income, giving up part of the upside.
Data updated October 2026
JEPQ · US exchange · USDCategory: Covered call and equity income ETFsData from May 2022
From May 2022 to October 2026 JEPQ returned 16.3% a year on average with dividends reinvested, in US dollars: $10,000 invested at the start grew to $19,576.
Its deepest fall was 20.1%, from February 2025 to April 2025, and it took about 6 months to get back to the previous high. Annual volatility was 16.6%; at the last close it was 2.9% below its high.
Against SPY (SPDR S&P 500 ETF Trust), over the 53 months both have data, the correlation of monthly returns was 0.91: they moved almost in lockstep. Beta was 0.83. In months when SPY rose, JEPQ moved 87% as much on average; in months when SPY fell, 71% as much.
Key figures
- Annual return (CAGR)
- +16.3%
- 1-year return
- +16.3%
- 5 years, a year
- —
- 10 years, a year
- —
- Annual volatility
- 16.6%
- Maximum drawdown
- −20.1%
- Sharpe ratio
- 0.75
- Worst year
- 2025: +15.2%
Trailing returns
| Period | JEPQ | SPY |
|---|---|---|
| 1 year | +16.3% | +16.6% |
| 3 years, a year | +20.7% | +23.1% |
To the last close of October 2026. Periods longer than a year are annualised.
Growth of $10,000: JEPQ vs SPY
Month-end values from June 2022, the first month both funds have data.
JEPQ drawdowns
Percentage below the previous high, weekly.
Returns by calendar year
| Year | JEPQ | SPY |
|---|---|---|
| 2026(partial) | +11.9% | +13.3% |
| 2025 | +15.2% | +17.7% |
| 2024 | +24.9% | +24.9% |
| 2023 | +36.3% | +26.2% |
| 2022(partial) | −10.8% | — |
JEPQ compared
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.
Sharpe ratio uses the return of short-term government bills in the same currency as the risk-free rate. The growth chart uses month-end values; drawdowns and volatility use daily closes.
Questions
What is the average annual return of JEPQ?
From May 2022 to October 2026 JEPQ returned 16.3% a year on average (CAGR) with dividends reinvested, in USD. Over the last 12 months: +16.3%.
What was the worst drawdown of JEPQ?
20.1%, from February 2025 to April 2025; it took about 6 months from the previous high to get back to it.
How volatile is JEPQ?
Annual volatility was 16.6% over the period. Its worst month was −8.8% and 70% of months were positive. Worst calendar year: 2025 (+15.2%).
How closely does JEPQ follow SPY?
Over 53 months the correlation of monthly returns was 0.91, so they moved almost in lockstep, with a beta of 0.83.
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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.