JEPQ vs QQQ: Returns, Drawdowns and Dividends Since 2022
JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) and QQQ (Invesco QQQ Trust, Series 1) moved almost in lockstep: their daily returns had a correlation of 0.962, where 1 would mean identical. QQQ came out ahead, returning 18.6% a year with dividends reinvested from May 2022 to November 2026, against 14.7% for JEPQ.
Bought on any day and held three years, QQQ finished ahead 100% of the time. The extra return came with deeper falls: QQQ dropped 22.8% at its worst, JEPQ 20.1%. JEPQ paid more in dividends, 12.2% over the past 12 months against 0.4%, yet its total return was 4.0 points a year lower.
| Measure | JEPQ | QQQ |
|---|---|---|
| Annual return | 14.7% | 18.6% |
| $10,000 grew to | $18,515 | $21,573 |
| Worst decline | −20.1%Apr 2025 | −22.8%Apr 2025 |
| Volatility Volatility How much the fund's daily returns swing: their standard deviation over this period, annualized with the square root of 252 trading days. | 16.7% | 22.3% |
| Sharpe ratio Sharpe ratio Return above T-bills for each unit of risk: daily returns minus the T-bill ETF BIL, averaged, divided by their standard deviation and annualized. Higher is better. T-bill funds show none. Sharpe ratio calculator | 0.66 | 0.70 |
| 12-month yield 12-month yield Cash dividends with ex-dividend dates in the past 12 months, divided by the latest closing price. | 12.2% | 0.4% |
| Best year | +36.2%2023 | +54.9%2023 |
| Worst year | +15.2%2025 | +20.8%2025 |
| Correlation between them Correlation How closely the two funds' daily returns moved together over this period: 1 means identical every day, 0 means no relation. | 0.962 | |
JEPQ: JPMorgan Nasdaq Equity Premium Income ETFQQQ: Invesco QQQ Trust, Series 1
May 4, 2022 to Nov 4, 2026, dividends reinvested.
Hover or use the arrow keys to read any day.Tap or drag across the chart to read any day.
Worst declines
JEPQ fell 20.1% from Feb 19, 2025 to Apr 8, 2025 and was back at its high on Aug 8, 2025. QQQ fell 22.8% from Feb 19, 2025 to Apr 8, 2025 and was back at its high on Jun 24, 2025.
Hover or use the arrow keys to read any day.Tap or drag across the chart to read any day.
Year by year
JEPQ was ahead in 1 of the 5 calendar years.
| Year | JEPQ | QQQ | Ahead (pts) |
|---|---|---|---|
| 2026 (to Nov 4) | +8.5% | +13.0% | QQQ+4.6 |
| 2025 | +15.2% | +20.8% | QQQ+5.6 |
| 2024 | +24.9% | +25.6% | QQQ+0.7 |
| 2023 | +36.2% | +54.9% | QQQ+18.6 |
| 2022 (from May 4) | −12.9% | −18.7% | JEPQ+5.8 |
Held for 1 or 3 years: which came out ahead
Buy on any trading day from May 4, 2022, hold for a set time, and see which fund ended higher. The periods overlap, so they show how much the start date mattered, not separate results.
| Hold | Days tested | Ahead more often | Median lead (pts) |
|---|---|---|---|
| 1 year | 879 | QQQ99% | +6.0 |
| 3 years | 375 | QQQ100% | +27.7 |
Median lead is the typical gap in total return across all start dates, in percentage points. The latest 3-year hold starts on Oct 30, 2023.
Dividends
Over the past 12 months JEPQ paid 12.2% of its price in dividends and QQQ 0.4%. The returns above already include them, reinvested on each ex-dividend date.
Dividends per share by year
| Year | JEPQ | QQQ |
|---|---|---|
| 2026 (to Nov 4) | $5.82 10 payments | $2.30 3 payments |
| 2025 | $6.12 12 payments | $2.79 4 payments |
| 2024 | $5.44 12 payments | $2.85 4 payments |
| 2023 | $5.00 12 payments | $2.54 5 payments |
| 2022 (from May 4) | $3.85 8 payments | $1.70 3 payments |
Per share in today's shares (earlier amounts are restated for share splits), by ex-dividend date.
The two funds
- JEPQ
- JPMorgan Nasdaq Equity Premium Income ETF, an ETF launched May 4, 2022. FinLab prices start May 4, 2022.
- JEPQ price and signal backtests
- QQQ
- Invesco QQQ Trust, Series 1, an ETF launched Mar 10, 1999. FinLab prices start Jan 4, 2016.
- QQQ price and signal backtests
More comparisons
Source: FinLab U.S. fund prices, May 4, 2022 to Nov 4, 2026, the days both funds traded. Returns use prices adjusted for dividends and splits, before taxes; annual return is compounded.
For research and education. Past returns do not guarantee future results, and this is not investment advice.