How Can I Beat the S&P 500? What the Evidence Says
The honest answer to the most asked question in investing: how many people beat the index, why it is so hard, why investors trail even their own funds, and how daily market context fits in.
ETFsInsight
JEPQ ETF vs the S&P 500: Returns, Risk and Crash History
JPMorgan Nasdaq Equity Premium Income ETF (market value $43.7 billion): how it compared with the S&P 500, how it behaved in every crash since 2008, its risk‑adjusted returns. Data as of Sep 30, 2026.
Key takeaways
- JEPQ returned +71.6% over the 3 years to Sep 30, 2026 versus +85.0% for the S&P 500: it lagged the index.
- Its 3-year Sharpe ratio was 1.30 against 1.38 for the S&P 500.
- Its deepest crisis drawdown was −21.6% in the 2025 tariff selloff (S&P 500: −19.0%).
- Five‑year volatility was 16.6% and beta 0.81.
Did JEPQ beat the S&P 500?
Over the 3 years to Sep 30, 2026, JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) returned +71.6% including dividends, versus +85.0% for the S&P 500 (SPY). It lagged the index by 13.4 percentage points, or +19.7% a year against +22.8%.
| Period | JEPQ | S&P 500 | JEPQ per year | S&P 500 per year | Result |
|---|---|---|---|---|---|
| 1 year | +13.4% | +15.7% | +13.4% | +15.7% | Lagged |
| 3 years | +71.6% | +85.0% | +19.7% | +22.8% | Lagged |
| Period | 1 year | 3 years |
|---|---|---|
| JEPQ | +13.4% | +71.6% |
| S&P 500 | +15.7% | +85.0% |
| JEPQ per year | +13.4% | +19.7% |
| S&P 500 per year | +15.7% | +22.8% |
| Result | Lagged | Lagged |
Total return with dividends reinvested, from month-end prices to Sep 30, 2026. Beating the index on raw return is only half the story: the next section adjusts for the risk taken. See also how to beat the S&P 500.
JEPQ returns by year vs the S&P 500
JEPQ beat the S&P 500 in 1 of the 3 full calendar years shown.
| Year | JEPQ | S&P 500 | Difference |
|---|---|---|---|
| 2026 (to Sep 30, 2026) | +8.3% | +12.7% | −4.4% |
| 2025 | +15.2% | +17.7% | −2.5% |
| 2024 | +24.9% | +24.9% | 0.0% |
| 2023 | +36.3% | +26.2% | +10.1% |
JEPQ risk-adjusted returns: Sharpe, Sortino and volatility
Over 3 years, JEPQ had a Sharpe ratio of 1.30 against 1.38 for the S&P 500, so it earned less return per unit of risk than the index. Its annualized volatility was 11.1% and its beta 0.81: it tended to move about 0.8× as much as the market.
| Metric | JEPQ | S&P 500 |
|---|---|---|
| Annual return | +19.7% | +22.8% |
| Volatility (annualized) | 11.1% | 12.4% |
| Sharpe ratio | 1.30 | 1.38 |
| Sortino ratio | 2.30 | 2.87 |
| Max drawdown (month-end) | −8.4% | −7.6% |
| Beta to the S&P 500 | 0.81 | 1.00 |
Sharpe divides return above cash by total volatility; Sortino counts only downside volatility. Both use monthly returns and the 1–3 month T‑bill ETF (BIL) as the risk‑free rate.
How JEPQ behaved in past crashes
JEPQ’s deepest fall in the crises below was −21.6% in the 2025 tariff selloff, against −19.0% for the S&P 500. The last column turns that into money: what a $100,000 position would have lost from peak to trough.
| Crisis | JEPQ | S&P 500 | Loss on $100,000 |
|---|---|---|---|
| 2025 tariff selloff | −21.6% | −19.0% | −$21,590 |
| Window | JEPQ max drawdown |
|---|---|
| Last 1 year | −8.8% |
| Last 3 years | −20.1% |
| Last 5 years | −20.1% |
| Last 10 years | −21.6% |
Peak‑to‑trough declines from daily prices inside each crisis window. A crash replay does not predict the next crisis; it shows how much room a holding needs. Run the same replay on a whole portfolio with the crash test.
What moves with JEPQ, and what doesn’t
Correlation runs from −1 (moves opposite) to +1 (moves in lockstep). Over the last 36 months of monthly returns, JEPQ’s correlation with the S&P 500 was 0.91, with the Nasdaq‑100 0.93, with long Treasuries (TLT) 0.37 and with gold (GLD) −0.07.
| Least correlated large caps | Correlation | Most correlated large caps | Correlation |
|---|---|---|---|
| COP | −0.35 | NVDA | 0.67 |
| XOM | −0.33 | ANET | 0.66 |
| EOG | −0.31 | QCOM | 0.65 |
| CME | −0.21 | WDC | 0.62 |
| LMT | −0.20 | LRCX | 0.61 |
Holdings that are highly correlated behave like one position in a selloff. See how to find hidden overlap.
What does JEPQ hold?
As of Oct 20, 2026, JEPQ held 94 positions; its 10 largest made up 43.1% of the fund. The largest was NVDA (NVIDIA Corporation) at 7.17%. Of the popular ETF pairs Exent compares, JEPQ overlaps most with QQQ: 73.1% of their weight sits in the same stocks.
| Holding | Name | Weight |
|---|---|---|
| NVDA | NVIDIA Corporation | 7.17% |
| AAPL | Apple Inc. | 6.73% |
| MSFT | Microsoft Corporation | 5.54% |
| GOOG | Alphabet Inc-Cl C - | 4.83% |
| MU | Micron Technology, Inc. | 4.29% |
| AMZN | Amazon.com, Inc. | 4.02% |
| AMD | Advanced Micro Devices, Inc. | 3.55% |
| META | Meta Platforms, Inc. | 2.96% |
| TSLA | Tesla, Inc. | 2.13% |
| AVGO | Broadcom Inc. | 1.90% |
| JEPQ compared with | Overlap by weight | Shared holdings |
|---|---|---|
| QQQ | 73.1% | 75 (80% of JEPQ’s 94) |
From the fund’s latest published holdings. Overlap by weight adds up, for every stock both funds hold, the smaller of its two weights: 100% would mean the same portfolio. How much do VOO, QQQ and VTI overlap?
The right benchmark for JEPQ
Exent matches every holding to the index with the most similar risk. For JEPQ that is SPY (the S&P 500). Comparing a holding with an index that carries very different risk makes good results look bad and risky ones look clever. Read why the S&P 500 is the wrong benchmark for most portfolios.
Other popular ETFs
| Ticker | Name | 5‑year return | Volatility (5y) |
|---|---|---|---|
| SPCX | SPAC and New Issue ETF | +523.4% | 8.3% |
| VTI | Vanguard Total Stock Market Index Fund ETF Shares | +79.7% | 17.4% |
| VOO | Vanguard S&P 500 ETF | +89.6% | 16.8% |
| IVV | iShares Core S&P 500 ETF | +89.5% | 16.9% |
| 1557.T | SPDR S&P 500 ETF Trust | +82.0% | 20.7% |
| SPY | State Street SPDR S&P 500 ETF Trust | +90.0% | 17.0% |
| VXUS | Vanguard Total Intl Stock Idx Fund | +55.5% | 16.0% |
| QQQ | Invesco QQQ Trust | +112.5% | 22.3% |
Data and methodology
Returns are total returns from month‑end adjusted closing prices (dividends reinvested) through Sep 30, 2026. Crisis drawdowns and trailing maximum drawdowns use daily prices. Analyst coverage counts ratings published in the last 12 months, shown with a 30‑day delay. Full method: Exent methodology.
Holdings and weights are the fund’s latest published holdings; ETF overlap compares those holdings stock by stock.
Past performance does not guarantee future results. Historical figures are calculated by Exent from market data and are for education only; they are not investment advice or a recommendation to buy or sell any security.
See what JEPQ does to your own portfolio
- Upload a screenshot of your holdings (or a CSV, Excel, PDF or Google Sheet); no brokerage login.
- Exent replays your whole portfolio, JEPQ included, through the 2008, 2018, 2020, 2022 and 2025 selloffs and shows which holdings drive the losses.
- It finds holdings that move together with JEPQ and compares your portfolio with a risk‑matched benchmark, Sharpe and Sortino included.
- Use the what‑if simulator to change weights and see the effect before you trade.
Frequently asked questions
Over the 3 years to Sep 30, 2026, JEPQ’s Sharpe ratio was 1.30 and its Sortino ratio 2.30, versus 1.38 and 2.87 for the S&P 500.
JEPQ’s 5‑year annualized volatility was 16.6%, lower than the S&P 500’s 17.0%, with a beta of 0.81.
Among large US stocks, the lowest correlations with JEPQ over the last 36 months were COP (−0.35), XOM (−0.33), EOG (−0.31). Its correlation with long Treasuries (TLT) was 0.37 and with gold (GLD) −0.07.
What would JEPQ do to your portfolio?
Exent replays your whole portfolio through the same crashes, finds holdings that move together and compares you with a risk‑matched benchmark. Upload a screenshot; results in about a minute.
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Educational content, not investment advice. Examples are illustrative; past performance does not guarantee future results.