Dividend comparison
JEPQ vs QQQ: Which Is Better?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for JPMorgan Nasdaq Equity Premium Income ETF and Invesco QQQ Trust, Series 1, side by side. Updated October 21, 2026.
- Fees. QQQ is cheaper at 0.18% a year versus 0.35% for JEPQ. On $10,000 that is $17 a year less in fees.
- Income. JEPQ pays more income, yielding 11.58% over the last twelve months versus 0.53% for QQQ. That is about $1,105 more a year on $10,000. JEPQ pays monthly, QQQ pays annual.
- Performance. Over the last 3 years, QQQ returned 105.6% versus 61.0% for JEPQ, with dividends reinvested. $10,000 would have grown to $20,561 in QQQ and $16,100 in JEPQ.
- Risk. QQQ has been the bumpier ride. Its worst peak-to-trough decline over the last 3 years was -35.1%, against -20.1% for JEPQ.
- Diversification. JEPQ holds 110 positions and QQQ holds 102. The ten largest positions make up 43.1% of JEPQ and 47.2% of QQQ.
- Overlap. At least 73% of the two portfolios overlap by weight, across 76 shared holdings. Owning both adds little diversification.
- Dividend growth. QQQ grew its yearly payout 13.3% a year over the last 2 years, versus 7.6% for JEPQ.
- Size. QQQ is the larger fund with $487.5 billion in assets, against $43.8 billion for JEPQ.
Bottom line: JEPQ fits better if you care most about more income today and smaller drawdowns. QQQ fits better if you care most about lower fees, stronger 3-year returns and faster dividend growth. With 73% overlap, most investors would hold one or the other rather than both.
| Metric | JEPQ JPMorgan Nasdaq Equity Premium Income ETF | QQQ Invesco QQQ Trust, Series 1 |
|---|---|---|
| Dividend yield (TTM) | 11.58% | 0.53% |
| Dividend / share (TTM) | $6.88 | $3.79 |
| Payout frequency | Monthly | Annual |
| Last dividend | $0.5669 on Oct 5, 2026 | $0.7514 on Oct 8, 2026 |
| Ex-dividend date | Oct 1, 2026 | Dec 21, 2026 |
| Next payment | — | $0.7941 on Dec 28, 2026 |
| Dividend growth (CAGR) | 7.6% over 2 yrs | 13.3% over 4 yrs |
| Price | $59.44 | $717.63 |
| Dividend growth streak | 2 years | — |
| Beta | 0.83 | 1.23 |
| Max drawdown (5Y) | -20.1% | -35.1% |
| Market cap | $43.19B | $479.05B |
| Exchange | NASDAQ | NASDAQ |
| Expense ratio | 0.35% | 0.18% |
| Assets under management | $43.83B | $487.46B |
| Number of holdings | 110 | 102 |
| Top 10 concentration | 43.1% | 47.2% |
JEPQ
$96.52/mo
$1158 /yr at 11.58% yield
QQQ
$4.40/mo
$53 /yr at 0.53% yield
| Year | JEPQ | QQQ |
|---|---|---|
| 2025 | $6.0025 | $2.7949 |
| 2024 | $5.3800 | $3.0623 |
| 2023 | $5.1840 | $2.3200 |
| 2022 | — | $2.1351 |
| 2021 | — | $1.6968 |
Current income is low and outside your control, so these need pairing with something else if the portfolio has to produce cash today.
What JEPQ vs QQQ actually do
The equity sleeve stays close to the Nasdaq-100 while applying JPMorgan's own research overlay, and equity-linked notes supply the short call exposure on the index. Because Nasdaq-100 options carry higher implied volatility than S&P 500 options, the fund collects more premium and pays a bigger monthly distribution than its S&P 500 sibling. The trade is symmetrical: the underlying portfolio is more volatile, so drawdowns are deeper and the capped upside costs more in a technology-led melt-up.
Suits an income investor who wants exposure to large-cap technology but would rather be paid monthly than wait for capital gains. Not a fit for anyone who wants full participation in Nasdaq rallies or who cannot tolerate a growth-heavy, concentrated portfolio underneath the options.
Aggressive equity income
The index is modified market-cap weighted and excludes financials by rule, which is why it lands so heavily in technology, communication services and consumer discretionary names. In December 2025 the fund converted from a unit investment trust to a conventional open-end fund and cut its fee, so it can now reinvest income and lend securities like its peers. It remains the most liquid Nasdaq-100 vehicle by a wide margin and the reference asset for a large share of the options-income products in this category.
Suits investors who want concentrated large-cap growth exposure and anyone who needs deep options liquidity. Dividends are incidental, so it does not answer an income mandate on its own.
Growth-tilted core, concentrated
| Period | JEPQ | QQQ |
|---|---|---|
| 1 month | -1.33% | -0.43% |
| 3 months | 1.59% | 3.10% |
| Year to date | 2.27% | 17.09% |
| 1 year | 4.26% | 17.78% |
| 3 years | 61.00% | 105.61% |
| 5 years | — | 96.98% |
- JEPQ
- QQQ
Both series indexed to 100 on 2022-05-04 using the adjusted closing price series. Past performance does not guarantee future results.
- JEPQ
- QQQ
| Largest shared holdings | JEPQ weight | QQQ weight |
|---|---|---|
| NVDANVIDIA CORP COMMON STOCK | 7.17% | 8.17% |
| AAPLAPPLE INC COMMON STOCK | 6.73% | 7.82% |
| MSFTMICROSOFT CORP COMMON | 5.54% | 6.19% |
| MUMICRON TECHNOLOGY INC | 4.29% | 4.41% |
| AMZNAMAZON.COM INC COMMON | 4.02% | 4.42% |
| AMDADVANCED MICRO DEVICES | 3.55% | 3.79% |
| METAMETA PLATFORMS INC | 2.96% | 3.28% |
| GOOGALPHABET INC-CL C - | 4.83% | 2.94% |
| TSLATESLA INC COMMON STOCK | 2.13% | 3.02% |
| AVGOBROADCOM INC COMMON | 1.90% | 2.49% |
JEPQ110 holdings total
| Name | Weight |
|---|---|
| NVDANVIDIA CORP COMMON STOCK | 7.17% |
| AAPLAPPLE INC COMMON STOCK | 6.73% |
| MSFTMICROSOFT CORP COMMON | 5.54% |
| GOOGALPHABET INC-CL C - | 4.83% |
| MUMICRON TECHNOLOGY INC | 4.29% |
| AMZNAMAZON.COM INC COMMON | 4.02% |
| AMDADVANCED MICRO DEVICES | 3.55% |
| METAMETA PLATFORMS INC | 2.96% |
| TSLATESLA INC COMMON STOCK | 2.13% |
| AVGOBROADCOM INC COMMON | 1.90% |
Quick verdict
JEPQ fits better if you care most about more income today and smaller drawdowns. QQQ fits better if you care most about lower fees, stronger 3-year returns and faster dividend growth. With 73% overlap, most investors would hold one or the other rather than both. Model the holding inside your real portfolio before deciding.
Frequently asked questions
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For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.