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ETF Comparison

JEPI vs JEPQ vs QYLD vs SPYI: Which Is the Better Pick in 2026?

A side-by-side comparison of JPMorgan Equity Premium Income ETF, JPMorgan Nasdaq Equity Premium Income ETF, Global X Nasdaq 100 Covered Call ETF and NEOS S&P 500 High Income ETF covering yield, cost, risk, and income potential.

Data updated July 4, 2026

JPMorgan
ETFs74
Total AUM$282B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

JPMorgan operates a diverse ETF lineup of 46 funds spanning bond, equity, factor, income, index, international, money market, municipal, and sector strategies, establishing itself as a broad-based player across multiple asset classes and investment approaches. The issuer is particularly known for its income-focused offerings, including popular tickers like JEPI (Equity Premium Income) and JEPQ (Equity Premium Income ETF), which employ covered call and options strategies to generate distributions. JPMorgan's portfolio ranges from core index and fixed income funds to specialized sector and international equity ETFs, positioning the firm to serve both income-seeking and growth-oriented investors across diversified markets.

See our curated list of related YouTube videos on JEPI and JEPQ.

See all JPMorgan ETFs
Global X
ETFs123
Total AUM$98.3B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

Global X is known for developing thematic and alternative investment ETFs with a strong emphasis on income-generating strategies. Their 37-fund lineup spans diverse categories including covered call funds, SuperDividend income products, digital assets, commodities, and sector-specific investments, alongside traditional bond and risk-managed income options. Notable tickers like DIV, MLPA, and BCCC reflect their specialization in high-yield and alternative income strategies, positioning them as a provider focused on investors seeking yield-oriented and thematically-driven exposure.

See our curated list of related YouTube videos on QYLD.

See all Global X ETFs
NEOS
ETFs19
Total AUM$24.2B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

NEOS is known for developing specialized income-focused ETFs that employ strategies like covered calls, hedging, and enhanced yields across various asset classes. The firm manages 19 funds organized into nine distinct families, including offerings in equity high income, fixed income enhancement, digital assets, and alternative strategies, with popular tickers like SPYI (S&P 500 covered call), QQQI (Nasdaq-100 covered call), and QQQH (Nasdaq-100 hedged equity income). NEOS distinguishes itself in the ETF landscape through its emphasis on income generation and downside protection strategies rather than traditional growth approaches.

See our curated list of related YouTube videos on SPYI.

See all NEOS ETFs

Side-by-side snapshot

JEPIJEPQQYLDSPYI
Full nameJPMorgan Equity Premium Income ETFJPMorgan Nasdaq Equity Premium Income ETFGlobal X Nasdaq 100 Covered Call ETFNEOS S&P 500 High Income ETF
IssuerJPMorganJPMorganGlobal XNEOS
Last Close$56.71 as of July 4, 2026$59.39 as of July 4, 2026$18.09 as of July 4, 2026$53.06 as of July 4, 2026
Distribution yield8.19%12.86%12.30%12.01%
Distribution Safety Score72928392
Expense ratio0.35%0.35%0.61%0.68%
AUM$44.3B$39.0B$8.22B$6.20B
Distribution frequencyMonthlyMonthlyMonthlyMonthly
Underlying indexSPXNASDAQ 100NASDAQ 100S&P 500 Index
ObjectiveCovered CallCovered CallCovered CallSeeks to generate high monthly income in a tax efficient manner while targeting equity appreciation.
Asset classEquityEquityEquityEquity
Inception date05/20/202005/03/202212/11/201308/29/2022
Beta0.450.770.490.69
Last dividend$0.3872$0.6366$0.1854$0.5310
Ex-dividend date07/01/202607/01/202606/22/202601/21/2026

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Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

JEPQ tops the group on trailing twelve-month total return at 21.66%, with JEPI at 7.46%, QYLD at 20.88% and SPYI at 18.98%. Across the 3-year window, JEPQ has the strongest compounding at 19.00% a year. Figures are total returns: price change plus every distribution reinvested.

SymbolYTD1Y3YSince Aug 2022Volatility Sharpe Sortino Max drawdown
JEPI2.36%7.46%9.08%9.41%10.1%0.420.59-13.3%
JEPQ7.06%21.66%19.00%19.19%15.4%0.841.18-20.1%
QYLD7.58%20.88%13.28%14.20%13.2%0.610.87-19.1%
SPYI7.17%18.98%15.41%15.12%12.5%0.791.12-16.5%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of July 2, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Aug 2022” measures every fund from August 30, 2022 — the youngest fund's first trading day — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the trailing 3 years. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Quick verdict

JEPI (JPMorgan Equity Premium Income ETF), JEPQ (JPMorgan Nasdaq Equity Premium Income ETF), QYLD (Global X Nasdaq 100 Covered Call ETF), SPYI (NEOS S&P 500 High Income ETF) are dividend ETFs that take different approaches.

JEPQ offers the highest reported yield at 12.86%, followed by QYLD at 12.30%, SPYI at 12.01%, JEPI at 8.19%.

JEPI and JEPQ tie for the lowest expense ratio at 0.35%, compared to 0.61% for QYLD and 0.68% for SPYI.

JEPI is the largest fund by assets ($44.3B), which generally means tighter spreads and better liquidity.

Deep dive

Yield & income

On a $10,000 investment: JEPI generates ~$68.25/month, JEPQ generates ~$107.17/month, QYLD generates ~$102.50/month, SPYI generates ~$100.08/month at current distribution rates.

JEPI yield8.19%
JEPQ yield12.86%
QYLD yield12.30%
SPYI yield12.01%

Cost & efficiency

Over 10 years on $10,000: JEPI costs ~$350, JEPQ costs ~$350, QYLD costs ~$610, SPYI costs ~$680 in fees (simplified, not compounded).

JEPI ER0.35%
JEPQ ER0.35%
QYLD ER0.61%
SPYI ER0.68%

Strategy & risk

JEPI tracks SPX with a covered call approach; JEPQ tracks NASDAQ 100 with a covered call approach; QYLD tracks NASDAQ 100 with a covered call approach; SPYI tracks S&P 500 Index with an options approach.

JEPI beta0.45
JEPQ beta0.77
QYLD beta0.49
SPYI beta0.69

Fund details

JEPI is managed by JPMorgan (launched 05/20/2020) with $44.3B in assets. JEPQ is managed by JPMorgan (launched 05/03/2022) with $39.0B in assets. QYLD is managed by Global X (launched 12/11/2013) with $8.22B in assets. SPYI is managed by NEOS (launched 08/29/2022) with $6.20B in assets.

JEPI AUM$44.3B
JEPQ AUM$39.0B
QYLD AUM$8.22B
SPYI AUM$6.20B
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Frequently asked questions

Which of JEPI, JEPQ, QYLD, and SPYI is best for dividend income?

It depends on your goals. JEPQ currently offers the highest reported distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility, and funds without an established distribution history have no comparable yield to evaluate. Consider your time horizon and risk tolerance.

What is the difference between JEPI, JEPQ, QYLD, and SPYI?

JEPI (JPMorgan Equity Premium Income ETF) tracks SPX with a covered call approach, issued by JPMorgan. JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) tracks NASDAQ 100 with a covered call approach, issued by JPMorgan. QYLD (Global X Nasdaq 100 Covered Call ETF) tracks NASDAQ 100 with a covered call approach, issued by Global X. SPYI (NEOS S&P 500 High Income ETF) tracks S&P 500 Index with an options approach, issued by NEOS.

Can I hold JEPI, JEPQ, QYLD, and SPYI together?

Yes. Many income investors hold multiple dividend ETFs to diversify across different strategies and underlying indexes. This can reduce concentration risk while maintaining a strong income stream.

Which has the lowest fees among JEPI, JEPQ, QYLD, and SPYI?

JEPI has an expense ratio of 0.35%, JEPQ has an expense ratio of 0.35%, QYLD has an expense ratio of 0.61%, SPYI has an expense ratio of 0.68%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 generate in each?

$10,000 in JEPI yields ~$68.25/month ($819.00/year). $10,000 in JEPQ yields ~$107.17/month ($1,286.00/year). $10,000 in QYLD yields ~$102.50/month ($1,230.00/year). $10,000 in SPYI yields ~$100.08/month ($1,201.00/year).

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JEPI vs JEPQ vs QYLD vs SPYI — at a glance

Generated June 2026 from current fund data.

Overview

All four funds employ covered call strategies on large-cap equity indexes to generate monthly income. JEPI and JEPQ are JPMorgan products tracking the S&P 500 and Nasdaq 100 respectively; QYLD is Global X's older Nasdaq 100 covered call fund; SPYI is NEOS's newer S&P 500 high-income alternative. The key distinction is the underlying index exposure—broad market (JEPI, SPYI) versus growth-heavy tech (JEPQ, QYLD)—paired with meaningful yield and risk differences driven by call-writing intensity.

How they differ

The most obvious split is index exposure: JEPI and SPYI track the S&P 500, while JEPQ and QYLD write calls on the Nasdaq 100. This explains much of the yield variance: QYLD offers the highest distribution rate at 12.46%, followed by SPYI at 12.26%, then JEPQ at 11.40% and JEPI at 8.32%. The second difference is fees—JEPI and JEPQ both charge 0.35%, while QYLD and SPYI cost 0.61% and 0.68% respectively, reflecting differences in operational approach. The third distinction is asset scale and track record: JEPI commands $44.3B AUM and has run since May 2020, while SPYI, the newest entrant (August 2022), holds just $6.20B.

Beta reveals how aggressively each fund writes calls. JEPI's 0.45 beta—the lowest of the four—suggests the deepest call cushion, trading upside for stability. JEPQ's 0.77 beta reflects JPMorgan's more measured approach to the Nasdaq 100, whereas QYLD's 0.49 beta, despite writing calls on the more volatile Nasdaq 100, suggests tighter call strikes. SPYI's 0.69 beta places it between JEPI and JEPQ in sensitivity.

Who each is best for

JEPI: Fits investors seeking broad S&P 500 exposure with the lowest volatility drag among these four and a modest income stream, tolerating single-digit yields for downside cushion.

JEPQ: Designed for income-focused investors comfortable with Nasdaq 100 concentration and willing to accept higher yields (11.40%) and greater beta sensitivity (0.77) in exchange for growth-stock exposure.

QYLD: Matches the most yield-hungry investor on a Nasdaq 100 mandate, accepting the longest track record (since 2013) and the highest distribution rate (12.46%), with a compressed beta that may signal tighter strike selection.

SPYI: Suits those who want S&P 500 exposure with elevated income targeting (12.26%) and view SPYI's newer vintage and smaller AUM as acceptable trade-offs for potentially fresher call management and tax-efficiency positioning.

Key risks to know

  • NAV erosion at sustained high yields. JEPQ (11.40%), QYLD (12.46%), and SPYI (12.26%) all distribute well above typical equity total returns; this gap, if sustained, will gradually erode net asset value unless underlying call premiums or capital appreciation offset it. JEPI's lower 8.32% yield reduces this pressure.
  • Call strikes and upside cap. Covered call funds cap equity appreciation when indexes rise sharply. Tighter call strikes (suggested by QYLD's low 0.49 beta on a volatile Nasdaq 100 index) amplify this drag in bull markets; looser strikes protect gains but sacrifice income.
  • Nasdaq 100 concentration risk. JEPQ and QYLD concentrate in Nasdaq 100 constituents, magnifying exposure to large-cap technology and growth downturns. A sector correction could impair both distributions and NAV more severely than broad-market funds.
  • Options market risk. Call-writing programs depend on sustained implied volatility and liquid options markets. Sharp declines in implied volatility can compress premium capture and reduce forward distributions; wide market dislocations can impair options pricing.
  • Smaller AUM liquidity. SPYI ($6.20B) and QYLD ($8.22B) carry wider bid-ask spreads and less trading depth than JEPI ($44.3B), material for large positions or frequent trading.

Bottom line

JEPI prioritizes stability and lower volatility at the cost of modest income; JEPQ and QYLD chase higher yields through tighter Nasdaq 100 calls, while SPYI attempts similar income on the S&P 500 at a newer and smaller scale. If downside protection and a gentler NAV glide matter more than yield, JEPI's 0.45 beta and lower distribution rate stand out; if maximum income on a growth-index mandate is the goal, QYLD's 12.46% yield and long track record merit consideration despite higher fees. Past performance does not guarantee future results, and realized returns will depend on call-strike selection, underlying equity moves, and volatility conditions.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

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