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ETF Comparison

JEPI vs JEPQ vs SPYI: Which Covered-Call ETF Pays Better Income?

A side-by-side of JPMorgan's S&P 500 and Nasdaq-100 premium-income ETFs with NEOS's S&P 500 high-income ETF — index exposure and how the cash is produced.

Updated September 30, 2026

How these figures are calculated: methodology.

Best for

  • JEPIInvestors who want broad equity exposure.
  • JEPQInvestors who want to maximize current income — roughly 13.37%, generated by selling options premium.
  • SPYIInvestors who want to maximize current income — roughly 12.05%, generated by selling options premium.

Jump to the side-by-side numbers

Visual comparison

Key metrics

Projected income on $10K

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

Total returns

100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.

JEPQ tops the group over the trailing twelve months with a 19.73% total return, against JEPI at 6.92% and SPYI at 14.93%. Across the 3-year window, JEPQ has the strongest compounding at 21.60% a year. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
SymbolYTD cumulative1Y cumulative3Y annualizedSince Aug 2022Volatility Sharpe Sortino Max drawdown
JEPI3.50%6.92%10.22%9.11%10.1%0.530.74-13.3%
JEPQ14.25%19.73%21.60%19.82%15.6%0.971.38-20.1%
SPYI10.68%14.93%17.68%15.05%12.5%0.951.35-16.5%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 30, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Aug 2022” measures every fund from August 30, 2022 — the start of shared available history — 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.

Distribution rate and SEC yield

MetricJEPIJEPQSPYI
Forward distribution rate7.93%13.37%12.05%
Trailing 12-month yield8.15%11.04%11.93%
30-day SEC yield——0.46%

Total return (price change plus reinvested distributions) is the Total returns section above. A 30-day SEC yield can sit far from the headline distribution rate; both numbers are the fund's own published fields.

Total return against the stated underlying is on JEPQ vs QQQ, SPYI vs SPY.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricJEPIJEPQSPYI
Full nameJPMorgan Equity Premium Income ETFJPMorgan Nasdaq Equity Premium Income ETFNEOS S&P 500 High Income ETF
IssuerJPMorganJPMorganNEOS
Underlying index—Nasdaq-100S&P 500 Index
Last Close$56.22 as of September 30, 2026$61.26 as of September 30, 2026$53.17 as of September 30, 2026
Distribution rate7.93%13.37%12.05%
Trailing 12-month yield8.15%11.04%11.93%
30-day SEC yield——0.46%
Distribution Safety Score™ 759090
Safety-Adjusted Yield 5.95%12.03%10.85%
Expense ratio0.35%0.35%0.68%
AUM$45.7B$43.9B$12.4B
Distribution frequencyMonthlyMonthlyMonthly
ObjectiveSeeks monthly income and lower volatility than the broad U.S. large-cap market by combining an actively managed portfolio of equities with equity-linked notes that sell call options on the S&P 500 Index.Seeks monthly income by combining an actively managed portfolio of equities drawn largely from the Nasdaq-100 Index with equity-linked notes that sell call options on that benchmark.Seeks to generate high monthly income in a tax efficient manner while targeting equity appreciation.
Asset classEquityEquityEquity
Inception date05/20/202005/03/202208/29/2022
Beta0.430.810.7
Last dividend$0.37142$0.68255$0.5338
Ex-dividend date09/01/202609/01/202609/16/2026

How the risk works

Read this before the income numbers below: the strategy mechanics on this page shape what those payouts can cost you.

  • Capped upside and premium dependence. JEPQ and SPYI generate income by selling options, which trades away part of a strong rally in exchange for premium. Distributions can include return of capital, and a payout the underlying assets cannot sustain shows up as NAV erosion over time — the big yield number is not free.

Learn the mechanics: Return of capital, explained · NAV erosion, explained

Model this comparison:
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Income calculator

See how much monthly income a hypothetical investment would generate in each ETF at current yields.

JPMorgan
ETFs78
Total AUM$350B

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

JPMorgan is a major provider of ETFs spanning multiple asset classes and strategies, with particular strength in income-focused funds including their popular covered call strategy lineup. Their fund family encompasses broad categories including bond, equity, factor, income, index, international, municipal, and sector ETFs, providing investors with diverse exposure options across markets and investment styles. The issuer offers both core indexed strategies and actively managed solutions, serving investors seeking everything from traditional dividend income to sophisticated factor-based and thematic approaches.

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

See all JPMorgan ETFs
NEOS
ETFs19
Total AUM$34.7B

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

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Quick verdict

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

JEPQ offers the highest reported yield at 13.37%, followed by SPYI at 12.05%, JEPI at 7.93%.

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

JEPI is the largest fund by assets ($45.7B), but assets alone do not establish trading costs or liquidity.

Deep dive

Yield & income

On a $10,000 investment: JEPI generates ~$66.08 cash per distribution, JEPQ generates ~$111.42 cash per distribution, SPYI generates ~$100.42 cash per distribution at current distribution rates.

JEPI yield7.93%
JEPQ yield13.37%
SPYI yield12.05%

Cost & efficiency

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

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

Strategy & risk

JEPI is an actively managed ETF built around a derivative overlay strategy; JEPQ is actively managed around Nasdaq-100 exposure with a covered call approach; SPYI tracks S&P 500 Index with an active approach.

JEPI beta0.43
JEPQ beta0.81
SPYI beta0.7

Fund details

JEPI is managed by JPMorgan (launched 05/20/2020) with $45.7B in assets. JEPQ is managed by JPMorgan (launched 05/03/2022) with $43.9B in assets. SPYI is managed by NEOS (launched 08/29/2022) with $12.4B in assets.

JEPI AUM$45.7B
JEPQ AUM$43.9B
SPYI AUM$12.4B
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Frequently asked questions

JEPI vs JEPQ vs SPYI: how do the three differ?

Two axes separate them: which index they sit on, and how the income is produced. JEPI and SPYI both run on the S&P 500; JEPQ runs on the Nasdaq-100, which is more volatile and so throws off richer option premiums — that alone explains most of its higher payout. On the second axis, JEPI and JEPQ are JPMorgan funds that hold an actively chosen equity book and earn much of their distribution through equity-linked notes, generally taxed as ordinary income. SPYI is a NEOS fund that holds the index and sells index calls, which fall under Section 1256 and use return of capital, so more of the payout can be tax-deferred in a taxable account. As of September 2026: JEPI 7.93% at 0.35%, JEPQ 13.37% at 0.35%, SPYI 12.05% at 0.68%, with betas of 0.43, 0.81 and 0.7. None of this is tax advice; treatment depends on your account and situation.

Which of JEPI, JEPQ, 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, SPYI?

JEPI (JPMorgan Equity Premium Income ETF) is an actively managed ETF built around a derivative overlay strategy, issued by JPMorgan. JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) is actively managed around Nasdaq-100 exposure with a covered call approach, issued by JPMorgan. SPYI (NEOS S&P 500 High Income ETF) tracks S&P 500 Index with an active approach, issued by NEOS.

Can I hold JEPI, JEPQ, SPYI together?

Yes — nothing prevents holding them together. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Which of JEPI, JEPQ and SPYI is safest?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — they are effectively tied: JEPQ scores 90, SPYI scores 90, JEPI scores 75. Neither has a clear safety edge on that measure. JEPI has also shown lower price volatility (beta 0.43 vs 0.81 for JEPQ). No score makes an investment risk-free — treat this as a screening signal, not a guarantee, and the leverage, options-income, or crypto caveats flagged on this page apply regardless of score.

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

JEPI has an expense ratio of 0.35%, JEPQ has an expense ratio of 0.35%, 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 ~$66.08 cash per distribution ($793.00/year). $10,000 in JEPQ yields ~$111.42 cash per distribution ($1,337.00/year). $10,000 in SPYI yields ~$100.42 cash per distribution ($1,205.00/year).

More comparisons to explore

JEPI vs JEPQ vs SPYI — at a glance

Generated September 26, 2026.

Overview

JEPI, JEPQ, and SPYI are all actively managed ETFs that combine equity holdings with systematic call-option selling to generate monthly income. All three use equity-linked notes or similar derivatives to cap upside and fund their distributions.

How they differ

JEPQ's 13.37% distribution rate stands out versus JEPI's 7.93% and SPYI's 12.05%, but comes with a sharply higher beta of 0.81 — reflecting its tech-heavy Nasdaq-100 tilt versus JEPI's 0.43 and SPYI's 0.7. JEPI dominates in size and longevity: $45.7B in assets since 05/20/2020, nearly matching JEPQ's $43.9B while enjoying a two-year head start.

Who each is best for

  • JEPI: Fits investors seeking lower volatility alongside dividend income, with a beta substantially below 1.0, making it a candidate for those wary of sharp equity swings while still wanting equity-linked returns.
  • JEPQ: Designed for growth-oriented income seekers who can tolerate or welcome higher beta exposure, attracted to Nasdaq-100 concentration and the yield premium it currently offers over large-cap peers.

Key risks to know

  • NAV erosion risk: All three funds distribute yields well above historical equity market returns (7–13%), likely funded partly through return of capital. When call options expire out-of-the-money or roll at lower strikes, distributions may compress, eroding NAV absent strong underlying price appreciation or market rallies that allow higher strikes to be sold.
  • Capped upside from call selling: Holding call options against the portfolio limits gains if the underlying index rallies sharply. JEPQ's higher beta suggests its tech-heavy position may see more pronounced capping during Nasdaq surges; JEPI and SPYI face the same headwind in a broad-market rally.
  • Tech concentration in JEPQ: The Nasdaq-100 tilt concentrates JEPQ in growth stocks and semiconductor/software exposure. This adds sector risk and magnifies downside when high-growth names sell off, even though beta of 0.81 suggests lower market-wide volatility.
  • Liquidity and cost of option hedging: If equity or index volatility spikes, the cost of selling new call options rises, potentially reducing the income the fund can generate or forcing lower strike selection that caps gains further. This affects all three but hinges on market conditions.

Bottom line

If you want the lowest volatility alongside proven scale and two years of history, JEPI's 0.43 beta and $45.7B assets stand out. If Nasdaq-100 growth exposure and a higher headline yield appeal despite higher beta, JEPQ delivers, though you're capping gains more aggressively. SPYI offers an S&P 500 alternative but at a higher cost and smaller asset base—worth evaluating only if tax efficiency claims materially reduce your after-tax drag versus JEPI. All three carry the core risk that their high yields depend on continued call-selling premium; past performance does not predict future returns, and distribution levels can fall if volatility or market conditions shift.

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

Learn the method

The metrics behind this comparison, explained in the Academy.

How covered-call funds work How to read a fund's stats The covered-call opportunity cost

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These comparisons follow the Dividend Vision methodology.