JEPI combines an actively selected U.S. equity portfolio with option exposure through equity-linked notes (ELNs). OVL pairs large-cap equity exposure with active put selling. Both introduce risks beyond owning equities alone.
Data updated September 18, 2026
Best for
JEPIInvestors who want active equities with ELN-based option exposure and accept note risks.
OVLInvestors who want equity exposure with a put overlay and accept additional option risk.
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.
JEPI has lagged OVL over the trailing twelve months, posting a 7.04% total return against 19.89%. The lead holds up over 5 years too: OVL has compounded at 13.16% a year, against 7.22% for JEPI. JEPI has been the steadier holding, though — annualized volatility of 10.1% against 18.7% for OVL. 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.
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 18, 2026. YTD and 1Y are cumulative; windows of one year or longer are annualized. “Since May 2020” measures every fund from May 21, 2020 — 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.
Side-by-side snapshot
Side-by-side snapshot. Each row is one metric;
each column is one fund.
Seeks 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.
Put-selling overlay on large cap equity exposure via VOO (Vanguard S&P 500 ETF) to generate additional income.
Bottom lineChoose JEPI if you want active equities with ELN-based option exposure and accept note risks. Choose OVL if you want equity exposure with a put overlay and accept additional option risk. Distributions can change and may include return of capital. A payout rate is not total return, and tax character alone does not establish economic loss.
Active equities with ELNs versus an equity put overlay
JEPI combines an actively selected U.S. equity portfolio with option exposure through equity-linked notes (ELNs). OVL pairs large-cap equity exposure with active put selling. Both introduce risks beyond owning equities alone.
JEPI
OVL
Approach
Active U.S. equities and equity-linked notes
Large-cap equities and active put selling
Risk review
Equity losses plus ELN issuer, valuation, and liquidity risks
Equity losses plus put-overlay risk
Expense ratio
0.35%
0.79%
Portfolio fit
Review combined holdings and weights
Review combined holdings and weights
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. OVL generates 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.
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.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
Overlay Shares operates a focused lineup of four income-focused ETFs designed to generate regular distributions for investors. The company specializes in option overlay strategies that aim to enhance yield through covered call and similar income-generating techniques, with its funds trading under tickers OVF, OVL, OVLH, and OVS. This niche approach to dividend enhancement differentiates Overlay Shares within the broader ETF marketplace, appealing to investors seeking higher current income through systematic option strategies.
See our curated list of related YouTube videos on OVL.
JEPI (JPMorgan Equity Premium Income ETF) and OVL (Overlay Shares Large Cap Equity ETF) are both monthly-pay dividend ETFs, but they take different approaches.
OVL offers the higher yield at 10.43% vs 7.93% for JEPI. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
JEPI is cheaper with an expense ratio of 0.35% compared to 0.79%.
JEPI is the larger fund by assets ($45.3B), but assets alone do not establish trading costs or liquidity.
Still deciding? Track JEPI & OVL for free
Create a free Dividend Vision account to keep them on a watchlist, get notified when they declare dividends, and see how much income they would add to your portfolio.
On a $10,000 investment, JEPI would generate roughly $66.08/month, while OVL would produce $86.92/month, at current distribution rates. Both pay monthly distributions.
JEPI yield7.93%
OVL yield10.43%
Monthly diff on $10K$20.83
Cost & efficiency
Over 10 years on $10,000, JEPI would cost approximately $350 in fees vs $790 for OVL (simplified, not compounded). The $440.00 difference may be offset by yield or performance.
JEPI ER0.35%
OVL ER0.79%
Strategy & risk
JEPI combines an actively selected U.S. equity portfolio with option exposure through equity-linked notes (ELNs). OVL pairs large-cap equity exposure with active put selling. Both introduce risks beyond owning equities alone. Beta describes historical benchmark sensitivity, not guaranteed downside protection.
JEPI beta0.43
OVL beta1.17
Fund details
JEPI is managed by JPMorgan (launched 05/20/2020) with $45.3B in assets. OVL is managed by Overlay Shares (launched 09/30/2019) with $443M in assets.
Do us a favor — if you found this comparison useful, please share it with a friend researching dividend ETFs.
Frequently asked questions
Does JEPI guarantee downside protection or a reliable monthly payout?
No. JEPI's income and volatility objectives are not guarantees. Its ELNs also introduce issuer, liquidity, and valuation risks. OVL's put overlay can add losses to its equity exposure. Evaluate both portfolios and actual distribution histories rather than treating beta or the current payout as a promise.
How should I compare risk and ownership costs?
Use matching dates and definitions for returns, distributions, and fees. Beta describes historical benchmark sensitivity, not guaranteed downside protection. Check current bid-ask spreads and premiums or discounts; AUM alone does not determine the price available for your order.
Explore related screeners
Lateral filters that include these funds — browse the full peer set on DividendVision.
Still deciding? Compare them against your own portfolio
See how each ETF fits alongside your real holdings — forecast future income, analyze overlap, and gauge risk. Start a free 7-day Dividend Vision trial and make the call with your full portfolio in view.
