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ETF Comparison

JEPI vs QDTE: Which Is the Better Pick in 2026?

A head-to-head comparison of JPMorgan Equity Premium Income ETF and Roundhill Nasdaq-100® 0DTE Covered Call Strategy ETF covering yield, cost, risk, and income potential.

Updated September 30, 2026

How these figures are calculated: methodology.

Best for

  • JEPIInvestors who want broad equity exposure.
  • QDTEInvestors who want to maximize current income — roughly 19.75%, 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.

JEPI has lagged QDTE over the trailing twelve months, posting a 6.92% total return against 22.67%. Measured from Mar 2024 — the start of shared available history — QDTE has compounded at 20.84% a year versus 7.39% for JEPI. JEPI has been the steadier holding, though — annualized volatility of 8.1% against 18.3% for QDTE. 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 cumulativeSince Mar 2024Volatility Sharpe Sortino Max drawdown
JEPI3.50%6.92%7.39%8.1%0.270.39-6.7%
QDTE17.67%22.67%20.84%18.3%0.871.21-10.2%

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 Mar 2024” measures every fund from March 7, 2024 — 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 past year. 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 past year) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Distribution rate and return of capital

MetricJEPIQDTE
Forward distribution rate7.93%19.75%
Trailing 12-month yield8.15%44.08%
Return of capital—100.00%

Total return (price change plus reinvested distributions) is the Total returns section above. Return of capital is the share of a recent distribution that was not income.

Total return against the stated underlying is on QDTE vs QQQ.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricJEPIQDTE
Full nameJPMorgan Equity Premium Income ETFRoundhill Nasdaq-100® 0DTE Covered Call Strategy ETF
IssuerJPMorganRoundhill Investments
Last Close$56.22 as of September 30, 2026$29.21 as of September 30, 2026
Distribution rate7.93%19.75%
Trailing 12-month yield8.15%44.08%
Distribution Safety Score™ 7574
Safety-Adjusted Yield 5.95%14.62%
Expense ratio0.35%0.96%
AUM$45.7B$983M
Distribution frequencyMonthlyWeekly
Underlying index—Nasdaq-100
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 weekly income by investing at least 80% of net assets in instruments that provide exposure to the Nasdaq-100 Index and writing zero-days-to-expiration (0DTE) call options against that exposure.
Asset classEquityEquity
Inception date05/20/202003/07/2024
Beta0.431.1903
Last dividend$0.37142$0.110957 declared, pays 10/02/2026
Ex-dividend date09/01/202610/01/2026 upcoming

Bottom lineChoose JEPI if you want broad equity exposure. Choose QDTE if you want to maximize current income — roughly 19.75%, generated by selling options premium. JEPI and QDTE both use option or derivative overlays. Their tradeoff is the underlying exposure, how each option strategy is implemented, and the yield each targets; either overlay can limit upside participation, so neither offers uncapped price exposure.

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. QDTE 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.

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.

See all JPMorgan ETFs
Roundhill Investments
ETFs56
Total AUM$39.7B

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

Roundhill Investments is known for offering innovative, specialized ETFs that often feature weekly dividend distributions and exposure to trending themes and individual mega-cap stocks. Their lineup spans income-focused strategies, leveraged products, thematic investments in areas like cryptocurrency and artificial intelligence, and weekly-pay funds that appeal to investors seeking frequent distributions. The issuer has built a distinctive niche with products targeting both traditional income seekers and those interested in emerging sectors, offering a diverse range of tickers that go well beyond conventional dividend vehicles.

See our curated list of related YouTube videos on QDTE.

See all Roundhill Investments ETFs

Want to go deeper?

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Quick verdict

JEPI (JPMorgan Equity Premium Income ETF) and QDTE (Roundhill Nasdaq-100® 0DTE Covered Call Strategy ETF) are both dividend ETFs, but they take different approaches.

QDTE offers the higher yield at 19.75% 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 0.96%.

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

Who should choose each?

Choose JEPI

JPMorgan Equity Premium Income ETF

  • Want broad equity exposure.
  • Want to keep costs low — a 0.35% expense ratio vs 0.96% for QDTE.
  • Prefer lower volatility — a beta of 0.4 vs 1.2 for QDTE.

Choose QDTE

Roundhill Nasdaq-100® 0DTE Covered Call Strategy ETF

  • Want to maximize current income — QDTE distributes roughly 19.75% from selling options premium, vs 7.93% for JEPI.
  • Are comfortable with an options-income strategy — a large payout in exchange for capped upside.

Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.

Deep dive

Yield & income

On a $10,000 investment, JEPI would generate roughly $66.08 cash per distribution, while QDTE would produce $37.98 cash per distribution, at current distribution rates.

JEPI yield7.93%
QDTE yield19.75%
Cash diff on $10K$28.10

Cost & efficiency

Over 10 years on $10,000, JEPI would cost approximately $350 in fees vs $960 for QDTE (simplified, not compounded). The $610.00 difference may be offset by yield or performance.

JEPI ER0.35%
QDTE ER0.96%

Strategy & risk

JEPI is an actively managed ETF built around a derivative overlay strategy, while QDTE tracks Nasdaq-100 with a covered call approach. Beta is 0.43 for JEPI and 1.1903 for QDTE, making JEPI the less volatile of the two by this measure.

JEPI beta0.43
QDTE beta1.1903

Fund details

JEPI is managed by JPMorgan (launched 05/20/2020) with $45.7B in assets. QDTE is managed by Roundhill Investments (launched 03/07/2024) with $983M in assets.

JEPI AUM$45.7B
QDTE AUM$983M
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Frequently asked questions

What is the current distribution rate for JEPI and QDTE?

JEPI currently distributes 7.93% and QDTE 19.75%, based on fund data updated September 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is JEPI or QDTE better for dividend income?

It depends on your goals. QDTE currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.

What is the difference between JEPI and QDTE?

JEPI (JPMorgan Equity Premium Income ETF) is an actively managed ETF built around a derivative overlay strategy, while QDTE (Roundhill Nasdaq-100® 0DTE Covered Call Strategy ETF) tracks Nasdaq-100 with a covered call approach. They are issued by JPMorgan and Roundhill Investments respectively.

Can I hold both JEPI and QDTE?

Yes — nothing prevents holding both. 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.

Is JEPI or QDTE safer?

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: JEPI scores 75, QDTE scores 74. Neither has a clear safety edge on that measure. JEPI has also shown lower price volatility (beta 0.43 vs 1.19 for QDTE). 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 lower fees, JEPI or QDTE?

JEPI has an expense ratio of 0.35% while QDTE charges 0.96%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in JEPI vs QDTE generate?

At current rates, $10,000 in JEPI would generate roughly $66.08 cash per distribution ($793.00 annually). The same in QDTE would produce about $37.98 cash per distribution ($1,975.00 annually).

Which has performed better historically, JEPI or QDTE?

JEPI has lagged QDTE over the trailing twelve months, posting a 6.92% total return against 22.67%. Measured from Mar 2024 — the start of shared available history — QDTE has compounded at 20.84% a year versus 7.39% for JEPI. JEPI has been the steadier holding, though — annualized volatility of 8.1% against 18.3% for QDTE. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

JEPI vs QDTE — at a glance

Generated September 26, 2026.

Overview

JEPI and QDTE are both equity ETFs that generate income through covered call strategies, but they differ fundamentally in scope, frequency, and risk profile. JEPI uses active management and writes calls on the S&P 500, targeting monthly distributions with moderate volatility dampening. QDTE focuses exclusively on the Nasdaq-100, writes calls that expire daily (0DTE), and pays weekly—a significantly more aggressive income-harvesting approach designed for investors seeking far higher cash flow.

How they differ

The biggest structural difference is call-writing frequency and time horizon. This creates a dramatic yield gap: 19.75% versus 7.93%.

Second, the underlying exposure differs sharply. JEPI tracks large-cap U.S. equities across the S&P 500 with an active manager; QDTE is mechanically tied to the Nasdaq-100, which concentrates in tech and growth. JEPI's 0.43 beta signals meaningful downside cushion; QDTE's 1.1903 beta means it moves nearly 1:1 with that Nasdaq volatility.

Third, fee and scale vary. JEPI's 0.35% expense ratio is half QDTE's 0.96%, and JEPI's $45.7B asset base dwarfs QDTE's $983M, reflecting maturity and institutional adoption. QDTE launched 2 years, making it an early-stage experiment in daily option harvesting.

Who each is best for

  • JEPI: Fits investors seeking steady monthly income with meaningful downside dampening, who accept that covered-call payouts cap upside but value stability and a lower-volatility equity sleeve within a diversified portfolio.
  • QDTE: Fits growth-focused investors comfortable with full Nasdaq-100 beta who prioritize weekly cash flow and are willing to tolerate rapid turnover, option-writing mechanics, and the risk that daily call harvesting may erode value in sharp upmarket moves.

Key risks to know

  • NAV erosion at extreme yields. QDTE's 19.75% distribution rate is at a level where NAV decay is a material risk if underlying Nasdaq-100 returns don't keep pace.
  • 0DTE volatility and gamma risk. QDTE's daily option roll introduces sharp gamma and vega exposure—rapid repricing during market gaps or fast moves can trigger unexpected losses or forced liquidation to meet call obligations, whereas JEPI's longer-dated calls offer more cushion.
  • Concentration in tech-heavy Nasdaq-100. QDTE holds no diversification outside the 100 largest Nasdaq stocks, which carry meaningful sector and name concentration; JEPI's S&P 500 base spreads risk across 500 holdings and sectors.
  • Fund immaturity and strategy risk. QDTE has operated 2 years, so there is no recession or prolonged downturn history to evaluate how 0DTE harvesting performs when volatility spikes and Nasdaq-100 equities sell off sharply.

Bottom line

If you want stable monthly income with downside dampening and a diversified large-cap base, JEPI's lower cost and broader exposure stand out. If you prioritize aggressive weekly cash flow and can tolerate concentrated tech exposure and daily option turnover, QDTE's yield offers appeal—but the extreme payout level and nascent track record require careful scrutiny of how the strategy performs outside a strong equity market. Past performance does not predict future results.

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.