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ETF Comparison

JEPI vs QYLD vs RYLD vs XYLD: Which Fits Each Goal in 2026?

A side-by-side comparison of JPMorgan Equity Premium Income ETF, Global X Nasdaq 100 Covered Call ETF, Global X Russell 2000 Covered Call ETF and Global X S&P 500 Covered Call ETF covering yield, cost, risk, and income potential.

Data updated August 19, 2026

Best for

  • JEPIInvestors who want broad equity exposure.
  • QYLDInvestors who want to maximize current income — roughly 11.70%, generated by selling options premium.
  • RYLDInvestors who want to maximize current income — roughly 11.74%, generated by selling options premium.
  • XYLDInvestors who want to maximize current income — roughly 11.78%, generated by selling options premium.

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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

RYLD tops the group over the trailing twelve months with a 23.03% total return, against JEPI at 9.96%, QYLD at 21.86% and XYLD at 18.76%. Across the 5-year window, QYLD has the strongest compounding at 8.24% 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.
SymbolYTD1Y3Y5YSince May 2020Volatility Sharpe Sortino Max drawdown
JEPI5.34%9.96%10.21%7.38%11.39%10.1%0.520.73-13.3%
QYLD10.51%21.86%14.67%8.24%10.69%13.4%0.690.99-19.1%
RYLD14.13%23.03%10.55%3.75%10.00%12.8%0.440.61-19.0%
XYLD9.11%18.76%13.01%7.96%11.28%10.2%0.761.10-15.5%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of August 19, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since May 2020” measures every fund from May 21, 2020 — 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.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricJEPIQYLDRYLDXYLD
Full nameJPMorgan Equity Premium Income ETFGlobal X Nasdaq 100 Covered Call ETFGlobal X Russell 2000 Covered Call ETFGlobal X S&P 500 Covered Call ETF
IssuerJPMorganGlobal XGlobal XGlobal X
Last Close$57.83 as of August 19, 2026$18.20 as of August 19, 2026$16.41 as of August 19, 2026$41.65 as of August 19, 2026
Distribution yield7.61%11.70%11.74%11.78%
Distribution Safety Score™ 75817377
Expense ratio0.35%0.60%0.60%0.60%
AUM$46.2B$8.29B$1.40B$3.30B
Distribution frequencyMonthlyMonthlyMonthlyMonthly
Underlying index—Cboe Nasdaq-100 BuyWrite V2 IndexCboe Russell 2000 BuyWrite IndexCboe S&P 500 BuyWrite Index
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 tracking the Cboe Nasdaq-100 BuyWrite Index, holding the Nasdaq-100 stocks and writing a succession of one-month at-the-money covered call options on the index.Seeks monthly income by tracking an index that holds the Russell 2000 stocks and writes a succession of one-month at-the-money covered call options on the index.Seeks monthly income by tracking the Cboe S&P 500 BuyWrite Index, investing at least 80% of total assets in the index securities or instruments with similar economic characteristics.
Asset classEquityEquityEquityEquity
Inception date05/20/202012/11/201304/17/201906/21/2013
Beta0.430.490.540.4
Last dividend$0.3666$0.1775$0.1605$0.4088
Ex-dividend date08/03/202607/20/202607/20/202607/20/2026

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. QYLD, RYLD, and XYLD 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

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Income calculator

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

JPMorgan
ETFs79
Total AUM$345B

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
Global X
ETFs118
Total AUM$99.4B

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, RYLD and XYLD.

See all Global X ETFs

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Quick verdict

JEPI (JPMorgan Equity Premium Income ETF), QYLD (Global X Nasdaq 100 Covered Call ETF), RYLD (Global X Russell 2000 Covered Call ETF), XYLD (Global X S&P 500 Covered Call ETF) are dividend ETFs that take different approaches.

XYLD offers the highest reported yield at 11.78%, followed by RYLD at 11.74%, QYLD at 11.70%, JEPI at 7.61%.

JEPI is the cheapest with an expense ratio of 0.35%, compared to 0.60% for QYLD and 0.60% for RYLD and 0.60% for XYLD.

JEPI is the largest fund by assets ($46.2B), which generally means tighter spreads and better liquidity.

Deep dive

Yield & income

On a $10,000 investment: JEPI generates ~$63.42/month, QYLD generates ~$97.50/month, RYLD generates ~$97.83/month, XYLD generates ~$98.17/month at current distribution rates.

JEPI yield7.61%
QYLD yield11.70%
RYLD yield11.74%
XYLD yield11.78%

Cost & efficiency

Over 10 years on $10,000: JEPI costs ~$350, QYLD costs ~$600, RYLD costs ~$600, XYLD costs ~$600 in fees (simplified, not compounded).

JEPI ER0.35%
QYLD ER0.60%
RYLD ER0.60%
XYLD ER0.60%

Strategy & risk

JEPI is an actively managed ETF built around a derivative overlay strategy; QYLD tracks Cboe Nasdaq-100 BuyWrite V2 Index with a covered call approach; RYLD tracks Cboe Russell 2000 BuyWrite Index with a covered call approach; XYLD tracks Cboe S&P 500 BuyWrite Index with a covered call approach.

JEPI beta0.43
QYLD beta0.49
RYLD beta0.54
XYLD beta0.4

Fund details

JEPI is managed by JPMorgan (launched 05/20/2020) with $46.2B in assets. QYLD is managed by Global X (launched 12/11/2013) with $8.29B in assets. RYLD is managed by Global X (launched 04/17/2019) with $1.40B in assets. XYLD is managed by Global X (launched 06/21/2013) with $3.30B in assets.

JEPI AUM$46.2B
QYLD AUM$8.29B
RYLD AUM$1.40B
XYLD AUM$3.30B
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Frequently asked questions

Which of JEPI, QYLD, RYLD, and XYLD is best for dividend income?

It depends on your goals. XYLD 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, QYLD, RYLD, and XYLD?

JEPI (JPMorgan Equity Premium Income ETF) is an actively managed ETF built around a derivative overlay strategy, issued by JPMorgan. QYLD (Global X Nasdaq 100 Covered Call ETF) tracks Cboe Nasdaq-100 BuyWrite V2 Index with a covered call approach, issued by Global X. RYLD (Global X Russell 2000 Covered Call ETF) tracks Cboe Russell 2000 BuyWrite Index with a covered call approach, issued by Global X. XYLD (Global X S&P 500 Covered Call ETF) tracks Cboe S&P 500 BuyWrite Index with a covered call approach, issued by Global X.

Can I hold JEPI, QYLD, RYLD, and XYLD 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, QYLD, RYLD and XYLD 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 — QYLD scores 81, XYLD scores 77, JEPI scores 75, RYLD scores 73, so QYLD's payout currently looks the more resilient of the group. 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, QYLD, RYLD, and XYLD?

JEPI has an expense ratio of 0.35%, QYLD has an expense ratio of 0.60%, RYLD has an expense ratio of 0.60%, XYLD has an expense ratio of 0.60%. 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 ~$63.42/month ($761.00/year). $10,000 in QYLD yields ~$97.50/month ($1,170.00/year). $10,000 in RYLD yields ~$97.83/month ($1,174.00/year). $10,000 in XYLD yields ~$98.17/month ($1,178.00/year).

More comparisons to explore

JEPI vs QYLD vs RYLD vs XYLD — at a glance

Generated August 15, 2026.

Figures quoted in this analysis are from its generation date and may lag the live snapshot table above, which always shows the latest data.

Overview

All four are covered-call ETFs that generate monthly income by holding a basket of large-cap U.S. stocks and systematically selling one-month call options on them. They differ fundamentally in their underlying index exposure: JEPI uses actively managed positions with SPX derivatives, QYLD tracks the Nasdaq-100, RYLD tracks the Russell 2000 small caps, and XYLD tracks the S&P 500. The tradeoff is between yield, volatility, and upside capture.

How they differ

JEPI stands apart as the only actively managed fund in the group and carries the lowest yield (7.58%) but also the lowest expense ratio (0.35%) and the lowest beta (0.43), suggesting its manager is tilting toward stability and capping call-strike aggressiveness. QYLD and RYLD are nearly identical in structure and yield—QYLD at 11.70% on Nasdaq-100 exposure and RYLD at 11.74% on Russell 2000 exposure—both charging 0.60% in fees, but RYLD's higher beta (0.54) reflects small-cap volatility compared to QYLD's 0.49. XYLD yields the highest (11.78%) on S&P 500 exposure with the lowest beta (0.40) among the three index-tracking funds, suggesting its underlying index and call strategy together produce the most muted volatility. JEPI is the largest by far at $45.8B AUM, while RYLD is the smallest at $1.37B.

Who each is best for

  • JEPI: Fits investors seeking lower volatility and moderate income from a large-cap equity sleeve who value active management and don't require the highest yield; the 7.58% distribution and 0.43 beta appeal to those prioritizing capital preservation alongside monthly cash flow.
  • QYLD: Fits investors comfortable with technology-stock concentration and higher equity volatility in exchange for an 11.70% yield; designed for portfolios where Nasdaq-100 growth exposure aligns with the income goal.
  • RYLD: Fits investors seeking small-cap equity income who tolerate the additional volatility that Russell 2000 names bring; the 11.74% yield targets those wanting beaten-down, higher-beta stocks with monthly distributions.
  • XYLD: Fits investors seeking the highest yield (11.78%) while maintaining broad S&P 500 diversification and the lowest beta (0.40) among index-tracking covered-call funds; designed for core large-cap income allocation with muted downside swings.

Key risks to know

  • NAV erosion risk: All four funds distribute at yields well above typical U.S. equity dividend growth rates. When call premiums and dividends together form a significant portion of distributions, NAV tends to erode over time, particularly during rallies when called-away upside compounds the effect.
  • Call-cap drag: By design, covered calls cap returns during strong bull markets. JEPI's lower beta (0.43) and yield (7.58%) suggest tighter caps; XYLD and RYLD's higher yields (11.78% and 11.74%) imply deeper out-of-the-money strikes that may still lag a rising index meaningfully.
  • Underlying concentration and volatility: QYLD's Nasdaq-100 tilt concentrates tech exposure; RYLD's Russell 2000 base carries higher single-name and sector risk than broad large-cap funds. Neither diversification within their index eliminates the cyclical swings of their chosen universe.
  • Beta mismatch in downturns: While lower betas (JEPI at 0.43, XYLD at 0.40) suggest downside cushioning, covered-call mechanics can amplify losses in severe drawdowns when underlying positions drop faster than call premiums decay.
  • AUM and liquidity variance: JEPI's $45.8B AUM offers institutional-grade liquidity; RYLD's $1.37B is materially smaller, potentially widening bid-ask spreads and limiting intraday exit options during stressed markets.

Bottom line

If you want broad large-cap income with the lowest volatility and most modest yield, JEPI's active management and 7.58% distribution stand apart. If you're choosing among the index-tracking funds, XYLD offers the highest yield (11.78%) with the lowest beta (0.40), making it attractive for core allocation; QYLD and RYLD compete on yield (both ~11.7%) but differ by underlying—tech-heavy Nasdaq versus small-cap Russell 2000, each with its own concentration and cyclicality risk. All four carry meaningful NAV-erosion risk and call-cap drag in extended rallies. 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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