ETF Comparison

JEPI vs QYLD vs RYLD vs XYLD: Which Is the Better Pick 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 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.

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, RYLD and XYLD.

See all Global X ETFs

Side-by-side snapshot

	JEPI	QYLD	RYLD	XYLD
Full name	JPMorgan Equity Premium Income ETF	Global X Nasdaq 100 Covered Call ETF	Global X Russell 2000 Covered Call ETF	Global X S&P 500 Covered Call ETF
Issuer	JPMorgan	Global X	Global X	Global X
Last Close	$56.71 as of July 4, 2026	$18.09 as of July 4, 2026	$15.98 as of July 4, 2026	$40.84 as of July 4, 2026
Distribution yield	8.19%	12.30%	12.15%	10.00%
Distribution Safety Score	72	83	72	81
Expense ratio	0.35%	0.61%	0.60%	0.60%
AUM	$44.3B	$8.22B	$1.36B	$3.16B
Distribution frequency	Monthly	Monthly	Monthly	Monthly
Underlying index	SPX	NASDAQ 100	Russell 2000	S&P 500 Index
Objective	Covered Call	Covered Call	Covered Call	Covered Call
Asset class	Equity	Equity	Equity	Equity
Inception date	05/20/2020	12/11/2013	04/18/2019	06/24/2013
Beta	0.45	0.49	0.55	0.41
Last dividend	$0.3872	$0.1854	$0.1618	$0.3403
Ex-dividend date	07/01/2026	06/22/2026	06/22/2026	06/22/2026

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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

QYLD tops the group on trailing twelve-month total return at 20.88%, with JEPI at 7.46%, RYLD at 19.73% and XYLD at 15.60%. Across the 5-year window, QYLD has the strongest compounding at 8.10% a year. Figures are total returns: price change plus every distribution reinvested.

Symbol	YTD	1Y	3Y	5Y	Since May 2020	Volatility	Sharpe	Sortino	Max drawdown
JEPI	2.36%	7.46%	9.08%	7.43%	11.13%	10.1%	0.42	0.59	-13.3%
QYLD	7.58%	20.88%	13.28%	8.10%	10.45%	13.2%	0.61	0.87	-19.1%
RYLD	8.85%	19.73%	7.86%	2.48%	9.38%	12.8%	0.24	0.34	-19.0%
XYLD	5.01%	15.60%	11.04%	7.44%	10.84%	10.3%	0.59	0.84	-15.5%

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 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.

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.

QYLD offers the highest reported yield at 12.30%, followed by RYLD at 12.15%, XYLD at 10.00%, JEPI at 8.19%.

JEPI is the cheapest with an expense ratio of 0.35%, compared to 0.60% for RYLD and 0.60% for XYLD and 0.61% for QYLD.

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, QYLD generates ~$102.50/month, RYLD generates ~$101.25/month, XYLD generates ~$83.33/month at current distribution rates.

JEPI yield8.19%

QYLD yield12.30%

RYLD yield12.15%

XYLD yield10.00%

Cost & efficiency

Over 10 years on $10,000: JEPI costs ~$350, QYLD costs ~$610, RYLD costs ~$600, XYLD costs ~$600 in fees (simplified, not compounded).

JEPI ER0.35%

QYLD ER0.61%

RYLD ER0.60%

XYLD ER0.60%

Strategy & risk

JEPI tracks SPX with a covered call approach; QYLD tracks NASDAQ 100 with a covered call approach; RYLD tracks Russell 2000 with a covered call approach; XYLD tracks S&P 500 Index with a covered call approach.

JEPI beta0.45

QYLD beta0.49

RYLD beta0.55

XYLD beta0.41

Fund details

JEPI is managed by JPMorgan (launched 05/20/2020) with $44.3B in assets. QYLD is managed by Global X (launched 12/11/2013) with $8.22B in assets. RYLD is managed by Global X (launched 04/18/2019) with $1.36B in assets. XYLD is managed by Global X (launched 06/24/2013) with $3.16B in assets.

JEPI AUM$44.3B

QYLD AUM$8.22B

RYLD AUM$1.36B

XYLD AUM$3.16B

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Frequently asked questions

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

It depends on your goals. QYLD 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) tracks SPX 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. RYLD (Global X Russell 2000 Covered Call ETF) tracks Russell 2000 with a covered call approach, issued by Global X. XYLD (Global X S&P 500 Covered Call ETF) tracks S&P 500 Index with a covered call approach, issued by Global X.

Can I hold JEPI, QYLD, RYLD, and XYLD 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, QYLD, RYLD, and XYLD?

JEPI has an expense ratio of 0.35%, QYLD has an expense ratio of 0.61%, 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 ~$68.25/month ($819.00/year). $10,000 in QYLD yields ~$102.50/month ($1,230.00/year). $10,000 in RYLD yields ~$101.25/month ($1,215.00/year). $10,000 in XYLD yields ~$83.33/month ($1,000.00/year).

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JEPI vs QYLD vs RYLD vs XYLD — at a glance

Generated July 2026 from current fund data.

Overview

These four funds are all equity-focused covered call ETFs that sell call options against their underlying stock holdings monthly, converting price upside into income. They differ mainly in what they cover: JEPI overlays the S&P 500 Index, XYLD covers the S&P 500, QYLD targets the Nasdaq 100, and RYLD targets the Russell 2000. This means the yield premium each generates—and the cap on potential gains—depends on the volatility and call-strike decisions for each underlying basket.

How they differ

The biggest split is underlyings and volatility. QYLD (Nasdaq 100) and RYLD (Russell 2000) both yield above 12%, while JEPI (S&P 500) and XYLD (S&P 500) yield 8.19% and 10.00%. Higher yields reflect steeper caps on upside; Nasdaq 100 and small-cap stocks are more volatile and their calls trade richer. JEPI is the newest major player (launched May 2020) and has by far the largest AUM at $44.3B, which typically indicates tighter bid-ask spreads and lower tracking error. XYLD has been around longest (June 2013, with QYLD even older at December 2013), offering a longer history. On fees, JEPI charges 0.35%, undercutting the three Global X funds at 0.60–0.61%. Finally, beta readings show JEPI and XYLD are the least volatile to their underlying (0.45 and 0.41, respectively), while RYLD's 0.55 beta reflects small-cap chop; this often means call-strike placement varies and outcomes can diverge even across similar strategies.

Who each is best for

JEPI: Investors seeking S&P 500 exposure with moderate-to-high income and who value fund scale, low fees, and a lower volatility profile within the covered call universe. The $44.3B in assets and 0.35% expense ratio appeal to those who prioritize liquidity and cost.

XYLD: Investors who want S&P 500 covered call income at a higher cap rate (10.00% yield) than JEPI, accepting somewhat lower fees (0.60%) and a longer track record (since 2013) as a tradeoff for slightly more upside collar.

QYLD: Investors with higher income needs who are comfortable with Nasdaq 100 technology and growth exposure and willing to accept a tighter cap on gains in exchange for the 12.30% distribution rate.

RYLD: Investors seeking small-cap covered call income, willing to accept the smallest AUM ($1.36B), higher beta (0.55), and the liquidity trade-off that comes with a narrower fund in pursuit of the 12.15% yield and Russell 2000 exposure.

Key risks to know

NAV erosion at high distribution yields. QYLD and RYLD both distribute above 12% annually; if the underlying index returns and call premiums don't sustain that pace, the fund's NAV may decline over time, meaning investors gradually recover less than their initial investment even if dividends look generous.

Call-strike capping on rallies. All four funds cap upside by selling calls; in a strong bull market, holders miss gains above the strike, while also retaining full downside exposure. The tighter the call strike relative to spot (which varies by fund and market conditions), the sharper the asymmetry.

Decline in call premium as volatility falls. If implied volatility contracts, call-option premiums compress, reducing the income cushion and tightening the yield. Funds that sold calls when the VIX was elevated may see distributions fall as vol normalizes, even if the underlying indexes are flat or rising.

Concentration and sector risk in QYLD. The Nasdaq 100 is heavily weighted toward technology and mega-cap growth; a prolonged underperformance or sector sell-off in those areas will affect both NAV and covered-call effectiveness, since call premiums correlate to underlying volatility.

Liquidity risk in RYLD. At $1.36B in AUM, RYLD is significantly smaller than its peers; this can widen bid-ask spreads and reduce the fund's ability to rebalance efficiently, particularly during market stress or large redemptions.

Bottom line

If you prioritize low fees, the largest asset base, and S&P 500 exposure with a moderate income kicker, JEPI stands out; if you want a higher S&P 500 yield with a longer history, XYLD offers a similar underlying with a wider call collar. If you're chasing the highest yield, QYLD (Nasdaq) and RYLD (Russell 2000) deliver, but they do so by capping upside more tightly and—especially with RYLD—by introducing smaller-fund liquidity constraints and sector concentration. All four carry the structural risk that high distributions may erode principal if market returns and call premiums fail to sustain them. Past performance doesn't predict future results.

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