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ETF Comparison

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

A head-to-head comparison of JPMorgan Equity Premium Income ETF and SPDR S&P 500 ETF Trust covering yield, cost, risk, and income potential.

Data updated August 13, 2026

Best for

  • JEPIInvestors who want higher current income (7.61% vs 0.99% for SPY).
  • SPYInvestors who want simple, diversified core exposure in one low-cost fund.

Jump to the side-by-side numbers

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricJEPISPY
Full nameJPMorgan Equity Premium Income ETFSPDR S&P 500 ETF Trust
IssuerJPMorganState Street
Last Close$57.84 as of August 13, 2026$772.49 as of August 13, 2026
Distribution yield7.61%0.99%
Distribution Safety Score™ 75100
Expense ratio0.35%0.10%
AUM$45.8B$812B
Distribution frequencyMonthlyQuarterly
Underlying indexSPXS&P 500 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.Track the S&P 500 Index before expenses.
Asset classEquityEquity
Inception date05/20/202001/22/1993
Beta0.431.0
Last dividend$0.3666$1.9035
Ex-dividend date08/03/202606/18/2026

Bottom lineChoose JEPI if you want higher current income (7.61% vs 0.99% for SPY). Choose SPY if you want simple, diversified core exposure in one low-cost fund.

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Income calculator

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

JPMorgan
ETFs76
Total AUM$333B

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
State Street
ETFs180
Total AUM$2127B

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

State Street Global Advisors (SSGA) is one of the largest ETF providers globally, known for its flagship SPDR suite of exchange-traded products that serve both institutional and retail investors across a broad range of asset classes. Their 88-fund lineup spans diverse strategies including sector exposure (Select Sector SPDR), income generation (Income and Select Sector SPDR Premium Income families), commodities (including the widely-held GLD gold ETF), bonds, ESG-focused investments, and thematic allocations, with popular tickers like DIA (Diamonds Trust), FEZ (Eurozone exposure), and JNK (high-yield bonds) among their most recognized funds. The issuer is characterized by its comprehensive coverage across multiple market segments and its emphasis on both traditional index-based products and specialized strategies like covered call income funds and factor-based investing.

See our curated list of related YouTube videos on SPY.

See all State Street ETFs

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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

JEPI has lagged SPY over the trailing twelve months, posting a 11.10% total return against 22.82%. The lead holds up over 5 years too: SPY has compounded at 13.24% a year, against 7.36% for JEPI. JEPI has been the steadier holding, though — annualized volatility of 10.2% against 15.3% for SPY. 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
JEPI5.12%11.10%9.44%7.36%11.39%10.2%0.450.63-13.3%
SPY13.68%22.82%21.44%13.24%18.37%15.3%0.981.42-18.8%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of August 12, 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) and SPY (SPDR S&P 500 ETF Trust) are both dividend ETFs, but they take different approaches.

JEPI offers the higher yield at 7.61% vs 0.99% for SPY. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

SPY is cheaper with an expense ratio of 0.10% compared to 0.35%.

They track different benchmarks: JEPI is linked to SPX while SPY tracks S&P 500 Index, which means their performance drivers differ.

SPY is the larger fund by assets ($812B), which generally means tighter spreads and better liquidity.

Who should choose each?

Choose JEPI

JPMorgan Equity Premium Income ETF

  • Want higher current income — JEPI yields 7.61% vs 0.99% for SPY.
  • Want broad equity exposure.
  • Prefer lower volatility — a beta of 0.4 vs 1.0 for SPY.

Choose SPY

SPDR S&P 500 ETF Trust

  • Want simple, diversified core exposure as a portfolio building block.
  • Want to keep costs low — a 0.10% expense ratio vs 0.35% for JEPI.

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 $63.42/month, while SPY would produce $8.25/month, at current distribution rates.

JEPI yield7.61%
SPY yield0.99%
Monthly diff on $10K$55.17

Cost & efficiency

Over 10 years on $10,000, JEPI would cost approximately $350 in fees vs $100 for SPY (simplified, not compounded). The $250.00 difference may be offset by yield or performance.

JEPI ER0.35%
SPY ER0.10%

Strategy & risk

JEPI is actively managed around SPX exposure with a covered call approach, while SPY tracks S&P 500 Index with a large cap approach. Beta is 0.43 for JEPI and 1.0 for SPY, indicating JEPI is less volatile relative to the market.

JEPI beta0.43
SPY beta1.0

Fund details

JEPI is managed by JPMorgan (launched 05/20/2020) with $45.8B in assets. SPY is managed by State Street (launched 01/22/1993) with $812B in assets.

JEPI AUM$45.8B
SPY AUM$812B
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Frequently asked questions

What is the current distribution yield for JEPI and SPY?

JEPI currently distributes 7.61% and SPY 0.99%, based on fund data updated August 2026. Distribution yield moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is JEPI or SPY better for dividend income?

It depends on your goals. JEPI 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 SPY?

JEPI (JPMorgan Equity Premium Income ETF) is actively managed around SPX exposure with a covered call approach, while SPY (SPDR S&P 500 ETF Trust) tracks S&P 500 Index with a large cap approach. They are issued by JPMorgan and State Street respectively.

Can I hold both JEPI and SPY?

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 SPY safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — SPY scores 100, JEPI scores 75, so SPY's payout currently looks the more resilient of the two. JEPI has also shown lower price volatility (beta 0.43 vs 1.00 for SPY). No score makes an investment risk-free — treat this as a screening signal, not a guarantee.

Which has lower fees, JEPI or SPY?

JEPI has an expense ratio of 0.35% while SPY charges 0.10%. Lower fees mean more of your investment returns stay in your pocket over time.

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

At current rates, $10,000 in JEPI would generate roughly $63.42 per month ($761.00 annually). The same in SPY would produce about $8.25 per month ($99.00 annually).

Which has performed better historically, JEPI or SPY?

JEPI has lagged SPY over the trailing twelve months, posting a 11.10% total return against 22.82%. The lead holds up over 5 years too: SPY has compounded at 13.24% a year, against 7.36% for JEPI. JEPI has been the steadier holding, though — annualized volatility of 10.2% against 15.3% for SPY. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

JEPI vs SPY — at a glance

Generated August 8, 2026.

Overview

JEPI is an actively managed equity ETF that blends a portfolio of large-cap stocks with a call-selling overlay on the S&P 500 Index, targeting monthly income through option premiums. SPY is a passive index ETF tracking the S&P 500 directly with minimal fees and no options strategy. The core distinction is that JEPI trades upside capture for monthly cash flow, while SPY offers full market participation with lower income but far lower costs.

How they differ

The biggest difference is strategy: JEPI sells call options on the S&P 500 to generate monthly premium income (7.64% distribution rate), while SPY simply mirrors the index without any derivative overlay (0.98% yield). That options strategy dampens JEPI's beta to 0.43 versus SPY's 1.0, meaning JEPI will lag in strong bull markets but cushion declines.

Second, distribution structure and frequency differ sharply. JEPI pays monthly distributions sourced from option premiums and active management, while SPY distributes quarterly from index dividends. The higher frequency in JEPI creates reinvestment timing risk if markets move sharply between payouts.

Third, cost and scale diverge. SPY charges 0.10% in expenses with $812B in assets, making it one of the largest and cheapest ways to own the S&P 500. JEPI costs 0.35% to fund active management and option execution, with $45.8B in AUM. Over decades, that expense gap compounds.

Who each is best for

JEPI: Fits investors who want steady monthly income from equities and can accept capped upside during strong rallies—those balancing income needs with reduced volatility tolerance.

SPY: Fits investors seeking broad U.S. large-cap market participation with minimal friction—those comfortable with quarterly income and aiming for long-term capital appreciation rather than distributions.

Key risks to know

  • Call-option capping risk. The monthly covered-call overlay caps JEPI's upside if the S&P 500 rallies sharply. In bull markets, SPY will significantly outpace JEPI; this tradeoff is intentional but can frustrate investors who underestimate how often it occurs.
  • NAV erosion at sustained high yields. JEPI's 7.64% distribution rate, paid monthly, implies a substantial portion flows from option premium capture rather than underlying equity returns. If volatility contracts or equity markets decline, the fund may struggle to sustain distributions at current levels, potentially eroding NAV over time.
  • Active-management and derivative execution risk. JEPI relies on active security selection and ongoing option management to deliver its stated income. Unlike SPY's passive, rules-based index replication, JEPI's returns depend on the quality of JPMorgan's tactical decisions and option-strike selection, introducing skill-dependent and operational risk.
  • Market-regime sensitivity. JEPI's lower beta and reduced volatility shine in sideways or down markets but become a drag in extended bull runs. SPY moves 1-to-1 with the S&P 500 regardless of market conditions.

Bottom line

If you prioritize steady monthly cash flow and can accept capped upside, JEPI offers a materially higher distribution rate with half the volatility of the broad market. If you value simplicity, lowest cost, and full market participation over income frequency, SPY's minimal expense ratio and $812B in scale make it the more austere choice. 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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