A head-to-head of JPMorgan's Equity Premium Income ETF and NEOS's S&P 500 High Income ETF covering how cash is produced, tax treatment, cost, and payout.
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 SPYI over the trailing twelve months, posting a 6.88% total return against 15.39%. The lead holds up over 3 years too: SPYI has compounded at 17.96% a year, against 10.34% for JEPI. 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 October 2, 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 Aug 2022” measures every fund from August 30, 2022 — 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.
Distribution rate and SEC yield
Metric
JEPI
SPYI
Forward distribution rate
7.30%
11.95%
Trailing 12-month yield
8.13%
11.83%
30-day SEC yield
—
0.46%
Total return (price change plus reinvested distributions) is the Total returns section above. A 30-day SEC yield can sit far from the headline distribution rate; both numbers are the fund's own published fields.
Total return against the stated underlying is on SPYI vs SPY.
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.
Seeks to generate high monthly income in a tax efficient manner while targeting equity appreciation.
Bottom lineChoose JEPI if you want broad equity exposure. Choose SPYI if you want to maximize current income — roughly 11.95%, generated by selling options premium. JEPI and SPYI 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.
JEPI vs SPYI: how the S&P 500 income is made
Both funds start with large-cap US stocks. JEPI picks a lower-volatility sleeve and uses equity-linked notes. SPYI holds the index and sells calls, with Section 1256 treatment on those options. The higher yield is the method, not a win.
JEPI
SPYI
What it holds
Actively chosen, lower-volatility S&P 500 stocks
S&P 500 index exposure
How cash is produced
Equity-linked notes
Index call options
Tax note on the overlay
ELN payouts generally ordinary income
Index options: Section 1256 (60/40); often uses return of capital
Expense ratio
0.35%
0.68%
Distribution rate
7.30%
11.95%
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. SPYI 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.
NEOS is known for developing specialized income-focused ETFs that employ strategies like covered calls, hedging, and enhanced yields across various asset classes. The firm manages 19 funds organized into nine distinct families, including offerings in equity high income, fixed income enhancement, digital assets, and alternative strategies, with popular tickers like SPYI (S&P 500 covered call), QQQI (Nasdaq-100 covered call), and QQQH (Nasdaq-100 hedged equity income). NEOS distinguishes itself in the ETF landscape through its emphasis on income generation and downside protection strategies rather than traditional growth approaches.
See our curated list of related YouTube videos on SPYI.
JEPI (JPMorgan Equity Premium Income ETF) and SPYI (NEOS S&P 500 High Income ETF) are both monthly-pay dividend ETFs, but they take different approaches.
SPYI offers the higher yield at 11.95% vs 7.30% 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 0.68%.
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 0.68% for SPYI.
Prefer lower volatility — a beta of 0.4 vs 0.7 for SPYI.
Choose SPYI
NEOS S&P 500 High Income ETF
Want to maximize current income — SPYI distributes roughly 11.95% from selling options premium, vs 7.30% 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.
Still deciding? Track JEPI & SPYI 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 $60.83 cash per distribution, while SPYI would produce $99.58 cash per distribution, at current distribution rates. Both pay monthly distributions.
JEPI yield7.30%
SPYI yield11.95%
Cash diff on $10K$38.75
Cost & efficiency
Over 10 years on $10,000, JEPI would cost approximately $350 in fees vs $680 for SPYI (simplified, not compounded). The $330.00 difference may be offset by yield or performance.
JEPI ER0.35%
SPYI ER0.68%
Strategy & risk
JEPI is an actively managed ETF built around a derivative overlay strategy, while SPYI tracks S&P 500 Index with an active approach. Beta is 0.43 for JEPI and 0.7 for SPYI, making JEPI the less volatile of the two by this measure.
JEPI beta0.43
SPYI beta0.7
Fund details
JEPI is managed by JPMorgan (launched 05/20/2020) with $45.7B in assets. SPYI is managed by NEOS (launched 08/29/2022) with $12.4B in assets.
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Frequently asked questions
What is the difference between JEPI and SPYI?
JEPI (JPMorgan Equity Premium Income ETF) holds an actively selected, lower-volatility slice of the S&P 500 and generates much of its income through equity-linked notes, whose payouts are generally taxed as ordinary income. SPYI (NEOS S&P 500 High Income ETF) holds the index and sells index call options, which fall under Section 1256 — 60% long-term, 40% short-term treatment — and it uses return of capital, so more of the distribution can be tax-deferred in a taxable account. As of October 2026 they distribute 7.30% and 11.95% at fees of 0.35% and 0.68%. None of this is tax advice — the treatment depends on your account type and situation.
What is the current distribution rate for JEPI and SPYI?
JEPI currently distributes 7.30% and SPYI 11.95%, based on fund data updated October 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 SPYI better for dividend income?
It depends on your goals. SPYI 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.
Can I hold both JEPI and SPYI?
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 SPYI safer?
By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — SPYI scores 90, JEPI scores 75, so SPYI's payout currently looks the more resilient of the two. JEPI has also shown lower price volatility (beta 0.43 vs 0.70 for SPYI). 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 SPYI?
JEPI has an expense ratio of 0.35% while SPYI charges 0.68%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in JEPI vs SPYI generate?
At current rates, $10,000 in JEPI would generate roughly $60.83 cash per distribution ($730.00 annually). The same in SPYI would produce about $99.58 cash per distribution ($1,195.00 annually).
Which has performed better historically, JEPI or SPYI?
JEPI has lagged SPYI over the trailing twelve months, posting a 6.88% total return against 15.39%. The lead holds up over 3 years too: SPYI has compounded at 17.96% a year, against 10.34% for JEPI. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
Explore related screeners
Lateral filters that include these funds — browse the full peer set on DividendVision.
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