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ETF Comparison

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

A head-to-head comparison of JPMorgan Equity Premium Income ETF and Simplify Volatility Premium ETF covering yield, cost, risk, and income potential.

Updated October 2, 2026

How these figures are calculated: methodology.

Best for

  • JEPIInvestors who want broad equity exposure.
  • SVOLInvestors who want to maximize current income — roughly 20.46%, 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 SVOL over the trailing twelve months, posting a 6.88% total return against 11.46%. The lead holds up over 5 years too: SVOL has compounded at 8.24% a year, against 7.68% for JEPI. JEPI has been the steadier holding, though — annualized volatility of 10.0% against 24.9% for SVOL. 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 cumulative3Y annualized5Y annualizedSince May 2021Volatility Sharpe Sortino Max drawdown
JEPI3.91%6.88%10.34%7.68%7.79%10.0%0.540.76-13.3%
SVOL9.43%11.46%8.11%8.24%9.14%24.9%0.130.19-33.5%

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 May 2021” measures every fund from May 13, 2021 — 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.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricJEPISVOL
Full nameJPMorgan Equity Premium Income ETFSimplify Volatility Premium ETF
IssuerJPMorganSimplify ETFs
Last Close$56.10 as of October 2, 2026$16.42 as of October 2, 2026
Distribution rate7.30%20.46%
Trailing 12-month yield8.13%21.07%
Distribution Safety Score™ 7585
Safety-Adjusted Yield 5.47%17.39%
Expense ratio0.35%0.66%
AUM$45.7B$512M
Distribution frequencyMonthlyMonthly
Underlying index—Cboe Volatility Index (VIX) short-term futures 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 harvesting the volatility risk premium, primarily through futures and options on VIX futures, holding cash and high-quality fixed income securities as collateral.
Asset classEquityVolatility
Inception date05/20/202005/12/2021
Beta0.430.81
Last dividend$0.34134 declared, pays 10/05/2026$0.28
Ex-dividend date10/01/202609/25/2026

Bottom lineChoose JEPI if you want broad equity exposure. Choose SVOL if you want to maximize current income — roughly 20.46%, generated by selling options premium. JEPI and SVOL 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. SVOL 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
Simplify ETFs
ETFs42
Total AUM$12.3B

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

Simplify ETFs is known for offering sophisticated, strategy-driven funds that cater to investors seeking alternatives to traditional passive indexing. The issuer's lineup spans income-focused strategies including covered call and high-yield approaches, along with thematic and commodity-based funds, alternative investments, and fixed income products across bonds and money market instruments. The platform serves a niche audience interested in tactical and specialized strategies, with tickers like FOXY (covered calls on micro-cap stocks), HARD (physical commodities), and CTA (trend-following) exemplifying their focus on non-traditional investment approaches.

See our curated list of related YouTube videos on SVOL.

See all Simplify ETFs ETFs

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Quick verdict

JEPI (JPMorgan Equity Premium Income ETF) and SVOL (Simplify Volatility Premium ETF) are both monthly-pay dividend ETFs, but they take different approaches.

SVOL offers the higher yield at 20.46% 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 0.66%.

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 0.66% for SVOL.
  • Prefer lower volatility — a beta of 0.4 vs 0.8 for SVOL.

Choose SVOL

Simplify Volatility Premium ETF

  • Want to maximize current income — SVOL distributes roughly 20.46% 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.

Deep dive

Yield & income

On a $10,000 investment, JEPI would generate roughly $60.83 cash per distribution, while SVOL would produce $170.50 cash per distribution, at current distribution rates. Both pay monthly distributions.

JEPI yield7.30%
SVOL yield20.46%
Cash diff on $10K$109.67

Cost & efficiency

Over 10 years on $10,000, JEPI would cost approximately $350 in fees vs $660 for SVOL (simplified, not compounded). The $310.00 difference may be offset by yield or performance.

JEPI ER0.35%
SVOL ER0.66%

Strategy & risk

JEPI is an actively managed ETF built around a derivative overlay strategy, while SVOL tracks Cboe Volatility Index (VIX) short-term futures index with a hedged approach. Beta is 0.43 for JEPI and 0.81 for SVOL, making JEPI the less volatile of the two by this measure.

JEPI beta0.43
SVOL beta0.81

Fund details

JEPI is managed by JPMorgan (launched 05/20/2020) with $45.7B in assets. SVOL is managed by Simplify ETFs (launched 05/12/2021) with $512M in assets.

JEPI AUM$45.7B
SVOL AUM$512M
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Frequently asked questions

What is the current distribution rate for JEPI and SVOL?

JEPI currently distributes 7.30% and SVOL 20.46%, 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 SVOL better for dividend income?

It depends on your goals. SVOL 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 SVOL?

JEPI (JPMorgan Equity Premium Income ETF) is an actively managed ETF built around a derivative overlay strategy, while SVOL (Simplify Volatility Premium ETF) tracks Cboe Volatility Index (VIX) short-term futures index with a hedged approach. They are issued by JPMorgan and Simplify ETFs respectively.

Can I hold both JEPI and SVOL?

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 SVOL safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — SVOL scores 85, JEPI scores 75, so SVOL's payout currently looks the more resilient of the two. JEPI has also shown lower price volatility (beta 0.43 vs 0.81 for SVOL). 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 SVOL?

JEPI has an expense ratio of 0.35% while SVOL charges 0.66%. Lower fees mean more of your investment returns stay in your pocket over time.

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

At current rates, $10,000 in JEPI would generate roughly $60.83 cash per distribution ($730.00 annually). The same in SVOL would produce about $170.50 cash per distribution ($2,046.00 annually).

Which has performed better historically, JEPI or SVOL?

JEPI has lagged SVOL over the trailing twelve months, posting a 6.88% total return against 11.46%. The lead holds up over 5 years too: SVOL has compounded at 8.24% a year, against 7.68% for JEPI. JEPI has been the steadier holding, though — annualized volatility of 10.0% against 24.9% for SVOL. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

JEPI vs SVOL — at a glance

Generated October 3, 2026.

Overview

JEPI and SVOL are both ETFs that generate income through derivative strategies, but they harvest fundamentally different risk premiums. SVOL sells volatility risk — primarily through VIX futures and options — while holding fixed income and cash as collateral, targeting a much higher yield with exposure to an entirely different asset class.

JEPI's 0.43 beta tracks broad market movements with significantly dampened swings; SVOL's 0.81 beta shows it moves with market stress rather than market returns.

Who each is best for

JEPI: Fits investors who want equity market exposure with a meaningful yield boost and lower drawdowns than the S&P 500, accepting that call premiums will cap significant rallies.

SVOL: Designed for investors seeking pure income uncorrelated to stock or bond performance, comfortable with the reality that distributions depend on sustained market calm and may compress sharply during volatility spikes.

Key risks to know

  • Volatility cliff risk (SVOL). When the VIX spikes, short volatility positions mark to loss quickly, potentially forcing SVOL to reduce distributions or liquidate positions at unfavorable prices. A sustained period of elevated volatility could erode NAV materially.
  • NAV erosion at extreme yields (SVOL). A distribution rate of 20.46% leaves limited room for underlying price appreciation. If volatility premiums compress — as they do during low-volatility regimes — the fund may rely on return-of-capital treatment or reinvestment drag to sustain payouts, pressuring NAV over time.
  • Derivatives concentration (both). Both funds depend heavily on specific derivative markets functioning normally. JEPI's reliance on the S&P 500 options market and SVOL's on VIX futures create execution risk and potential pricing dislocations if those markets become illiquid or dislocate. Both strategies work best for investors who understand their limits — JEPI caps rallies, SVOL implodes in crises — and neither is a substitute for diversified portfolio construction. Past performance does not guarantee 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 T-bills vs. money market funds vs. CDs

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These comparisons follow the Dividend Vision methodology.