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ETF Comparison

JEPI vs VOO: Monthly Income or the Full S&P 500?

A head-to-head of JPMorgan's Equity Premium Income ETF and Vanguard's S&P 500 ETF covering the overlay, cost, and upside kept.

Updated October 8, 2026

How these figures are calculated: methodology.

Best for

  • JEPIInvestors who want higher current income (7.23% vs 1.02% for VOO).
  • VOOInvestors who want simple, diversified core exposure in one low-cost fund.

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 VOO over the trailing twelve months, posting a 8.04% total return against 16.98%. The lead holds up over 5 years too: VOO has compounded at 13.78% a year, against 7.74% for JEPI. JEPI has been the steadier holding, though — annualized volatility of 10.0% against 14.8% for VOO. 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 2020Volatility Sharpe Sortino Max drawdown
JEPI5.15%8.04%10.55%7.74%11.10%10.0%0.560.79-13.3%
VOO14.88%16.98%23.23%13.78%18.15%14.8%1.111.61-18.7%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 9, 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 2020” measures every fund from May 21, 2020 — 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.
MetricJEPIVOO
Full nameJPMorgan Equity Premium Income ETFVanguard S&P 500 ETF
IssuerJPMorganVanguard
Last Close$56.67 as of October 8, 2026$711.28 as of October 8, 2026
Distribution rate7.23%1.02%
Trailing 12-month yield8.05%1.04%
Distribution Safety Score™ 75100
Safety-Adjusted Yield 5.42%1.02%
Expense ratio0.35%0.03%
AUM$45.3B$1046B
Distribution frequencyMonthlyQuarterly
Underlying index—S&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 performance of the S&P 500 Index, representing 500 of the largest U.S. companies.
Asset classEquityEquity
Inception date05/20/202009/07/2010
Beta0.421.0
Last dividend$0.34134$1.8226
Ex-dividend date10/01/202609/28/2026

Bottom lineChoose JEPI if you want higher current income (7.23% vs 1.02% for VOO). Choose VOO if you want simple, diversified core exposure in one low-cost fund.

JEPI vs VOO: overlay cash or the S&P 500?

VOO is the index. JEPI sells options on a lower-vol S&P 500 sleeve. Income now versus upside kept is the whole decision.

JEPIVOO
What you ownLower-vol S&P 500 sleeve plus option overlayS&P 500 Index
Expense ratio0.35%0.03%
Distribution rate7.23%1.02%
Upside in a rallyPartially soldFull participation
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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$351B

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
Vanguard
ETFs116
Total AUM$4668B

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

Vanguard is one of the largest and most established ETF issuers, known for low-cost, broadly diversified fund offerings built on passive indexing principles. Their lineup spans multiple asset classes and strategies, including core equity and bond index funds, dividend-focused portfolios, ESG-screened options, factor-based strategies, sector exposure, target-date retirement funds, and international investments across developed and emerging markets. The platform is characterized by its emphasis on accessibility and cost efficiency across a comprehensive range of fund families, serving both individual investors seeking broad market exposure and those pursuing specific income, sustainability, or thematic objectives.

See our curated list of related YouTube videos on VOO.

See all Vanguard ETFs

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Quick verdict

JEPI (JPMorgan Equity Premium Income ETF) and VOO (Vanguard S&P 500 ETF) are both dividend ETFs, but they take different approaches.

JEPI offers the higher yield at 7.23% vs 1.02% for VOO. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

VOO is cheaper with an expense ratio of 0.03% compared to 0.35%.

VOO is the larger fund by assets ($1046B), but assets alone do not establish trading costs or liquidity.

Who should choose each?

Choose JEPI

JPMorgan Equity Premium Income ETF

  • Want higher current income — JEPI yields 7.23% vs 1.02% for VOO.
  • Want broad equity exposure.
  • Prefer lower volatility — a beta of 0.4 vs 1.0 for VOO.

Choose VOO

Vanguard S&P 500 ETF

  • Want simple, diversified core exposure as a portfolio building block.
  • Want to keep costs low — a 0.03% 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 $60.25 cash per distribution, while VOO would produce $25.50 cash per distribution, at current distribution rates.

JEPI yield7.23%
VOO yield1.02%
Cash diff on $10K$34.75

Cost & efficiency

Over 10 years on $10,000, JEPI would cost approximately $350 in fees vs $30 for VOO (simplified, not compounded). The $320.00 difference may be offset by yield or performance.

JEPI ER0.35%
VOO ER0.03%

Strategy & risk

JEPI is an actively managed ETF built around a derivative overlay strategy, while VOO tracks S&P 500 Index with a large cap approach. Beta is 0.42 for JEPI and 1.0 for VOO, making JEPI the less volatile of the two by this measure.

JEPI beta0.42
VOO beta1.0

Fund details

JEPI is managed by JPMorgan (launched 05/20/2020) with $45.3B in assets. VOO is managed by Vanguard (launched 09/07/2010) with $1046B in assets.

JEPI AUM$45.3B
VOO AUM$1046B
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Frequently asked questions

What is the difference between JEPI and VOO?

VOO (Vanguard S&P 500 ETF) tracks S&P 500 Index and keeps the whole move, paying 1.02% quarterly. JEPI (JPMorgan Equity Premium Income ETF) holds a lower-volatility S&P 500 sleeve and sells options for monthly cash — 7.23%. That overlay is why it costs 0.35% against 0.03% and why it lags in a sharp rally. Figures as of October 2026.

What is the current distribution rate for JEPI and VOO?

JEPI currently distributes 7.23% and VOO 1.02%, 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 VOO 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.

Can I hold both JEPI and VOO?

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 VOO safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — VOO scores 100, JEPI scores 75, so VOO's payout currently looks the more resilient of the two. JEPI has also shown lower price volatility (beta 0.42 vs 1.00 for VOO). No score makes an investment risk-free — treat this as a screening signal, not a guarantee.

Which has lower fees, JEPI or VOO?

JEPI has an expense ratio of 0.35% while VOO charges 0.03%. Lower fees mean more of your investment returns stay in your pocket over time.

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

At current rates, $10,000 in JEPI would generate roughly $60.25 cash per distribution ($723.00 annually). The same in VOO would produce about $25.50 cash per distribution ($102.00 annually).

Which has performed better historically, JEPI or VOO?

JEPI has lagged VOO over the trailing twelve months, posting a 8.04% total return against 16.98%. The lead holds up over 5 years too: VOO has compounded at 13.78% a year, against 7.74% for JEPI. JEPI has been the steadier holding, though — annualized volatility of 10.0% against 14.8% for VOO. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

JEPI vs VOO — at a glance

Generated October 3, 2026.

Overview

JEPI and VOO are both equity ETFs tracking large-cap U.S. companies, but their approaches diverge sharply in structure and income generation.

How they differ

The core distinction is strategy: VOO buys and holds the 500 index constituents; JEPI selects a subset of large caps and layers on a covered-call overlay designed to produce 7.23% yield versus 1.02% at VOO. That income difference—6.21% percentage points—comes from option premium but caps JEPI's upside; its 0.42 beta reflects that truncation, compared to 1.0 for the full index. Expense ratio diverges accordingly: 0.35% for JEPI's active management and derivatives versus 0.03% for VOO's passive tracking. Size-wise, VOO is vastly larger at $1046B in assets, while JEPI holds $45.3B.

Who each is best for

  • JEPI: Fits investors who prioritize consistent monthly cash flow and are willing to cap capital appreciation in exchange for lower volatility and a 7%+ distribution yield.
  • VOO: Fits investors seeking full market participation and lower costs, whether for core portfolio exposure or long-term compounding with minimal drag.

Key risks to know

  • Capped upside at JEPI. The covered-call overlay limits gains if the S&P 500 rallies sharply; in bull markets, the fund's 0.42 dampening will lag 1.0 full-market moves by design. This is the structural tradeoff, not a flaw—but it means foregone appreciation.
  • NAV erosion risk at JEPI's yield level. A 7.23% distribution rate significantly exceeds typical S&P 500 dividend yield. If underlying equity returns disappoint, distributions may incorporate return-of-capital treatment, gradually eroding net asset value. This is possible, not inevitable, but warrants tracking.
  • Call exercise and forced assignment. If the S&P 500 rises sharply and in-the-money calls are assigned, JEPI's equity positions may be liquidated at prices below market, crystallizing losses relative to buy-and-hold.
  • Passive tracking risk at VOO. VOO's index is concentrated in large-cap U.S. equities; exposure to mid and small caps, international markets, or bonds is zero by design. A prolonged underperformance of large-cap U.S. equities would show up directly in NAV.

Bottom line

If you want S&P 500 market returns with minimal friction and cost, VOO delivers. If you prioritize monthly income and can accept capped upside and active management fees, JEPI provides that trade explicitly. The choice hinges on whether you prefer compounding growth with minimal cost or steady distributions with volatility dampening. 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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These comparisons follow the Dividend Vision methodology.