A head-to-head comparison of JPMorgan Equity Premium Income ETF and Roundhill S&P 500 0DTE Covered Call Strategy ETF covering yield, cost, risk, and income potential.
Data updated September 4, 2026
Best for
JEPIInvestors who want broad equity exposure.
XDTEInvestors who want to maximize current income — roughly 19.97%, generated by selling options premium.
Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
JEPI has lagged XDTE over the trailing twelve months, posting a 8.15% total return against 19.23%. Measured from Mar 2024 — when the younger fund began trading — XDTE has compounded at 16.55% a year versus 7.82% for JEPI. JEPI has been the steadier holding, though — annualized volatility of 8.1% against 11.8% for XDTE. 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 September 4, 2026. YTD and 1Y are cumulative; windows of one year or longer are annualized. “Since Mar 2024” measures every fund from March 7, 2024 — 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 past year. 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 past year) — 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.
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 weekly income through a covered call strategy that combines a long position in the S&P 500 Index with short zero-days-to-expiration (0DTE) call options on the index.
Bottom lineChoose JEPI if you want broad equity exposure. Choose XDTE if you want to maximize current income — roughly 19.97%, generated by selling options premium. There's no free lunch: XDTE's payout comes from selling options, which caps upside and can erode the share price over time, while JEPI keeps full 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. XDTE 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.
Roundhill Investments is known for offering innovative, specialized ETFs that often feature weekly dividend distributions and exposure to trending themes and individual mega-cap stocks. Their lineup spans income-focused strategies, leveraged products, thematic investments in areas like cryptocurrency and artificial intelligence, and weekly-pay funds that appeal to investors seeking frequent distributions. The issuer has built a distinctive niche with products targeting both traditional income seekers and those interested in emerging sectors, offering a diverse range of tickers that go well beyond conventional dividend vehicles.
See our curated list of related YouTube videos on XDTE.
JEPI (JPMorgan Equity Premium Income ETF) and XDTE (Roundhill S&P 500 0DTE Covered Call Strategy ETF) are both dividend ETFs, but they take different approaches.
XDTE offers the higher yield at 19.97% vs 7.79% 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 0.97%.
JEPI is the larger fund by assets ($46.2B), 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 0.97% for XDTE.
Prefer lower volatility — a beta of 0.4 vs 0.9 for XDTE.
Choose XDTE
Roundhill S&P 500 0DTE Covered Call Strategy ETF
Want to maximize current income — XDTE distributes roughly 19.97% from selling options premium, vs 7.79% 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 & XDTE for free
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On a $10,000 investment, JEPI would generate roughly $64.92/month, while XDTE would produce $166.42/month, at current distribution rates.
JEPI yield7.79%
XDTE yield19.97%
Monthly diff on $10K$101.50
Cost & efficiency
Over 10 years on $10,000, JEPI would cost approximately $350 in fees vs $970 for XDTE (simplified, not compounded). The $620.00 difference may be offset by yield or performance.
JEPI ER0.35%
XDTE ER0.97%
Strategy & risk
JEPI is an actively managed ETF built around a derivative overlay strategy, while XDTE tracks S&P 500 with a covered call approach. Beta is 0.43 for JEPI and 0.91 for XDTE, making JEPI the less volatile of the two by this measure.
JEPI beta0.43
XDTE beta0.91
Fund details
JEPI is managed by JPMorgan (launched 05/20/2020) with $46.2B in assets. XDTE is managed by Roundhill Investments (launched 03/07/2024) with $339M in assets.
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Frequently asked questions
What is the current distribution rate for JEPI and XDTE?
JEPI currently distributes 7.79% and XDTE 19.97%, based on fund data updated September 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 XDTE better for dividend income?
It depends on your goals. XDTE 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 XDTE?
JEPI (JPMorgan Equity Premium Income ETF) is an actively managed ETF built around a derivative overlay strategy, while XDTE (Roundhill S&P 500 0DTE Covered Call Strategy ETF) tracks S&P 500 with a covered call approach. They are issued by JPMorgan and Roundhill Investments respectively.
Can I hold both JEPI and XDTE?
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 XDTE safer?
By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — they are effectively tied: XDTE scores 77, JEPI scores 76. Neither has a clear safety edge on that measure. JEPI has also shown lower price volatility (beta 0.43 vs 0.91 for XDTE). 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 XDTE?
JEPI has an expense ratio of 0.35% while XDTE charges 0.97%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in JEPI vs XDTE generate?
At current rates, $10,000 in JEPI would generate roughly $64.92 per month ($779.00 annually). The same in XDTE would produce about $166.42 per month ($1,997.00 annually).
Which has performed better historically, JEPI or XDTE?
JEPI has lagged XDTE over the trailing twelve months, posting a 8.15% total return against 19.23%. Measured from Mar 2024 — when the younger fund began trading — XDTE has compounded at 16.55% a year versus 7.82% for JEPI. JEPI has been the steadier holding, though — annualized volatility of 8.1% against 11.8% for XDTE. 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.
JEPI and XDTE are both equity ETFs that layer covered call option strategies onto U.S. large-cap exposure to generate monthly or weekly income. JEPI combines an actively managed stock portfolio with equity-linked notes selling calls on the S&P 500, targeting lower volatility and a 7.79% yield. XDTE takes a more systematic approach, holding SPX directly and selling 0DTE (zero-days-to-expiration) call options weekly, targeting a 19.97% yield. The key distinction is that XDTE's ultra-short-dated options reset constantly, while JEPI's structure is slower-rolling and deliberately dampens equity beta. JEPI achieves its lower, steadier yield through a hybrid structure: an actively managed equity sleeve paired with equity-linked notes, which limits the fund's delta and results in a 0.43 beta versus 0.91 for XDTE. XDTE's 0.97% expense ratio is higher than JEPI's 0.35%, partly offsetting the extra yield. XDTE is also much newer—launched 03/07/2024, versus JEPI in 05/20/2020—and smaller, with $339M in AUM compared to JEPI's $46.2B.
Who each is best for
JEPI: Fits investors seeking meaningful monthly income with explicitly reduced equity volatility—those willing to accept a ceiling on equity participation (beta of 0.43) in exchange for steadier, lower-volatility returns and a portfolio managed by an active team.
XDTE: Fits investors comfortable with near-SPX market sensitivity (0.91) who prioritize maximum yield from weekly option rolls and view the cost of frequent rebalancing and higher expense drag as acceptable trade-offs for chasing income above 19%.
Key risks to know
NAV erosion from unsustainable yield:XDTE's 19.97% annualized yield is substantially higher than historical U.S. equity total returns. If the S&P 500 does not deliver sufficient capital appreciation or dividend yield over the distribution amount, NAV will decay over time, independent of market moves. This risk is material at yields above 15% and applies with particular force to XDTE.
0DTE gamma and roll risk (XDTE): Zero-days-to-expiration options have extreme gamma near the strike, meaning NAV can gap sharply on market moves within a single trading day. Frequent rolling also creates reinvestment risk: if volatility collapses, new call strikes yield less premium, reducing future income. JEPI does not face this daily gamma turbulence.
Call strike selection and cap risk (both): Both funds sacrifice upside if the S&P 500 rises sharply above the call strike. Neither fund fully participates in bull markets—by design.
Equity market drawdown amplification (XDTE):XDTE's 0.91 means it moves nearly 1:1 with the SPX in downturns. When volatility spikes, call premiums may widen, offering some offset, but NAV erosion during a severe bear market will be acute. JEPI's 0.43 provides meaningful downside cushion.
Shorter track record and liquidity (XDTE):XDTE launched 03/07/2024 and holds $339M, limiting historical performance data and real-world stress-test experience. Smaller AUM can also constrain ETF trading liquidity during market stress. Neither replaces equity total return—both cap upside by design and face NAV erosion risk if underlying markets underperform their payout rates. Verify both funds' composition and call-strike mechanics align with your income timeline and drawdown tolerance; 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.
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