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ETF Comparison

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

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 18, 2026

Best for

  • JEPIInvestors who want broad equity exposure.
  • XDTEInvestors who want to maximize current income — roughly 15.18%, 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.

JEPI has lagged XDTE over the trailing twelve months, posting a 7.04% total return against 16.20%. Measured from Mar 2024 — the start of shared available history — XDTE has compounded at 16.05% a year versus 7.51% for JEPI. JEPI has been the steadier holding, though — annualized volatility of 8.0% against 12.0% 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.
SymbolYTD1YSince Mar 2024Volatility Sharpe Sortino Max drawdown
JEPI3.54%7.04%7.51%8.0%0.290.41-6.7%
XDTE10.97%16.20%16.05%12.0%0.881.23-7.7%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 18, 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 start of shared available history — 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.
MetricJEPIXDTE
Full nameJPMorgan Equity Premium Income ETFRoundhill S&P 500 0DTE Covered Call Strategy ETF
IssuerJPMorganRoundhill Investments
Last Close$56.24 as of September 18, 2026$38.36 as of September 18, 2026
Distribution rate7.93%15.18%
Distribution Safety Score™ 7576
Safety-Adjusted Yield 5.95%11.54%
Expense ratio0.35%0.97%
AUM$45.3B$333M
Distribution frequencyMonthlyWeekly
Underlying indexS&P 500
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 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.
Asset classEquityEquity
Inception date05/20/202003/07/2024
Beta0.430.91
Last dividend$0.3714$0.112 payable today
Ex-dividend date09/01/202609/17/2026

Bottom lineChoose JEPI if you want broad equity exposure. Choose XDTE if you want to maximize current income — roughly 15.18%, generated by selling options premium. JEPI and XDTE 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. 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.

Income calculator

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

ETFs78
Total AUM$347B

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.

ETFs56
Total AUM$37.3B

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.

Want to go deeper?

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Quick verdict

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 15.18% vs 7.93% 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 ($45.3B), 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 15.18% from selling options premium, vs 7.93% 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 $66.08/month, while XDTE would produce $126.50/month, at current distribution rates.

JEPI yield7.93%
XDTE yield15.18%
Monthly diff on $10K$60.42

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 $45.3B in assets. XDTE is managed by Roundhill Investments (launched 03/07/2024) with $333M in assets.

JEPI AUM$45.3B
XDTE AUM$333M

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Frequently asked questions

What is the current distribution rate for JEPI and XDTE?

JEPI currently distributes 7.93% and XDTE 15.18%, 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 76, JEPI scores 75. 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 $66.08 per month ($793.00 annually). The same in XDTE would produce about $126.50 per month ($1,518.00 annually).

Which has performed better historically, JEPI or XDTE?

JEPI has lagged XDTE over the trailing twelve months, posting a 7.04% total return against 16.20%. Measured from Mar 2024 — the start of shared available history — XDTE has compounded at 16.05% a year versus 7.51% for JEPI. JEPI has been the steadier holding, though — annualized volatility of 8.0% against 12.0% for XDTE. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

JEPI vs XDTE — at a glance

Generated September 19, 2026.

Overview

JEPI and XDTE are both equity ETFs that generate income through covered call strategies on U.S. large-cap equities, but they differ sharply in execution. JEPI combines an actively managed stock portfolio with equity-linked notes selling calls on the S&P 500, targeting monthly distributions. XDTE takes a more aggressive approach, holding the S&P 500 Index itself while selling zero-days-to-expiration (0DTE) call options weekly, aiming for much higher current yield.

How they differ

The most fundamental difference is their options strategy. This timing distinction drives everything else: XDTE's 15.18% yield dwarfs JEPI's 7.93%, but at the cost of higher turnover, higher fees (0.97% vs. 0.35%), and notably higher equity risk (0.91 vs. 0.43).

JEPI's active management layer adds another layer of complexity. JPMorgan actively selects stocks rather than holding the index passively, which may reduce downside capture but introduces manager-dependent alpha risk. XDTE simply holds the S&P 500, eliminating that layer. On scale, JEPI's $45.3B in AUM dwarfs XDTE's $333M, reflecting JEPI's longer track record (6 years old vs. 2 years).

Who each is best for

JEPI: Fits income investors seeking monthly distributions with measurably lower equity volatility than the broad market. The 0.43 beta suggests smoother drawdowns, appealing to those who value downside cushion alongside income generation.

XDTE: Fits investors comfortable with full S&P 500 market exposure (0.91) who prioritize maximum current yield and are willing to harvest weekly income, likely accepting higher tax complexity in exchange for the elevated distribution rate.

Key risks to know

  • NAV erosion at extreme yields. XDTE's 15.18% annualized yield is substantially above typical S&P 500 earnings growth, suggesting a portion of distributions may rely on return-of-capital treatment and gradual principal decay over time.
  • 0DTE gamma and tail risk. Selling options that expire the same day creates acute, intraday exposure to large market moves. While day-to-day volatility is normally manageable, a sharp multi-percent move in the S&P 500 during a single trading session could force rapid rebalancing and realized losses on XDTE.
  • Significant holdings overlap and correlated downside. Both funds' underlying exposure is anchored to the S&P 500 (directly for XDTE, through index-linked notes and active equity selection for JEPI). A broad equity drawdown will hurt both, and their call strategies may cap upside but cannot eliminate downside in a crisis.
  • Active management and tracking risk in JEPI. JPMorgan's stock-picking decisions and equity-linked note structures introduce performance dispersion from the index that may not always add value; the actively managed sleeve carries less transparency than a passive index approach. The 15.18% yield raises legitimate questions about long-term principal preservation on XDTE, whereas JEPI's lower yield better aligns with sustainable capital maintenance. 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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