ETF Comparison
JEPQ vs SPYI: Which Is the Better Pick in 2026?
A head-to-head comparison of JPMorgan Nasdaq Equity Premium Income ETF and NEOS S&P 500 High Income ETF covering yield, cost, risk, and income potential.
Data updated April 5, 2026
Side-by-side snapshot
| JEPQ | SPYI | |
|---|---|---|
| Full name | JPMorgan Nasdaq Equity Premium Income ETF | NEOS S&P 500 High Income ETF |
| Issuer | JPMorgan | NEOS |
| Price | $55.52 | $49.65 |
| Distribution yield | 10.58% | 11.84% |
| Expense ratio | 0.35% | 0.68% |
| AUM | $34.6B | $8.1B |
| Distribution frequency | Monthly | Monthly |
| Underlying index | NASDAQ 100 | S&P 500 Index |
| Objective | Covered Call | Seeks to generate high monthly income in a tax efficient manner while targeting equity appreciation. |
| Asset class | Equity | Equity |
| Inception date | 05/03/2022 | 08/29/2022 |
| Beta | 0.79 | 0.68 |
| Last dividend | $0.56 | $0.51 |
| Ex-dividend date | 04/01/2026 | 03/18/2026 |
Visual comparison
Key metrics
Projected income on $10K
Projections assume the current yield and share price remain constant. Actual results will vary.
Quick verdict
JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) and SPYI (NEOS S&P 500 High Income ETF) are both popular monthly-pay covered call ETFs, but they take different approaches.
SPYI offers the higher yield at 11.84% vs 10.58% for JEPQ. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
JEPQ is cheaper with an expense ratio of 0.35% compared to 0.68%.
They track different benchmarks: JEPQ is linked to NASDAQ 100 while SPYI tracks S&P 500 Index, which means their performance drivers differ.
JEPQ is the larger fund by assets ($34.6B), which generally means tighter spreads and better liquidity.
Deep dive
Yield & income
On a $10,000 investment, JEPQ would generate roughly $88.17/month while SPYI would produce $98.67/month at current distribution rates. Both pay monthly distributions.
Cost & efficiency
Over 10 years on $10,000, JEPQ would cost approximately $350 in fees vs $680 for SPYI (simplified, not compounded). The $330.00 difference may be offset by yield or performance.
Strategy & risk
JEPQ tracks NASDAQ 100 with a covered call approach, while SPYI tracks S&P 500 Index using a seeks to generate high monthly income in a tax efficient manner while targeting equity appreciation. strategy. Beta is 0.79 for JEPQ and 0.68 for SPYI, indicating SPYI is less volatile relative to the market.
Fund details
JEPQ is managed by JPMorgan (launched 05/03/2022) with $34.6B in assets. SPYI is managed by NEOS (launched 08/29/2022) with $8.1B in assets.
Income calculator
See how much monthly income a hypothetical investment would generate in each ETF at current yields.
Frequently asked questions
Is JEPQ 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.
What is the difference between JEPQ and SPYI?
JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) tracks NASDAQ 100 with a covered call strategy, while SPYI (NEOS S&P 500 High Income ETF) tracks S&P 500 Index with a seeks to generate high monthly income in a tax efficient manner while targeting equity appreciation. approach. They are issued by JPMorgan and NEOS respectively.
Can I hold both JEPQ and SPYI?
Yes. Many income investors hold both to diversify across different strategies and underlying indexes. This can reduce concentration risk while maintaining a strong income stream.
Which has lower fees, JEPQ or SPYI?
JEPQ 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 JEPQ vs SPYI generate?
At current yields, $10,000 in JEPQ would generate roughly $88.17 per month ($1,058.00 annually). The same in SPYI would produce about $98.67 per month ($1,184.00 annually).
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