Dividend comparison
DGRO vs JEPI: Which Is Better for Income?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for iShares Core Dividend Growth ETF and JPMorgan Equity Premium Income ETF, side by side. Updated October 21, 2026.
- Fees. DGRO is cheaper at 0.08% a year versus 0.35% for JEPI. On $10,000 that is $27 a year less in fees.
- Income. JEPI pays more income, yielding 7.96% over the last twelve months versus 1.88% for DGRO. That is about $607 more a year on $10,000. DGRO pays quarterly, JEPI pays monthly.
- Performance. Over the last 5 years, DGRO returned 64.5% versus 33.9% for JEPI, with dividends reinvested. $10,000 would have grown to $16,454 in DGRO and $13,392 in JEPI.
- Risk. DGRO has been the bumpier ride. Its worst peak-to-trough decline over the last 5 years was -19.3%, against -13.7% for JEPI.
- Diversification. DGRO holds 391 positions and JEPI holds 135.
- Dividend growth. DGRO grew its yearly payout 7.9% a year over the last 4 years, versus 2.5% for JEPI.
Bottom line: DGRO fits better if you care most about lower fees, stronger 5-year returns, faster dividend growth and broader diversification. JEPI fits better if you care most about more income today and smaller drawdowns.
| Metric | DGRO iShares Core Dividend Growth ETF | JEPI JPMorgan Equity Premium Income ETF |
|---|---|---|
| Dividend yield (TTM) | 1.88% | 7.96% |
| Dividend / share (TTM) | $1.49 | $4.56 |
| Payout frequency | Quarterly | Monthly |
| Last dividend | $0.3850 on Sep 18, 2026 | $0.3413 on Oct 5, 2026 |
| Ex-dividend date | Sep 15, 2026 | Oct 1, 2026 |
| Dividend growth (CAGR) | 7.9% over 4 yrs | 2.5% over 4 yrs |
| Price | $79.26 | $57.36 |
| Dividend growth streak | 10 years | 1 year |
| Beta | 0.67 | 0.43 |
| Max drawdown (5Y) | -19.3% | -13.7% |
| Market cap | $43.96B | $45.72B |
| Exchange | AMEX | AMEX |
| Expense ratio | 0.08% | 0.35% |
| Assets under management | $44.19B | $46.01B |
| Number of holdings | 391 | 135 |
| Top 10 concentration | — | 18.3% |
DGRO
$15.71/mo
$188 /yr at 1.88% yield
JEPI
$66.30/mo
$796 /yr at 7.96% yield
| Year | DGRO | JEPI |
|---|---|---|
| 2025 | $1.4506 | $4.6876 |
| 2024 | $1.3851 | $4.2494 |
| 2023 | $1.3159 | $4.7634 |
| 2022 | $1.1679 | $6.2478 |
| 2021 | $1.0718 | $4.2455 |
Expect stretches of underperformance versus the broad market whenever leadership comes from the high-growth, low-yield companies these screens exclude.
What DGRO vs JEPI actually do
It tracks the Morningstar US Dividend Growth Index, which requires at least five consecutive years of dividend growth, a payout ratio under 75%, a positive earnings forecast, no REITs, and excludes the top 10% of the universe by yield. The five-year requirement is looser than VIG's ten, so the portfolio is broader, running to several hundred names. Holdings are weighted by the total dollar value of dividends paid rather than by market cap, which tilts weight toward the largest actual dividend payers rather than the largest companies.
Suits an investor who wants dividend growth with more names and a slightly higher starting yield than a stricter growth screen delivers. Less suitable for someone who wants concentrated exposure to only the longest-running dividend raisers.
Dividend growth, broad
The equity sleeve is picked from S&P 500 names screened for lower volatility and quality rather than for dividend yield, so it usually moves like a calmer version of the index. Separately the fund holds equity-linked notes whose payoff comes from writing roughly one-month, slightly out-of-the-money calls on the S&P 500 itself, not on the individual stocks it owns. The premium from those notes is distributed monthly, which is why the payout is far larger than the dividends the underlying companies actually pay.
Suits an investor who wants a large monthly cash payment from US large caps and accepts a trimmed share of any strong rally. It fits badly in a high-bracket taxable account, since option income arrives as ordinary income, and badly for an account whose only job is long-run growth.
Moderate-risk equity income
| Period | DGRO | JEPI |
|---|---|---|
| 1 month | 3.08% | 1.99% |
| 3 months | 2.75% | 1.43% |
| Year to date | 14.17% | 0.21% |
| 1 year | 15.72% | 1.59% |
| 3 years | 70.71% | 29.10% |
| 5 years | 64.54% | 33.92% |
- DGRO
- JEPI
Both series indexed to 100 on 2021-10-20 using the adjusted closing price series. Past performance does not guarantee future results.
- DGRO
- JEPI
JEPI135 holdings total
| Name | Weight |
|---|---|
| MSFTMICROSOFT CORP COMMON | 1.99% |
| AAPLAPPLE INC COMMON STOCK | 1.94% |
| AMZNAMAZON.COM INC COMMON | 1.91% |
| MAMASTERCARD INC COMMON | 1.91% |
| VVISA INC COMMON STOCK | 1.82% |
| NVDANVIDIA CORP COMMON STOCK | 1.80% |
| METAMETA PLATFORMS INC | 1.80% |
| ABBVABBVIE INC COMMON STOCK | 1.74% |
| GOOGLALPHABET INC-CL A - | 1.72% |
| EOGEOG RESOURCES INC COMMON | 1.71% |
Quick verdict
DGRO fits better if you care most about lower fees, stronger 5-year returns, faster dividend growth and broader diversification. JEPI fits better if you care most about more income today and smaller drawdowns. Model the holding inside your real portfolio before deciding.
Frequently asked questions
Is DGRO or JEPI better for dividend income?
What is the difference between DGRO and JEPI?
Which is cheaper, DGRO or JEPI?
Which has performed better, DGRO or JEPI?
Which is riskier, DGRO or JEPI?
How often do DGRO and JEPI pay dividends?
How much income does $10,000 in DGRO vs JEPI generate?
Can I hold both DGRO and JEPI?
Where can I compare DGRO vs JEPI with my full portfolio?
Related comparisons
For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.