Dividend comparison
GPIX vs JEPI: Which Is Better for Income?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for Goldman Sachs S&P 500 Premium Income ETF and JPMorgan Equity Premium Income ETF, side by side. Updated October 24, 2026.
- Fees. Both charge about 0.35% a year, so cost is not what separates them.
- Income. GPIX pays more income, yielding 8.27% over the last twelve months versus 8.03% for JEPI. That is about $25 more a year on $10,000. Both pay monthly.
- Performance. Over the last 3 years, GPIX returned 561.5% versus 28.4% for JEPI, with dividends reinvested. $10,000 would have grown to $66,146 in GPIX and $12,839 in JEPI.
- Risk. GPIX has been the bumpier ride. Its worst peak-to-trough decline over the last 3 years was -100.0%, against -13.7% for JEPI.
- Diversification. GPIX holds 488 positions and JEPI holds 135. The ten largest positions make up 38.9% of GPIX and 18.4% of JEPI.
- Overlap. At least 31% of the two portfolios overlap by weight, across 51 shared holdings.
- Size. JEPI is the larger fund with $45.6 billion in assets, against $6.3 billion for GPIX.
Bottom line: GPIX fits better if you care most about stronger 3-year returns and broader diversification. JEPI fits better if you care most about smaller drawdowns.
| Metric | GPIX Goldman Sachs S&P 500 Premium Income ETF | JEPI JPMorgan Equity Premium Income ETF |
|---|---|---|
| Dividend yield (TTM) | 8.27% | 8.03% |
| Dividend / share (TTM) | $4.59 | $4.56 |
| Payout frequency | Monthly | Monthly |
| Last dividend | $0.3970 on Oct 7, 2026 | $0.3413 on Oct 5, 2026 |
| Ex-dividend date | Oct 1, 2026 | Oct 1, 2026 |
| Dividend growth (CAGR) | — | 2.5% over 4 yrs |
| Price | $55.43 | $56.85 |
| Dividend growth streak | 1 year | 1 year |
| Beta | 0.84 | 0.43 |
| Max drawdown (5Y) | -100.0% | -13.7% |
| Market cap | $1.16B | $45.72B |
| Exchange | NASDAQ | AMEX |
| Expense ratio | 0.35% | 0.35% |
| Assets under management | $6.31B | $45.61B |
| Number of holdings | 488 | 135 |
| Top 10 concentration | 38.9% | 18.4% |
GPIX
$68.95/mo
$827 /yr at 8.27% yield
JEPI
$66.90/mo
$803 /yr at 8.03% yield
| Year | GPIX | JEPI |
|---|---|---|
| 2025 | $4.2301 | $4.6876 |
| 2024 | $3.9993 | $4.2494 |
| 2023 | — | $4.7634 |
| 2022 | — | $6.2478 |
| 2021 | — | $4.2455 |
Payouts are variable rather than contractual, are often taxed as ordinary income, and a fund that pays out more than the strategy earns will see its net asset value drift down over time.
What GPIX vs JEPI actually do
The fund writes calls on a varying portion of the portfolio rather than a fixed slice, so the manager can lean into premium when volatility is rich and pull back when it is not. Because the underlying index is broader and less volatile than the Nasdaq-100, the premium collected is lower and the distribution is smaller than the technology-focused version. Like its sibling, it is priced far closer to a plain index fund than to a typical derivative-income product.
Suits an investor who wants most of the S&P 500 experience with a meaningfully larger cash payout and low fee drag. Not for someone who wants either an untouched index return or the largest distribution on the shelf.
Balanced income and growth
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 | GPIX | JEPI |
|---|---|---|
| 1 month | -1.16% | 0.48% |
| 3 months | 1.28% | 0.76% |
| Year to date | 5.74% | -0.68% |
| 1 year | 7.26% | 0.19% |
| 3 years | 561.46% | 28.39% |
| 5 years | — | 32.03% |
- GPIX
- JEPI
Both series indexed to 100 on 2023-10-19 using the adjusted closing price series. Past performance does not guarantee future results.
- GPIX
- JEPI
| Largest shared holdings | GPIX weight | JEPI weight |
|---|---|---|
| AAPLAPPLE INC. | 7.69% | 1.96% |
| MSFTMICROSOFT CORPORATION | 5.87% | 1.94% |
| AMZNAMAZON.COM INC | 3.67% | 1.82% |
| NVDANVIDIA CORPORATION | 7.82% | 1.75% |
| GOOGLALPHABET INC. | 3.21% | 1.61% |
| AVGOBROADCOM INC. | 2.30% | 1.51% |
| METAMETA PLATFORMS INC-CLASS A | 1.40% | 1.65% |
| LLYELI LILLY & CO | 1.59% | 1.09% |
| VVISA INC. | 1.06% | 1.86% |
| JNJJOHNSON & JOHNSON | 0.97% | 1.76% |
GPIX488 holdings total
JEPI135 holdings total
| Name | Weight |
|---|---|
| AAPLAPPLE INC COMMON STOCK | 1.96% |
| MAMASTERCARD INC COMMON | 1.95% |
| MSFTMICROSOFT CORP COMMON | 1.94% |
| VVISA INC COMMON STOCK | 1.86% |
| AMZNAMAZON.COM INC COMMON | 1.82% |
| MMM3M CO COMMON STOCK USD | 1.79% |
| NEENEXTERA ENERGY INC | 1.77% |
| JNJJOHNSON & COMMON | 1.76% |
| NVDANVIDIA CORP COMMON STOCK | 1.75% |
| ABBVABBVIE INC COMMON STOCK | 1.75% |
Quick verdict
GPIX fits better if you care most about stronger 3-year returns and broader diversification. JEPI fits better if you care most about smaller drawdowns. Model the holding inside your real portfolio before deciding.
Frequently asked questions
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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.