Dividend comparison
GPIX vs JEPQ: 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 Nasdaq 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. JEPQ pays more income, yielding 11.78% over the last twelve months versus 8.27% for GPIX. That is about $351 more a year on $10,000. Both pay monthly.
- Performance. Over the last 3 years, GPIX returned 564.1% versus 58.2% for JEPQ, with dividends reinvested. $10,000 would have grown to $66,408 in GPIX and $15,823 in JEPQ.
- Risk. GPIX has been the bumpier ride. Its worst peak-to-trough decline over the last 3 years was -100.0%, against -20.1% for JEPQ.
- Diversification. GPIX holds 488 positions and JEPQ holds 109. The ten largest positions make up 39.4% of GPIX and 43.0% of JEPQ.
- Overlap. At least 43% of the two portfolios overlap by weight, across 44 shared holdings.
- Size. JEPQ is the larger fund with $43.1 billion in assets, against $6.4 billion for GPIX.
Bottom line: GPIX fits better if you care most about stronger 3-year returns and broader diversification. JEPQ fits better if you care most about more income today and smaller drawdowns.
| Metric | GPIX Goldman Sachs S&P 500 Premium Income ETF | JEPQ JPMorgan Nasdaq Equity Premium Income ETF |
|---|---|---|
| Dividend yield (TTM) | 8.27% | 11.78% |
| Dividend / share (TTM) | $4.59 | $6.88 |
| Payout frequency | Monthly | Monthly |
| Last dividend | $0.3970 on Oct 7, 2026 | $0.5669 on Oct 5, 2026 |
| Ex-dividend date | Oct 1, 2026 | Oct 1, 2026 |
| Dividend growth (CAGR) | — | 7.6% over 2 yrs |
| Price | $55.43 | $58.43 |
| Dividend growth streak | 1 year | 2 years |
| Beta | 0.84 | 0.83 |
| Max drawdown (5Y) | -100.0% | -20.1% |
| Market cap | $1.16B | $43.19B |
| Exchange | NASDAQ | NASDAQ |
| Expense ratio | 0.35% | 0.35% |
| Assets under management | $6.37B | $43.15B |
| Number of holdings | 488 | 109 |
| Top 10 concentration | 39.4% | 43.0% |
GPIX
$68.95/mo
$827 /yr at 8.27% yield
JEPQ
$98.19/mo
$1178 /yr at 11.78% yield
| Year | GPIX | JEPQ |
|---|---|---|
| 2025 | $4.2301 | $6.0025 |
| 2024 | $3.9993 | $5.3800 |
| 2023 | — | $5.1840 |
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 JEPQ 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 stays close to the Nasdaq-100 while applying JPMorgan's own research overlay, and equity-linked notes supply the short call exposure on the index. Because Nasdaq-100 options carry higher implied volatility than S&P 500 options, the fund collects more premium and pays a bigger monthly distribution than its S&P 500 sibling. The trade is symmetrical: the underlying portfolio is more volatile, so drawdowns are deeper and the capped upside costs more in a technology-led melt-up.
Suits an income investor who wants exposure to large-cap technology but would rather be paid monthly than wait for capital gains. Not a fit for anyone who wants full participation in Nasdaq rallies or who cannot tolerate a growth-heavy, concentrated portfolio underneath the options.
Aggressive equity income
| Period | GPIX | JEPQ |
|---|---|---|
| 1 month | -1.35% | -4.50% |
| 3 months | 0.61% | -1.75% |
| Year to date | 6.16% | 0.52% |
| 1 year | 8.27% | 2.94% |
| 3 years | 564.08% | 58.23% |
| 5 years | — | — |
- GPIX
- JEPQ
Both series indexed to 100 on 2023-10-19 using the adjusted closing price series. Past performance does not guarantee future results.
- GPIX
- JEPQ
| Largest shared holdings | GPIX weight | JEPQ weight |
|---|---|---|
| NVDANVIDIA CORPORATION | 8.10% | 7.27% |
| AAPLAPPLE INC. | 7.52% | 6.69% |
| MSFTMICROSOFT CORPORATION | 5.94% | 5.49% |
| AMZNAMAZON.COM INC | 3.80% | 3.98% |
| AVGOBROADCOM INC. | 2.37% | 1.90% |
| TSLATESLA INC. | 1.56% | 2.22% |
| MUMICRON TECHNOLOGY, INC. | 1.55% | 4.30% |
| METAMETA PLATFORMS INC-CLASS A | 1.49% | 2.90% |
| AMDADVANCED MICRO DEVICES INC. | 1.36% | 3.62% |
| GOOGALPHABET INC. | 1.01% | 4.66% |
GPIX488 holdings total
JEPQ109 holdings total
| Name | Weight |
|---|---|
| NVDANVIDIA CORP COMMON STOCK | 7.27% |
| AAPLAPPLE INC COMMON STOCK | 6.69% |
| MSFTMICROSOFT CORP COMMON | 5.49% |
| GOOGALPHABET INC-CL C - | 4.66% |
| MUMICRON TECHNOLOGY INC | 4.30% |
| AMZNAMAZON.COM INC COMMON | 3.98% |
| AMDADVANCED MICRO DEVICES | 3.62% |
| METAMETA PLATFORMS INC | 2.90% |
| TSLATESLA INC COMMON STOCK | 2.22% |
| AVGOBROADCOM INC COMMON | 1.90% |
Quick verdict
GPIX fits better if you care most about stronger 3-year returns and broader diversification. JEPQ 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
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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.