Dividend comparison
JEPI vs ISPY: Which Is Better for Income?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for JPMorgan Equity Premium Income ETF and ProShares - S&P 500 High Income ETF, side by side. Updated October 21, 2026.
- Fees. JEPI is cheaper at 0.35% a year versus 0.55% for ISPY. On $10,000 that is $20 a year less in fees.
- Income. JEPI pays more income, yielding 7.96% over the last twelve months versus 5.52% for ISPY. That is about $244 more a year on $10,000. Both pay monthly.
- Performance. Over the last 1 year, ISPY returned 6.6% versus 1.6% for JEPI, with dividends reinvested. $10,000 would have grown to $10,661 in ISPY and $10,159 in JEPI.
- Risk. ISPY has been the bumpier ride. Its worst peak-to-trough decline over the last 1 year was -16.9%, against -13.7% for JEPI.
- Diversification. ISPY holds 514 positions and JEPI holds 135. The ten largest positions make up 18.3% of JEPI and 44.4% of ISPY.
- Overlap. At least 31% of the two portfolios overlap by weight, across 57 shared holdings.
- Size. JEPI is the larger fund with $46.0 billion in assets, against $1.2 billion for ISPY.
Bottom line: JEPI fits better if you care most about lower fees, more income today and smaller drawdowns. ISPY fits better if you care most about stronger 1-year returns and broader diversification.
| Metric | JEPI JPMorgan Equity Premium Income ETF | ISPY ProShares - S&P 500 High Income ETF |
|---|---|---|
| Dividend yield (TTM) | 7.96% | 5.52% |
| Dividend / share (TTM) | $4.56 | $2.65 |
| Payout frequency | Monthly | Monthly |
| Last dividend | $0.3413 on Oct 5, 2026 | $0.2523 on Oct 7, 2026 |
| Ex-dividend date | Oct 1, 2026 | Oct 1, 2026 |
| Dividend growth (CAGR) | 2.5% over 4 yrs | — |
| Price | $57.36 | $48.05 |
| Dividend growth streak | 1 year | — |
| Beta | 0.43 | 0.86 |
| Max drawdown (5Y) | -13.7% | -16.9% |
| Market cap | $45.72B | $1.15B |
| Exchange | AMEX | CBOE |
| Expense ratio | 0.35% | 0.55% |
| Assets under management | $46.01B | $1.16B |
| Number of holdings | 135 | 514 |
| Top 10 concentration | 18.3% | 44.4% |
JEPI
$66.30/mo
$796 /yr at 7.96% yield
ISPY
$46.00/mo
$552 /yr at 5.52% yield
| Year | JEPI | ISPY |
|---|---|---|
| 2025 | $4.6876 | $3.9051 |
| 2024 | $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 JEPI vs ISPY actually do
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 | JEPI | ISPY |
|---|---|---|
| 1 month | 1.99% | -0.08% |
| 3 months | 1.43% | 1.14% |
| Year to date | 0.21% | 5.30% |
| 1 year | 1.59% | 6.61% |
| 3 years | 29.10% | — |
| 5 years | 33.92% | — |
- JEPI
- ISPY
Both series indexed to 100 on 2023-12-20 using the adjusted closing price series. Past performance does not guarantee future results.
- JEPI
- ISPY
| Largest shared holdings | JEPI weight | ISPY weight |
|---|---|---|
| MSFTMICROSOFT CORP COMMON | 1.99% | 5.05% |
| AAPLAPPLE INC COMMON STOCK | 1.94% | 6.38% |
| AMZNAMAZON.COM INC COMMON | 1.91% | 3.28% |
| NVDANVIDIA CORP COMMON STOCK | 1.80% | 6.70% |
| METAMETA PLATFORMS INC | 1.80% | 1.98% |
| GOOGLALPHABET INC-CL A - | 1.72% | 2.58% |
| AVGOBROADCOM INC COMMON | 1.58% | 2.03% |
| LLYELI LILLY AND COMPANY | 1.04% | 1.27% |
| AMDADVANCED MICRO DEVICES | 1.00% | 1.12% |
| MUMICRON TECHNOLOGY INC | 0.98% | 1.30% |
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
JEPI fits better if you care most about lower fees, more income today and smaller drawdowns. ISPY fits better if you care most about stronger 1-year returns and broader diversification. 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.