Dividend comparison

JEPI vs JEPQ: Which Is Better for Income?

Fees, yield, total returns, drawdowns, holdings overlap and dividend history for JPMorgan Equity Premium Income ETF and JPMorgan Nasdaq Equity Premium Income ETF, side by side. Updated October 25, 2026.

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JEPI vs JEPQ: key differences
The short answer, from the latest data on this page.
  • 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 8.03% for JEPI. That is about $375 more a year on $10,000. Both pay monthly.
  • Performance. Over the last 3 years, JEPQ returned 57.7% versus 28.4% for JEPI, with dividends reinvested. $10,000 would have grown to $15,771 in JEPQ and $12,839 in JEPI.
  • Risk. JEPQ has been the bumpier ride. Its worst peak-to-trough decline over the last 3 years was -20.1%, against -13.7% for JEPI.
  • Diversification. JEPI holds 135 positions and JEPQ holds 109. The ten largest positions make up 18.4% of JEPI and 42.6% of JEPQ.
  • Overlap. At least 26% of the two portfolios overlap by weight, across 39 shared holdings.
  • Dividend growth. JEPQ grew its yearly payout 7.6% a year over the last 2 years, versus 2.5% for JEPI.

Bottom line: JEPI fits better if you care most about smaller drawdowns. JEPQ fits better if you care most about more income today, stronger 3-year returns and faster dividend growth.

Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
MetricJEPI
JPMorgan Equity Premium Income ETF
JEPQ
JPMorgan Nasdaq Equity Premium Income ETF
Dividend yield (TTM)8.03%11.78%
Dividend / share (TTM)$4.56$6.88
Payout frequencyMonthlyMonthly
Last dividend$0.3413 on Oct 5, 2026$0.5669 on Oct 5, 2026
Ex-dividend dateOct 1, 2026Oct 1, 2026
Dividend growth (CAGR)2.5% over 4 yrs7.6% over 2 yrs
Price$56.85$58.43
Dividend growth streak1 year2 years
Beta0.430.83
Max drawdown (5Y)-13.7%-20.1%
Market cap$45.72B$43.19B
ExchangeAMEXNASDAQ
Expense ratio0.35%0.35%
Assets under management$45.61B$42.76B
Number of holdings135109
Top 10 concentration18.4%42.6%
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.

JEPI

$66.90/mo

$803 /yr at 8.03% yield

JEPQ

$98.19/mo

$1178 /yr at 11.78% yield

Dividend history
Total dividends paid per share in each calendar year. JEPI pays monthly; JEPQ pays monthly.
YearJEPIJEPQ
2025$4.6876$6.0025
2024$4.2494$5.3800
2023$4.7634$5.1840
2022$6.2478—
2021$4.2455—
Strategy: Options income
These funds own equities and sell call options against them, converting a share of future price appreciation into cash paid out now. How much upside is surrendered depends on the design: writing at the money on the whole portfolio pays the most and keeps the least, while writing on a partial slice or using purchased offsets keeps more of a rally. Distributions come mainly from option premium rather than from company dividends, so the headline yield is not comparable to a dividend fund's.

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 JEPQ actually do

JEPI
An actively managed ETF that holds a defensive slice of US large-cap stocks and earns extra income from S&P 500 call options sold through equity-linked notes.

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

JEPQ
The Nasdaq-100 version of the same JPMorgan strategy: an actively managed portfolio of large-cap growth stocks plus call options written through equity-linked notes.

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

Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on May 4, 2022 would now be worth $13,111 in JEPI and $16,995 in JEPQ.
PeriodJEPIJEPQ
1 month0.48%-4.37%
3 months0.76%-0.17%
Year to date-0.68%0.53%
1 year0.19%2.26%
3 years28.39%57.71%
5 years32.03%—
  • JEPI
  • JEPQ
7613118620222023202420252026131170

Both series indexed to 100 on 2022-05-04 using the adjusted closing price series. Past performance does not guarantee future results.

Sector allocation
Weight of each sector within the fund. Sectors are aligned on the same row so the two funds can be read against each other directly.
  • JEPI
  • JEPQ
0%15%30%46%61%Technology15.5%61.0%Communication Services7.5%12.6%Consumer Cyclical8.7%10.5%Cash & Others17.4%0.0%Healthcare11.6%4.2%Industrials10.1%3.9%Consumer Defensive8.5%5.2%Financial Services9.7%0.4%Utilities4.6%0.9%Energy3.1%0.3%Other3.2%1.0%
JEPI vs JEPQ holdings overlap
At least 26% overlap by weight, with 39 holdings in common. Overlap adds up the smaller of the two weights for every stock both funds own, so 100% would mean identical portfolios.
Largest shared holdingsJEPI weightJEPQ weight
AAPLAPPLE INC COMMON STOCK1.96%6.96%
MSFTMICROSOFT CORP COMMON1.94%5.51%
AMZNAMAZON.COM INC COMMON1.82%3.90%
NVDANVIDIA CORP COMMON STOCK1.75%7.14%
METAMETA PLATFORMS INC1.65%2.77%
AVGOBROADCOM INC COMMON1.51%1.87%
COSTCOSTCO WHOLESALE CORP1.58%1.27%
LRCXLAM RESEARCH CORP COMMON1.17%1.54%
AMDADVANCED MICRO DEVICES0.94%3.42%
MUMICRON TECHNOLOGY INC0.92%4.14%
Top 10 holdings
Largest positions by portfolio weight.

JEPI135 holdings total

NameWeight
AAPLAPPLE INC COMMON STOCK1.96%
MAMASTERCARD INC COMMON1.95%
MSFTMICROSOFT CORP COMMON1.94%
VVISA INC COMMON STOCK1.86%
AMZNAMAZON.COM INC COMMON1.82%
MMM3M CO COMMON STOCK USD1.79%
NEENEXTERA ENERGY INC1.77%
JNJJOHNSON & COMMON1.76%
NVDANVIDIA CORP COMMON STOCK1.75%
ABBVABBVIE INC COMMON STOCK1.75%

JEPQ109 holdings total

NameWeight
NVDANVIDIA CORP COMMON STOCK7.14%
AAPLAPPLE INC COMMON STOCK6.96%
MSFTMICROSOFT CORP COMMON5.51%
GOOGALPHABET INC-CL C -4.64%
MUMICRON TECHNOLOGY INC4.14%
AMZNAMAZON.COM INC COMMON3.90%
AMDADVANCED MICRO DEVICES3.42%
METAMETA PLATFORMS INC2.77%
TSLATESLA INC COMMON STOCK2.21%
WMTWALMART INC COMMON STOCK1.93%

Quick verdict

JEPI fits better if you care most about smaller drawdowns. JEPQ fits better if you care most about more income today, stronger 3-year returns and faster dividend growth. Model the holding inside your real portfolio before deciding.

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Frequently asked questions

Is JEPI or JEPQ better for dividend income?
It depends on your goals. JEPI currently yields 8.03% Trailing Twelve Months (TTM) while JEPQ yields 11.78%. Higher yield means more current income per dollar invested, but may come with different risk, growth, or NAV characteristics. Compare total return and payout sustainability — not just the headline yield.
What is the difference between JEPI and JEPQ?
JPMorgan Equity Premium Income ETF (JEPI) is an ETF listed on AMEX. JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) is an ETF listed on NASDAQ. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, JEPI or JEPQ?
They cost about the same: JEPI charges 0.35% a year and JEPQ charges 0.35%.
Which has performed better, JEPI or JEPQ?
Over the last 3 years, JEPQ has the higher total return with dividends reinvested: JEPI returned 28.4% and JEPQ returned 57.7%. Past performance does not predict future returns.
Which is riskier, JEPI or JEPQ?
Measured by the worst peak-to-trough decline over the last five years, JEPQ has been riskier: JEPI fell as much as 13.7% and JEPQ as much as 20.1%. Their betas are 0.43 and 0.83.
How much do JEPI and JEPQ overlap?
At least 26% of the two portfolios overlap by weight, across 39 shared holdings. The largest shared positions are AAPL, MSFT, AMZN. Holding both still adds meaningful diversification.
How often do JEPI and JEPQ pay dividends?
Both pay monthly. The most recent payments were $0.3413 for JEPI and $0.5669 for JEPQ.
How much income does $10,000 in JEPI vs JEPQ generate?
At current TTM yields, $10,000 in JEPI would generate roughly $66.90 per month ($803 annually). The same amount in JEPQ would produce about $98.19 per month ($1178 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both JEPI and JEPQ?
Yes. Many income investors hold both to diversify strategy or index exposure. Whether the combination actually diversifies depends on overlapping holdings and factor exposure. Model both inside Dividend Wealth to see combined income, sector mix, and forecast impact.
Where can I compare JEPI vs JEPQ with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how JEPI and JEPQ fit alongside the rest of your portfolio. A 14-day free trial of Standard is available with no credit card required; a limited Free plan is also available.

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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.