Dividend comparison

JEPI vs QDVO: Which Is Better for Income?

Fees, yield, total returns, drawdowns, holdings overlap and dividend history for JPMorgan Equity Premium Income ETF and Amplify CWP Growth & Income ETF, side by side. Updated October 21, 2026.

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JEPI vs QDVO: key differences
The short answer, from the latest data on this page.
  • Fees. JEPI is cheaper at 0.35% a year versus 0.56% for QDVO. On $10,000 that is $21 a year less in fees.
  • Income. QDVO pays more income, yielding 10.69% over the last twelve months versus 7.96% for JEPI. That is about $273 more a year on $10,000. Both pay monthly.
  • Performance. Over the last 1 year, QDVO returned 2.1% versus 1.6% for JEPI, with dividends reinvested. $10,000 would have grown to $10,208 in QDVO and $10,159 in JEPI.
  • Risk. QDVO has been the bumpier ride. Its worst peak-to-trough decline over the last 1 year was -17.7%, against -13.7% for JEPI.
  • Diversification. JEPI holds 135 positions and QDVO holds 45. The ten largest positions make up 18.3% of JEPI and 58.0% of QDVO.
  • Overlap. At least 27% of the two portfolios overlap by weight, across 22 shared holdings.
  • Size. JEPI is the larger fund with $46.0 billion in assets, against $763 million for QDVO.

Bottom line: JEPI fits better if you care most about lower fees, smaller drawdowns and broader diversification. QDVO fits better if you care most about more income today.

Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
MetricJEPI
JPMorgan Equity Premium Income ETF
QDVO
Amplify CWP Growth & Income ETF
Dividend yield (TTM)7.96%10.69%
Dividend / share (TTM)$4.56$3.15
Payout frequencyMonthlyMonthly
Last dividend$0.3413 on Oct 5, 2026$0.2787 on Sep 30, 2026
Ex-dividend dateOct 1, 2026Sep 29, 2026
Dividend growth (CAGR)2.5% over 4 yrs—
Price$57.36$29.46
Dividend growth streak1 year—
Beta0.431.02
Max drawdown (5Y)-13.7%-17.7%
Market cap$45.72B$767.2M
ExchangeAMEXAMEX
Expense ratio0.35%0.56%
Assets under management$46.01B$763.0M
Number of holdings13545
Top 10 concentration18.3%58.0%
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.

JEPI

$66.30/mo

$796 /yr at 7.96% yield

QDVO

$89.08/mo

$1069 /yr at 10.69% yield

Dividend history
Total dividends paid per share in each calendar year. JEPI pays monthly; QDVO pays monthly.
YearJEPIQDVO
2025$4.6876$2.8784
2024$4.2494—
2023$4.7634—
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 QDVO 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

Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Aug 22, 2024 would now be worth $11,050 in JEPI and $13,520 in QDVO.
PeriodJEPIQDVO
1 month1.99%-1.41%
3 months1.43%-0.07%
Year to date0.21%1.52%
1 year1.59%2.08%
3 years29.10%—
5 years33.92%—
  • JEPI
  • QDVO
91118144202420252026110135

Both series indexed to 100 on 2024-08-22 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
  • QDVO
0%12%25%37%49%Technology15.5%49.2%Communication Services7.5%13.5%Healthcare11.6%8.0%Consumer Cyclical8.7%10.3%Financial Services9.7%7.9%Cash & Others17.4%Consumer Defensive8.5%7.0%Industrials10.1%3.4%Utilities4.6%0.5%Energy3.1%0.3%Other3.2%1.4%
JEPI vs QDVO holdings overlap
At least 27% overlap by weight, with 22 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 weightQDVO weight
MSFTMICROSOFT CORP COMMON1.99%6.61%
AAPLAPPLE INC COMMON STOCK1.94%9.59%
AMZNAMAZON.COM INC COMMON1.91%5.24%
VVISA INC COMMON STOCK1.82%2.80%
NVDANVIDIA CORP COMMON STOCK1.80%10.25%
METAMETA PLATFORMS INC1.80%3.95%
ABBVABBVIE INC COMMON STOCK1.74%2.18%
GOOGLALPHABET INC-CL A -1.72%8.39%
AVGOBROADCOM INC COMMON1.58%3.26%
COSTCOSTCO WHOLESALE CORP1.55%1.41%
Top 10 holdings
Largest positions by portfolio weight.

JEPI135 holdings total

NameWeight
MSFTMICROSOFT CORP COMMON1.99%
AAPLAPPLE INC COMMON STOCK1.94%
AMZNAMAZON.COM INC COMMON1.91%
MAMASTERCARD INC COMMON1.91%
VVISA INC COMMON STOCK1.82%
NVDANVIDIA CORP COMMON STOCK1.80%
METAMETA PLATFORMS INC1.80%
ABBVABBVIE INC COMMON STOCK1.74%
GOOGLALPHABET INC-CL A -1.72%
EOGEOG RESOURCES INC COMMON1.71%

QDVO45 holdings total

NameWeight
NVDANVIDIA Corp10.25%
AAPLApple Inc9.59%
GOOGLAlphabet Inc8.39%
MSFTMicrosoft Corp6.61%
AMZNAmazon.com Inc5.24%
METAMeta Platforms Inc3.95%
LLYEli Lilly & Co3.73%
MUMicron Technology Inc3.71%
AMDAdvanced Micro Devices Inc3.29%
AVGOBroadcom Inc3.26%

Quick verdict

JEPI fits better if you care most about lower fees, smaller drawdowns and broader diversification. QDVO fits better if you care most about more income today. Model the holding inside your real portfolio before deciding.

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Frequently asked questions

Is JEPI or QDVO better for dividend income?
It depends on your goals. JEPI currently yields 7.96% Trailing Twelve Months (TTM) while QDVO yields 10.69%. 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 QDVO?
JPMorgan Equity Premium Income ETF (JEPI) is an ETF listed on AMEX. Amplify CWP Growth & Income ETF (QDVO) is an ETF listed on AMEX. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, JEPI or QDVO?
JEPI has the lower expense ratio. JEPI charges 0.35% a year and QDVO charges 0.56%, a difference of $21 a year on a $10,000 investment.
Which has performed better, JEPI or QDVO?
Over the last 1 year, QDVO has the higher total return with dividends reinvested: JEPI returned 1.6% and QDVO returned 2.1%. Past performance does not predict future returns.
Which is riskier, JEPI or QDVO?
Measured by the worst peak-to-trough decline over the last five years, QDVO has been riskier: JEPI fell as much as 13.7% and QDVO as much as 17.7%. Their betas are 0.43 and 1.02.
How much do JEPI and QDVO overlap?
At least 27% of the two portfolios overlap by weight, across 22 shared holdings. The largest shared positions are MSFT, AAPL, AMZN. Holding both still adds meaningful diversification.
How often do JEPI and QDVO pay dividends?
Both pay monthly. The most recent payments were $0.3413 for JEPI and $0.2787 for QDVO.
How much income does $10,000 in JEPI vs QDVO generate?
At current TTM yields, $10,000 in JEPI would generate roughly $66.30 per month ($796 annually). The same amount in QDVO would produce about $89.08 per month ($1069 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both JEPI and QDVO?
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 QDVO with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how JEPI and QDVO 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.