Dividend comparison
JEPI vs SGOV: Which Is Better for Income?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for JPMorgan Equity Premium Income ETF and iShares 0-3 Month Treasury Bond ETF, side by side. Updated October 21, 2026.
- Fees. SGOV is cheaper at 0.09% a year versus 0.35% for JEPI. On $10,000 that is $26 a year less in fees.
- Income. JEPI pays more income, yielding 7.96% over the last twelve months versus 3.64% for SGOV. That is about $431 more a year on $10,000. Both pay monthly.
- Performance. Over the last 5 years, JEPI returned 33.9% versus 17.1% for SGOV, with dividends reinvested. $10,000 would have grown to $13,392 in JEPI and $11,707 in SGOV.
- Risk. JEPI has been the bumpier ride. Its worst peak-to-trough decline over the last 5 years was -13.7%, against -0.6% for SGOV.
- Diversification. JEPI holds 135 positions and SGOV holds 24.
- Dividend growth. SGOV grew its yearly payout 238.5% a year over the last 4 years, versus 2.5% for JEPI.
- Size. SGOV is the larger fund with $116.3 billion in assets, against $46.0 billion for JEPI.
Bottom line: JEPI fits better if you care most about more income today, stronger 5-year returns and broader diversification. SGOV fits better if you care most about lower fees, smaller drawdowns and faster dividend growth.
| Metric | JEPI JPMorgan Equity Premium Income ETF | SGOV iShares 0-3 Month Treasury Bond ETF |
|---|---|---|
| Dividend yield (TTM) | 7.96% | 3.64% |
| Dividend / share (TTM) | $4.56 | $3.67 |
| Payout frequency | Monthly | Monthly |
| Last dividend | $0.3413 on Oct 5, 2026 | $0.3005 on Oct 6, 2026 |
| Ex-dividend date | Oct 1, 2026 | Oct 1, 2026 |
| Dividend growth (CAGR) | 2.5% over 4 yrs | 238.5% over 4 yrs |
| Price | $57.36 | $100.61 |
| Dividend growth streak | 1 year | — |
| Beta | 0.43 | 0.00 |
| Max drawdown (5Y) | -13.7% | -0.6% |
| Market cap | $45.72B | $96.06B |
| Exchange | AMEX | NYSE |
| Expense ratio | 0.35% | 0.09% |
| Assets under management | $46.01B | $116.27B |
| Number of holdings | 135 | 24 |
| Top 10 concentration | 18.3% | — |
JEPI
$66.30/mo
$796 /yr at 7.96% yield
SGOV
$30.36/mo
$364 /yr at 3.64% yield
| Year | JEPI | SGOV |
|---|---|---|
| 2025 | $4.6876 | $4.1157 |
| 2024 | $4.2494 | $5.1151 |
| 2023 | $4.7634 | $4.8826 |
| 2022 | $6.2478 | $1.4546 |
| 2021 | $4.2455 | $0.0313 |
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 SGOV 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
It tracks an ICE index of 0 to 3 month Treasury securities, so the entire portfolio rolls over every quarter and its yield tracks short-term rates with a short lag rather than being locked in. Interest accrues into the share price through the month and is paid out monthly, which is why the price ratchets up and then drops back by the distribution amount instead of trending. Because the holdings are direct Treasury obligations, the income is generally exempt from state and local tax.
Suits an emergency fund, a savings goal with a near-term date, or the cash sleeve of a portfolio waiting to be deployed. It is not an investment in any growth sense, and it will lose purchasing power to inflation whenever short rates sit below it.
Capital preservation
| Period | JEPI | SGOV |
|---|---|---|
| 1 month | 1.99% | 0.02% |
| 3 months | 1.43% | 0.03% |
| Year to date | 0.21% | 0.23% |
| 1 year | 1.59% | 0.69% |
| 3 years | 29.10% | 10.76% |
| 5 years | 33.92% | 17.07% |
- JEPI
- SGOV
Both series indexed to 100 on 2021-10-20 using the adjusted closing price series. Past performance does not guarantee future results.
- JEPI
- SGOV
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 more income today, stronger 5-year returns and broader diversification. SGOV fits better if you care most about lower fees, smaller drawdowns and faster dividend growth. 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.