Dividend comparison
JEPI vs SPY: Which Is Better?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for JPMorgan Equity Premium Income ETF and State Street SPDR S&P 500 ETF, side by side. Updated October 21, 2026.
- Fees. SPY 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 0.98% for SPY. That is about $698 more a year on $10,000. JEPI pays monthly, SPY pays quarterly.
- Performance. Over the last 5 years, SPY returned 81.3% versus 33.9% for JEPI, with dividends reinvested. $10,000 would have grown to $18,129 in SPY and $13,392 in JEPI.
- Risk. SPY has been the bumpier ride. Its worst peak-to-trough decline over the last 5 years was -24.5%, against -13.7% for JEPI.
- Diversification. SPY holds 504 positions and JEPI holds 135. The ten largest positions make up 18.3% of JEPI and 38.7% of SPY.
- Overlap. At least 33% of the two portfolios overlap by weight, across 58 shared holdings.
- Dividend growth. SPY grew its yearly payout 6.4% a year over the last 4 years, versus 2.5% for JEPI.
- Size. SPY is the larger fund with $816.6 billion in assets, against $46.0 billion for JEPI.
Bottom line: JEPI fits better if you care most about more income today and smaller drawdowns. SPY fits better if you care most about lower fees, stronger 5-year returns, faster dividend growth and broader diversification.
| Metric | JEPI JPMorgan Equity Premium Income ETF | SPY State Street SPDR S&P 500 ETF |
|---|---|---|
| Dividend yield (TTM) | 7.96% | 0.98% |
| Dividend / share (TTM) | $4.56 | $7.53 |
| Payout frequency | Monthly | Quarterly |
| Last dividend | $0.3413 on Oct 5, 2026 | $1.9035 on Jul 31, 2026 |
| Ex-dividend date | Oct 1, 2026 | Sep 18, 2026 |
| Next payment | — | $1.8888 on Oct 30, 2026 |
| Dividend growth (CAGR) | 2.5% over 4 yrs | 6.4% over 4 yrs |
| Price | $57.36 | $769.05 |
| Dividend growth streak | 1 year | 16 years |
| Beta | 0.43 | 1.01 |
| Max drawdown (5Y) | -13.7% | -24.5% |
| Market cap | $45.72B | $813.99B |
| Exchange | AMEX | AMEX |
| Expense ratio | 0.35% | 0.09% |
| Assets under management | $46.01B | $816.57B |
| Number of holdings | 135 | 504 |
| Top 10 concentration | 18.3% | 38.7% |
JEPI
$66.30/mo
$796 /yr at 7.96% yield
SPY
$8.15/mo
$98 /yr at 0.98% yield
| Year | JEPI | SPY |
|---|---|---|
| 2025 | $4.6876 | $7.2533 |
| 2024 | $4.2494 | $7.0056 |
| 2023 | $4.7634 | $6.5091 |
| 2022 | $6.2478 | $6.1723 |
| 2021 | $4.2455 | $5.6618 |
Current income is low and outside your control, so these need pairing with something else if the portfolio has to produce cash today.
What JEPI vs SPY 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 holds the same 500 companies as its rivals, but it is structured as a unit investment trust rather than an open-end fund, an older wrapper that must hold every constituent and cannot put dividends back to work inside the fund before the quarterly payment date. That leaves a small cash drag and it carries a higher expense ratio than the newer S&P 500 trackers, around three times VOO's. What it buys instead is unmatched liquidity and by far the deepest options market of any S&P 500 fund.
Suits traders, options sellers and anyone who needs to move size with tight spreads. For a long-term buy-and-hold position the structural drag and higher fee work against it compared with the newer alternatives.
Core holding, trading vehicle
| Period | JEPI | SPY |
|---|---|---|
| 1 month | 1.99% | 0.97% |
| 3 months | 1.43% | 3.63% |
| Year to date | 0.21% | 13.37% |
| 1 year | 1.59% | 15.51% |
| 3 years | 29.10% | 88.86% |
| 5 years | 33.92% | 81.29% |
- JEPI
- SPY
Both series indexed to 100 on 2021-10-20 using the adjusted closing price series. Past performance does not guarantee future results.
- JEPI
- SPY
| Largest shared holdings | JEPI weight | SPY weight |
|---|---|---|
| MSFTMICROSOFT CORP COMMON | 1.99% | 5.98% |
| AAPLAPPLE INC COMMON STOCK | 1.94% | 7.55% |
| AMZNAMAZON.COM INC COMMON | 1.91% | 3.89% |
| NVDANVIDIA CORP COMMON STOCK | 1.80% | 7.93% |
| METAMETA PLATFORMS INC | 1.80% | 2.35% |
| GOOGLALPHABET INC-CL A - | 1.72% | 3.05% |
| AVGOBROADCOM INC COMMON | 1.58% | 2.40% |
| LLYELI LILLY AND COMPANY | 1.04% | 1.50% |
| VVISA INC COMMON STOCK | 1.82% | 1.04% |
| AMDADVANCED MICRO DEVICES | 1.00% | 1.33% |
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 and smaller drawdowns. SPY fits better if you care most about lower fees, stronger 5-year returns, faster dividend growth 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.