Dividend comparison
JEPI vs SPYI: Which Is Better for Income?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for JPMorgan Equity Premium Income ETF and Neos S&P 500(R) High Income ETF, side by side. Updated October 24, 2026.
- Fees. JEPI is cheaper at 0.35% a year versus 0.68% for SPYI. On $10,000 that is $33 a year less in fees.
- Income. SPYI pays more income, yielding 13.01% over the last twelve months versus 8.03% for JEPI. That is about $498 more a year on $10,000. Both pay monthly.
- Performance. Over the last 3 years, SPYI returned 47.5% versus 28.9% for JEPI, with dividends reinvested. $10,000 would have grown to $14,752 in SPYI and $12,894 in JEPI.
- Risk. SPYI has been the bumpier ride. Its worst peak-to-trough decline over the last 3 years was -16.5%, against -13.7% for JEPI.
- Diversification. JEPI holds 135 positions and SPYI holds 10. The ten largest positions make up 18.4% of JEPI and 38.6% of SPYI.
- Overlap. At least 33% of the two portfolios overlap by weight, across 55 shared holdings.
- Dividend growth. SPYI grew its yearly payout 3.1% a year over the last 2 years, versus 2.5% for JEPI.
- Size. JEPI is the larger fund with $45.9 billion in assets, against $12.6 billion for SPYI.
Bottom line: JEPI fits better if you care most about lower fees and broader diversification. SPYI fits better if you care most about more income today and stronger 3-year returns.
| Metric | JEPI JPMorgan Equity Premium Income ETF | SPYI Neos S&P 500(R) High Income ETF |
|---|---|---|
| Dividend yield (TTM) | 8.03% | 13.01% |
| Dividend / share (TTM) | $4.56 | $6.85 |
| Payout frequency | Monthly | Monthly |
| Last dividend | $0.3413 on Oct 5, 2026 | $0.5090 on Oct 23, 2026 |
| Ex-dividend date | Oct 1, 2026 | Oct 21, 2026 |
| Dividend growth (CAGR) | 2.5% over 4 yrs | 3.1% over 2 yrs |
| Price | $56.85 | $52.64 |
| Dividend growth streak | 1 year | 2 years |
| Beta | 0.43 | 0.70 |
| Max drawdown (5Y) | -13.7% | -16.5% |
| Market cap | $45.72B | $10.50B |
| Exchange | AMEX | CBOE |
| Expense ratio | 0.35% | 0.68% |
| Assets under management | $45.93B | $12.57B |
| Number of holdings | 135 | 10 |
| Top 10 concentration | 18.4% | 38.6% |
JEPI
$66.90/mo
$803 /yr at 8.03% yield
SPYI
$108.43/mo
$1301 /yr at 13.01% yield
| Year | JEPI | SPYI |
|---|---|---|
| 2025 | $4.6876 | $6.1458 |
| 2024 | $4.2494 | $6.1182 |
| 2023 | $4.7634 | $5.7873 |
| 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 SPYI 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 owns the index constituents, then layers on a data-driven call strategy that can include both sold and purchased SPX options, so the manager can dial how much upside is given away instead of overwriting the whole book every month. SPX options are section 1256 contracts, which are marked to market and taxed 60% long-term and 40% short-term regardless of holding period, and NEOS also harvests losses inside the options sleeve. Together those choices change the tax character of what lands in your account, which is the main thing separating this from an ordinary buy-write fund.
Suits a taxable-account holder who wants S&P 500 exposure with a much larger monthly payout and cares about how that income is taxed. Not for someone who wants uncapped participation in a strong bull market or the lowest possible expense ratio.
Tax-aware equity income
| Period | JEPI | SPYI |
|---|---|---|
| 1 month | 0.97% | -1.58% |
| 3 months | 1.13% | 0.06% |
| Year to date | 0.09% | 0.65% |
| 1 year | 1.25% | 2.68% |
| 3 years | 28.94% | 47.52% |
| 5 years | 33.05% | — |
- JEPI
- SPYI
Both series indexed to 100 on 2022-08-30 using the adjusted closing price series. Past performance does not guarantee future results.
- JEPI
- SPYI
| Largest shared holdings | JEPI weight | SPYI weight |
|---|---|---|
| MSFTMICROSOFT CORP COMMON | 1.98% | 5.95% |
| AAPLAPPLE INC COMMON STOCK | 1.94% | 7.55% |
| AMZNAMAZON.COM INC COMMON | 1.90% | 3.87% |
| NVDANVIDIA CORP COMMON STOCK | 1.83% | 8.11% |
| METAMETA PLATFORMS INC | 1.77% | 2.29% |
| GOOGLALPHABET INC-CL A - | 1.67% | 2.93% |
| AVGOBROADCOM INC COMMON | 1.58% | 2.41% |
| LLYELI LILLY AND COMPANY | 1.06% | 1.53% |
| AMDADVANCED MICRO DEVICES | 1.02% | 1.36% |
| VVISA INC COMMON STOCK | 1.83% | 1.01% |
JEPI135 holdings total
| Name | Weight |
|---|---|
| MSFTMICROSOFT CORP COMMON | 1.98% |
| AAPLAPPLE INC COMMON STOCK | 1.94% |
| MAMASTERCARD INC COMMON | 1.92% |
| AMZNAMAZON.COM INC COMMON | 1.90% |
| VVISA INC COMMON STOCK | 1.83% |
| NVDANVIDIA CORP COMMON STOCK | 1.83% |
| MMM3M CO COMMON STOCK USD | 1.78% |
| METAMETA PLATFORMS INC | 1.77% |
| ABBVABBVIE INC COMMON STOCK | 1.74% |
| EOGEOG RESOURCES INC COMMON | 1.70% |
Quick verdict
JEPI fits better if you care most about lower fees and broader diversification. SPYI fits better if you care most about more income today and stronger 3-year returns. Model the holding inside your real portfolio before deciding.
Frequently asked questions
Is JEPI or SPYI better for dividend income?
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How much do JEPI and SPYI overlap?
How often do JEPI and SPYI pay dividends?
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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.