Dividend comparison
JEPI vs VOO: Which Is Better?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for JPMorgan Equity Premium Income ETF and Vanguard S&P 500 ETF, side by side. Updated October 21, 2026.
- Fees. VOO is cheaper at 0.03% a year versus 0.35% for JEPI. On $10,000 that is $32 a year less in fees.
- Income. JEPI pays more income, yielding 7.96% over the last twelve months versus 1.05% for VOO. That is about $691 more a year on $10,000. JEPI pays monthly, VOO pays quarterly.
- Performance. Over the last 5 years, VOO returned 81.8% versus 33.9% for JEPI, with dividends reinvested. $10,000 would have grown to $18,178 in VOO and $13,392 in JEPI.
- Risk. VOO 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. VOO holds 505 positions and JEPI holds 135. The ten largest positions make up 18.3% of JEPI and 39.1% of VOO.
- Overlap. At least 32% of the two portfolios overlap by weight, across 56 shared holdings.
- Dividend growth. VOO grew its yearly payout 6.8% a year over the last 4 years, versus 2.5% for JEPI.
- Size. VOO is the larger fund with $1.7 trillion in assets, against $46.0 billion for JEPI.
Bottom line: JEPI fits better if you care most about more income today and smaller drawdowns. VOO 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 | VOO Vanguard S&P 500 ETF |
|---|---|---|
| Dividend yield (TTM) | 7.96% | 1.05% |
| Dividend / share (TTM) | $4.56 | $7.43 |
| Payout frequency | Monthly | Quarterly |
| Last dividend | $0.3413 on Oct 5, 2026 | $1.8226 on Sep 30, 2026 |
| Ex-dividend date | Oct 1, 2026 | Sep 28, 2026 |
| Dividend growth (CAGR) | 2.5% over 4 yrs | 6.8% over 4 yrs |
| Price | $57.36 | $706.80 |
| Dividend growth streak | 1 year | 5 years |
| Beta | 0.43 | 1.01 |
| Max drawdown (5Y) | -13.7% | -24.5% |
| Market cap | $45.72B | $1.70T |
| Exchange | AMEX | AMEX |
| Expense ratio | 0.35% | 0.03% |
| Assets under management | $46.01B | $1.70T |
| Number of holdings | 135 | 505 |
| Top 10 concentration | 18.3% | 39.1% |
JEPI
$66.30/mo
$796 /yr at 7.96% yield
VOO
$8.76/mo
$105 /yr at 1.05% yield
| Year | JEPI | VOO |
|---|---|---|
| 2025 | $4.6876 | $7.0678 |
| 2024 | $4.2494 | $6.7035 |
| 2023 | $4.7634 | $6.3572 |
| 2022 | $6.2478 | $5.9467 |
| 2021 | $4.2455 | $5.4367 |
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 VOO 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 replicates the index in full and makes no attempt to pick winners, so its return is the index return less a very small fee. As an open-end fund it can lend securities and put incoming dividends back to work inside the portfolio between the quarterly payment dates. Dividends are whatever the underlying companies happen to pay, which means yield is an output of the strategy and never a target of it.
Suits almost any long-horizon US equity allocation, including as the growth engine sitting behind higher-yielding income positions. Not a fit for someone whose portfolio needs to produce meaningful current cash flow.
Core holding
| Period | JEPI | VOO |
|---|---|---|
| 1 month | 1.99% | 0.97% |
| 3 months | 1.43% | 3.87% |
| Year to date | 0.21% | 13.68% |
| 1 year | 1.59% | 15.84% |
| 3 years | 29.10% | 89.23% |
| 5 years | 33.92% | 81.78% |
- JEPI
- VOO
Both series indexed to 100 on 2021-10-20 using the adjusted closing price series. Past performance does not guarantee future results.
- JEPI
- VOO
| Largest shared holdings | JEPI weight | VOO weight |
|---|---|---|
| MSFTMICROSOFT CORP COMMON | 1.99% | 5.78% |
| AAPLAPPLE INC COMMON STOCK | 1.94% | 7.38% |
| AMZNAMAZON.COM INC COMMON | 1.91% | 3.71% |
| NVDANVIDIA CORP COMMON STOCK | 1.80% | 8.39% |
| METAMETA PLATFORMS INC | 1.80% | 2.43% |
| GOOGLALPHABET INC-CL A - | 1.72% | 3.07% |
| AVGOBROADCOM INC COMMON | 1.58% | 2.54% |
| LLYELI LILLY AND COMPANY | 1.04% | 1.41% |
| AMDADVANCED MICRO DEVICES | 1.00% | 1.52% |
| MUMICRON TECHNOLOGY INC | 0.98% | 1.83% |
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. VOO 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
Is JEPI or VOO better for dividend income?
What is the difference between JEPI and VOO?
Which is cheaper, JEPI or VOO?
Which has performed better, JEPI or VOO?
Which is riskier, JEPI or VOO?
How much do JEPI and VOO overlap?
How often do JEPI and VOO pay dividends?
How much income does $10,000 in JEPI vs VOO generate?
Can I hold both JEPI and VOO?
Where can I compare JEPI vs VOO with my full portfolio?
Related comparisons
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.