Dividend comparison
JEPI vs XYLD: Which Is Better for Income?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for JPMorgan Equity Premium Income ETF and Global X - S&P 500 Covered Call ETF, side by side. Updated October 21, 2026.
- Fees. JEPI is cheaper at 0.35% a year versus 0.60% for XYLD. On $10,000 that is $25 a year less in fees.
- Income. XYLD pays more income, yielding 10.44% over the last twelve months versus 7.96% for JEPI. That is about $249 more a year on $10,000. Both pay monthly.
- Performance. Over the last 5 years, JEPI returned 33.9% versus 30.2% for XYLD, with dividends reinvested. $10,000 would have grown to $13,392 in JEPI and $13,019 in XYLD.
- Risk. XYLD has been the bumpier ride. Its worst peak-to-trough decline over the last 5 years was -18.6%, against -13.7% for JEPI.
- Diversification. XYLD holds 505 positions and JEPI holds 135. The ten largest positions make up 18.3% of JEPI and 39.9% of XYLD.
- Overlap. At least 33% of the two portfolios overlap by weight, across 57 shared holdings.
- Dividend growth. XYLD grew its yearly payout 4.8% a year over the last 4 years, versus 2.5% for JEPI.
- Size. JEPI is the larger fund with $46.0 billion in assets, against $3.4 billion for XYLD.
Bottom line: JEPI fits better if you care most about lower fees, stronger 5-year returns and smaller drawdowns. XYLD fits better if you care most about more income today, faster dividend growth and broader diversification.
| Metric | JEPI JPMorgan Equity Premium Income ETF | XYLD Global X - S&P 500 Covered Call ETF |
|---|---|---|
| Dividend yield (TTM) | 7.96% | 10.44% |
| Dividend / share (TTM) | $4.56 | $4.32 |
| Payout frequency | Monthly | Monthly |
| Last dividend | $0.3413 on Oct 5, 2026 | $0.2964 on Sep 24, 2026 |
| Ex-dividend date | Oct 1, 2026 | Oct 19, 2026 |
| Next payment | — | $0.3140 on Oct 22, 2026 |
| Dividend growth (CAGR) | 2.5% over 4 yrs | 4.8% over 4 yrs |
| Price | $57.36 | $41.40 |
| Dividend growth streak | 1 year | 1 year |
| Beta | 0.43 | 0.41 |
| Max drawdown (5Y) | -13.7% | -18.6% |
| Market cap | $45.72B | $3.41B |
| Exchange | AMEX | AMEX |
| Expense ratio | 0.35% | 0.60% |
| Assets under management | $46.01B | $3.38B |
| Number of holdings | 135 | 505 |
| Top 10 concentration | 18.3% | 39.9% |
JEPI
$66.30/mo
$796 /yr at 7.96% yield
XYLD
$87.02/mo
$1044 /yr at 10.44% yield
| Year | JEPI | XYLD |
|---|---|---|
| 2025 | $4.6876 | $5.4603 |
| 2024 | $4.2494 | $3.9372 |
| 2023 | $4.7634 | $4.2377 |
| 2022 | $6.2478 | $5.3660 |
| 2021 | $4.2455 | $4.5310 |
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 XYLD 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 the Cboe S&P 500 BuyWrite Index, holding S&P 500 stocks and writing one-month calls at roughly the current index level. The mechanics match its Nasdaq sibling, but S&P 500 implied volatility is lower, so the premium collected and the resulting distribution are smaller. The same distribution guideline applies, capped at the lower of half the premiums received or 1% of net asset value.
Suits someone who wants the buy-write structure applied to a broader, less concentrated index than the Nasdaq-100. Not appropriate for an account that still needs capital growth, since full at-the-money overwriting caps the market return that funds it.
High current income, capped upside
| Period | JEPI | XYLD |
|---|---|---|
| 1 month | 1.99% | -0.05% |
| 3 months | 1.43% | 0.61% |
| Year to date | 0.21% | 1.90% |
| 1 year | 1.59% | 5.56% |
| 3 years | 29.10% | 36.95% |
| 5 years | 33.92% | 30.19% |
- JEPI
- XYLD
Both series indexed to 100 on 2021-10-20 using the adjusted closing price series. Past performance does not guarantee future results.
- JEPI
- XYLD
| Largest shared holdings | JEPI weight | XYLD weight |
|---|---|---|
| MSFTMICROSOFT CORP COMMON | 1.99% | 6.10% |
| AAPLAPPLE INC COMMON STOCK | 1.94% | 7.57% |
| AMZNAMAZON.COM INC COMMON | 1.91% | 3.88% |
| NVDANVIDIA CORP COMMON STOCK | 1.80% | 8.32% |
| METAMETA PLATFORMS INC | 1.80% | 2.49% |
| GOOGLALPHABET INC-CL A - | 1.72% | 3.14% |
| AVGOBROADCOM INC COMMON | 1.58% | 2.57% |
| LLYELI LILLY AND COMPANY | 1.04% | 1.44% |
| VVISA INC COMMON STOCK | 1.82% | 1.01% |
| AMDADVANCED MICRO DEVICES | 1.00% | 1.48% |
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 lower fees, stronger 5-year returns and smaller drawdowns. XYLD fits better if you care most about more income today, 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.