Dividend comparison

JEPQ vs ISPY: Which Is Better for Income?

Fees, yield, total returns, drawdowns, holdings overlap and dividend history for JPMorgan Nasdaq Equity Premium Income ETF and ProShares - S&P 500 High Income ETF, side by side. Updated October 21, 2026.

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JEPQ vs ISPY: key differences
The short answer, from the latest data on this page.
  • Fees. JEPQ is cheaper at 0.35% a year versus 0.55% for ISPY. On $10,000 that is $20 a year less in fees.
  • Income. JEPQ pays more income, yielding 11.58% over the last twelve months versus 5.52% for ISPY. That is about $606 more a year on $10,000. Both pay monthly.
  • Performance. Over the last 1 year, ISPY returned 6.6% versus 4.3% for JEPQ, with dividends reinvested. $10,000 would have grown to $10,661 in ISPY and $10,426 in JEPQ.
  • Risk. JEPQ has been the bumpier ride. Its worst peak-to-trough decline over the last 1 year was -20.1%, against -16.9% for ISPY.
  • Diversification. ISPY holds 514 positions and JEPQ holds 110. The ten largest positions make up 43.1% of JEPQ and 44.4% of ISPY.
  • Overlap. At least 42% of the two portfolios overlap by weight, across 47 shared holdings.
  • Size. JEPQ is the larger fund with $43.8 billion in assets, against $1.2 billion for ISPY.

Bottom line: JEPQ fits better if you care most about lower fees and more income today. ISPY fits better if you care most about stronger 1-year returns, smaller drawdowns and broader diversification.

Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
MetricJEPQ
JPMorgan Nasdaq Equity Premium Income ETF
ISPY
ProShares - S&P 500 High Income ETF
Dividend yield (TTM)11.58%5.52%
Dividend / share (TTM)$6.88$2.65
Payout frequencyMonthlyMonthly
Last dividend$0.5669 on Oct 5, 2026$0.2523 on Oct 7, 2026
Ex-dividend dateOct 1, 2026Oct 1, 2026
Dividend growth (CAGR)7.6% over 2 yrs—
Price$59.44$48.05
Dividend growth streak2 years—
Beta0.830.86
Max drawdown (5Y)-20.1%-16.9%
Market cap$43.19B$1.15B
ExchangeNASDAQCBOE
Expense ratio0.35%0.55%
Assets under management$43.83B$1.16B
Number of holdings110514
Top 10 concentration43.1%44.4%
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.

JEPQ

$96.52/mo

$1158 /yr at 11.58% yield

ISPY

$46.00/mo

$552 /yr at 5.52% yield

Dividend history
Total dividends paid per share in each calendar year. JEPQ pays monthly; ISPY pays monthly.
YearJEPQISPY
2025$6.0025$3.9051
2024$5.3800—
2023$5.1840—
Strategy: Options income
These funds own equities and sell call options against them, converting a share of future price appreciation into cash paid out now. How much upside is surrendered depends on the design: writing at the money on the whole portfolio pays the most and keeps the least, while writing on a partial slice or using purchased offsets keeps more of a rally. Distributions come mainly from option premium rather than from company dividends, so the headline yield is not comparable to a dividend fund's.

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 JEPQ vs ISPY actually do

JEPQ
The Nasdaq-100 version of the same JPMorgan strategy: an actively managed portfolio of large-cap growth stocks plus call options written through equity-linked notes.

The equity sleeve stays close to the Nasdaq-100 while applying JPMorgan's own research overlay, and equity-linked notes supply the short call exposure on the index. Because Nasdaq-100 options carry higher implied volatility than S&P 500 options, the fund collects more premium and pays a bigger monthly distribution than its S&P 500 sibling. The trade is symmetrical: the underlying portfolio is more volatile, so drawdowns are deeper and the capped upside costs more in a technology-led melt-up.

Suits an income investor who wants exposure to large-cap technology but would rather be paid monthly than wait for capital gains. Not a fit for anyone who wants full participation in Nasdaq rallies or who cannot tolerate a growth-heavy, concentrated portfolio underneath the options.

Aggressive equity income

Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Dec 20, 2023 would now be worth $14,687 in JEPQ and $14,654 in ISPY.
PeriodJEPQISPY
1 month-1.33%-0.08%
3 months1.59%1.14%
Year to date2.27%5.30%
1 year4.26%6.61%
3 years61.00%—
5 years——
  • JEPQ
  • ISPY
951251562023202420252026147147

Both series indexed to 100 on 2023-12-20 using the adjusted closing price series. Past performance does not guarantee future results.

Sector allocation
Weight of each sector within the fund. Sectors are aligned on the same row so the two funds can be read against each other directly.
  • JEPQ
  • ISPY
0%15%30%46%61%Technology61.0%33.5%Financial Services0.4%22.5%Communication Services12.6%8.3%Consumer Cyclical10.5%7.4%Healthcare4.2%8.0%Industrials3.9%6.2%Consumer Defensive5.2%3.9%Energy0.3%3.2%Utilities0.9%1.7%Cash & Others0.0%2.5%Other1.0%2.9%
JEPQ vs ISPY holdings overlap
At least 42% overlap by weight, with 47 holdings in common. Overlap adds up the smaller of the two weights for every stock both funds own, so 100% would mean identical portfolios.
Largest shared holdingsJEPQ weightISPY weight
NVDANVIDIA CORP COMMON STOCK7.17%6.70%
AAPLAPPLE INC COMMON STOCK6.73%6.38%
MSFTMICROSOFT CORP COMMON5.54%5.05%
AMZNAMAZON.COM INC COMMON4.02%3.28%
GOOGALPHABET INC-CL C -4.83%2.06%
METAMETA PLATFORMS INC2.96%1.98%
AVGOBROADCOM INC COMMON1.90%2.03%
TSLATESLA INC COMMON STOCK2.13%1.32%
MUMICRON TECHNOLOGY INC4.29%1.30%
AMDADVANCED MICRO DEVICES3.55%1.12%
Top 10 holdings
Largest positions by portfolio weight.

JEPQ110 holdings total

NameWeight
NVDANVIDIA CORP COMMON STOCK7.17%
AAPLAPPLE INC COMMON STOCK6.73%
MSFTMICROSOFT CORP COMMON5.54%
GOOGALPHABET INC-CL C -4.83%
MUMICRON TECHNOLOGY INC4.29%
AMZNAMAZON.COM INC COMMON4.02%
AMDADVANCED MICRO DEVICES3.55%
METAMETA PLATFORMS INC2.96%
TSLATESLA INC COMMON STOCK2.13%
AVGOBROADCOM INC COMMON1.90%

ISPY514 holdings total

NameWeight
IQMMPROSHARES GENIUS MNY MKT ETF12.97%
NVDANVIDIA CORP6.70%
AAPLAPPLE INC6.38%
MSFTMICROSOFT CORP5.05%
AMZNAMAZON.COM INC3.28%
GOOGLALPHABET INC-CL A2.58%
GOOGALPHABET INC-CL C2.06%
AVGOBROADCOM INC2.03%
METAMETA PLATFORMS INC-CLASS A1.98%
TSLATESLA INC1.32%

Quick verdict

JEPQ fits better if you care most about lower fees and more income today. ISPY fits better if you care most about stronger 1-year returns, smaller drawdowns and broader diversification. Model the holding inside your real portfolio before deciding.

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Frequently asked questions

Is JEPQ or ISPY better for dividend income?
It depends on your goals. JEPQ currently yields 11.58% Trailing Twelve Months (TTM) while ISPY yields 5.52%. Higher yield means more current income per dollar invested, but may come with different risk, growth, or NAV characteristics. Compare total return and payout sustainability — not just the headline yield.
What is the difference between JEPQ and ISPY?
JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) is an ETF listed on NASDAQ. ProShares - S&P 500 High Income ETF (ISPY) is an ETF listed on CBOE. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, JEPQ or ISPY?
JEPQ has the lower expense ratio. JEPQ charges 0.35% a year and ISPY charges 0.55%, a difference of $20 a year on a $10,000 investment.
Which has performed better, JEPQ or ISPY?
Over the last 1 year, ISPY has the higher total return with dividends reinvested: JEPQ returned 4.3% and ISPY returned 6.6%. Past performance does not predict future returns.
Which is riskier, JEPQ or ISPY?
Measured by the worst peak-to-trough decline over the last five years, JEPQ has been riskier: JEPQ fell as much as 20.1% and ISPY as much as 16.9%. Their betas are 0.83 and 0.86.
How much do JEPQ and ISPY overlap?
At least 42% of the two portfolios overlap by weight, across 47 shared holdings. The largest shared positions are NVDA, AAPL, MSFT. Holding both still adds meaningful diversification.
How often do JEPQ and ISPY pay dividends?
Both pay monthly. The most recent payments were $0.5669 for JEPQ and $0.2523 for ISPY.
How much income does $10,000 in JEPQ vs ISPY generate?
At current TTM yields, $10,000 in JEPQ would generate roughly $96.52 per month ($1158 annually). The same amount in ISPY would produce about $46.00 per month ($552 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both JEPQ and ISPY?
Yes. Many income investors hold both to diversify strategy or index exposure. Whether the combination actually diversifies depends on overlapping holdings and factor exposure. Model both inside Dividend Wealth to see combined income, sector mix, and forecast impact.
Where can I compare JEPQ vs ISPY with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how JEPQ and ISPY fit alongside the rest of your portfolio. A 14-day free trial of Standard is available with no credit card required; a limited Free plan is also available.

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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.