Dividend comparison

JEPQ vs SPYI: Which Is Better for Income?

Side-by-side yield, projected income, and dividend fundamentals for JPMorgan Nasdaq Equity Premium Income ETF and Neos S&P 500(R) High Income ETF. Updated September 9, 2026.

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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
SPYI
Neos S&P 500(R) High Income ETF
Dividend yield (TTM)11.30%11.81%
Dividend / share (TTM)$6.76$6.33
Price$59.85$53.65
Payout ratio (TTM)——
Dividend growth streak2 years2 years
Beta0.840.71
Market cap$41.82B$10.60B
ExchangeNASDAQCBOE
Expense ratio0.35%0.68%
Assets under management$42.42B$11.78B
Number of holdings11010
Top 10 concentration42.3%37.9%
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.

JEPQ

$94.18/mo

$1130 /yr at 11.30% yield

SPYI

$98.38/mo

$1181 /yr at 11.81% yield

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 SPYI 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

SPYI
A NEOS ETF that holds the S&P 500 and runs a call-writing program on SPX index options for monthly 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

Performance
Trailing returns from the adjusted closing price series.
PeriodJEPQSPYI
1 month0.18%-0.98%
3 months0.37%1.36%
Year to date2.98%2.13%
1 year9.56%6.87%
3 years57.09%43.53%
5 years——
  • JEPQ
  • SPYI
8514119720222023202420252026187162

Both series indexed to 100 on 2022-08-30 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
  • SPYI
0%12%25%37%50%Technology49.6%38.8%Communication Services9.9%9.5%Consumer Cyclical9.0%9.3%Cash & Others17.9%0.0%Healthcare3.7%9.3%Financial Services0.3%12.0%Industrials2.9%7.7%Consumer Defensive4.7%4.5%Energy0.3%3.5%Utilities0.8%2.0%Other0.8%3.5%
Top 10 holdings
Largest positions by portfolio weight.

JEPQ110 holdings total

NameWeight
NVDANVIDIA CORP COMMON STOCK7.50%
AAPLAPPLE INC COMMON STOCK6.55%
MSFTMICROSOFT CORP COMMON5.22%
GOOGALPHABET INC-CL C -4.79%
MUMICRON TECHNOLOGY INC4.62%
AMZNAMAZON.COM INC COMMON3.95%
AMDADVANCED MICRO DEVICES3.04%
METAMETA PLATFORMS INC2.50%
AVGOBROADCOM INC COMMON2.10%
TSLATESLA INC COMMON STOCK2.05%

SPYI10 holdings total

NameWeight
NVDANVIDIA Corp8.02%
AAPLApple Inc7.29%
MSFTMicrosoft Corp5.65%
AMZNAmazon.com Inc3.80%
GOOGLAlphabet Inc3.00%
AVGOBroadcom Inc2.67%
GOOGAlphabet Inc2.39%
METAMeta Platforms Inc1.96%
MUMicron Technology Inc1.62%
TSLATesla Inc1.53%

Quick verdict

SPYI currently posts the higher TTM yield (11.81%). JEPQ yields 11.30%; SPYI yields 11.81%. Choose based on whether you prioritize current cash flow, dividend growth, or total return — then model the holding inside your real portfolio.

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Frequently asked questions

Is JEPQ or SPYI better for dividend income?
It depends on your goals. JEPQ currently yields 11.30% Trailing Twelve Months (TTM) while SPYI yields 11.81%. 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 SPYI?
JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) is an ETF listed on NASDAQ. Neos S&P 500(R) High Income ETF (SPYI) is an ETF listed on CBOE. Side-by-side metrics on this page cover yield, price, payout ratio, dividend growth streak, beta, and market cap when available.
How much income does $10,000 in JEPQ vs SPYI generate?
At current TTM yields, $10,000 in JEPQ would generate roughly $94.18 per month ($1130 annually). The same amount in SPYI would produce about $98.38 per month ($1181 annually). Actual payouts vary with distribution changes and reinvestment.
Which has the higher dividend yield, JEPQ or SPYI?
SPYI currently has the higher TTM dividend yield at 11.81%, compared with 11.30% for JEPQ. Yield alone is not a complete measure of income quality — check payout ratio, streak, and NAV behavior.
Can I hold both JEPQ and SPYI?
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 SPYI with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how JEPQ and SPYI 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.