Dividend comparison
JEPQ vs SPYI: Which Is Better for Income?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for JPMorgan Nasdaq Equity Premium Income ETF and Neos S&P 500(R) High Income ETF, side by side. Updated October 24, 2026.
- Fees. JEPQ 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 11.78% for JEPQ. That is about $123 more a year on $10,000. Both pay monthly.
- Performance. Over the last 3 years, JEPQ returned 57.7% versus 47.1% for SPYI, with dividends reinvested. $10,000 would have grown to $15,771 in JEPQ and $14,712 in SPYI.
- Risk. JEPQ has been the bumpier ride. Its worst peak-to-trough decline over the last 3 years was -20.1%, against -16.5% for SPYI.
- Diversification. JEPQ holds 109 positions and SPYI holds 10. The ten largest positions make up 42.6% of JEPQ and 37.8% of SPYI.
- Overlap. At least 46% of the two portfolios overlap by weight, across 48 shared holdings.
- Dividend growth. JEPQ grew its yearly payout 7.6% a year over the last 2 years, versus 3.1% for SPYI.
- Size. JEPQ is the larger fund with $42.8 billion in assets, against $12.4 billion for SPYI.
Bottom line: JEPQ fits better if you care most about lower fees, stronger 3-year returns, faster dividend growth and broader diversification. SPYI fits better if you care most about more income today and smaller drawdowns.
| Metric | JEPQ JPMorgan Nasdaq Equity Premium Income ETF | SPYI Neos S&P 500(R) High Income ETF |
|---|---|---|
| Dividend yield (TTM) | 11.78% | 13.01% |
| Dividend / share (TTM) | $6.88 | $6.85 |
| Payout frequency | Monthly | Monthly |
| Last dividend | $0.5669 on Oct 5, 2026 | $0.5087 on Oct 23, 2026 |
| Ex-dividend date | Oct 1, 2026 | Oct 21, 2026 |
| Dividend growth (CAGR) | 7.6% over 2 yrs | 3.1% over 2 yrs |
| Price | $58.43 | $52.64 |
| Dividend growth streak | 2 years | 2 years |
| Beta | 0.83 | 0.70 |
| Max drawdown (5Y) | -20.1% | -16.5% |
| Market cap | $43.19B | $10.50B |
| Exchange | NASDAQ | CBOE |
| Expense ratio | 0.35% | 0.68% |
| Assets under management | $42.76B | $12.44B |
| Number of holdings | 109 | 10 |
| Top 10 concentration | 42.6% | 37.8% |
JEPQ
$98.19/mo
$1178 /yr at 11.78% yield
SPYI
$108.43/mo
$1301 /yr at 13.01% yield
| Year | JEPQ | SPYI |
|---|---|---|
| 2025 | $6.0025 | $6.1458 |
| 2024 | $5.3800 | $6.1182 |
| 2023 | $5.1840 | $5.7873 |
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
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
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 | JEPQ | SPYI |
|---|---|---|
| 1 month | -4.37% | -1.50% |
| 3 months | -0.17% | 0.73% |
| Year to date | 0.53% | 0.21% |
| 1 year | 2.26% | 1.78% |
| 3 years | 57.71% | 47.12% |
| 5 years | — | — |
- JEPQ
- SPYI
Both series indexed to 100 on 2022-08-30 using the adjusted closing price series. Past performance does not guarantee future results.
- JEPQ
- SPYI
| Largest shared holdings | JEPQ weight | SPYI weight |
|---|---|---|
| NVDANVIDIA CORP COMMON STOCK | 7.14% | 7.78% |
| AAPLAPPLE INC COMMON STOCK | 6.96% | 7.67% |
| MSFTMICROSOFT CORP COMMON | 5.51% | 5.84% |
| AMZNAMAZON.COM INC COMMON | 3.90% | 3.71% |
| GOOGALPHABET INC-CL C - | 4.64% | 2.30% |
| METAMETA PLATFORMS INC | 2.77% | 2.13% |
| AVGOBROADCOM INC COMMON | 1.87% | 2.32% |
| TSLATESLA INC COMMON STOCK | 2.21% | 1.59% |
| MUMICRON TECHNOLOGY INC | 4.14% | 1.45% |
| AMDADVANCED MICRO DEVICES | 3.42% | 1.25% |
JEPQ109 holdings total
| Name | Weight |
|---|---|
| NVDANVIDIA CORP COMMON STOCK | 7.14% |
| AAPLAPPLE INC COMMON STOCK | 6.96% |
| MSFTMICROSOFT CORP COMMON | 5.51% |
| GOOGALPHABET INC-CL C - | 4.64% |
| MUMICRON TECHNOLOGY INC | 4.14% |
| AMZNAMAZON.COM INC COMMON | 3.90% |
| AMDADVANCED MICRO DEVICES | 3.42% |
| METAMETA PLATFORMS INC | 2.77% |
| TSLATESLA INC COMMON STOCK | 2.21% |
| WMTWALMART INC COMMON STOCK | 1.93% |
Quick verdict
JEPQ fits better if you care most about lower fees, stronger 3-year returns, faster dividend growth and broader diversification. SPYI fits better if you care most about more income today and smaller drawdowns. 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.