Data as of Oct 27, 2026.
JEPI vs MSFO: Dividend Yield & Total Return
Over the year to Oct 27, 2026, MSFO paid 26.5% of its price in cash against JEPI’s 7.9%, though JEPI returned more with it reinvested.
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Net assets on Oct 26, 2026: $45.8bn for JPMorgan Equity Premium Income ETF and $100m for YieldMax MSFT Option Income Strategy ETF.
5.9 pts behind SPY
JEPI over 1 year: paid 7.9%, price −0.6%, total +7.6%, SPY +13.5%, −5.9 pts. Data to Oct 27, 2026.
SPY
+13.5%
JEPI
+7.6%
7.9% of it arrived as cash
5.9 pts behind SPY
Total return, distributions reinvested
5.9 pts behind SPY
JEPI over 1 year: paid 7.9%, price −0.6%, total +7.6%, SPY +13.5%, −5.9 pts. Data to Oct 27, 2026.
SPY
+13.5%
JEPI
+7.6%
7.9% cash
5.9 pts behind SPY
7.9% of it arrived as cash. Total return, distributions reinvested. JEPI over 1 year: paid 7.9%, price −0.6%, total +7.6%, SPY +13.5%, −5.9 pts. Data to Oct 27, 2026.
Data to Oct 27, 2026.1 pt ahead of MSFT
MSFO over 1 year: paid 26.5%, price −29.1%, total +1.8%, MSFT +0.8%, +1.0 pts. Data to Oct 27, 2026.
MSFT
+0.8%
MSFO
+1.8%
26.5% cash
1 pt ahead of MSFT
Total return, distributions reinvested
1 pt ahead of MSFT
MSFO over 1 year: paid 26.5%, price −29.1%, total +1.8%, MSFT +0.8%, +1.0 pts. Data to Oct 27, 2026.
MSFT
+0.8%
MSFO
+1.8%
1 pt ahead of MSFT
26.5% of it arrived as cash. Both charts share one scale, with zero at the line. MSFO over 1 year: paid 26.5%, price −29.1%, total +1.8%, MSFT +0.8%, +1.0 pts. Data to Oct 27, 2026.
Data to Oct 27, 2026.Pair scorecard
JEPI costs 0.68 points a year less; their one-year returns differ by 5.8 points; JEPI is far larger, $45.8bn against $100m.
Points (pts) are percentage points.
| Measure | JEPI | MSFO |
|---|---|---|
| Paid and earned | ||
| Total return, 1 year | +7.6% | +1.8% |
| Price change, 1 year | fell 0.6% | fell 29.1% |
| Return of capital, issuer estimate | 94% of the Oct 23, 2026 payment | |
| Against its benchmark | ||
| Benchmark | S&P 500, measured through SPY | Microsoft (MSFT) |
| Against its benchmark, same days | behind by 5.9 pts | ahead by 1.0 pts |
| Cost and size | ||
| Expense ratio | 0.35% | 1.03% |
| Net assets, as of Oct 26, 2026 | $45.8bn | $100m |
| Holdings | ||
| Holdings in common | 0% | |
JEPI among the 165 income ETFs not writing on a single company
How much of its payouts the fund's total return covered, ranked against 165 income ETFs not writing on a single company and 74 income ETFs writing on a single company. 100 is best. How it is computed
MSFO among the 74 income ETFs writing on a single company
A percentile among the 165 income ETFs not writing on a single company. MSFO is a percentile among the 74 income ETFs writing on a single company, a different set, so the two marks are not on one scale. One year only, and a ratio of two published numbers: it says nothing about where a distribution came from. All income ETFs ranked by it →
Holdings in common uses holdings dated Oct 26, 2026. Method
Risk and return
Sep 1, 2023 to Oct 23, 2026 · 164 weekly returnsEach against its own benchmark: JEPI against SPY, May 29, 2020 to Oct 23, 2026; MSFO against MSFT, Sep 1, 2023 to Oct 23, 2026.
MSFO returned more: +59.4% to +31.1%. JEPI swung less: 9.1% to 22.3%. JEPI fell less at its worst: −11.5% to −27.1%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | JEPI | MSFO | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +31.1% | +59.4% | MSFO | Price change plus distributions, reinvested. |
| Annualized | +9.0% | +15.9% | MSFO | Total return as a yearly rate. |
| Price return | +2.7% | −40.2% | JEPI | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 9.1% | 22.3% | JEPI | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 6.6% | 13.5% | JEPI | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −11.5% | −27.1% | JEPI | Deepest fall from a high to the low after it. |
| Upside capture | 42.2% | 70.8% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 59.6% | 88.2% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 0.57 | 0.80 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 0.75 | 0.96 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 0.50 | 0.57 | MSFO | Return above Treasury bills per unit of volatility. |
| Sortino | 0.69 | 0.94 | MSFO | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.133 | 0.158 | Return above Treasury bills per unit of beta. | |
| Calmar | 0.78 | 0.59 | JEPI | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | SPY | MSFT | The ETF each fund is measured against. | |
| Alpha | −0.3% a year | +1.0% a year | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −0.15 | 0.38 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −4.4% to +3.8% | −4.1% to +6.0% | Includes zero | The 95% range for the yearly alpha. |
| Information ratio | −0.73 | −0.27 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 8.7% | 7.0% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 164 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, JEPI and MSFO hold 0% of their money in the same securities at the same weight. Holdings dated Oct 26, 2026.
half
0% in common
Only in one fund ↓
Side by side
As of Oct 27, 2026. Source: ETFIQ. Cash paid: distributions over the window, as a share of the starting price. Payout rate: the latest payment, annualized, over today’s price.
Window by window
| Total return | Cash paid | Against the benchmark | ||||
|---|---|---|---|---|---|---|
| Window | JEPI | MSFO | JEPI | MSFO | JEPI | MSFO |
| 3 months | +1.5% | +30.6% | 1.9% | 12.4% | −2.7 pts | −4.7 pts |
| 6 months | +4.3% | +19.4% | 4.0% | 19.4% | −4.4 pts | −4.9 pts |
| 1 year | +7.6% | +1.8% | 7.9% | 26.5% | −5.9 pts | +1.0 pts |
| 3 years | +40.9% | +57.1% | 26.3% | 79.1% | −53.4 pts | −7.8 pts |
| Since launchNot the same days: JEPI May 2020 · MSFO Aug 2023 | +97.2% | +64.8% | 61.5% | 83.2% | −88.2 pts | −3.5 pts |
JEPI and MSFO are built for the same job. How do they differ in cost, holdings and results?
- Income paid. JEPI paid 7.9% and MSFO 26.5% (cash paid over 1 year, as a share of its price at the start), a gap of 18.6 points.
- What each is measured against. JEPI is measured against S&P 500 through SPY and MSFO against Microsoft (MSFT).
- Holdings in common. 0% of the weight is in the same securities (holdings dated Oct 26, 2026).
Data as of Oct 27, 2026.
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JEPI
Over the year to Oct 27, 2026, JEPI paid 7.9% of its starting value in cash distributions while its price fell 0.6%. With every distribution reinvested, the fund returned +7.6%. S&P 500 (SPY) returned +13.5% over the same days, so a holder was behind by 5.9 pts. At its price on Oct 27, 2026 the latest distribution annualizes to 7.2%, paid monthly.
MSFO
Over the year to Oct 27, 2026, MSFO paid 26.5% of its starting value in cash distributions while its price fell 29.1%. With every distribution reinvested, the fund returned +1.8%. Microsoft (MSFT) returned +0.8% over the same days, so a holder was ahead by 1.0 pts. At its price on Oct 27, 2026 the latest distribution annualizes to 34.0%, paid weekly. YieldMax estimates that 94% of the distribution paid Oct 23, 2026 was a return of capital (its 19a-1 notice). That is a tax label, not a measure of erosion.
Questions people ask
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
It is a place in a set, not a rating or a recommendation.
Overlap adds up the smaller of the two weights for each security both funds hold.
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, JEPI against MSFO, data as of Oct 27, 2026. https://etfiq.com/compare/income/jepi-vs-msfo
ETFIQ. (Oct 27, 2026). JEPI against MSFO. Retrieved from https://etfiq.com/compare/income/jepi-vs-msfo
[JEPI against MSFO (ETFIQ, Oct 27, 2026)](https://etfiq.com/compare/income/jepi-vs-msfo)
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