Data as of .
JEPI vs PAPI: which paid, and which earned it?
Over the year JEPI paid 8.1% of its price in cash against PAPI’s 7.9%, though PAPI returned more with it reinvested.
ETFIQ Return Stability Score: PAPI scores higher
Was the payout funded by returns, or by your own capital?
A percentile among the 173 income ETFs writing on an index or proxy. It is a position in a set, not a rating, and neither end of it is a recommendation. All income ETFs ranked by it · How it is computed
What they hold in common
By the books each fund has filed, JEPI and PAPI hold 14% of their money in the same securities at the same weight.
| Holding | JEPI | PAPI |
|---|---|---|
| AbbVie, Inc. | 1.74% | 0.64% |
| Analog Devices, Inc. | 1.11% | 0.63% |
| Texas Instruments, Inc. | 0.61% | 0.71% |
| Alphabet, Inc. | 1.52% | 0.59% |
| Merck & Co., Inc. | 0.81% | 0.59% |
| Johnson & Johnson | 1.68% | 0.56% |
| Southern Co. (The) | 0.83% | 0.54% |
| Bristol-Myers Squibb Co. | 1.24% | 0.52% |
| RTX Corp. | 1.43% | 0.52% |
| EOG Resources, Inc. | 1.46% | 0.49% |
| Costco Wholesale Corp. | 1.12% | 0.49% |
| Stryker Corp. | 1.23% | 0.49% |
| Only in JEPI | Only in PAPI |
|---|---|
| Howmet Aerospace, Inc. 1.70% | TD SYNNEX Corp. 0.81% |
| Eaton Corp. plc 1.64% | Cisco Systems, Inc. 0.77% |
| Trane Technologies plc 1.62% | Power Integrations, Inc. 0.73% |
| Lam Research Corp. 1.57% | Royalty Pharma plc 0.73% |
| Apple, Inc. 1.53% | Millicom International Cellular SA 0.72% |
| NVIDIA Corp. 1.53% | Avnet, Inc. 0.71% |
| Ross Stores, Inc. 1.52% | Reynolds Consumer Products, Inc. 0.68% |
| NextEra Energy, Inc. 1.50% | Target Corp. 0.67% |
Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed. Above 50%, holding both is close to holding one of them twice. Holdings dated Jun 30, 2026.
Performance, window by window
| Window | Total return | Cash paid | Against the benchmark | |||
|---|---|---|---|---|---|---|
| JEPI | PAPI | JEPI | PAPI | JEPI | PAPI | |
| 3 months | +2.3% | +4.7% | 2.0% | 2.0% | 0.0 pts | +2.5 pts |
| 6 months | +4.6% | +5.6% | 4.3% | 4.0% | −13.5 pts | −12.4 pts |
| 1 year | +7.0% | +12.8% | 8.1% | 7.9% | −9.5 pts | −3.8 pts |
| 3 years | +29.4% | not published | 24.6% | not published | −49.0 pts | not published |
| Since launch | +92.6% | +35.6% | 60.9% | 22.5% | −89.9 pts | −49.6 pts |
| JEPI JPMorgan Equity Premium Income ETF Covered call on SPY, paying monthly | PAPI Parametric Equity Premium Income ETF Covered call on SPY, paying monthly | |
|---|---|---|
| Issuer | JPMorgan | Parametric |
| Strategy | covered call | covered call |
| Benchmark | S&P 500 (SPY) | S&P 500 (SPY) |
| Pays | monthly | monthly |
| Payout rate, annualized | 7.9% | 7.2% |
| Expense ratio | 0.35% | 0.29% |
| Cash paid, 1 year | 8.1% | 7.9% |
| Price change, 1 year | −1.2% | +4.5% |
| Total return, 1 year | +7.0% | +12.8% |
| Benchmark return, 1 year | +16.6% | +16.6% |
| Ahead or behind | −9.5 pts | −3.8 pts |
| Return of capital, latest estimate | not published | not published |
| Age | 2311 days | 1065 days |
| Net assets | $45.3bn | $400m |
JEPI in plain words
Over the year to Sep 18, 2026, JEPI paid 8.1% of its starting value in cash distributions while its price fell 1.2%. With every distribution reinvested, the fund returned +7.0%. S&P 500 (SPY) returned +16.6% over the same days, so a holder was behind by 9.5 pts. At its price on Sep 18, 2026 the latest distribution annualizes to 7.9%, paid monthly.
PAPI in plain words
Over the year to Sep 18, 2026, PAPI paid 7.9% of its starting value in cash distributions while its price rose 4.5%. With every distribution reinvested, the fund returned +12.8%. S&P 500 (SPY) returned +16.6% over the same days, so a holder was behind by 3.8 pts. At its price on Sep 18, 2026 the latest distribution annualizes to 7.2%, paid monthly.
Questions people ask
- Which paid more, JEPI or PAPI?
- Over the year to Sep 18, 2026, JEPI paid 8.1% of its starting price in cash and PAPI paid 7.9%, so JEPI paid more. Cash paid is not the same as money made: the price change matters too.
- Which returned more once distributions are counted, JEPI or PAPI?
- With every distribution reinvested, JEPI returned +7.0% and PAPI returned +12.8% over the year to Sep 18, 2026, so PAPI returned more.
- Which is cheaper, JEPI or PAPI?
- JEPI charges 0.35% a year and PAPI charges 0.29%, so PAPI is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, JEPI against PAPI, data as of Sep 18, 2026. https://etfiq.com/compare/income/jepi-vs-papi Free to use with attribution; the underlying files are at Open data.