Which paid more, JEPI or PAPI?

Over the year to Nov 4, 2026, JEPI paid 8.1% of its starting price in cash and PAPI paid 8.2%, so PAPI 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 +12.0% and PAPI +23.4% over the year to Nov 4, 2026.

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.

Data as of Nov 4, 2026.

Income ETFs

JEPI vs PAPI: Dividend Yield & Total Return

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Over the year to Nov 4, 2026, PAPI paid 8.2% of its price in cash against JEPI’s 8.1%, and returned more with it reinvested.

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Net assets: $46.1bn on Nov 3, 2026 for JPMorgan Equity Premium Income ETF, and $400m on Jun 30, 2026 for Parametric Equity Premium Income ETF.

JEPI on its own →PAPI on its own →

At a glance

8.1%

JEPI cash paid, 1 year

8.2%

PAPI cash paid, 1 year

+12.0%

JEPI total return, 1 year

+23.4%

PAPI total return, 1 year

JEPI · 1 year to Nov 4, 2026 2.8 pts behind SPY

JEPI

+12.0%

SPY

+14.8%

2.8 pts behind SPY

JEPI over 1 year: paid 8.1%, price +3.4%, total +12.0%, SPY +14.8%, −2.8 pts. Data to Nov 4, 2026.

SPY

+14.8%

JEPI

+12.0%

8.1% as cash

2.8 pts behind SPY

Total return, distributions reinvested

2.8 pts behind SPY

JEPI over 1 year: paid 8.1%, price +3.4%, total +12.0%, SPY +14.8%, −2.8 pts. Data to Nov 4, 2026.

SPY

+14.8%

JEPI

+12.0%

2.8 pts behind SPY

8.1% of it arrived as cash. Total return, distributions reinvested. JEPI over 1 year: paid 8.1%, price +3.4%, total +12.0%, SPY +14.8%, −2.8 pts. Data to Nov 4, 2026.

Data to Nov 4, 2026.

PAPI · 1 year to Nov 4, 2026 9.4 pts behind IWD

PAPI

+23.4%

IWD

+32.8%

9.4 pts behind IWD

PAPI over 1 year: paid 8.2%, price +14.3%, total +23.4%, IWD +32.8%, −9.4 pts. Data to Nov 4, 2026.

IWD

+32.8%

PAPI

+23.4%

8.2% as cash

9.4 pts behind IWD

Total return, distributions reinvested

9.4 pts behind IWD

PAPI over 1 year: paid 8.2%, price +14.3%, total +23.4%, IWD +32.8%, −9.4 pts. Data to Nov 4, 2026.

IWD

+32.8%

PAPI

+23.4%

9.4 pts behind IWD

8.2% of it arrived as cash. Both charts share one scale, 0 to +32.8%. PAPI over 1 year: paid 8.2%, price +14.3%, total +23.4%, IWD +32.8%, −9.4 pts. Data to Nov 4, 2026.

Both charts share one scale, 0 to +32.8%. Data to Nov 4, 2026.

Pair scorecard

PAPI costs 0.06 points a year less; their one-year returns differ by 11.4 points.

Points (pts) are percentage points.

JEPI vs PAPI: Dividend Yield & Total Return
Measure	JEPI	PAPI
Paid and earned
Measure	JEPI	PAPI
Total return, 1 year	+12.0%	+23.4%
Price change, 1 year	rose 3.4%	rose 14.3%
Against its benchmark
Measure	JEPI	PAPI
Benchmark	S&P 500, measured through SPY	iShares Russell 1000 Value ETF, measured through IWD
Cost and size
Measure	JEPI	PAPI
Expense ratio	0.35%	0.29%
Net assets, JEPI as of Nov 3, 2026 and PAPI as of Jun 30, 2026	$46.1bn	$400m
Holdings
Measure	JEPI	PAPI
Holdings in common	12%

ETFIQ Distribution Coverage Score · PAPI scores higher How much of what it paid out did its total return cover?

IQ Income Score76.9JEPI96.1PAPI

How much of its payouts the fund's total return covered, ranked against 167 income ETFs not writing on a single company. 100 is best. How it is computed

JEPI 76.9

PAPI 96.1

0.3, the lowest in this set 99.7, the highest

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 →

Method

Risk and return

Oct 27, 2023 to Oct 30, 2026 · 157 weekly returns

JEPI PAPI

Return

Total return edge PAPI +41.7% +46.8%

Annualized edge PAPI (slight) +12.2% +13.6%

Price return edge PAPI +11.7% +17.5%

Risk

Volatility edge JEPI 9.1% 10.8%

Max drawdown edge PAPI (slight) −11.5% −10.6%

Downside capture 58.9% 82.0%

Beta 0.57 0.69

Risk-adjusted

Sharpe edge Tie 0.83 0.82

Sortino edge JEPI (slight) 1.18 1.16

Treynor 0.136 0.129

Calmar edge PAPI 1.06 1.28

Against the benchmark

Alpha −0.1% a year −3.2% a year

Alpha t-stat −0.03 −0.80

Information ratio −0.69 −1.11

Tracking error 8.7% 7.8%

Each against its own benchmark: JEPI against SPY, May 29, 2020 to Oct 30, 2026; PAPI against IWD, Oct 27, 2023 to Oct 30, 2026.

Reading

From Oct 2023 to Oct 2026, PAPI returned more: +46.8% to +41.7%. JEPI swung less: 9.1% to 10.8%. PAPI fell slightly less at its worst: −10.6% to −11.5%.

Full scorecard

19 measures, with how each is measured Open ↓

Risk and return: JEPI vs PAPI: Dividend Yield & Total Return
Measure	JEPI	PAPI	Edge	How it is measured
Return
Total return	+41.7%	+46.8%	PAPI	Price change plus distributions, reinvested.
Annualized	+12.2%	+13.6%	PAPI (slight)	Total return as a yearly rate.
Price return	+11.7%	+17.5%	PAPI	Price change alone, distributions left out.
Risk
Volatility	9.1%	10.8%	JEPI	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	6.4%	7.7%	JEPI	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−11.5%	−10.6%	PAPI (slight)	Deepest fall from a high to the low after it.
Upside capture	42.2%	61.0%		Share of its benchmark's rise caught in the weeks it rose.
Downside capture	58.9%	82.0%		Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta	0.57	0.69	Not an edge	How far it moves for each 1% its benchmark moves.
R squared	0.75	0.60	Not an edge	Share of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe	0.83	0.82	Tie	Return above Treasury bills per unit of volatility.
Sortino	1.18	1.16	JEPI (slight)	Return above Treasury bills per unit of downside deviation.
Treynor	0.136	0.129		Return above Treasury bills per unit of beta.
Calmar	1.06	1.28	PAPI	Annualized return divided by the max drawdown.
Against the benchmark
Benchmark	SPY	IWD		The ETF each fund is measured against.
Alpha	−0.1% a year	−3.2% a year	Not significant	Yearly return beyond what its beta to the benchmark predicts.
Alpha t-stat	−0.03	−0.80	Not an edge	How sure the alpha is. Below 2, it could be chance.
Alpha range	−4.2% to +4.0%	−11.2% to +4.7%	Includes zero	The 95% range for the yearly alpha.
Information ratio	−0.69	−1.11		Return against its benchmark per unit of tracking error.
Tracking error	8.7%	7.8%	Not an edge	How far weekly returns stray from the benchmark, annualized.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 157 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

12%

By the books each fund has filed, JEPI and PAPI hold 12% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Nov 3, 2026.

50%

0 half 100%

half

12% in common

Positions both hold · largest shared weight first JEPI PAPI

CUMMINS INC COMMON STOCK 0.64% 0.70%

ABBVIE INC COMMON STOCK 1.70% 0.64%

ALPHABET INC-CL A 1.67% 0.59%

JOHNSON & JOHNSON COMMON 1.75% 0.56%

THE SOUTHERN COMPANY 0.95% 0.54%

THE COCA-COLA COMPANY 0.52% 0.56%

BRISTOL-MYERS SQUIBB CO 0.63% 0.51%

RTX CORP 1.26% 0.51%

EOG RESOURCES INC COMMON 1.67% 0.49%

THE PROCTER & GAMBLE 0.50% 0.49%

COSTCO WHOLESALE CORP 1.72% 0.48%

STRYKER CORP COMMON STOCK 0.65% 0.48%

Only in one fund ↓

Only in JEPI

MASTERCARD INC COMMON 1.99%

VISA INC COMMON STOCK USD 1.88%

APPLE INC COMMON STOCK 1.86%

AMAZON.COM INC COMMON 1.81%

NEXTERA ENERGY INC 1.81%

3M CO COMMON STOCK USD 1.80%

NVIDIA CORP COMMON STOCK 1.73%

PHILIP MORRIS INTERNATIONAL INC 1.72%

Only in PAPI

TD SYNNEX Corp. 0.80%

Cisco Systems, Inc. 0.76%

Power Integrations, Inc. 0.73%

Royalty Pharma plc 0.72%

Millicom International Cellular SA 0.72%

Avnet, Inc. 0.70%

Reynolds Consumer Products, Inc. 0.68%

Target Corp. 0.67%

Check overlap with more funds →

Side by side

JEPI JPMorgan Equity Premium Income ETF · Writes calls through equity-linked notes (ELNs) on the S&P 500, paying monthly PAPI Parametric Equity Premium Income ETF · Writes options on the S&P 500, measured against the Russell 1000 Value Index, paying monthly

Issuer JPMorgan Parametric

Strategy covered call covered call

Benchmark S&P 500 (SPY) iShares Russell 1000 Value ETF (IWD)

Pays monthly monthly

Payout rate, annualized 7.1% 6.8%

Expense ratio 0.35% 0.29%

Cash paid, 1 year 8.1% 8.2%

Price change, 1 year +3.4% +14.3%

Total return, 1 year +12.0% +23.4%

Benchmark return, 1 year +14.8% +32.8%

Ahead or behind −2.8 pts −9.4 pts

Return of capital, latest estimate not published not published

Age 6.5 years 3.0 years

Net assets, JEPI as of Nov 3, 2026 and PAPI as of Jun 30, 2026 $46.1bn $400m

As of Nov 4, 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

Window by window: JEPI vs PAPI: Dividend Yield & Total Return
	Total return		Cash paid		Against the benchmark
Window	JEPI	PAPI	JEPI	PAPI	JEPI	PAPI
3 months	+3.3%	+6.6%	1.8%	1.8%	+3.4 pts	+2.6 pts
6 months	+7.3%	+13.2%	3.9%	3.9%	+2.3 pts	−0.7 pts
1 year	+12.0%	+23.4%	8.1%	8.2%	−2.8 pts	−9.4 pts
3 years	+37.9%	+44.5%	25.2%	23.7%	−45.1 pts	−39.8 pts
Since launchNot the same days: JEPI May 2020 · PAPI Oct 2023	+102.1%	+45.5%	62.2%	23.9%	−82.3 pts	−42.4 pts

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Client brief

No client brief for this pair: the two funds' holdings are dated 126 days apart.

Alert

About each fund

JEPI

Over the year to Nov 4, 2026, JEPI paid 8.1% of its starting value in cash distributions while its price rose 3.4%. With every distribution reinvested, the fund returned +12.0%. S&P 500 (SPY) returned +14.8% over the same days, so a holder was behind by 2.8 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 7.1%, paid monthly.

PAPI

Over the year to Nov 4, 2026, PAPI paid 8.2% of its starting value in cash distributions while its price rose 14.3%. With every distribution reinvested, the fund returned +23.4%. iShares Russell 1000 Value ETF (IWD) returned +32.8% over the same days, so a holder was behind by 9.4 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 6.8%, paid monthly.

Questions people ask

Which paid more, JEPI or PAPI?: Over the year to Nov 4, 2026, JEPI paid 8.1% of its starting price in cash and PAPI paid 8.2%, so PAPI 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 +12.0% and PAPI +23.4% over the year to Nov 4, 2026.
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

JEPI vs TSLY JEPI vs YLDE JEPI vs SDVD JEPI vs MSTY PAPI vs SPYI PAPI vs XYLD PAPI vs OMAH PAPI vs ROCY

Where to next

S&P 500 (SPY) →iShares Russell 1000 Value ETF (IWD) →JEPI on its own →PAPI on its own →JEPI dividend history →JEPI holdings →PAPI dividend history →PAPI holdings →Method →Standards and sources →

Sources and dates

JEPI filings on SEC EDGAR ↗

JEPI prospectus with the expense ratio (SEC) ↗

JPMorgan website ↗

PAPI filings on SEC EDGAR ↗

PAPI prospectus with the expense ratio (SEC) ↗

Parametric website ↗

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.

Cite this pageCitation, APA and Markdown

ETFIQ, JEPI against PAPI, data as of Nov 4, 2026. https://etfiq.com/compare/income/jepi-vs-papi

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.