Which paid more, JEPI or SPYI?

Over the year to Oct 27, 2026, JEPI paid 7.9% of its starting price in cash and SPYI paid 11.9%, so SPYI 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 SPYI?

With every distribution reinvested, JEPI returned +7.6% and SPYI +13.4% over the year to Oct 27, 2026.

Which is cheaper, JEPI or SPYI?

JEPI charges 0.35% a year and SPYI charges 0.68%, so JEPI is cheaper. Fees come from each fund's prospectus.

Data as of Oct 27, 2026.

Income ETFs

JEPI vs SPYI: Dividend Yield & Total Return

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Over the year to Oct 27, 2026, SPYI paid 11.9% of its price in cash against JEPI’s 7.9%, and returned more with it reinvested.

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Net assets on Oct 26, 2026: $45.8bn for JPMorgan Equity Premium Income ETF and $12.6bn for NEOS S&P 500 High Income ETF.

JEPI on its own →SPYI on its own →

At a glance

7.9%

JEPI cash paid, 1 year

11.9%

SPYI cash paid, 1 year

+7.6%

JEPI total return, 1 year

+13.4%

SPYI total return, 1 year

JEPI · 1 year to Oct 27, 2026 5.9 pts behind SPY

JEPI

+7.6%

SPY

+13.5%

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.

SPYI · 1 year to Oct 27, 2026 About even with SPY

SPYI

+13.4%

SPY

+13.5%

About even with SPY

SPYI over 1 year: paid 11.9%, price +0.6%, total +13.4%, SPY +13.5%, −0.1 pts. Data to Oct 27, 2026.

SPY

+13.5%

SPYI

+13.4%

11.9% of it arrived as cash

about even with SPY

Total return, distributions reinvested

About even with SPY

SPYI over 1 year: paid 11.9%, price +0.6%, total +13.4%, SPY +13.5%, −0.1 pts. Data to Oct 27, 2026.

SPY

+13.5%

SPYI

+13.4%

11.9% as cash

about even with SPY

11.9% of it arrived as cash. Both charts share one scale, with zero at the line. SPYI over 1 year: paid 11.9%, price +0.6%, total +13.4%, SPY +13.5%, −0.1 pts. Data to Oct 27, 2026.

Data to Oct 27, 2026.

Pair scorecard

JEPI costs 0.33 points a year less; their one-year returns differ by 5.8 points; JEPI is 3.6 times larger.

Points (pts) are percentage points.

JEPI vs SPYI: Dividend Yield & Total Return
Measure	JEPI	SPYI
Paid and earned
Measure	JEPI	SPYI
Total return, 1 year	+7.6%	+13.4%
Price change, 1 year	fell 0.6%	rose 0.6%
Return of capital, issuer estimate		99% of the Oct 23, 2026 payment
Against its benchmark
Measure	JEPI	SPYI
Benchmark	S&P 500, measured through SPY	S&P 500, measured through SPY
Cost and size
Measure	JEPI	SPYI
Expense ratio	0.35%	0.68%
Net assets, as of Oct 26, 2026	$45.8bn	$12.6bn
Holdings
Measure	JEPI	SPYI
Holdings in common	38%

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

IQ Income Score58.2JEPI69.4SPYI

How much of its payouts the fund's total return covered, ranked against 165 income ETFs not writing on a single company. 100 is best. How it is computed

JEPI 58.2

SPYI 69.4

0.3, the lowest in this set 99.7, the highest

A percentile among the 165 income ETFs not writing on a single company. 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 and Oct 27, 2026. Method

Risk and return

Sep 9, 2022 to Oct 23, 2026 · 215 weekly returns · each against SPY

JEPI SPYI

Return

Total return edge SPYI +42.6% +74.4%

Annualized edge SPYI +9.0% +14.4%

Price return edge SPYI +1.2% +5.4%

Risk

Volatility edge JEPI 9.5% 11.8%

Max drawdown edge JEPI −11.5% −14.8%

Downside capture 58.6% 80.6%

Beta 0.54 0.78

Risk-adjusted

Sharpe edge SPYI 0.47 0.81

Sortino edge SPYI 0.65 1.19

Treynor 0.083 0.123

Calmar edge SPYI 0.78 0.97

Against the benchmark

Alpha −2.6% a year −0.6% a year

Alpha t-stat −1.03 −0.53

Information ratio −1.01 −0.87

Tracking error 8.5% 4.0%

Reading

SPYI returned more: +74.4% to +42.6%. JEPI swung less: 9.5% to 11.8%. JEPI fell less at its worst: −11.5% to −14.8%.

Full scorecard

19 measures, with how each is measured Open ↓

Risk and return: JEPI vs SPYI: Dividend Yield & Total Return
Measure	JEPI	SPYI	SPY	Edge	How it is measured
Return
Total return	+42.6%	+74.4%		SPYI	Price change plus distributions, reinvested.
Annualized	+9.0%	+14.4%		SPYI	Total return as a yearly rate.
Price return	+1.2%	+5.4%		SPYI	Price change alone, distributions left out.
Risk
Volatility	9.5%	11.8%		JEPI	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	6.9%	8.1%		JEPI	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−11.5%	−14.8%		JEPI	Deepest fall from a high to the low after it.
Upside capture	39.5%	68.0%	100.0%	SPYI	Share of its benchmark's rise caught in the weeks it rose.
Downside capture	58.6%	80.6%	100.0%	JEPI	Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta	0.54	0.78	1.00	JEPI lower	How far it moves for each 1% its benchmark moves.
R squared	0.71	0.96	1.00	Not an edge	Share of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe	0.47	0.81		SPYI	Return above Treasury bills per unit of volatility.
Sortino	0.65	1.19		SPYI	Return above Treasury bills per unit of downside deviation.
Treynor	0.083	0.123	0.130	SPYI	Return above Treasury bills per unit of beta.
Calmar	0.78	0.97		SPYI	Annualized return divided by the max drawdown.
Against the benchmark
Benchmark	SPY	SPY	SPY		The ETF each fund is measured against.
Alpha	−2.6% a year	−0.6% a year	0.0%	Not significant	Yearly return beyond what its beta to the benchmark predicts.
Alpha t-stat	−1.03	−0.53		Not an edge	How sure the alpha is. Below 2, it could be chance.
Alpha range	−7.6% to +2.4%	−2.8% to +1.6%		Both include zero	The 95% range for the yearly alpha.
Information ratio	−1.01	−0.87		SPYI	Return against its benchmark per unit of tracking error.
Tracking error	8.5%	4.0%	0.0%	Not an edge	How far weekly returns stray from the benchmark, annualized.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 215 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

38%

By the books each fund has filed, JEPI and SPYI hold 38% of their money in the same securities at the same weight. Holdings dated Oct 26, 2026 and Oct 27, 2026.

50%

0 half 100%

half

38% in common

Positions both hold · largest shared weight first JEPI SPYI

MICROSOFT CORP COMMON 1.98% 5.91%

APPLE INC COMMON STOCK 1.94% 7.59%

AMAZON.COM INC COMMON 1.81% 3.72%

NVIDIA CORP COMMON STOCK 1.79% 7.93%

BROADCOM INC COMMON 1.64% 2.43%

ALPHABET INC-CL A 1.62% 2.80%

META PLATFORMS INC 1.60% 2.02%

ELI LILLY AND COMPANY 1.07% 1.53%

ADVANCED MICRO DEVICES 0.99% 1.37%

VISA INC COMMON STOCK 1.82% 0.99%

MICRON TECHNOLOGY INC 0.98% 1.56%

JOHNSON & JOHNSON 1.76% 0.97%

Only in one fund ↓

Only in JEPI

S&P 500 equity-linked note 10 0.98%

S&P 500 equity-linked note 11 0.98%

S&P 500 equity-linked note 12 0.98%

S&P 500 equity-linked note 17 0.93%

S&P 500 equity-linked note 14 0.92%

S&P 500 equity-linked note 15 0.92%

S&P 500 equity-linked note 16 0.92%

S&P 500 equity-linked note 18 0.92%

Only in SPYI

Alphabet Inc 2.25%

JPMORGAN CHASE & CO. 1.34%

Cisco Systems Inc 0.66%

Chevron Corp 0.64%

Caterpillar Inc 0.49%

Palo Alto Networks Inc 0.48%

Home Depot Inc 0.47%

GE AEROSPACE 0.46%

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 SPYI NEOS S&P 500 High Income ETF · Option income on SPY, paying monthly

Issuer JPMorgan NEOS

Strategy covered call option income

Benchmark S&P 500 (SPY) S&P 500 (SPY)

Pays monthly monthly

Payout rate, annualized 7.2% 11.5%

Expense ratio 0.35% 0.68%

Cash paid, 1 year 7.9% 11.9%

Price change, 1 year −0.6% +0.6%

Total return, 1 year +7.6% +13.4%

Benchmark return, 1 year +13.5% +13.5%

Ahead or behind −5.9 pts −0.1 pts

Return of capital, latest estimate not published 99%

Age 6.4 years 4.2 years

Net assets, as of Oct 26, 2026 $45.8bn $12.6bn

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

Window by window: JEPI vs SPYI: Dividend Yield & Total Return
	Total return		Cash paid		Against the benchmark
Window	JEPI	SPYI	JEPI	SPYI	JEPI	SPYI
3 months	+1.5%	+4.5%	1.9%	3.0%	−2.7 pts	+0.4 pts
6 months	+4.3%	+8.4%	4.0%	6.1%	−4.4 pts	−0.3 pts
1 year	+7.6%	+13.4%	7.9%	11.9%	−5.9 pts	−0.1 pts
3 years	+40.9%	+69.7%	26.3%	41.0%	−53.4 pts	−24.6 pts
Since launchNot the same days: JEPI May 2020 · SPYI Aug 2022	+97.2%	+79.3%	61.5%	51.3%	−88.2 pts	−25.2 pts

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Client brief · page 1 of 2 Report BR-1BA8D56CE0

JEPI and SPYI are built for the same job. How do they differ in cost, holdings and results?

Income paid. JEPI paid 7.9% and SPYI 11.9% (cash paid over 1 year, as a share of its price at the start), a gap of 4.0 points.
Holdings in common. 38% of the weight is in the same securities (holdings dated Oct 26, 2026 and Oct 27, 2026).
One-year total return. Over 1 year to Oct 27, 2026 JEPI returned +7.6% and SPYI +13.4% with distributions reinvested, a gap of 5.8 points.

Data as of Oct 27, 2026.

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About each fund

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.

SPYI

Over the year to Oct 27, 2026, SPYI paid 11.9% of its starting value in cash distributions while its price rose 0.6%. With every distribution reinvested, the fund returned +13.4%. S&P 500 (SPY) returned +13.5% over the same days, so a holder was about even. At its price on Oct 27, 2026 the latest distribution annualizes to 11.5%, paid monthly. NEOS estimates that 99% 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

Which paid more, JEPI or SPYI?: Over the year to Oct 27, 2026, JEPI paid 7.9% of its starting price in cash and SPYI paid 11.9%, so SPYI 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 SPYI?: With every distribution reinvested, JEPI returned +7.6% and SPYI +13.4% over the year to Oct 27, 2026.
Which is cheaper, JEPI or SPYI?: JEPI charges 0.35% a year and SPYI charges 0.68%, so JEPI is cheaper. Fees come from each fund's prospectus.

Other comparisons

JEPI vs DIVO JEPI vs XYLD JEPI vs FTHI JEPI vs BALI SPYI vs XYLD SPYI vs AIPI SPYI vs XDTE SPYI vs XSPI

Where to next

S&P 500 (SPY) →JEPI on its own →SPYI on its own →JEPI dividend history →JEPI holdings →SPYI dividend history →SPYI holdings →Method →Standards and sources →

Sources and dates

JEPI filings on SEC EDGAR ↗

JEPI prospectus with the expense ratio (SEC) ↗

JPMorgan website ↗

SPYI filings on SEC EDGAR ↗

SPYI prospectus with the expense ratio (SEC) ↗

SPYI 19a-1 distribution notice ↗

NEOS page for SPYI ↗

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 SPYI, data as of Oct 27, 2026. https://etfiq.com/compare/income/jepi-vs-spyi

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