Which paid more, JEPI or TCAL?

Over the year to Nov 4, 2026, JEPI paid 8.1% of its starting price in cash and TCAL paid 11.4%, so TCAL 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 TCAL?

With every distribution reinvested, JEPI returned +12.0% and TCAL +11.2% over the year to Nov 4, 2026.

Which is cheaper, JEPI or TCAL?

JEPI charges 0.35% a year and TCAL charges 0.34%, so TCAL is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Income ETFs

JEPI vs TCAL: Dividend Yield & Total Return

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Over the year to Nov 4, 2026, TCAL paid 11.4% of its price in cash against JEPI’s 8.1%, though JEPI returned more with it reinvested.

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Net assets on Nov 3, 2026: $46.1bn for JPMorgan Equity Premium Income ETF and $324m for T. Rowe Price Capital Appreciation Premium Income ETF.

JEPI on its own →TCAL on its own →

At a glance

8.1%

JEPI cash paid, 1 year

11.4%

TCAL cash paid, 1 year

+12.0%

JEPI total return, 1 year

+11.2%

TCAL 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% of it arrived 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%

8.1% cash

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.

TCAL · 1 year to Nov 4, 2026 3.4 pts behind its own stocks

TCAL

+11.2%

Own

+14.6%

3.4 pts behind its own stocks

TCAL over 1 year: paid 11.4%, price −1.2%, total +11.2%, its own stocks +14.6%, −3.4 pts. Data to Nov 4, 2026.

its own stocks

+14.6%

TCAL

+11.2%

11.4% of it arrived as cash

3.4 pts behind its own stocks

Total return, distributions reinvested

3.4 pts behind its own stocks

TCAL over 1 year: paid 11.4%, price −1.2%, total +11.2%, its own stocks +14.6%, −3.4 pts. Data to Nov 4, 2026.

its own stocks

+14.6%

TCAL

+11.2%

11.4% as cash

11.4% of it arrived as cash. Both charts share one scale, with zero at the line. TCAL over 1 year: paid 11.4%, price −1.2%, total +11.2%, its own stocks +14.6%, −3.4 pts. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

TCAL costs 0.01 points a year less; their one-year returns differ by 0.8 points; JEPI is far larger, $46.1bn against $324m.

Points (pts) are percentage points.

JEPI vs TCAL: Dividend Yield & Total Return
Measure	JEPI	TCAL
Paid and earned
Measure	JEPI	TCAL
Total return, 1 year	+12.0%	+11.2%
Price change, 1 year	rose 3.4%	fell 1.2%
Against its benchmark
Measure	JEPI	TCAL
Benchmark	S&P 500, measured through SPY	its own stocks
Cost and size
Measure	JEPI	TCAL
Expense ratio	0.35%	0.34%
Net assets, as of Nov 3, 2026	$46.1bn	$324m
Holdings
Measure	JEPI	TCAL
Holdings in common	25%

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

IQ Income Score76.9JEPI54.8TCAL

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

TCAL 54.8

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

What they share

25%

By the books each fund has filed, JEPI and TCAL hold 25% 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

25% in common

Positions both hold · largest shared weight first JEPI TCAL

AMAZON.COM INC COMMON 1.81% 1.55%

MASTERCARD INC COMMON 1.99% 1.51%

MICROSOFT CORP COMMON 1.93% 1.51%

COSTCO WHOLESALE CORP 1.72% 1.21%

PEPSICO INC COMMON STOCK 1.05% 1.17%

META PLATFORMS INC COMMON 1.66% 1.02%

ENTERGY CORP COMMON STOCK 0.97% 0.96%

BROADCOM INC COMMON 1.69% 0.96%

ADVANCED MICRO DEVICES 0.89% 1.05%

JOHNSON & JOHNSON COMMON 1.75% 0.87%

RTX CORP 1.26% 0.87%

WALMART INC COMMON STOCK 0.87% 0.78%

Only in one fund ↓

Only in JEPI

VISA INC COMMON STOCK USD 1.88%

APPLE INC COMMON STOCK 1.86%

NEXTERA ENERGY INC 1.81%

3M CO COMMON STOCK USD 1.80%

NVIDIA CORP COMMON STOCK 1.73%

PHILIP MORRIS INTERNATIONAL INC 1.72%

ABBVIE INC COMMON STOCK 1.70%

ALPHABET INC-CL A 1.67%

Only in TCAL

DANAHER CORP 2.02%

WATERS CORP 1.99%

VERALTO CORP 1.89%

WASTE CONNECTIONS INC 1.82%

VISA INC-CLASS A SHARES 1.71%

LINDE PLC 1.65%

LOCKHEED MARTIN CORP 1.61%

NORTHROP GRUMMAN CORP 1.58%

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 TCAL T. Rowe Price Capital Appreciation Premium Income ETF · Covered call on its own stocks, paying monthly

Issuer JPMorgan T. Rowe Price

Strategy covered call covered call

Benchmark S&P 500 (SPY) TCAL's own stocks, without the options (from its filed holdings, rebalanced at each filing; latest Jun 30, 2026)

Pays monthly monthly

Payout rate, annualized 7.1% 13.0%

Expense ratio 0.35% 0.34%

Cash paid, 1 year 8.1% 11.4%

Price change, 1 year +3.4% −1.2%

Total return, 1 year +12.0% +11.2%

Benchmark return, 1 year +14.8% +14.6%

Ahead or behind −2.8 pts −3.4 pts

Return of capital, latest estimate not published not published

Age 6.5 years 1.6 years

Net assets, as of Nov 3, 2026 $46.1bn $324m

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 TCAL: Dividend Yield & Total Return
	Total return		Cash paid		Against the benchmark
Window	JEPI	TCAL	JEPI	TCAL	JEPI	TCAL
3 months	+3.3%	+5.3%	1.8%	2.6%	+3.4 pts	−1.8 pts
6 months	+7.3%	+12.3%	3.9%	6.3%	+2.3 pts	−0.9 pts
1 year	+12.0%	+11.2%	8.1%	11.4%	−2.8 pts	−3.5 pts
3 years	+37.9%	–	25.2%	–	−45.1 pts	–
Since launchNot the same days: JEPI May 2020 · TCAL Mar 2025	+102.1%	+12.0%	62.2%	16.9%	−82.3 pts	not measured

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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.

TCAL

Over the year to Nov 4, 2026, TCAL paid 11.4% of its starting value in cash distributions while its price fell 1.2%. With every distribution reinvested, the fund returned +11.2%. TCAL's own stocks, without the options (from its filed holdings, rebalanced at each filing; latest Jun 30, 2026) returned +14.6% over the same days, so a holder was behind by 3.4 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 13.0%, paid monthly.

Questions people ask

Which paid more, JEPI or TCAL?: Over the year to Nov 4, 2026, JEPI paid 8.1% of its starting price in cash and TCAL paid 11.4%, so TCAL 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 TCAL?: With every distribution reinvested, JEPI returned +12.0% and TCAL +11.2% over the year to Nov 4, 2026.
Which is cheaper, JEPI or TCAL?: JEPI charges 0.35% a year and TCAL charges 0.34%, so TCAL is cheaper. Fees come from each fund's prospectus.

Other comparisons

JEPI vs SCEP JEPI vs JUDO JEPI vs RNTY JEPI vs GRNI TCAL vs SPYI TCAL vs XYLD TCAL vs BALI TCAL vs OMAH

Where to next

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

Sources and dates

JEPI filings on SEC EDGAR ↗

JEPI prospectus with the expense ratio (SEC) ↗

JPMorgan website ↗

TCAL filings on SEC EDGAR ↗

TCAL prospectus with the expense ratio (SEC) ↗

T. Rowe Price 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 TCAL, data as of Nov 4, 2026. https://etfiq.com/compare/income/jepi-vs-tcal

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