Which paid more, JEPQ or SPYI?

Over the year to Oct 28, 2026, JEPQ paid 11.6% 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, JEPQ or SPYI?

With every distribution reinvested, JEPQ returned +14.2% and SPYI +13.6% over the year to Oct 28, 2026.

Which is cheaper, JEPQ or SPYI?

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

Data as of Oct 28, 2026.

Income ETFs

JEPQ vs SPYI: Dividend Yield & Total Return

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Over the year to Oct 28, 2026, SPYI paid 11.9% of its price in cash against JEPQ’s 11.6%, though JEPQ returned more with it reinvested.

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Net assets: $44.2bn on Oct 28, 2026 for JPMorgan Nasdaq Equity Premium Income ETF, and $12.7bn on Oct 27, 2026 for NEOS S&P 500 High Income ETF.

JEPQ on its own →SPYI on its own →

At a glance

11.6%

JEPQ cash paid, 1 year

11.9%

SPYI cash paid, 1 year

+14.2%

JEPQ total return, 1 year

+13.6%

SPYI total return, 1 year

JEPQ · 1 year to Oct 28, 2026 1 pt behind QQQ

JEPQ

+14.2%

QQQ

+15.2%

1 pt behind QQQ

JEPQ over 1 year: paid 11.6%, price +1.6%, total +14.2%, QQQ +15.2%, −1.0 pts. Data to Oct 28, 2026.

QQQ

+15.2%

JEPQ

+14.2%

11.6% of it arrived as cash

1 pt behind QQQ

Total return, distributions reinvested

1 pt behind QQQ

JEPQ over 1 year: paid 11.6%, price +1.6%, total +14.2%, QQQ +15.2%, −1.0 pts. Data to Oct 28, 2026.

QQQ

+15.2%

JEPQ

+14.2%

11.6% as cash

1 pt behind QQQ

11.6% of it arrived as cash. Total return, distributions reinvested. JEPQ over 1 year: paid 11.6%, price +1.6%, total +14.2%, QQQ +15.2%, −1.0 pts. Data to Oct 28, 2026.

Data to Oct 28, 2026.

SPYI · 1 year to Oct 28, 2026 About even with SPY

SPYI

+13.6%

SPY

+13.6%

About even with SPY

SPYI over 1 year: paid 11.9%, price +0.8%, total +13.6%, SPY +13.6%, 0.0 pts. Data to Oct 28, 2026.

SPY

+13.6%

SPYI

+13.6%

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 +0.8%, total +13.6%, SPY +13.6%, 0.0 pts. Data to Oct 28, 2026.

SPY

+13.6%

SPYI

+13.6%

11.9% as cash

about even with SPY

11.9% of it arrived as cash. Both charts share one scale, 0 to +15.2%. SPYI over 1 year: paid 11.9%, price +0.8%, total +13.6%, SPY +13.6%, 0.0 pts. Data to Oct 28, 2026.

Both charts share one scale, 0 to +15.2%. Data to Oct 28, 2026.

Pair scorecard

JEPQ costs 0.33 points a year less; their one-year returns differ by 0.6 points; JEPQ is 3.4 times larger.

Points (pts) are percentage points.

JEPQ vs SPYI: Dividend Yield & Total Return
Measure	JEPQ	SPYI
Paid and earned
Measure	JEPQ	SPYI
Total return, 1 year	+14.2%	+13.6%
Price change, 1 year	rose 1.6%	rose 0.8%
Return of capital, issuer estimate		99% of the Oct 23, 2026 payment
Against its benchmark
Measure	JEPQ	SPYI
Benchmark	Nasdaq-100, measured through QQQ	S&P 500, measured through SPY
Against its benchmark, same days	behind by 1.0 pts
Cost and size
Measure	JEPQ	SPYI
Expense ratio	0.35%	0.68%
Net assets, as of Oct 27, 2026	$43.8bn	$12.7bn
Holdings
Measure	JEPQ	SPYI
Holdings in common	50%

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

IQ Income Score72.3JEPQ69.2SPYI

How much of its payouts the fund's total return covered, ranked against 164 income ETFs not writing on a single company. 100 is best. How it is computed

JEPQ 72.3

SPYI 69.2

0.3, the lowest in this set 99.7, the highest

A percentile among the 164 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 28, 2026. Method

Risk and return

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

JEPQ SPYI

Return

Total return edge JEPQ +97.5% +74.4%

Annualized edge JEPQ +17.9% +14.4%

Price return edge JEPQ +24.7% +5.4%

Risk

Volatility edge SPYI 14.6% 11.8%

Max drawdown edge SPYI −18.5% −14.8%

Downside capture 79.0% 80.6%

Beta 0.71 0.78

Risk-adjusted

Sharpe edge JEPQ (slight) 0.89 0.81

Sortino edge JEPQ (slight) 1.31 1.19

Treynor 0.173 0.123

Calmar edge Tie 0.97 0.97

Against the benchmark

Alpha −0.1% a year −0.6% a year

Alpha t-stat −0.05 −0.53

Information ratio −0.68 −0.87

Tracking error 7.7% 4.0%

Each against its own benchmark: JEPQ against QQQ, May 13, 2022 to Oct 23, 2026; SPYI against SPY, Sep 9, 2022 to Oct 23, 2026.

Reading

JEPQ returned more: +97.5% to +74.4%. SPYI swung less: 11.8% to 14.6%. SPYI fell less at its worst: −14.8% to −18.5%.

Full scorecard

19 measures, with how each is measured Open ↓

Risk and return: JEPQ vs SPYI: Dividend Yield & Total Return
Measure	JEPQ	SPYI	Edge	How it is measured
Return
Total return	+97.5%	+74.4%	JEPQ	Price change plus distributions, reinvested.
Annualized	+17.9%	+14.4%	JEPQ	Total return as a yearly rate.
Price return	+24.7%	+5.4%	JEPQ	Price change alone, distributions left out.
Risk
Volatility	14.6%	11.8%	SPYI	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	9.9%	8.1%	SPYI	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−18.5%	−14.8%	SPYI	Deepest fall from a high to the low after it.
Upside capture	56.8%	68.0%		Share of its benchmark's rise caught in the weeks it rose.
Downside capture	79.0%	80.6%		Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta	0.71	0.78	Not an edge	How far it moves for each 1% its benchmark moves.
R squared	0.92	0.96	Not an edge	Share of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe	0.89	0.81	JEPQ (slight)	Return above Treasury bills per unit of volatility.
Sortino	1.31	1.19	JEPQ (slight)	Return above Treasury bills per unit of downside deviation.
Treynor	0.173	0.123		Return above Treasury bills per unit of beta.
Calmar	0.97	0.97	Tie	Annualized return divided by the max drawdown.
Against the benchmark
Benchmark	QQQ	SPY		The ETF each fund is measured against.
Alpha	−0.1% a year	−0.6% a year	Not significant	Yearly return beyond what its beta to the benchmark predicts.
Alpha t-stat	−0.05	−0.53	Not an edge	How sure the alpha is. Below 2, it could be chance.
Alpha range	−4.3% to +4.1%	−2.8% to +1.6%	Includes zero	The 95% range for the yearly alpha.
Information ratio	−0.68	−0.87		Return against its benchmark per unit of tracking error.
Tracking error	7.7%	4.0%	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

50%

By the books each fund has filed, JEPQ and SPYI hold 50% of their money in the same securities at the same weight. Holdings dated Oct 28, 2026.

50%

0 half 100%

half

50% in common

Positions both hold · largest shared weight first JEPQ SPYI

NVIDIA CORP COMMON STOCK 7.02% 7.82%

APPLE INC COMMON STOCK 6.66% 7.50%

MICROSOFT CORP COMMON 5.44% 5.89%

AMAZON.COM INC COMMON 3.85% 3.74%

ALPHABET INC-CL C 4.51% 2.28%

META PLATFORMS INC COMMON 2.53% 1.99%

BROADCOM INC COMMON 1.97% 2.50%

TESLA INC COMMON STOCK 2.31% 1.70%

MICRON TECHNOLOGY INC 4.58% 1.64%

ADVANCED MICRO DEVICES 3.77% 1.42%

WALMART INC COMMON STOCK 1.83% 0.78%

INTEL CORP COMMON STOCK 1.13% 0.70%

Only in one fund ↓

Only in JEPQ

SPACE EXPLORATION TECHNOLOGIES CORP 1.59%

Nasdaq-100 equity-linked note 11 1.14%

Nasdaq-100 equity-linked note 14 1.14%

Nasdaq-100 equity-linked note 10 1.13%

Nasdaq-100 equity-linked note 9 1.13%

Nasdaq-100 equity-linked note 12 1.12%

Nasdaq-100 equity-linked note 13 1.12%

Nasdaq-100 equity-linked note 17 1.11%

Only in SPYI

Alphabet Inc 2.83%

Eli Lilly & Co 1.54%

Berkshire Hathaway Inc 1.47%

JPMORGAN CHASE & CO. 1.35%

ExxonMobil Holdings Corp 1.12%

Visa Inc 0.99%

Johnson & Johnson 0.98%

Chevron Corp 0.64%

Check overlap with more funds →

Side by side

JEPQ JPMorgan Nasdaq Equity Premium Income ETF · Writes calls through equity-linked notes (ELNs) on the Nasdaq-100, 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 Nasdaq-100 (QQQ) S&P 500 (SPY)

Pays monthly monthly

Payout rate, annualized 11.3% 11.4%

Expense ratio 0.35% 0.68%

Cash paid, 1 year 11.6% 11.9%

Price change, 1 year +1.6% +0.8%

Total return, 1 year +14.2% +13.6%

Benchmark return, 1 year +15.2% +13.6%

Ahead or behind −1.0 pts 0.0 pts

Return of capital, latest estimate not published 99%

Age 4.5 years 4.2 years

Net assets, JEPQ as of Oct 28, 2026 and SPYI as of Oct 27, 2026 $44.2bn $12.7bn

As of Oct 28, 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: JEPQ vs SPYI: Dividend Yield & Total Return
	Total return		Cash paid		Against the benchmark
Window	JEPQ	SPYI	JEPQ	SPYI	JEPQ	SPYI
3 months	+10.5%	+6.4%	3.5%	3.1%	+0.8 pts	+0.3 pts
6 months	+8.4%	+8.7%	6.3%	6.1%	−1.5 pts	−0.4 pts
1 year	+14.2%	+13.6%	11.6%	11.9%	−1.0 pts	0.0 pts
3 years	+83.5%	+70.2%	39.9%	41.0%	−30.2 pts	−24.8 pts
Since launchNot the same days: JEPQ May 2022 · SPYI Aug 2022	+92.9%	+79.8%	50.3%	51.3%	−33.4 pts	−25.4 pts

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Client brief · page 1 of 2 Report BR-78E0CFAAFF

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

What each is measured against. JEPQ is measured against Nasdaq-100 through QQQ and SPYI against S&P 500 through SPY.
Holdings in common. 50% of the weight is in the same securities (holdings dated Oct 28, 2026).
Cost. JEPQ charges 0.35% of assets a year and SPYI 0.68%, a gap of 0.33 points.

Data as of Oct 28, 2026.

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About each fund

JEPQ

Over the year to Oct 28, 2026, JEPQ paid 11.6% of its starting value in cash distributions while its price rose 1.6%. With every distribution reinvested, the fund returned +14.2%. Nasdaq-100 (QQQ) returned +15.2% over the same days, so a holder was behind by 1.0 pts. At its price on Oct 28, 2026 the latest distribution annualizes to 11.3%, paid monthly.

SPYI

Over the year to Oct 28, 2026, SPYI paid 11.9% of its starting value in cash distributions while its price rose 0.8%. With every distribution reinvested, the fund returned +13.6%. S&P 500 (SPY) returned +13.6% over the same days, so a holder was about even. At its price on Oct 28, 2026 the latest distribution annualizes to 11.4%, 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, JEPQ or SPYI?: Over the year to Oct 28, 2026, JEPQ paid 11.6% 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, JEPQ or SPYI?: With every distribution reinvested, JEPQ returned +14.2% and SPYI +13.6% over the year to Oct 28, 2026.
Which is cheaper, JEPQ or SPYI?: JEPQ charges 0.35% a year and SPYI charges 0.68%, so JEPQ is cheaper. Fees come from each fund's prospectus.

Other comparisons

JEPQ vs DIVO JEPQ vs XYLD JEPQ vs FTHI JEPQ vs BALI SPYI vs QQQI SPYI vs QYLD SPYI vs QDTE SPYI vs QQQY

Where to next

Nasdaq-100 (QQQ) →S&P 500 (SPY) →JEPQ on its own →SPYI on its own →JEPQ dividend history →JEPQ holdings →SPYI dividend history →SPYI holdings →Method →Standards and sources →

Sources and dates

JEPQ filings on SEC EDGAR ↗

JEPQ 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, JEPQ against SPYI, data as of Oct 28, 2026. https://etfiq.com/compare/income/jepq-vs-spyi

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