JEPI vs SPY
JPMorgan Equity Premium Income ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, JEPI or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | JEPI | SPY |
|---|---|---|
| Expense Ratio | 0.35% | 0.09%Best |
| AUM | $46.3B | $804.7B |
| Dividend Yield | 7.99% | 0.98% |
| Holdings | 127 | 505 |
| YTD Return | +3.44% | +11.45%Best |
| 1Y Return | +7.13% | +15.87%Best |
| 3Y Return (annualized) | +8.88% | +20.93%Best |
| 5Y Return (annualized) | +7.05% | +12.59%Best |
| Volatility (annualized) | 10.0%Best | 15.4% |
| Max Drawdown | -13.7%Best | -24.5% |
| $10,000 over 5 years | $14,058 | $18,093Best |
| Fund Family | J.P. Morgan Asset Management | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | May 20, 2020 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: May 21, 2020 to Sep 15, 2026 (6.3 years).
JEPI vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 6.3 years both funds cover.
JEPI vs SPY Performance
JPMorgan Equity Premium Income ETF (JEPI) is an ETF from J.P. Morgan Asset Management and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year JEPI returned +7.13% while SPY returned +15.87%. Year to date, JEPI is up 3.44% versus a gain of 11.45% for SPY.
Over three years, JEPI compounded at +8.88% per year against +20.93% for SPY; over five years the annualized figures are +7.05% and +12.59% respectively. Across the full 6-year window we track, SPY has the edge at +17.47% annualized vs +9.79%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.4% compared with 10.0% for JEPI. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -13.7% for JEPI and -24.5% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.84. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
JEPI charges 0.35% per year while SPY charges 0.09%. On a $10,000 position that is $35 vs $9 annually, a gap of $26 per year that compounds over a long holding period. On income, JEPI currently yields 7.99% against 0.98% for SPY.
Holdings Overlap
At least 64.0% of SPY's money is in holdings JEPI also owns.
Stated as a floor: for JEPI, our book for it covers 86.7% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
The two portfolios partly overlap.
113 positions in common, counted across the 120 positions we hold weights for in JEPI and 504 in SPY, against full books of 127 and 505.
Top Shared Holdings
| Stock | Weight in JEPI | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp | 1.85% | 8.01% | 6.16% |
| AAPLApple, Inc | 1.81% | 7.26% | 5.45% |
| MSFTMicrosoft Corp | 1.98% | 5.66% | 3.68% |
| AMZNAmazon.Com Inc | 1.91% | 3.79% | 1.88% |
| GOOGLAlphabet Inc,class A | 1.71% | 2.99% | 1.28% |
| AVGOBroadcom Inc | 1.61% | 2.66% | 1.05% |
| METAMeta Platforms Inc | 1.59% | 1.93% | 0.34% |
| JNJJohnson & Johnson - Common | 1.77% | 0.99% | 0.78% |
| MAMastercard Inc | 1.84% | 0.71% | 1.13% |
| VVisa Inc Class A | 1.52% | 0.94% | 0.58% |
64.0% of SPY is already inside JEPI.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, JEPI or SPY?
JEPI has an expense ratio of 0.35% while SPY charges 0.09%. SPY is the cheaper option, by $26 a year on a $10,000 investment.
Which performed better, JEPI or SPY?
Over the past year JEPI returned +7.13% vs +15.87% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (6 years), JEPI annualized +9.79% vs +17.47% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, JEPI or SPY?
SPY has been the more volatile fund at 15.4% annualized versus 10.0% for JEPI. Worst drawdown: JEPI -13.7% vs SPY -24.5%.
Should I hold both JEPI and SPY?
JEPI and SPY have a monthly-return correlation of 0.84, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between JEPI and SPY?
At least 64.0% of SPY's money is in holdings JEPI also owns. Our book for JEPI is partial, so the real figure is this or higher. They hold 113 positions in common, counted across the 120 positions we hold weights for in JEPI and 504 in SPY.
Which pays a higher dividend, JEPI or SPY?
JEPI yields 7.99% while SPY yields 0.98%, so JEPI currently pays the higher dividend yield.
Is SPY better than JEPI?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.