JEPI vs SPY
JPMorgan Equity Premium Income ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | JEPI | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.35% | 0.09% | |
| AUM | $46.1B | $821.1B | |
| Dividend Yield | 7.99% | 1.01% | |
| Holdings | 124 | 505 | |
| YTD Return | +5.94% | +12.68% | |
| 1Y Return | +10.31% | +21.82% | |
| 3Y Return (annualized) | +10.47% | +21.98% | |
| 5Y Return (annualized) | +7.34% | +12.89% | |
| Volatility (annualized) | 10.0% | 15.3% | |
| Max Drawdown | -13.7% | -56.5% | |
| Fund Family | J.P. Morgan Asset Management | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | May 20, 2020 | Jan 22, 1993 |
JEPI vs SPY Performance
JPMorgan Equity Premium Income ETF (JEPI) is a ETF from J.P. Morgan Asset Management and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year JEPI returned +10.31% while SPY returned +21.82%. Year to date, JEPI is up 5.94% versus a gain of 12.68% for SPY.
Over three years, JEPI compounded at +10.47% per year against +21.98% for SPY; over five years the annualized figures are +7.34% and +12.89% respectively. Across the full 6-year window we track, JEPI has the edge at +10.32% annualized vs +8.81%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% 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 -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
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 1.01% for SPY.
Holdings Overlap
JEPI and SPY share 103 holdings out of 510 unique holdings combined, representing a 32.6% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $26 per year of difference.
Which performed better, JEPI or SPY?
Over the past year JEPI returned +10.31% vs +21.82% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (6 years), JEPI annualized +10.32% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, JEPI or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 10.0% for JEPI. Worst drawdown: JEPI -13.7% vs SPY -56.5%.
Should I hold both JEPI and SPY?
JEPI and SPY have a monthly-return correlation of 0.84, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between JEPI and SPY?
JEPI and SPY share 103 common holdings with a 32.6% weight overlap. Combined, they hold 510 unique securities.
Which pays a higher dividend, JEPI or SPY?
JEPI yields 7.99% while SPY yields 1.01%, so JEPI currently pays the higher dividend yield.
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