JEPQ vs SPY
JPMorgan Nasdaq Equity Premium Income ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, JEPQ or SPY?
Large Cap Growth against Large Cap Blend.
SPY has a lower expense ratio. JEPQ led over 1Y and the full window, SPY over 3Y. The two have moved almost in lockstep, correlation 0.92.
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 | JEPQ | SPY |
|---|---|---|
| Expense Ratio | 0.35% | 0.09%Best |
| AUM | $38.9B | $804.7B |
| Dividend Yield | 10.92% | 0.98% |
| Holdings | 111 | 505 |
| YTD Return | +11.49% | +12.47%Best |
| 1Y Return | +18.91%Best | +17.51% |
| 3Y Return (annualized) | +19.72% | +21.18%Best |
| 5Y Return (annualized) | - | +12.88% |
| Volatility (annualized) | 13.8%Best | 15.3% |
| Max Drawdown | -20.1% | -18.8%Best |
| $10,000 over 4.4 years | $19,148Best | $18,996 |
| Fund Family | J.P. Morgan Asset Management | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Growth | Large Cap Blend |
| Inception | May 3, 2022 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 4.4 years row, are measured over the window both funds cover: May 4, 2022 to Sep 11, 2026 (4.4 years).
JEPQ 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 4.4 years both funds cover.
JEPQ vs SPY Performance
JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) 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 JEPQ returned +18.91% while SPY returned +17.51%. Year to date, JEPQ is up 11.49% versus a gain of 12.47% for SPY.
Over three years, JEPQ compounded at +19.72% per year against +21.18% for SPY. Across the full 4-year window we track, JEPQ has the edge at +15.91% annualized vs +15.70%.
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 13.8% for JEPQ. 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 -20.1% for JEPQ and -18.8% 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 0.92. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
JEPQ 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, JEPQ currently yields 10.92% against 0.98% for SPY.
Holdings Overlap
At least 54.4% of SPY's money is in holdings JEPQ also owns.
Stated as a floor: for JEPQ, our book for it covers 82.7% 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.
83 positions in common, counted across the 95 positions we hold weights for in JEPQ and 504 in SPY, against full books of 111 and 505.
Top Shared Holdings
| Stock | Weight in JEPQ | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 7.25% | 7.71% | 0.46% |
| AAPLApple, Inc | 6.20% | 6.83% | 0.63% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 5.31% | 5.50% | 0.19% |
| AMZNAmazon.Com Inc | 4.30% | 4.08% | 0.22% |
| GOOGAlphabet Inc | 5.10% | 2.67% | 2.43% |
| MUMicron Technology, Inc. | 4.16% | 1.51% | 2.65% |
| AVGOBroadcom Inc | 2.41% | 2.97% | 0.56% |
| METAMeta Platforms, Inc. | 2.51% | 1.94% | 0.57% |
| AMDAdvanced Micro Devices Inc. | 3.12% | 1.27% | 1.85% |
| TSLATesla Inc | 1.90% | 1.38% | 0.52% |
54.4% of SPY is already inside JEPQ.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
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Frequently Asked Questions
Which is cheaper, JEPQ or SPY?
JEPQ 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, JEPQ or SPY?
Over the past year JEPQ returned +18.91% vs +17.51% for SPY, so JEPQ leads on 1-year performance. Over the longest common window we track (4 years), JEPQ annualized +15.91% vs +15.70% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, JEPQ or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 13.8% for JEPQ. Worst drawdown: JEPQ -20.1% vs SPY -18.8%.
Should I hold both JEPQ and SPY?
JEPQ and SPY have a monthly-return correlation of 0.92, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between JEPQ and SPY?
At least 54.4% of SPY's money is in holdings JEPQ also owns. Our book for JEPQ is partial, so the real figure is this or higher. They hold 83 positions in common, counted across the 95 positions we hold weights for in JEPQ and 504 in SPY.
Which pays a higher dividend, JEPQ or SPY?
JEPQ yields 10.92% while SPY yields 0.98%, so JEPQ currently pays the higher dividend yield.
Is SPY better than JEPQ?
SPY has a lower expense ratio. JEPQ led over 1Y and the full window, SPY over 3Y. The two have moved almost in lockstep, correlation 0.92. Which one suits a particular account depends on what it is for. This is information, not a recommendation.