JEPI and PBP are both covered call ETFs tracking the same benchmark, but with different approaches. JEPI offers a 8.20% yield, while PBP provides a 11.36% yield. Compare their scores, yields, and performance metrics to find the best fit for your portfolio.
Compare covered call ETFs with the same benchmark side by side
JPMorgan Equity Premium Income ETF
6.90
Overall Score
Invesco S&P 500 BuyWrite ETF
5.76
Overall Score
| Criteria | JEPI | PBP |
|---|---|---|
| Overall Score | 6.90 5.76 | |
| Total Return (25%) | 5.05 2.53 | |
| Downside Protection (25%) | 8.27 8.47 | |
| Upside Participation (25%) | 6.00 5.37 | |
| Consistency (15%) | 8.12 7.22 | |
| Expense Ratio (5%) | 8.12 6.38 | |
| Liquidity (5%) | 8.89 5.41 |
Since Inception
3 Years
Pro only
1 Year
Pro only
3 Months
Pro only
| Metric | JEPI | PBP |
|---|---|---|
| Expense Ratio | 0.350% | 0.490% |
| Inception Date | May 20, 2020 | Dec 20, 2007 |
| Issuer | JPMorgan | Invesco |
| Distribution Frequency | Monthly | Monthly |
| Maturity Rating | 5/5 stars | 5/5 stars |
Cut volatility by a third (10.0% vs 15.7%) and the 2022 loss to -3.5%, but captured only 60% of S&P 500 upside, so five-year return is half of SPY's.
Investor Profile:
JEPI is an actively managed JPMorgan fund that holds a low-volatility basket of about 142 large-cap U.S. stocks. It earns option income through equity-linked notes (ELNs) on the S&P 500, about 15% of the portfolio against a 20% regulatory cap. The ELNs are unsecured bank obligations spread across at least six issuers. It pays monthly and charges 0.35%.
Cut volatility to 8.9% (SPY 15.7%) and pays 11.4%, but it captured 54% of S&P 500 upside and 58% of the downside.
Investor Profile:
PBP tracks the Cboe S&P 500 BuyWrite Index. It holds the S&P 500 stocks, about 507 positions, and sells at-the-money one-month call options on the S&P 500 index. The rules are mechanical, with no active manager decisions. It pays monthly.
Both funds are scored on total return, downside protection, upside participation, distribution consistency, cost and liquidity, against the same benchmark and the same window.
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