JEPI and SPYI are both covered call ETFs tracking the same benchmark, but with different approaches. JEPI offers a 8.20% yield, while SPYI provides a 11.92% 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
NEOS S&P 500 High Income ETF
7.23
Overall Score
| Criteria | JEPI | SPYI |
|---|---|---|
| Overall Score | 6.90 7.23 | |
| Total Return (25%) | 5.05 7.34 | |
| Downside Protection (25%) | 8.27 5.75 | |
| Upside Participation (25%) | 6.00 7.54 | |
| Consistency (15%) | 8.12 10.00 | |
| Expense Ratio (5%) | 8.12 4.00 | |
| Liquidity (5%) | 8.89 7.40 |
Since Inception
3 Years
Pro only
1 Year
Pro only
3 Months
Pro only
| Metric | JEPI | SPYI |
|---|---|---|
| Expense Ratio | 0.350% | 0.680% |
| Inception Date | May 20, 2020 | Aug 30, 2022 |
| Issuer | JPMorgan | NEOS |
| Distribution Frequency | Monthly | Monthly |
| Maturity Rating | 5/5 stars | 3/5 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%.
Pays 11.9%, 3.7 points more than GPIX, at a fee 2.3 times higher (0.68% vs 0.29%).
Investor Profile:
SPYI is an actively managed NEOS fund that holds S&P 500 stocks, 511 positions, and uses a call spread approach on SPX index option futures. The options qualify as Section 1256 contracts, taxed at the 60/40 rate. NEOS aims for high monthly income in a tax-efficient way, and distributions are partly return of capital. 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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