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JEPI vs QYLD: Which Covered-Call Income ETF Is Better?

QYLD pays a much higher yield; JEPI has done better on total return. Compare the two covered-call income ETFs on yield, strategy, fees, and downside risk.

Data as of September 28, 2026

JEPI

JPMorgan Equity Premium Income ETF

J.P. Morgan

Covered Call

Price

$57.32

Yield (TTM)

8.43%

JEPI dividend calculator →

QYLD

Global X NASDAQ 100 Covered Call ETF

Global X

Covered Call

Price

$17.89

Yield (TTM)

12.17%

QYLD dividend calculator →

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Project compounded returns, dividend income, and reinvestment using each ETF's real yield, expense ratio, and distribution frequency.

Calculate with JEPICalculate with QYLDCompare side by side

Quick Comparison Summary

JEPI vs QYLD: compare dividend yield (8.4% vs 12.2%), expense ratio (0.35% vs 0.60%), holdings, returns, and our verdict for dividend investors.

Side-by-Side Metrics
MetricJEPIQYLD
IssuerJ.P. MorganGlobal X
Inception2020-05-202013-12-11
CategoryCovered CallCovered Call
Price$57.32$17.89
NAV$57.30$17.89
Dividend Yield (TTM)8.43%12.17%
Expense Ratio0.35%0.60%
Distribution FrequencyMonthlyMonthly
AUM$45.2B$8.3B
Total Returns

3Y and 5Y figures are annualized. A 0% value indicates the fund had not been listed for the full period.

Holdings & Sector Exposure

JEPI

Top 5 / 5 shown

  • MSFT

    Microsoft

    1.78%

  • AMZN

    Amazon

    1.65%

  • META

    Meta Platforms

    1.62%

  • PGR

    Progressive

    1.58%

  • TT

    Trane Technologies

    1.51%

Sector Weights

  • Information Tech16.4%
  • Financials15.1%
  • Health Care13.6%
  • Industrials12.9%
  • Consumer Staples9.8%
  • Communication8.2%

QYLD

Top 5 / 5 shown

  • MSFT

    Microsoft

    8.92%

  • AAPL

    Apple

    8.40%

  • NVDA

    NVIDIA

    7.82%

  • AMZN

    Amazon

    5.16%

  • META

    Meta Platforms

    4.60%

Sector Weights

  • Information Tech51.0%
  • Communication16.0%
  • Consumer Disc.13.5%
  • Health Care6.8%
  • Consumer Staples4.2%
  • Industrials4.1%

Pros & Cons

JEPIPros
  • Higher total return than QYLD over five years (~9.4% vs ~7.0%)
  • Active call writing — writes calls when implied volatility is favorable, not mechanically
  • Lower expense ratio (0.35% vs 0.60%)
  • Dampened volatility versus a pure equity portfolio
QYLDPros
  • Highest headline yield of the pair (~12% trailing)
  • Monthly distributions paid consistently for over a decade
  • Simple, transparent mechanical strategy (Nasdaq-100 + at-the-money calls)
  • Very liquid with a large options market
JEPICons
  • Lower headline yield than QYLD (~8.4% vs ~12%)
  • Upside is still capped by written calls
  • Uses equity-linked notes, adding counterparty complexity
  • Distributions can vary month to month
QYLDCons
  • Caps nearly all Nasdaq-100 upside while retaining downside exposure
  • Five-year total return has trailed at ~7% annualized
  • Higher expense ratio (0.60%)
  • Distributions have historically eroded NAV — yield is not free
The Verdict

QYLD is the higher yielder (~12% vs ~8.4% trailing), but that income comes from writing at-the-money Nasdaq-100 calls, which caps nearly all upside while the fund still carries tech downside. JEPI is actively managed, writes calls more selectively, and has delivered better five-year total returns (~9.4% annualized vs ~7.0%). If your only goal is maximum current cash flow, QYLD wins on paper — but the higher payout, higher fee, and weaker total return mean JEPI is the more balanced choice for most income investors.

Best for
JEPI

Income investors who want monthly cash flow without fully sacrificing long-term total return

Best for
QYLD

Income-maximizers who accept capped upside and lower total return in exchange for the highest current payout

Strategy Summary

JEPI

Actively managed defensive equity strategy paired with equity-linked notes (ELNs) that simulate written S&P 500 covered calls, generating monthly option premium income while dampening volatility.

QYLD

Buys the Nasdaq-100 and writes at-the-money index call options each month. Caps upside in exchange for high monthly premium income — a pure income-maximization strategy.

Frequently Asked Questions

The yield comes from option premium and can vary with volatility. It has stayed high, but part of the distribution can include return of capital, and NAV has declined over time. Treat the yield as income, not growth.

JEPI's active management lets it hold a defensive equity portfolio and write calls selectively, so it gives up less upside in rising markets. QYLD writes at-the-money calls every month on the full index, which mechanically caps gains.

They can serve as a satellite income position, but their capped upside means they are not a replacement for dividend-growth holdings. Many investors limit them to a portion of the income sleeve.
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Yield 8.4% vs 4.8%Fee 0.35% vs 0.56%
02

Covered Call vs Covered Call

JEPI vs JEPQ

JPMorgan's two flagship covered-call ETFs compared. JEPI tracks the S&P 500 with a defensive tilt; JEPQ tracks the Nasdaq-100. Compare yield, volatility, and returns.

Yield 8.4% vs 11.1%Fee 0.35% vs 0.35%
03

Covered Call vs Covered Call

JEPQ vs QYLD

JPMorgan's JEPQ uses active equity selection + ELN call writing; Global X's QYLD writes systematic at-the-money calls on the Nasdaq-100 index. Compare yield, returns, and methodology.

Yield 11.1% vs 12.2%Fee 0.35% vs 0.60%
04

Dividend Growth vs Covered Call

SCHD vs JEPI

SCHD delivers steady quarterly dividend growth from quality U.S. large-caps. JEPI pays a high monthly yield from covered-call premium. Compare yield, expense, returns, holdings, and which fits your goal.

Yield 3.4% vs 8.4%Fee 0.06% vs 0.35%
05

Covered Call vs Covered Call

JEPQ vs DIVO

JEPQ sells Nasdaq-100 options for an 11.11% monthly yield; DIVO writes covered calls selectively on a concentrated portfolio of dividend payers for 4.79%. Compare income, fees, risk, and tax treatment before choosing an income sleeve.

Yield 11.1% vs 4.8%Fee 0.35% vs 0.56%
06

Dividend Growth vs Covered Call

SCHD vs DIVO

SCHD delivers a clean index approach to dividend growth; DIVO pairs blue-chip payers with tactical covered calls for higher monthly income. Compare yield, fees, and returns.

Yield 3.4% vs 4.8%Fee 0.06% vs 0.56%

Fund metrics as of April 24, 2026.

Disclaimer: This page is for educational purposes only and is not financial, investment, or tax advice. ETF data is sourced from issuer fact sheets and may be slightly out of date. Past performance is not indicative of future results. Always consult a qualified advisor before making investment decisions.