How does DIVO select which covered calls to write?

DIVO's manager (CWP — Capital Wealth Planning) writes covered calls selectively on individual stock positions when they believe a specific holding's near-term upside is limited or when option premiums are particularly attractive. This is different from systematic monthly ATM (at-the-money) index call writing. For example, if a stock has rallied significantly and management believes upside is temporarily limited, they may write a covered call to capture premium. This selective approach means DIVO writes fewer calls than mechanical covered call ETFs, preserving more upside participation in positions with strong growth outlook.

Which ETF — DIVO or JEPI — performed better in 2022's bear market?

Both DIVO and JEPI held up better than the S&P 500 in 2022, but JEPI's defensively-tilted portfolio (utilities, consumer staples, healthcare) provided somewhat better downside protection. The S&P 500 fell approximately 18% in 2022; JEPI fell approximately 3-5% (with income distributions offsetting some price decline), while DIVO fell more given its technology and financial stock exposure. DIVO's option premium income provided less cushion vs JEPI's defensive sector tilt + option income combination. Both significantly outperformed the broad S&P 500 on a total return basis in 2022.

Is DIVO or JEPI better for building retirement income?

JEPI's higher 7-9% yield is more immediately useful for retirement income cash flow — monthly distributions at 7-9% can fund retirement expenses more generously than DIVO's 4.5-5.5%. However, DIVO's dividend growth characteristics mean its income stream increases over time — DIVO today yielding 5% may yield 6-7% on original cost basis in 10 years as underlying companies raise dividends, while JEPI's income depends on option premium environments that don't systematically grow. For a 20+ year retirement, DIVO's dividend growth may outperform JEPI's higher initial yield; for immediate income needs, JEPI's current yield is more compelling.

brimindinvest.com / compare / divo-vs-jepiLIVE

DIVO

Amplify CWP Enhanced Dividend Income ETF · ETF / Enhanced Dividend Income

$45.87

+1.22% this month

VERSUS

⟷

COMPARE

JEPI

JPMorgan Equity Premium Income ETF · ETF / Equity Premium Income

$56.10

+0.73% this month

Scoreboard verdict

Across expense ratio, momentum, yield, fund size, risk

DIVO

1

JEPI

4

JEPI LEADS 4/5

Comparison scoreboard

JEPI LEADS 4/5

Exp. Ratio

DIVO 0.56%

JEPI ✓0.35%

1Y Return

DIVO ✓+18.13%

JEPI +9.04%

Div. Yield

DIVO 3.91%

JEPI ✓8.45%

AUM

DIVO $7.11B

JEPI ✓$44.59B

Beta

DIVO 0.65

JEPI ✓0.55

Metrics last refreshed: 6/20/2026

Quick take

DIVO vs JEPI Stock Comparison: AI Score, Valuation, Performance and Upside

DIVO and JEPI are both premium income ETFs but with different philosophies. DIVO selects 20-25 blue-chip dividend growth stocks and writes selective individual covered calls — prioritizing capital appreciation with income supplement. JEPI holds 100+ defensive stocks and writes systematic OTM index calls via ELNs — prioritizing higher income (7-9%) with some equity upside. DIVO suits quality growth investors seeking income enhancement; JEPI suits income-first investors wanting broad defensive equity exposure.

DIVO vs JEPI — Amplify CWP Enhanced Dividend Income ETF (20-25 high-quality dividend growth stocks with selective covered calls generating 4.5-5.5% yield and meaningful appreciation potential) versus JPMorgan Equity Premium Income ETF (100+ defensive S&P 500 stocks with OTM ELN call strategy generating 7-9% monthly income with limited upside cap).

Live analysis · updated 6/20/2026

JEPI holds the edge across 4 of 5 key metrics in this comparison. DIVO has delivered stronger 1-year price return (+18.13% vs +9.04% for JEPI).

Normalized 1Y performance

DIVO

JEPI

Recent returns

DIVO

JEPI

Who should consider this stock?

DIVO may suit investors who:

→want quality dividend growth equity exposure with income enhancement — Microsoft, UnitedHealth, Visa as core holdings appeal more than defensive utility/staple tilt
→prefer selective option writing that preserves more upside — DIVO's management writes calls opportunistically vs JEPI's systematic approach
→are comfortable with lower yield (4.5-5.5%) in exchange for higher capital appreciation potential from blue-chip growth stocks
→value dividend growth — DIVO's underlying stocks raise dividends annually, growing the income stream over time unlike static option premium income

JEPI may suit investors who:

→prioritize maximum current monthly income — JEPI's 7-9% yield nearly doubles DIVO's 4.5-5.5% for income-first investors
→want broad defensive equity exposure reducing single-stock risk — 100+ holdings across utilities, healthcare, and consumer staples dampens volatility
→seek institutional options execution quality at 0.35% expense ratio — JPMorgan's ELN structure monetizes volatility efficiently
→understand ELN counterparty structure and are comfortable with income variability based on S&P 500 option premium environment (VIX levels)

Performance & AI score

Metric	DIVO	JEPI
ETF score	47.0	58.0
Latest close	$45.87	$56.10
1M return	+1.22%	+0.73%
6M return	+5.25%	+2.15%
1Y return	+18.13%	+9.04%

$10,000 invested — hypothetical growth (dividends reinvested)

How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?

Period	DIVO	JEPI
1Y ago	$12.64K (+26.4%) started 2025-06-18	$11.85K (+18.5%) started 2025-06-18
5Y ago	$22.94K (+129.4%) started 2021-06-18	$24.71K (+147.1%) started 2021-06-18
10Y ago	$59.06K (+490.6%) started 2016-12-15	$36.97K (+269.7%) started 2020-05-21

Hypothetical — past performance does not guarantee future results.

Fund characteristics

Metric	DIVO	JEPI
Expense ratio	0.56%	0.35%
Total assets (AUM)	$7.11B	$44.59B
Dividend yield	3.91%	8.45%
Trailing P/E	24.43	27.49
Beta	0.65	0.55
52-week change	18.13%	9.04%

Risk & fund metrics

Metric	DIVO	JEPI
1Y return	+18.13%	+9.04%
6M return	+5.25%	+2.15%
1M return	+1.22%	+0.73%
1Y Sharpe ratio	1.37	0.56
Beta	0.65	0.55
Dividend yield	3.91%	8.45%
5Y CAGR	+11.30%	+7.73%

Drawdown & downside risk

Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.

1Y risk snapshot

DIVO max drawdown5.95%

JEPI max drawdown6.68%

DIVO max wkly drop3.11%

JEPI max wkly drop2.46%

5Y risk snapshot

DIVO max drawdown13.72%

JEPI max drawdown13.71%

DIVO max wkly drop8.69%

JEPI max wkly drop9.92%

10Y risk snapshot

DIVO max drawdown30.04%

JEPI max drawdown13.71%

DIVO max wkly drop14.56%

JEPI max wkly drop9.92%

Performance metrics by period

Period	Metric	DIVO	JEPI
1Y	Growth	+18.13%	+9.04%
	CAGR	+18.14%	+9.05%
	Sharpe ratio	1.37	0.56
	Max drawdown	5.95%	6.68%
	Max daily drop	1.49%	1.61%
	Max wkly drop	3.11%	2.46%
5Y	Growth	+70.78%	+45.10%
	CAGR	+11.30%	+7.73%
	Sharpe ratio	0.58	0.32
	Max drawdown	13.72%	13.71%
	Max daily drop	5.04%	5.56%
	Max wkly drop	8.69%	9.92%
10Y	Growth	+205.19%	+88.50%
	CAGR	+12.45%	+11.00%
	Sharpe ratio	0.57	0.61
	Max drawdown	30.04%	13.71%
	Max daily drop	9.76%	5.56%
	Max wkly drop	14.56%	9.92%

Fund overview

Category	DIVO	JEPI
Fund name	Amplify CWP Enhanced Dividend Income ETF	JPMorgan Equity Premium Income ETF
Type	ETF	ETF
Expense ratio	0.56%	0.35%
Total assets (AUM)	$7.11B	$44.59B
Dividend yield	3.91%	8.45%

DIVO strengths

→Higher-quality stock selection: DIVO's 20-25 holdings are blue-chip dividend growers — Microsoft, UnitedHealth, Visa, JPMorgan — providing strong capital appreciation potential alongside income
→Selective covered call writing: DIVO writes calls only on individual positions when management deems upside limited — not systematic at-the-money calls — allowing more equity upside capture than XYLD/QYLD
→Dividend growth participation: DIVO's underlying stocks grow their dividends annually — DIVO's income stream grows over time vs ETFs holding non-dividend-growth stocks

JEPI strengths

→Higher income (7-9%) than DIVO with OTM calls allowing some S&P 500 upside before the cap triggers — better total return tradeoff than ATM covered call ETFs
→100+ defensively tilted stocks: JEPI's broad portfolio with utilities, consumer staples, and healthcare emphasis provides more downside protection in bear markets than pure growth stock funds
→Monthly distributions with JPMorgan institutional option execution: JEPI benefits from JPMorgan's options desk expertise in ELN pricing — institutional-quality option monetization

Risks to watch — DIVO

→Lower yield than JEPI or XYLD: DIVO's 4.5-5.5% yield is below competing income ETFs because it prioritizes capital appreciation over maximum income
→Active management fee: DIVO's 0.55% expense ratio reflects active management — higher than passive alternatives but justified by selective option writing discipline
→Smaller portfolio concentration: 20-25 holdings creates meaningful single-stock risk vs JEPI's 100+ stock portfolio — single holding impairment has outsized impact

Risks to watch — JEPI

→Complex ELN structure: equity-linked notes are more complex than direct option writing — counterparty exposure to JPMorgan for the option component adds institutional dependency
→Income variability: JEPI's monthly distributions vary based on S&P 500 option premium levels — high volatility increases income, low VIX periods reduce it significantly
→Less upside than DIVO in strong bull markets: JEPI's S&P 500 upside cap still limits bull market participation relative to DIVO's individual-stock coverage discipline

Frequently asked questions

An equity-linked note (ELN) is a debt instrument issued by a financial institution (like JPMorgan) whose return is linked to the performance of an equity index or stock. For JEPI, JPMorgan issues ELNs that provide income based on selling call options on the S&P 500 index. The notes pay JEPI the option premium while JEPI holds the underlying stocks separately. This structure allows JEPI to achieve covered call-like income without directly owning the call option contracts — the ELN intermediary handles the options execution. The tradeoff is counterparty exposure to JPMorgan as the ELN issuer.

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+2.8%BUY

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+1.1%HOLD

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