DIVO vs JEPI ETF Comparison 2026: Enhanced Dividend Income vs Equity Premium Income: 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).
JEPI holds the edge across 3 of 5 key metrics in this comparison. DIVO has delivered stronger 1-year price return (+12.87% vs +8.78% for JEPI).
- 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
- 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)
| Metric | DIVO | JEPI |
|---|---|---|
| ETF scorei | 26.1 | 26.0 |
| Latest closei | $47.15 | $57.33 |
| 1M returni | +1.28% | +2.19% |
| 3M returni | -0.06% | +0.61% |
| 6M returni | +6.36% | +4.22% |
| 1Y returni | +12.87% | +8.78% |
The ETF score weights long-term returns and risk-adjusted performance most heavily, but still rewards low expense ratios, larger fund size, and broader diversification — so it can favor low-cost, broad, mega-cap funds over smaller thematic or actively-managed funds even when the latter have delivered stronger returns.
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 | $12.08K (+20.8%) started 2025-11-03 | $11.74K (+17.4%) started 2025-11-03 |
| 5Y ago | $21.97K (+119.7%) started 2021-11-04 | $23.82K (+138.2%) started 2021-11-04 |
| 10Y ago | $64.06K (+540.6%) started 2016-12-15 | $39.83K (+298.3%) started 2020-05-21 |
Hypothetical — past performance does not guarantee future results.
| Metric | DIVO | JEPI |
|---|---|---|
| Expense ratioi | 0.56% | 0.35% |
| Total assets (AUM)i | $7.73B | $45.27B |
| Dividend yieldi | 2.33% | 8.16% |
| Trailing P/Ei | 22.67 | 24.87 |
| Betai | 0.63 | 0.52 |
| 52-week change | 12.87% | 8.78% |
| Metric | DIVO | JEPI |
|---|---|---|
| 1Y returni | +12.87% | +8.78% |
| 6M returni | +6.36% | +4.22% |
| 3M returni | -0.06% | +0.61% |
| 1M returni | +1.28% | +2.19% |
| 1Y Sharpe ratio | 0.86 | 0.54 |
| Betai | 0.63 | 0.52 |
| Dividend yieldi | 2.33% | 8.16% |
| 5Y CAGR | +10.37% | +7.21% |
Over the past year, DIVO and JEPI have moved strongly in the same direction (correlation of 0.82), based on daily returns.
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
| Period | Metric | DIVO | JEPI |
|---|---|---|---|
| 1Y | Growthi | +12.87% | +8.78% |
| CAGRi | +12.88% | +8.78% | |
| Volatilityi | 9.36% | 7.96% | |
| Sharpe ratioi | 0.86 | 0.54 | |
| Sortino ratioi | 1.28 | 0.78 | |
| Max drawdowni | 5.95% | 6.68% | |
| Current drawdowni | 2.42% | 1.04% | |
| Avg drawdowni | 1.41% | 1.81% | |
| Ulcer Indexi | 1.94% | 2.46% | |
| Max daily dropi | 1.49% | 1.61% | |
| Max wkly dropi | 3.11% | 2.46% | |
| 5Y | Growthi | +63.73% | +41.58% |
| CAGRi | +10.37% | +7.21% | |
| Volatilityi | 11.86% | 11.05% | |
| Sharpe ratioi | 0.52 | 0.28 | |
| Sortino ratioi | 0.74 | 0.39 | |
| Max drawdowni | 13.72% | 13.71% | |
| Current drawdowni | 2.42% | 1.04% | |
| Avg drawdowni | 2.46% | 2.52% | |
| Ulcer Indexi | 3.60% | 3.74% | |
| Max daily dropi | 5.04% | 5.56% | |
| Max wkly dropi | 8.69% | 9.92% | |
| 10Y | Growthi | +220.07% | +96.48% |
| CAGRi | +12.49% | +11.03% | |
| Volatilityi | 14.62% | 10.58% | |
| Sharpe ratioi | 0.57 | 0.62 | |
| Sortino ratioi | 0.81 | 0.87 | |
| Max drawdowni | 30.04% | 13.71% | |
| Current drawdowni | 2.42% | 1.04% | |
| Avg drawdowni | 2.56% | 2.09% | |
| Ulcer Indexi | 4.10% | 3.34% | |
| Max daily dropi | 9.76% | 5.56% | |
| Max wkly dropi | 14.56% | 9.92% |
| Category | DIVO | JEPI |
|---|---|---|
| Fund name | Amplify CWP Enhanced Dividend Income ETF | JPMorgan Equity Premium Income ETF |
| Type | ETF | ETF |
| Expense ratioi | 0.56% | 0.35% |
| Total assets (AUM)i | $7.73B | $45.27B |
| Dividend yieldi | 2.33% | 8.16% |
- 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
- 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
- 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
- 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
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