JEPQ vs SPYI ETF Comparison: AI Score, Valuation, Performance and Upside
JEPQ and SPYI are both option income funds differing in underlying index and implementation. JEPQ writes out-of-the-money calls against an actively selected Nasdaq-100 portfolio, earning larger premiums from higher volatility with more concentrated risk. SPYI overlays index options on S&P 500 exposure with active strike management and a structure designed for better after-tax distribution treatment.
Use this JEPQ vs SPYI comparison to weigh premium size against diversification and tax treatment. Higher underlying volatility produces more income but a bumpier ride and more concentration. Broader index exposure produces less premium, with implementation details including tax character doing more of the work.
JEPQ holds the edge across 4 of 5 key metrics in this comparison. JEPQ has delivered stronger 1-year price return (+20.35% vs +16.66% for SPYI).
- Want larger option premiums from a more volatile underlying index
- Accept technology concentration in exchange for higher income
- Value out-of-the-money writing that retains some upside
- Understand that distributions vary and the structure is complex
- Prefer broader S&P 500 exposure to concentrated technology
- Value the tax characteristics of index option strategies in taxable accounts
- Want active strike management balancing income and upside
- Accept smaller premiums and a shorter track record
| Metric | JEPQ | SPYI |
|---|---|---|
| ETF scorei | 81.0 | 77.0 |
| Latest closei | $61.24 | $53.65 |
| 1M returni | +3.60% | +1.24% |
| 6M returni | +20.54% | +18.36% |
| 1Y returni | +20.35% | +16.66% |
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 | JEPQ | SPYI |
|---|---|---|
| 1Y ago | $13.59K (+35.9%) started 2025-09-25 | $13.25K (+32.5%) started 2025-09-25 |
| 5Y ago | $36.28K (+262.8%) started 2022-05-04 | $32.86K (+228.6%) started 2022-08-30 |
| 10Y ago | $36.28K (+262.8%) started 2022-05-04 | $32.86K (+228.6%) started 2022-08-30 |
Hypothetical — past performance does not guarantee future results.
| Metric | JEPQ | SPYI |
|---|---|---|
| Expense ratioi | 0.35% | 0.68% |
| Total assets (AUM)i | $42.21B | $11.71B |
| Dividend yieldi | 10.84% | 1.45% |
| Trailing P/Ei | 29.62 | 24.81 |
| Betai | 0.84 | 0.71 |
| 52-week change | 20.35% | 16.66% |
| Metric | JEPQ | SPYI |
|---|---|---|
| 1Y returni | +20.35% | +16.66% |
| 6M returni | +20.54% | +18.36% |
| 1M returni | +3.60% | +1.24% |
| 1Y Sharpe ratio | 1.03 | 1.07 |
| Betai | 0.84 | 0.71 |
| Dividend yieldi | 10.84% | 1.45% |
| 5Y CAGR | +16.39% | +15.07% |
Over the past year, JEPQ and SPYI have moved strongly in the same direction (correlation of 0.93), 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 | JEPQ | SPYI |
|---|---|---|---|
| 1Y | Growthi | +20.35% | +16.66% |
| CAGRi | +20.36% | +16.67% | |
| Volatilityi | 14.80% | 10.82% | |
| Sharpe ratioi | 1.03 | 1.07 | |
| Sortino ratioi | 1.49 | 1.53 | |
| Max drawdowni | 8.82% | 7.72% | |
| Current drawdowni | 0.00% | 0.13% | |
| Avg drawdowni | 1.37% | 0.97% | |
| Ulcer Indexi | 2.16% | 1.62% | |
| Max daily dropi | 3.01% | 2.24% | |
| Max wkly dropi | 5.58% | 3.49% | |
| 5Y | Growthi | +94.86% | +77.11% |
| CAGRi | +16.39% | +15.07% | |
| Volatilityi | 16.70% | 12.78% | |
| Sharpe ratioi | 0.73 | 0.82 | |
| Sortino ratioi | 1.03 | 1.19 | |
| Max drawdowni | 20.07% | 16.47% | |
| Current drawdowni | 0.00% | 0.13% | |
| Avg drawdowni | 3.28% | 1.74% | |
| Ulcer Indexi | 5.22% | 2.96% | |
| Max daily dropi | 5.57% | 5.93% | |
| Max wkly dropi | 11.10% | 10.56% | |
| 10Y | Growthi | +94.86% | +77.11% |
| CAGRi | +16.39% | +15.07% | |
| Volatilityi | 16.70% | 12.78% | |
| Sharpe ratioi | 0.73 | 0.82 | |
| Sortino ratioi | 1.03 | 1.19 | |
| Max drawdowni | 20.07% | 16.47% | |
| Current drawdowni | 0.00% | 0.13% | |
| Avg drawdowni | 3.28% | 1.74% | |
| Ulcer Indexi | 5.22% | 2.96% | |
| Max daily dropi | 5.57% | 5.93% | |
| Max wkly dropi | 11.10% | 10.56% |
| Category | JEPQ | SPYI |
|---|---|---|
| Fund name | JPMorgan Nasdaq Equity Premium Income ETF | Neos S&P 500(R) High Income ETF |
| Type | ETF | ETF |
| Expense ratioi | 0.35% | 0.68% |
| Total assets (AUM)i | $42.21B | $11.71B |
| Dividend yieldi | 10.84% | 1.45% |
- Out-of-the-money call writing retains some participation in rising markets
- Higher option premiums because the underlying index is more volatile
- Active stock selection within the index universe rather than mechanical replication
- Index options receive distinct tax treatment that can improve after-tax distribution outcomes
- Active strike management aims to balance income against retained upside
- Broad S&P 500 exposure is less concentrated than a Nasdaq-100 portfolio
- Underlying exposure is technology-heavy and therefore volatile
- Distributions fall when volatility declines
- Equity-linked notes add structural complexity and counterparty considerations
- Lower underlying volatility means smaller option premiums than Nasdaq-based funds
- Newer strategy with a shorter track record than the largest peers
- Tax advantages depend on your situation and on rules that can change
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