JEPI vs SCHD: fees, holdings and returns
JEPI holds large US stocks picked by its managers and sells options on the S&P 500 to pay a high monthly income. SCHD holds about 100 US companies picked for steady dividends and strong finances, and pays every three months. JEPI gives up some gains in strong markets in exchange for that income. Over the same dates since May 2020, JEPI returned about 11.2% a year and SCHD returned about 15.9% a year.
Written by the Tactfolio research team. Fund facts checked October 16, 2026. Prices through October 20, 2026.
Key points
- SCHD costs less: 0.06% a year against 0.35%.
- JEPI started trading in May 2020. SCHD started in October 2011.
- Worst drops since 2020: JEPI −13.7%, SCHD −16.8%.
- Daily correlation: 0.81 (1 means they always move together).
What is the difference between JEPI and SCHD?#
Most of JEPI’s payout comes from selling options, not from company dividends, so its monthly amount changes with how jumpy the market is. In a fast-rising market, the options cap part of the gain. SCHD’s payout comes from the dividends its companies pay and tends to change more slowly. JEPI charges a much higher fee and is actively managed.
| Fact | JEPI | SCHD |
|---|---|---|
| Full name | JPMorgan Equity Premium Income ETF | Schwab U.S. Dividend Equity ETF |
| Issuer | J.P. Morgan Asset Management | Schwab |
| Expense ratio | 0.35% a year | 0.06% a year |
| Started trading | May 20, 2020 | October 20, 2011 |
| Tracks | No index (actively managed) | Dow Jones U.S. Dividend 100 Index |
| Holdings | 135 holdings as of October 15, 2026 | 98 holdings as of February 28, 2026 |
| Type | US stocks, ETF | US stocks, ETF |
Fund facts checked on the J.P. Morgan Asset Management JEPI page and the Schwab SCHD page.
Is JEPI or SCHD cheaper?#
SCHD costs less: 0.06% a year against 0.35%. On $10,000, that is about $35 a year for JEPI and $6 for SCHD. The fund takes its fee out of its own value a little each day, so you never get a bill.
JEPI vs SCHD performance over the same dates#
Both funds are measured from May 2020 to October 2026, the dates both traded. JEPI returned about 11.2% a year and SCHD returned about 15.9% a year. SCHD came out ahead over this period, which does not mean it will again.
| Measure | JEPI | SCHD |
|---|---|---|
| $10,000 grew to | $19,778 | $25,815 |
| Total return | 97.8% | 158.1% |
| Return per year (CAGR) | 11.2% | 15.9% |
| Worst drop from a high | −13.7% | −16.8% |
| Volatility (how much it swings) | 10.6% | 15.1% |
| Last 12 months | 8.7% | 33.0% |
| Last 3 years, per year | 11.4% | 18.8% |
| Last 5 years, per year | 7.5% | 9.7% |
Prices through October 20, 2026. Figures use daily closing prices adjusted for splits, with dividends reinvested. They do not include taxes or the cost of buying and selling. Past results do not tell you what will happen next.
JEPI and SCHD returns by year#
| Year | JEPI | SCHD |
|---|---|---|
| 2026 (part of the year) | 6.4% | 29.6% |
| 2025 | 8.1% | 4.3% |
| 2024 | 12.6% | 11.7% |
| 2023 | 9.8% | 4.5% |
| 2022 | −3.5% | −3.3% |
| 2021 | 21.5% | 29.9% |
| 2020 (part of the year) | 18.6% | 30.2% |
Which fell further in bad times?#
A drawdown is how far a fund falls from its last high point. JEPI’s worst fall was −13.7%, from April 20, 2022 to September 30, 2022. It got back to that high on June 15, 2023.
SCHD’s worst fall was −16.8%, from January 11, 2022 to September 30, 2022. It got back to that high on December 28, 2023.
Their daily moves had a correlation of 0.81. A correlation of 1 means two funds always move up and down together. Near 0 means they move on their own. So they often move together, but not always.
Why people choose JEPI or SCHD#
JEPI. People who want a high monthly income and accept giving up some gains in strong markets tend to pick JEPI.
SCHD. People who want dividends from strong companies, with the chance for those to grow, tend to pick SCHD.
Strategies that hold JEPI or SCHD#
No classic strategy holds JEPI or SCHD yet.
Other funds like JEPI and SCHD#
Each fund has more funds that hold the same kind of investments, ranked by how closely they move with it: JEPI alternatives and SCHD alternatives.
Test a mix of JEPI and SCHD#
Open the builder, add JEPI and SCHD, and give each a weight, such as 50% and 50%. The backtest shows how the mix would have done, with its worst drop, on daily prices. You can also add a rule, for example to switch between them, and compare. Read the full pages for JEPI and SCHD, or see more ETF comparisons.
The details#
Both funds use Tactfolio’s stored daily prices, adjusted for splits, with dividends reinvested. They are compared only on days both traded, starting the later fund’s first day, so neither gets a head start. Correlation uses daily returns over the same days. Read what a backtest simulates for more on these measures.
Common questions#
Where does JEPI’s income come from?#
Mostly from selling options on the S&P 500, plus the dividends of the stocks it holds. The options income rises and falls with how much the market swings.
Is a high payout the same as a high return?#
No. A fund’s price drops by what it pays out. Total return, price plus payouts, is what the figures above compare.
Which is cheaper, JEPI or SCHD?#
SCHD costs less: 0.06% a year against 0.35%. Fees come from each issuer and were checked on October 16, 2026.
Which did better, JEPI or SCHD?#
From May 2020 to October 2026, JEPI returned about 11.2% a year and SCHD returned about 15.9% a year, with dividends reinvested. Their worst drops were −13.7% and −16.8%. Past returns do not tell you what comes next.