JEPI vs SPYI: fees, holdings and returns
JEPI holds large US stocks picked by its managers and sells options on the S&P 500. SPYI holds all the S&P 500 stocks and trades options on the index. Both pay monthly income. SPYI has paid more, and charges a higher fee. Over the same dates since August 2022, JEPI returned about 9.7% a year and SPYI returned about 14.8% a year.
Written by the Tactfolio research team. Fund facts checked October 17, 2026. Prices through October 20, 2026.
Key points
- JEPI costs less: 0.35% a year against 0.68%.
- JEPI started trading in May 2020. SPYI started in August 2022.
- Worst drops since 2022: JEPI −13.3%, SPYI −16.5%.
- Daily correlation: 0.86 (1 means they always move together).
What is the difference between JEPI and SPYI?#
JEPI’s managers pick a set of steadier large stocks, so its stock side differs from the S&P 500. SPYI holds the whole index, so its stock side moves with the market, and its managers sell and manage options on the index. Both cap part of the gains in strong markets in exchange for income.
| Fact | JEPI | SPYI |
|---|---|---|
| Full name | JPMorgan Equity Premium Income ETF | NEOS S&P 500 High Income ETF |
| Issuer | J.P. Morgan Asset Management | NEOS |
| Expense ratio | 0.35% a year | 0.68% a year |
| Started trading | May 20, 2020 | August 29, 2022 |
| Tracks | No index (actively managed) | No index (actively managed) |
| Holdings | 135 holdings as of October 15, 2026 | 510 holdings as of June 30, 2026 |
| Type | US stocks, ETF | US stocks, ETF |
Fund facts checked on the J.P. Morgan Asset Management JEPI page and the NEOS SPYI page.
Is JEPI or SPYI cheaper?#
JEPI costs less: 0.35% a year against 0.68%. On $10,000, that is about $35 a year for JEPI and $68 for SPYI. The fund takes its fee out of its own value a little each day, so you never get a bill.
JEPI vs SPYI performance over the same dates#
Both funds are measured from August 2022 to October 2026, the dates both traded. JEPI returned about 9.7% a year and SPYI returned about 14.8% a year. SPYI came out ahead over this period, which does not mean it will again.
| Measure | JEPI | SPYI |
|---|---|---|
| $10,000 grew to | $14,655 | $17,727 |
| Total return | 46.6% | 77.3% |
| Return per year (CAGR) | 9.7% | 14.8% |
| Worst drop from a high | −13.3% | −16.5% |
| Volatility (how much it swings) | 10.3% | 12.7% |
| Last 12 months | 8.7% | 15.0% |
| Last 3 years, per year | 11.4% | 18.3% |
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 SPYI returns by year#
| Year | JEPI | SPYI |
|---|---|---|
| 2026 (part of the year) | 6.4% | 11.9% |
| 2025 | 8.1% | 16.7% |
| 2024 | 12.6% | 19.0% |
| 2023 | 9.8% | 16.9% |
| 2022 (part of the year) | 3.1% | −2.5% |
Which fell further in bad times?#
A drawdown is how far a fund falls from its last high point. JEPI’s worst fall was −13.3%, from February 20, 2025 to April 8, 2025. It got back to that high on August 22, 2025.
SPYI’s worst fall was −16.5%, from February 19, 2025 to April 8, 2025. It got back to that high on June 25, 2025.
Their daily moves had a correlation of 0.86. 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 SPYI#
JEPI. People who want monthly income from calmer large US stocks tend to pick JEPI.
SPYI. People who want monthly income on top of the full S&P 500 tend to pick SPYI.
Strategies that hold JEPI or SPYI#
No classic strategy holds JEPI or SPYI yet.
Other funds like JEPI and SPYI#
Each fund has more funds that hold the same kind of investments, ranked by how closely they move with it: JEPI alternatives and SPYI alternatives.
Test a mix of JEPI and SPYI#
Open the builder, add JEPI and SPYI, 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 SPYI, 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#
What is the difference between JEPI and SPYI?#
JEPI holds stocks its managers pick for steadiness. SPYI holds the whole S&P 500. Both sell index options for monthly income.
Why does the JEPI and SPYI comparison start in 2022?#
SPYI started trading in August 2022, so the figures above start then, when both were trading.
Which is cheaper, JEPI or SPYI?#
JEPI costs less: 0.35% a year against 0.68%. Fees come from each issuer and were checked on October 16, 2026.
Which did better, JEPI or SPYI?#
From August 2022 to October 2026, JEPI returned about 9.7% a year and SPYI returned about 14.8% a year, with dividends reinvested. Their worst drops were −13.3% and −16.5%. Past returns do not tell you what comes next.