JEPQ vs SPY
JEPQ vs SPY
JPMorgan Nasdaq Equity Premium Income ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | JEPQ | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.35% | 0.09% | |
| AUM | $23.5B | $789.1B | |
| Dividend Yield | 10.12% | 1.01% | |
| Holdings | 109 | 505 | |
| YTD Return | +8.09% | +13.10% | |
| 1Y Return | +19.58% | +22.80% | |
| 3Y Return (annualized) | +18.48% | +20.98% | |
| 5Y Return (annualized) | - | +13.20% | |
| Volatility (annualized) | 13.8% | 15.3% | |
| Max Drawdown | -20.1% | -56.5% | |
| Fund Family | J.P. Morgan Asset Management | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | May 3, 2022 | Jan 22, 1993 |
JEPQ vs SPY Performance
JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) is a ETF from J.P. Morgan Asset Management and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year JEPQ returned +19.58% while SPY returned +22.80%. Year to date, JEPQ is up 8.09% versus a gain of 13.10% for SPY.
Over three years, JEPQ compounded at +18.48% per year against +20.98% for SPY. Across the full 4-year window we track, JEPQ has the edge at +15.46% annualized vs +8.83%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 13.8% for JEPQ. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -20.1% for JEPQ and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.92. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
JEPQ charges 0.35% per year while SPY charges 0.09%. On a $10,000 position that is $35 vs $9 annually, a gap of $26 per year that compounds over a long holding period. On income, JEPQ currently yields 10.12% against 1.01% for SPY.
Holdings Overlap
JEPQ and SPY share 82 holdings out of 516 unique holdings combined, representing a 49.4% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in JEPQ | Weight in SPY | Difference |
|---|---|---|---|
| NVDA | 7.07% | 7.31% | 0.24% |
| AAPL | 6.57% | 7.09% | 0.52% |
| MSFT | 4.06% | 4.43% | 0.37% |
| AMZN | Pro | Pro | Pro |
| GOOG | Pro | Pro | Pro |
| MU | Pro | Pro | Pro |
| AMD | Pro | Pro | Pro |
| AVGO | Pro | Pro | Pro |
| META | Pro | Pro | Pro |
| TSLA | Pro | Pro | Pro |
See all 10 holdings JEPQ shares with SPY Exact weights in each fund and the difference, for every overlapping position. Get FundXLS Pro: $29/moFirst 500 subscribers, then $49/mo. Cancel anytime. | |||
Frequently Asked Questions
Which is cheaper, JEPQ or SPY?
JEPQ has an expense ratio of 0.35% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $26 per year of difference.
Which performed better, JEPQ or SPY?
Over the past year JEPQ returned +19.58% vs +22.80% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (4 years), JEPQ annualized +15.46% vs +8.83% for SPY. Past performance does not guarantee future results.
Which is riskier, JEPQ or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 13.8% for JEPQ. Worst drawdown: JEPQ -20.1% vs SPY -56.5%.
Should I hold both JEPQ and SPY?
JEPQ and SPY have a monthly-return correlation of 0.92, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between JEPQ and SPY?
JEPQ and SPY share 82 common holdings with a 49.4% weight overlap. Combined, they hold 516 unique securities.
Which pays a higher dividend, JEPQ or SPY?
JEPQ yields 10.12% while SPY yields 1.01%, so JEPQ currently pays the higher dividend yield.
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