JEPI vs SPYI: Income Fund Comparison
JPMorgan Equity Premium Income ETF - US (JEPI) and NEOS S&P 500 High Income ETF - US (SPYI) are both income-focused funds. Below is our independent side-by-side review using the Dependable Income Investing 13-factor scoring system — designed specifically for income investors seeking reliable, sustainable distributions.
Also see: JEPI individual review · SPYI individual review
JEPI: Expense ratio is 0.35% which is low for an options-based income ETF. SPYI: Management fee and total annual fund operating expenses are 0.68%. JEPI fund inception date was May 20th 2020 - approximately 5.8 years of history as of review date. SPYI fund inception was 8/29/2022 - approximately 3.5 years of history as of review date. Full Dependability and Return scores for both funds are available in the app.
| JEPI | SPYI | |
|---|---|---|
| Fund Name | JPMorgan Equity Premium Income ETF - US | NEOS S&P 500 High Income ETF - US |
| Fund Type | Diversified Fund | Index Based Fund |
| Exchange | NYSE/NASDAQ | NYSE/NASDAQ |
| Last Reviewed | 2026-03-06 | 2026-03-06 |
| Author | Adam Hyde, Income Investing Analyst | |
🔒 Full scores available — with Premium subscription
Compare Performance — Free →Fund Attributes: JEPI vs SPYI 20% of overall score
Fund Attributes cover the foundational characteristics of each fund: cost, company backing, track record, and size. These factors reflect stability and cost-efficiency for long-term income investors.
Expense ratio is 0.35% which is low for an options-based income ETF.
Management fee and total annual fund operating expenses are 0.68%.
J.P. Morgan Asset Management has trillions in assets under management - one of the largest asset managers in the world.
NEOS Investments total ETF AUM is approximately $21.6 billion across all 19 funds as of 03/05/2026.
Fund inception date was May 20th 2020 - approximately 5.8 years of history as of review date.
Fund inception was 8/29/2022 - approximately 3.5 years of history as of review date.
Approximately $44.58 Billion in assets under management as of March 2026. One of the most popular income ETFs in the world.
Fund net assets approximately $8.0 billion as of 03/03/2026.
Risk: JEPI vs SPYI 35% of overall score
Risk factors evaluate how each fund manages volatility, diversification, and the nature of its underlying assets — critical considerations for income investors who prioritise capital preservation.
Beta is 0.58 vs SPY (2020-05-29 to 2026-03-06) - significantly lower than the market. Very low volatility for an income fund.
Beta is 0.76 vs SPY over fund history (2022-09-09 to 2026-03-06) - below 0.8 threshold indicating lower market sensitivity than the index.
See the full Risk analysis for both JEPI and SPYI — volatility ratings, diversification scores, and analyst notes.
View Plans →Return: JEPI vs SPYI 45% of overall score
Return factors assess income generation quality: current yield, distribution consistency, price history, and payment frequency. This is the most heavily weighted category for income investors.
Monthly distributions.
Monthly distributions - confirmed by distribution history showing consistent monthly payments since inception.
See the full Return analysis for both JEPI and SPYI — yield ratings, distribution consistency scores, and capital history.
View Plans →Our Review Methodology
Every fund reviewed on Dependable Income Investing is scored using our 13-factor Fund Report Card, organised into three weighted categories: Fund Attributes (20%), Risk (35%), and Return (45%). Each criterion is rated 1–5 by our analysts based on publicly available fund data.
We also calculate a Dependability Score — a weighted composite of six income-specific factors ranked by importance for retirement income investors: Yield Stability, Yield, Volatility, Capital History, Fund Risk, and Underlying Assets. This score answers the question income investors care about most: can I depend on this fund to pay me reliably?
Full scores, ratings, and analyst notes for both JEPI and SPYI are available in the Dependable Income Investing app.
See our full scoring methodology →
Frequently Asked Questions: JEPI vs SPYI
Which has a lower expense ratio, JEPI or SPYI?
JEPI: Expense ratio is 0.35% which is low for an options-based income ETF.
SPYI: Management fee and total annual fund operating expenses are 0.68%.
Which fund has more assets under management, JEPI or SPYI?
JEPI: Approximately $44.58 Billion in assets under management as of March 2026. One of the most popular income ETFs in the world.
SPYI: Fund net assets approximately $8.0 billion as of 03/03/2026.
Which fund has been trading longer, JEPI or SPYI?
JEPI: Fund inception date was May 20th 2020 - approximately 5.8 years of history as of review date.
SPYI: Fund inception was 8/29/2022 - approximately 3.5 years of history as of review date.
Who manages JEPI vs SPYI?
JEPI: J.P. Morgan Asset Management has trillions in assets under management - one of the largest asset managers in the world.
SPYI: NEOS Investments total ETF AUM is approximately $21.6 billion across all 19 funds as of 03/05/2026.
Where can I see the full JEPI vs SPYI comparison with scores?
The complete side-by-side comparison — including all Risk and Return scores, analyst notes, Overall Score, and Dependability Score for both funds — is available in the Dependable Income Investing app.
What is the difference between JEPI and SPYI?
JPMorgan Equity Premium Income ETF - US is a Diversified Fund. Expense ratio is 0.35% which is low for an options-based income ETF. NEOS S&P 500 High Income ETF - US is a Index Based Fund. Management fee and total annual fund operating expenses are 0.68%. Full comparison including Dependability Score is available in the Dependable Income Investing app.
Which is better for income investors, JEPI or SPYI?
JEPI: Expense ratio is 0.35% which is low for an options-based income ETF. Fund inception date was May 20th 2020 - approximately 5.8 years of history as of review date. SPYI: Management fee and total annual fund operating expenses are 0.68%. Fund inception was 8/29/2022 - approximately 3.5 years of history as of review date. Which scores higher on Dependability and Return is available in the Dependable Income Investing app.
Do JEPI and SPYI pay monthly distributions?
JEPI: Monthly distributions. SPYI: Monthly distributions - confirmed by distribution history showing consistent monthly payments since inception. Full yield and distribution stability scores for both funds are available in the Dependable Income Investing app.
See the Full JEPI vs SPYI Comparison
The Dependable Income Investing app gives you the complete picture: all 13 scoring factors for both funds, Risk and Return analyst notes, Dependability Scores, and tools to compare any income fund side by side.
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