SPYI vs JEPI: Returns, Drawdowns and Dividends Since 2022
SPYI (Neos S&P 500(R) High Income ETF) and JEPI (JPMorgan Equity Premium Income ETF) mostly moved together (a daily correlation of 0.856, where 1 would mean identical). SPYI came out ahead, returning 14.9% a year with dividends reinvested from August 2022 to November 2026, against 10.1% for JEPI.
Bought on any day and held three years, SPYI finished ahead 100% of the time. The extra return came with deeper falls: SPYI dropped 16.5% at its worst, JEPI 13.3%. SPYI also paid more in dividends: 11.9% over the past 12 months, against 7.8% for JEPI.
| Measure | SPYI | JEPI |
|---|---|---|
| Annual return | 14.9% | 10.1% |
| $10,000 grew to | $17,846 | $14,979 |
| Worst decline | −16.5%Apr 2025 | −13.3%Apr 2025 |
| Volatility Volatility How much the fund's daily returns swing: their standard deviation over this period, annualized with the square root of 252 trading days. | 12.7% | 10.3% |
| Sharpe ratio Sharpe ratio Return above T-bills for each unit of risk: daily returns minus the T-bill ETF BIL, averaged, divided by their standard deviation and annualized. Higher is better. T-bill funds show none. Sharpe ratio calculator | 0.82 | 0.57 |
| 12-month yield 12-month yield Cash dividends with ex-dividend dates in the past 12 months, divided by the latest closing price. | 11.9% | 7.8% |
| Best year | +19.0%2024 | +12.6%2024 |
| Worst year | +16.7%2025 | +8.1%2025 |
| Correlation between them Correlation How closely the two funds' daily returns moved together over this period: 1 means identical every day, 0 means no relation. | 0.856 | |
SPYI: Neos S&P 500(R) High Income ETFJEPI: JPMorgan Equity Premium Income ETF
Aug 30, 2022 to Nov 4, 2026, dividends reinvested.
Hover or use the arrow keys to read any day.Tap or drag across the chart to read any day.
Worst declines
SPYI fell 16.5% from Feb 19, 2025 to Apr 8, 2025 and was back at its high on Jun 25, 2025. JEPI fell 13.3% from Feb 19, 2025 to Apr 8, 2025 and was back at its high on Aug 22, 2025.
Hover or use the arrow keys to read any day.Tap or drag across the chart to read any day.
Year by year
SPYI was ahead in 4 of the 5 calendar years.
| Year | SPYI | JEPI | Ahead (pts) |
|---|---|---|---|
| 2026 (to Nov 4) | +11.5% | +8.8% | SPYI+2.7 |
| 2025 | +16.7% | +8.1% | SPYI+8.6 |
| 2024 | +19.0% | +12.6% | SPYI+6.5 |
| 2023 | +18.1% | +9.8% | SPYI+8.3 |
| 2022 (from Aug 30) | −2.5% | +3.0% | JEPI+5.5 |
Held for 1 or 3 years: which came out ahead
Buy on any trading day from Aug 30, 2022, hold for a set time, and see which fund ended higher. The periods overlap, so they show how much the start date mattered, not separate results.
| Hold | Days tested | Ahead more often | Median lead (pts) |
|---|---|---|---|
| 1 year | 798 | SPYI100% | +5.9 |
| 3 years | 294 | SPYI100% | +25.1 |
Median lead is the typical gap in total return across all start dates, in percentage points. The latest 3-year hold starts on Oct 30, 2023.
Dividends
Over the past 12 months SPYI paid 11.9% of its price in dividends and JEPI 7.8%. The returns above already include them, reinvested on each ex-dividend date.
Dividends per share by year
| Year | SPYI | JEPI |
|---|---|---|
| 2026 (to Nov 4) | $5.27 10 payments | $3.77 10 payments |
| 2025 | $6.15 12 payments | $4.72 12 payments |
| 2024 | $6.12 12 payments | $4.22 12 payments |
| 2023 | $5.79 12 payments | $4.62 12 payments |
| 2022 (from Aug 30) | $1.89 4 payments | $2.83 5 payments |
Per share in today's shares (earlier amounts are restated for share splits), by ex-dividend date.
The two funds
- SPYI
- Neos S&P 500(R) High Income ETF, an ETF launched Aug 30, 2022. FinLab prices start Aug 30, 2022.
- SPYI price and signal backtests
- JEPI
- JPMorgan Equity Premium Income ETF, an ETF launched May 21, 2020. FinLab prices start May 21, 2020.
- JEPI price and signal backtests
More comparisons
Source: FinLab U.S. fund prices, Aug 30, 2022 to Nov 4, 2026, the days both funds traded. Returns use prices adjusted for dividends and splits, before taxes; annual return is compounded.
For research and education. Past returns do not guarantee future results, and this is not investment advice.