What is the expense ratio of JEPQ vs SPY?

JEPQ has an expense ratio of 0.35%, while SPY has an expense ratio of 0.09%.

JEPQ vs SPY

JPMorgan Nasdaq Equity Premium Income ETF vs State Street SPDR S&P 500 ETF Trust

Last updated: 2026-04-10

JEPQ JPMorgan

JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) is an exchange-traded fund issued by JPMorgan that provides exposure to us covered call securities. It charges an above-average expense ratio of 0.35%. The fund offers a high dividend yield of 10.74%. Launched in 2022, the fund has a 4-year track record.

AUM: $34.8B ER: 0.35% Yield: 10.74% Since: May 3, 2022

SPY SPDR

State Street SPDR S&P 500 ETF Trust (SPY) is an exchange-traded fund issued by SPDR that provides exposure to large-cap U.S. equities across growth and value styles. It charges a low expense ratio of 0.09%. The fund offers a moderate dividend yield of 1.09%. Launched in 1993, the fund has a 33-year track record.

AUM: $678.3B ER: 0.09% Yield: 1.09% Since: Jan 22, 1993

Quick Verdict

SPY is significantly cheaper at 0.09% vs 0.35% expense ratio, saving you approximately $510 per $10,000 invested over 10 years. Over the past year, SPY has significantly outperformed with a 29.6% return vs 17.9%. Income investors may prefer JEPQ for its higher yield (10.7% vs 1.1%).

Key Metrics

Metric	JEPQ	SPY
Expense Ratio	0.35%	0.09%
Dividend Yield	10.7%	1.1%
Fund Family	JPMorgan	SPDR
Category	US Covered Call	US Large Cap Blend

Performance Chart

Indexed to 100 at start (5-year comparison)

JEPQ +12.7%

SPY +65.2%

Performance Comparison

Period	JEPQ	SPY	Difference
1 Month	-0.18%	+0.54%	-0.72%
3 Months	-2.79%	-2.19%	-0.60%
6 Months	+0.48%	+2.55%	-2.07%
YTD	-0.85%	-0.47%	-0.38%
1 Year	+17.88%	+29.62%	-11.74%
3 Years	+29.34%	+65.95%	-36.61%
5 Years	+12.72%	+65.18%	-52.46%

Fee Impact Over Time

Estimated fee cost difference assuming 8% annual returns

Investment	Period	JEPQ Fees	SPY Fees	You Save
$10,000	10 years	$690	$179	$510
$10,000	20 years	$2,930	$771	$2,159
$10,000	30 years	$9,337	$2,486	$6,852
$50,000	10 years	$3,448	$896	$2,551
$50,000	30 years	$46,685	$12,428	$34,258
$100,000	30 years	$93,370	$24,855	$68,515

Risk Metrics

Based on 5 years of daily returns

Metric	JEPQ	SPY
Annualized Volatility	17.2%	17.1%
Max Drawdown	-21.6%	-25.4%
Sharpe Ratio	0.00	0.41

Dividend Comparison

Metric	JEPQ	SPY
Annual Dividend (per share)	$6.18	$7.38
Dividend Yield	10.74%	1.09%
Distribution Frequency	Monthly	Quarterly

Top Holdings

8 of top 9 holdings overlap (89% overlap in top holdings)

JEPQ Top Holdings

Name	Weight
NVIDIA CorporationNVDA	7.45%
Apple Inc.AAPL	6.29%
Alphabet Inc.GOOG	5.40%
Microsoft CorporationMSFT	4.66%
Amazon.com, Inc.AMZN	4.33%
Meta Platforms, Inc.META	3.19%
Walmart Inc.WMT	2.47%
Broadcom Inc.AVGO	2.46%
Micron Technology, Inc.MU	2.45%
Tesla, Inc.TSLA	2.32%

SPY Top Holdings

Name	Weight
NVIDIA CorporationNVDA	7.61%
Apple Inc.AAPL	6.54%
Microsoft CorporationMSFT	4.78%
Amazon.com, Inc.AMZN	3.72%
Broadcom Inc.AVGO	2.86%
Alphabet Inc.GOOG	2.53%
Meta Platforms, Inc.META	2.31%
Tesla, Inc.TSLA	1.66%
Berkshire Hathaway Inc.BRK.B	1.51%

Which One Should You Choose?

Choose SPY if...

you want the lowest fees and plan to buy and hold long-term. Over decades, the expense ratio difference compounds significantly.

Choose SPY if...

recent performance momentum matters to your strategy. Note that past performance doesn't guarantee future results.

Choose JEPQ if...

you prioritize dividend income and want higher regular distributions from your portfolio.

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