Two of the market's most popular income ETFs compared side-by-side. See which one fits your yield strategy.
What this means: Both GPIX and JEPI fall intoTier 4: Harvest. This suggests they share a similar risk profile and volatility expectation.
| Metric | GPIX | JEPI |
|---|---|---|
| Total Return (1Y) | 0.00% | 5.66% |
| NAV Change (1Y) | 0.00% | -1.38% |
| Max Drawdown | 0.00% | -14.35% |
| Beta | - | 0.65 |
* Returns include dividend reinvestment. Drawdown calculates peak-to-trough decline over trailing 12 months.
GPIX and JEPI are as close to direct competitors as the ETF world produces: both target S&P 500 equity income via covered call overlays, both pay monthly, both carry Tier 4 (Volatility Harvest/High) risk ratings on DivAgent's spectrum, and both yield in the 8% range. The decision comes down to structural mechanics, AUM, and institutional trust — not headline yield.
GPIX writes listed S&P 500 index options — exchange-traded contracts with public pricing, no manager discretion on terms, and clearing house-backed settlement. This transparency is a genuine advantage: investors can verify the strategy's mechanics independently. JEPI uses equity-linked notes, structured products where JPMorgan sets the terms and acts as counterparty. ELNs allow more income engineering flexibility but introduce counterparty risk and opacity. In a JPMorgan credit event (historically rare but theoretically possible), JEPI's ELN income stream could be impaired; GPIX has no equivalent single-counterparty exposure.
JEPI has accumulated over $35 billion in assets, making it one of the largest active ETFs in the world and providing exceptional liquidity. GPIX sits around $5 billion — still substantial, but meaningfully smaller. JEPI also launched in 2020, surviving the 2022 bear market and 2023 recovery, giving it a richer stress-test history. GPIX launched in 2022 and has less data. For income investors who value proven behavior over theoretical structure, JEPI's track record is the deciding factor.
Both ETFs distribute monthly, and both yields fluctuate with options premium — which rises in volatile markets and compresses in calm ones. At current levels, GPIX yields approximately 8.2% ($52.36/share) and JEPI yields approximately 8.0% ($59.38/share). The 20-basis-point yield gap favors GPIX marginally, but distribution variability month-to-month makes this a thin distinction. Neither ETF guarantees a fixed monthly payout — income investors should model for 20-30% distribution variability in low-volatility environments.
Choose GPIX if:
Choose JEPI if:
Every investor has a unique risk profile. Use our Portfolio Intelligence tool to see the impact of adding these ETFs to your holdings.