JEPI vs DIVO is a choice between more income now and more growth over time. JPMorgan's JEPI paid about 8% over the past year and fell far less than the market in 2022, but its share price has drifted down since 2021. Amplify's DIVO pays less (a 4.88% distribution rate at September 30, 2026), yet its share price has risen and its total return has been higher over one, three and five years. JEPI costs 0.35% a year; DIVO costs 0.56%. Both are covered-call ETFs: they own US stocks and sell call options against them, giving up some upside in exchange for cash today. How each one does that is the key to choosing.

JEPI and DIVO side by side

JEPI figures are from JPMorgan's September 30, 2026 fact sheet; DIVO figures are from Amplify's fund page. Closing prices are from Financial Modeling Prep market data.

How each fund makes its income

JEPI builds what JPMorgan calls "a diversified, low volatility equity portfolio" of US large-cap stocks, then adds option income. It does not write the options itself: it holds equity-linked notes (ELNs), and the fund's documents describe that exposure in terms of the S&P 500 (SPX). The fact sheet's risk summary warns that ELNs carry liquidity risk and, because they are notes, "credit or counterparty risk". In the September 30 fact sheet, its largest stock positions were about 2% each, with Microsoft ($MSFT), Nvidia ($NVDA) and Apple ($AAPL) at the top.

DIVO is a concentrated portfolio of 20 to 25 large companies "with a history of dividend and earnings growth," managed by sub-adviser Capital Wealth Planning. In Amplify's words, "covered call options are written on individual stocks on a tactical basis." That means calls are sold on some holdings, some of the time, rather than on the whole portfolio every month. Its largest positions in mid-October 2026 included Microsoft, Visa ($V), Amgen ($AMGN), Apple and Caterpillar ($CAT), each at roughly 5% to 6% of the fund, according to Financial Modeling Prep fund data.

The design difference explains almost everything that follows. JEPI sells more option premium, so it produces more cash but caps more of its upside. DIVO sells less, keeps more upside and relies more on its stock picks.

Income: what $10,000 paid over the past year

At the October 15, 2026 close, $10,000 bought about 174.9 shares of JEPI ($10,000 / $57.16) or 209.2 shares of DIVO ($10,000 / $47.81). Using the last 12 monthly distributions, per Financial Modeling Prep data:

• JEPI: $4.5637 per share x 174.9 = about $798, or 7.98%. JPMorgan's own 12-month rolling dividend yield was 8.04% at September 30.
• DIVO: $3.0167 per share x 209.2 = about $631, or 6.31%. But that figure includes a $0.9534 payment on December 30, 2025, about five times DIVO's usual monthly amount. Without it, the other 11 payments come to $2.0633, or about $432 on $10,000.

JEPI's monthly payment varies with option premiums: over the past year it ranged from $0.34134 (October 2026) to $0.44761 (May 2026). DIVO's regular monthly payment was steadier, between $0.17872 and $0.21395.

A note on the yield figures: DIVO's 30-day SEC yield (1.40%) is far below its 4.88% distribution rate because the SEC formula counts net investment income such as dividends, not the option premiums and gains that make up much of DIVO's payout. JEPI's SEC yield (7.45%) is much closer to its distribution yield. Amplify notes that distributions "may include income, capital gains, or return of capital", so check each year's tax reporting for the mix.

Total return: where DIVO pulls ahead

Income is only half the story. Here are the funds' own published returns at net asset value to September 30, 2026, annualized for periods over a year, against the S&P 500.

The price chart makes the same point. Over the five years to October 15, 2026, JEPI's share price went from $61.23 to $57.16, a fall of 6.7%, while it paid out about $24.54 per share. DIVO's price rose from $36.43 to $47.81, a gain of 31.2%, while it paid out about $10.30. A fund that pays a high yield while its share price slowly declines is giving back part of its capital over time, whatever the label on the payment.

Both funds lagged the S&P 500 in every period above. That is the price of selling calls: in a strong market, the upside you sold away does not come back.

When JEPI earns its keep: falling markets

The case for JEPI is protection. JPMorgan's fact sheet shows JEPI returned -3.54% at NAV in 2022, when the S&P 500 lost 18.11%, a gap of 14.57 points. In the spring 2025 sell-off, measured on closing prices from February highs to April 8, 2025, JEPI fell 14.4%, DIVO 12.8% and the SPDR S&P 500 ETF ($SPY) 19.0%. Over the past five years, JEPI's worst peak-to-trough fall on closing prices was 20.0% and DIVO's 16.6%, against 25.4% for SPY.

So both funds cushion a decline, and DIVO has done it about as well as JEPI recently. JEPI's advantage is most visible in a long, grinding bear market like 2022, when its larger option premiums kept arriving every month.

Which one fits your situation

• Choose JEPI if you are drawing income now, want the largest monthly cash flow, and accept that the share price may not grow. Its lower fee (0.35%) and wide diversification are pluses.
• Choose DIVO if you want income and growth from the same holding, can live with a lower monthly payment and a higher fee (0.56%), and are comfortable with a concentrated, actively managed portfolio.
• Consider neither if you have decades until retirement and do not need the income. Over every period in the table, a plain S&P 500 fund returned more.

If what you really want is predictable income with no stock-market risk, a Treasury bill ladder may suit you better. Bills were paying between 4.07% and 4.62% at recent auctions, as we show in our step-by-step T-bill ladder guide.

We compared DIVO with a dividend-growth fund in DGRO vs DIVO and looked at the wider field in Beyond SCHD. For daily coverage, see the Markets section and the Wall Street Conservative front page.

FAQ

Is JEPI or DIVO better for retirement income?

JEPI pays more cash, about 8% over the past year against DIVO's 4.88% distribution rate, but DIVO has grown its share price while JEPI's has slipped. Retirees who spend every payment may prefer JEPI; those who want their capital to keep growing may prefer DIVO.

Why does DIVO have a higher expense ratio than JEPI?

DIVO charges 0.56% and JEPI 0.35%. DIVO is a concentrated, actively managed portfolio of 20 to 25 stocks run by a sub-adviser; JEPI spreads a larger asset base (about $45 billion) across about 140 stocks.

Can JEPI or DIVO lose money?

Yes. Both own stocks and fell in the spring 2025 sell-off, JEPI by 14.4% and DIVO by 12.8% on closing prices. Option income softens declines but does not prevent them.

Do JEPI and DIVO pay monthly?

Yes, both pay monthly. JEPI's amount varies more from month to month because it depends on option premiums.