JEPI vs JEPQ: what $100,000 paid each month for the last year

Ray put $50,000 into JEPI and $50,000 into JEPQ at the close on October 31, 2025, and spent every payment. Over the next 12 months they paid him $9,836, between $697 and $919 a month.

JEPQ paid $1,813 more than JEPI. But its price fell 8.1% over the year, against 0.8% for JEPI, so counting the price, JEPI returned 7.2% and JEPQ 3.6%.

Ray is hypothetical: a 64-year-old retired utility lineman in Tulsa. The payments and prices are the funds' own, from Financial Modeling Prep, pulled on November 9, 2026.

JEPI and JEPQ side by side

Both are run by JPMorgan, both charge 0.35% a year, and both pay monthly, but they hold different stocks.

Both funds sell call options on the stocks they hold, through notes JPMorgan calls equity-linked notes, and pay most of that option income out each month. Selling the options gives up part of any rise in the stocks, so the funds tend to lag in a strong market. The Nasdaq stocks move more, so JEPQ's options bring in more, and its price moves more too.

What $100,000 paid each month

Ray's $50,000 bought 879.04 shares of JEPI at $56.88 and 846.02 shares of JEPQ at $59.10. Each payment is that share count times what the fund paid that month.

Together the two funds averaged $820 a month.

The worst month and the best

If Ray budgets on the average, some months will leave him short. These are the ranges on $50,000:

• JEPI: $300 in October 2026 to $393 in May 2026. The best month paid 31% more than the worst.
• JEPQ: $394 in February 2026 to $596 in August 2026. The best month paid 51% more than the worst.
• Both together: $697 in February to $919 in August.

To spend from these funds without running short, plan on the low month and save anything above it. For Ray that means a budget of about $700 a month. Over this year the extra would have added up to $1,472, the gap between the $9,836 paid and twelve months at $697.

On November 6, 2026, Ray's JEPI was worth $49,604 and his JEPQ $45,973: $95,577 of his original $100,000.

Since JEPQ launched in 2022

JEPQ started trading on May 4, 2022. Here is $50,000 in each from that day, with every payment taken as cash, to November 6, 2026:

JEPQ's yearly income on those shares rose every year: $5,073 in 2023, $5,265 in 2024, $5,874 in 2025 and $6,259 so far in 2026. JEPI's stayed between $3,581 and $4,014 in each full year.

Both fell hard in early 2025. JEPQ's price dropped 21.6% from February 19 to April 8, 2025, and JEPI's 15.9% from November 29, 2024 to the same April low.

JEPQ's lead depends on its technology stocks, which can fall faster than JEPI's holdings. Past performance does not predict future returns.

How the payments are taxed

Most of each payment comes from option income, which is taxed as ordinary income in a taxable account, as Yahoo Finance's comparison notes. Inside an IRA or a 401(k) nothing is taxed when it is paid, which makes either fund a better fit there than in a taxable account.

Which suits you

If you will spend the payments and need each month to look like the last, JEPI was the steadier of the two, and its price held up better.

If you want the most cash per dollar and can sit through bigger price falls, JEPQ paid 45% more and has grown its income every year since 2022.

Splitting $100,000 the way Ray did gave him $9,836 over 12 months, never under $697 in a month.

To see your own amount, open the JEPI dividend calculator or the JEPQ dividend calculator, enter what you would invest, and turn off reinvesting if you plan to spend the payments.

Frequently asked questions

How much JEPI do I need to make $1,000 a month?

About 2,630 shares, which cost $148,411 at the November 6, 2026 close of $56.43. That uses the $4.5642 a share JEPI paid over its last 12 distributions. The payments change every month, so some months will come in under $1,000.

How much JEPQ do I need to make $1,000 a month?

About 1,728 shares, which cost $93,900 at the November 6, 2026 close of $54.34. That uses the $6.9482 a share JEPQ paid over its last 12 distributions. Its monthly payments moved by more than JEPI's over the last year.

Do JEPI and JEPQ pay every month?

Yes. Both pay monthly, usually in the first week of the month. The amount changes each time, because it depends on the option income each fund collected.

Is JEPI good for retirees?

Over the last year it gave steadier monthly checks than JEPQ: between $300 and $393 a month on $50,000, against $394 to $596 for JEPQ. Its price also held up better. It still holds stocks, and its price fell 15.9% between November 2024 and April 2025.

Why is JEPI considered risky?

Because the payment is not fixed and the price is not protected. Both funds hold stocks, so they fall when the market falls, and the options they sell give up some of the gain when the market rises.

How are JEPI and JEPQ distributions taxed?

Most of each payment comes from option income and is taxed as ordinary income in a taxable account. Inside an IRA or a 401(k) it is not taxed when paid, which is why many people hold these funds there.

The takeaway

$50,000 in each fund paid $9,836 over the last 12 months, between $697 and $919 a month. JEPQ paid more cash, JEPI kept more of its price, and over the year JEPI's total return was higher.

If you plan to live on the payments, budget on the lowest month.

This is illustrative, not financial advice. Every figure above is what JEPI and JEPQ paid or were priced at up to November 6, 2026. Past performance does not predict future returns, and both funds change their payment every month.