GPIX Beat JEPI on Yield and One-Year Return, but JEPI Remains Much Larger
Over the year ending October 16, 2026, GPIX returned about 17% with distributions reinvested, while JEPI returned roughly 9%. GPIX also had a slightly higher trailing yield, 8.3% versus 8%. Despite that performance gap, JEPI held about $45 billion in net assets, roughly 9.5 times GPIX's $4.7 billion.
GPIX owns the S&P 500 directly, with 496 positions in its June filing, and sells index calls on roughly 25% to 75% of notional value. JEPI instead uses an actively managed large-cap basket and gains option income through bank-issued equity-linked notes tied to out-of-the-money S&P 500 calls.
That structural difference shows in concentration: Apple was 6.5% of GPIX versus 1.5% of JEPI, while Alphabet was 4% versus 1.5%. Both made 12 distributions over the year; JEPI’s 2026 payouts ranged from about 34 to 45 cents per share. GPIX launched in 2023 and has not yet experienced a full bear market.
Income-focused investors, including retirees and others seeking regular payouts, could be drawn to GPIX after its stronger one-year result. Advisors and fund selectors may reassess whether JEPI’s much larger asset base still signals the best option-income choice. Because GPIX has not weathered a full bear market, some may weigh its index-like concentration and potential drawdowns more carefully. The episode may also encourage broader scrutiny of how covered-call structures and option overlays shape real returns.