BlackRock’s DVY Returned 58.53% Over Five Years. JEPI Returned 43.22%.

The JPMorgan Equity Premium Income ETF (NYSEARCA:JEPI) has become a popular holding for retirees who want a large monthly check from a basket of US stocks, and JEPI delivers that check. Over five years, though, a plain dividend stock fund from BlackRock, the iShares Select Dividend ETF (NASDAQ:DVY), returned 58.53% with distributions reinvested, compared with 43.22% for JEPI. That 15.31-point gap turned an identical $100,000 position into $158,530 in DVY and $143,220 in JEPI. Both five-year windows begin on the same date, October 20, 2021.

What These Five-Year Figures Assume About Your Distributions

Both returns assume every distribution went back into more shares. That assumption matters more for JEPI, because its payout is large and many owners spend it on living costs. An investor who took JEPI’s cash each month did not end up with the $143,220 shown above. The five-year numbers describe what each fund produced for an investor who reinvested everything and spent nothing. Retirees who live on their distributions should judge both funds on that basis.

DVY Also Leads Over One Year and Year-to-Date

The five-year total return edge shows up in recent results as well. DVY returned 17.83% over the past year, compared with 9.23% for JEPI, an 8.6-point lead. Year-to-date, DVY is up 15.71% against 6.36%, a 9.35-point gap. For a JEPI holder, the shortfall has continued into the latest stretch.

JEPI did lead over the past month, returning 2.58% to DVY’s 0.78%. A single month is too short to reverse a pattern that holds across five years, one year, and year-to-date. Delayed quotes from Tuesday afternoon’s session show DVY at $159.48 and JEPI at $57.34.

Why Retirees Still Choose JEPI for Income

On income, JEPI wins by a wide margin. Over the trailing twelve months, a $100,000 JEPI position generated $7,992.10 in distributions, paid monthly. The same stake in DVY produced $3,390.39, paid quarterly (if a monthly schedule is what you’re after, we rounded up seven of our favorite monthly payers in a free report here). Both figures reflect distributions actually paid over the prior twelve months, sized at share prices from the past week (October 15, 2026 for JEPI and October 19, 2026 for DVY).

A retiree who needs large, regular cash flow has a legitimate reason to own JEPI. The cost is a weaker five-year total-return record. JEPI’s income comes partly from selling options, which brings in premiums on top of stock dividends. Those premiums rise and fall with market conditions, so the fund does not set a fixed payment. Its latest monthly distribution was $0.34134 per share, down from $0.37142 the month before.

Two Different Ways to Own US Stocks

According to BlackRock’s iShares fact sheet, DVY “seeks to track an index composed of relatively high dividend-yielding U.S. stocks.” In plain terms, you own dividend-paying companies, and your income is whatever they pay out each quarter.

JPMorgan’s September 30, 2026 fact sheet says JEPI “generates income through a combination of selling options and investing in U.S. large-cap stocks,” and it also aims for less volatility than the broad large-cap market. You still own US stocks, with an options strategy added to produce extra monthly cash.

Switching Without an Unplanned Tax Bill

Inside an IRA or 401(k), swapping JEPI for DVY causes no immediate tax. In a taxable brokerage account, selling JEPI at a gain realizes capital gains, and that tax bill eats into whatever edge DVY might deliver from here. Some investors consider an easier path, sending new contributions and JEPI distributions into DVY instead of selling. Another approach some investors use is splitting the position, keeping enough JEPI to cover the cash they draw and moving the rest. The schedule change also matters, since quarterly payments require a bigger cash reserve between checks than monthly ones.

Limits of This Comparison

Available JEPI price history begins May 21, 2020, so no ten-year comparison between these funds exists. Five years is the longest shared window measured here, and results over other periods could look different.

Which Fund Fits Reinvestors Versus Income Seekers

If you reinvest your distributions and want growth over time, DVY has produced the bigger result over five years, one year, and year-to-date, a record that investors focused on growth may want to research further. If you depend on JEPI’s monthly checks to pay bills now, the $7,992.10 in trailing income on $100,000 explains why many income-focused holders keep the fund. The less cash an investor needs today, the more weight total return carries in this comparison.

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