Statistics · 2026 · ETFs
Covered Call ETF Statistics (2026)
Over three years the 6 covered-call ETFs compared returned 9.5% to 22.0% a year, with distributions reinvested, as of October 2, 2026, and 0 of 6 beat the S&P 500 fund SPY over the same period. Trailing yields ran 6.5% to 12.0%, but a high yield is not a high total return: RYLD paid the highest trailing yield but ranked 6 of 6 on three-year return.
Each return runs from a month-end close to the October 2, 2026 price and is annualized over the actual days: the one-year figure covers September 30, 2025 to October 2, 2026, so it will not match an issuer's month-end one-year return.
Key takeaways
- Three-year returns ran from 9.5% a year (RYLD) to 22.0% (JEPQ), against 23.1% for SPY.
- 5 of 5 funds trailed their underlying-index ETF over three years, by 6.5 to 12.9 points a year in magnitude.
- Trailing yields ran 6.5% (DIVO) to 12.0% (RYLD), against 0.99% for SPY.
- Worst drawdowns ran 13.0% to 31.1% (month-end prices; lows within a month are not captured), so shorter histories are not like-for-like.
Which covered-call ETFs performed best?
QYLD led the 6 funds over one year at 23.4% with distributions reinvested, and JEPI trailed at 7.0%. Over three years JEPQ ranked first at 22.0% a year and RYLD last at 9.5%. JEPQ lacks the history for a five-year figure.
1. One-year spread: 16.3 percentage points
QYLD returned 23.4% and JEPI returned 7.0% over September 30, 2025 to October 2, 2026 (WealthyBud data · 6 funds, total return · October 2, 2026).
2. Three-year spread: 12.5 points a year
JEPQ returned 22.0% a year and RYLD returned 9.5% over September 29, 2023 to October 2, 2026. 0 of 6 funds beat SPY’s 23.1% (WealthyBud data · 3-yr annualized total return · October 2, 2026).
3. Five-year spread: 9.0 points a year among 5 funds
DIVO returned 11.6% a year and RYLD returned 2.6% over September 30, 2021 to October 2, 2026. JEPQ has only 53 complete month-end prices, so it is excluded (WealthyBud data · 5-yr annualized total return, n=5 · October 2, 2026).
How much do covered-call ETFs cost?
Expense ratios range from 0.35% for JEPI and JEPQ to 0.60% for QYLD, RYLD, and XYLD, with a median of 0.58%. On $10,000 that is $35 to $60 a year. The S&P 500 fund SPY charges 0.0945%, so every fund here costs more than the index fund.
4. JEPI and JEPQ cost 0.35%; QYLD, RYLD, and XYLD cost 0.60%
JEPI and JEPQ are the cheapest of the 6 funds and QYLD, RYLD, and XYLD are the priciest, a 1.7-fold difference (WealthyBud data · issuer-verified expense ratios · October 2, 2026).
Compare major ETFs by fees and returns
How volatile are covered-call ETFs?
JEPQ was the most volatile fund, with annualized volatility of 13.7%, against 9.0% for XYLD. RYLD had the deepest drawdown at 31.1% and JEPI the shallowest at 13.0%, measured on month-end prices; lows within a month are not captured. Histories differ in length.
5. JEPQ swung most: 13.7% annualized
XYLD had the lowest at 9.0%, and 0 of 6 funds were more volatile than SPY at 15.7% (WealthyBud data · annualized stdev of the last 60 complete monthly returns through September 30, 2026 · October 2, 2026); JEPQ uses its last 52.
6. RYLD fell 31.1% peak to trough (month-end prices; lows within a month are not captured)
JEPI fell least, at 13.0%; SPY fell 23.9%. Window for the 2 funds with the longest history (QYLD and XYLD): 121 month-end prices from September 30, 2016 to September 30, 2026 plus the October 2, 2026 price; lows within a month are not captured and the dataset does not record when each low occurred. Histories differ (n = 121 for QYLD and XYLD; n = 118 for DIVO; n = 90 for RYLD; n = 77 for JEPI; n = 53 for JEPQ), so compare only funds with the same n (WealthyBud data · max drawdown · October 2, 2026).
How do covered-call ETFs compare with the S&P 500?
Over one year 4 of the 6 funds beat SPY’s 16.7%, and over three years 0 of 6 did, against SPY’s 23.1% a year. Over five years 0 of 5 beat SPY’s 13.9%. All returns include reinvested distributions, and the five-year count excludes JEPQ.
How do these covered-call strategies differ?
QYLD, XYLD and RYLD each buy an index portfolio and sell call options on the same index, per Global X. DIVO owns dividend-growth stocks and writes calls selectively on individual names, per Amplify. JEPI and JEPQ hold stocks and sell options, and their documents describe equity-linked notes, per J.P. Morgan.
7. QYLD, XYLD and RYLD sell calls on the whole index
Global X says QYLD “follows a ‘covered call’ or ‘buy-write’ strategy, in which the Fund buys the stocks in the Nasdaq 100® Index and ‘writes’ or ‘sells’ corresponding call options on the same index.” For XYLD it says the fund “buys stocks in the S&P 500 Index, or investments with economic characteristics similar to those of the Index’s component securities (either individually or in aggregate), and ‘writes’ or ‘sells’ corresponding call options on the same index.” For RYLD it says the fund “‘writes’ or ‘sells’ corresponding call options on the Russell 2000 Index.” (QYLD, XYLD, RYLD pages, read October 2, 2026).
8. DIVO writes calls on individual stocks
Amplify says DIVO “seeks income from dividend paying stocks and by opportunistically writing covered calls on those stocks,” and describes “a tactical covered call* strategy on individual stocks” (Amplify fund page, read October 2, 2026).
9. JEPI and JEPQ sell options, and their documents describe equity-linked notes
J.P. Morgan’s fact sheet for JEPI (August 31, 2026) says it “Generates income through a combination of selling options and investing in U.S. large cap stocks.” Its summary prospectus dated May 18, 2020 says “ELNs in which the Fund invests are derivative instruments that are specially designed to combine the economic characteristics of the S&P 500 Index and written call options in a single note form.” The fact sheets for both JEPI (JEPI) and JEPQ (JEPQ) carry the risk text “Investments in Equity-Linked Notes (ELNs) are subject to liquidity risk.” This page did not check the current prospectus.
10. Cboe defines the buy-write benchmark behind these index funds
The Cboe BuyWrite Indices methodology (read October 2, 2026) says the Cboe S&P 500 BuyWrite Index (BXM) “is designed to measure the total rate of return of a hypothetical ‘covered call’ strategy applied to the S&P 500 Index.” Global X names Cboe BuyWrite indexes as the objective of QYLD, XYLD and RYLD.
How much upside do covered-call ETFs give up?
Over September 29, 2023 to October 2, 2026, 5 of 5 funds trailed their underlying-index ETF on total return, by 6.5 to 12.9 points a year in magnitude. JEPI had the widest gap and JEPQ the narrowest. These are measured gaps, not a cost estimate: the page does not test why the returns differ.
11. JEPI had the widest three-year gap, 12.9 points a year
JEPI trailed its index ETF by 12.9 points a year, and JEPQ trailed its own by 6.5 (WealthyBud data · fund 3-yr total return minus index ETF 3-yr total return · October 2, 2026).
12. One-year gaps: 1 fund ahead, 4 behind
Over September 30, 2025 to October 2, 2026, JEPI trailed its index ETF by 9.6 points, XYLD exceeded its index ETF by 1.5 points, JEPQ trailed its index ETF by 5.2 points, QYLD trailed its index ETF by 1.9 points, and RYLD trailed its index ETF by 0.6 points (WealthyBud data · 1-yr total return gap · October 2, 2026). Over five years, 4 of the 4 pairs with a five-year figure trailed (JEPI 6.1 points, XYLD 5.6 points, QYLD 7.2 points, and RYLD 3.9 points); JEPQ is excluded.
13. The issuer says investors may forgo upside
J.P. Morgan’s JEPQ fund story (June 30, 2026) says: “In return for the options premium, investors may forgo a portion of the market’s upside.” Global X’s pages for QYLD, XYLD and RYLD say “Covered call writing can limit the upside potential of the underlying security.” Neither puts a number on it.
14. FINRA describes the trade-off
FINRA’s investor page on options says: “A covered call is a situation in which an investor sells a call option while owning the underlying stock, generating income (the premium) for the investor with the risk of potentially losing the upside appreciation of the shares if the option is exercised and the investor must sell their shares.”
| Fund | Index ETF | Fund 3-yr | Index ETF 3-yr | Return gap (pts/yr) | Fund yield | Index ETF yield | Yield gap (pts) |
|---|---|---|---|---|---|---|---|
| JEPI | SPY | 10.1% | 23.1% | -12.9 | 8.13% | 0.99% | +7.1 |
| XYLD | SPY | 14.2% | 23.1% | -8.9 | 10.36% | 0.99% | +9.4 |
| JEPQ | QQQ | 22.0% | 28.5% | -6.5 | 11.28% | 0.41% | +10.9 |
| QYLD | QQQ | 16.9% | 28.5% | -11.6 | 11.45% | 0.41% | +11.0 |
| RYLD | IWM | 9.5% | 18.0% | -8.6 | 12.01% | 0.97% | +11.0 |
Are covered-call yields the same as returns?
No. Trailing yield is distributions paid over the last 12 months divided by price, while total return also counts the change in price. RYLD had the highest trailing yield at 12.0%, yet ranked 6 of 6 on three-year return. A yield figure alone says little about what a fund earned.
15. RYLD paid 12.0%, DIVO paid 6.5%
Trailing yields by fund: RYLD 12.01%, QYLD 11.45%, JEPQ 11.28%, XYLD 10.36%, JEPI 8.13%, and DIVO 6.45%; SPY paid 0.99% (WealthyBud data · distributions with ex-dates in the trailing 365 days ÷ price · October 2, 2026).
16. 1 of 6 funds paid a yield above their three-year annualized return
RYLD had a trailing yield above its three-year return; for one year, 1 of 6 did. Yield against three-year return: RYLD 12.0% vs 9.5%, QYLD 11.4% vs 16.9%, JEPQ 11.3% vs 22.0%, XYLD 10.4% vs 14.2%, JEPI 8.1% vs 10.1%, and DIVO 6.5% vs 16.5%. The measures cover different periods, so this compares sizes, not income subtracted from return (WealthyBud data · trailing yield vs total return · October 2, 2026).
17. Distributions can include return of capital
Amplify’s DIVO page says: “Distributions may include return of capital (ROC).” (Amplify, read October 2, 2026). This page makes no return-of-capital claim for the other five funds.
What this means for income investors
Compare total return, not yield. RYLD, the highest-yield fund, ranked 6 of 6 on three-year return (September 29, 2023 to October 2, 2026). Check both numbers on the same window.
Look further. For dividend-growth funds see dividend growth ETF statistics; for fixed income see bond ETF statistics; for a different risk trade-off see leveraged ETF statistics.
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