Recent payments on KRW 100 million imply monthly averages of KRW 258,842 for SCHD and KRW 921,447 for JEPQ. JEPQ pays more cash today. To compare investment results, count both the money received and the assets left in the account.
An ETF holds a basket of investments. Cash it pays investors is called a distribution. Monthly income describes the payment schedule, not a fixed amount.
All amounts are before personal tax and trading or currency-exchange costs. We assume the same exchange rate when buying and receiving cash. The income example is dated September 22, 2026.
SCHD vs JEPQ at a glance
| Measure | SCHD | JEPQ |
|---|---|---|
| Strategy | US dividend-stock index selected using dividend and financial measures | Selected US large-cap growth stocks + option income |
| Annual expenses | 0.06% | 0.35% gross/net |
| Payments | Every three months | Monthly, variable amounts |
| Example holdings | Texas Instruments, Qualcomm, P&G (2026-10-02) | NVIDIA, Apple, Microsoft (2026-08-31) |
| Information technology weight | 9.23% (2026-06-30) | 48.5% (2026-08-31) |
| Trailing payment yield | 3.11% | 11.06% |
Distribution yield divides a year of payments by the share price. It describes cash paid, not all the money an investment earned.
Holdings and sector weights use official data from the dates shown. Those dates differ. The information technology sector excludes growth companies classified elsewhere, such as Alphabet and Meta.
SCHD mainly distributes dividends from its companies. JEPQ adds option premiums: it receives income in exchange for giving up part of the potential gain when prices rise sharply. Larger payments come with this upside trade-off.
JEPQ uses equity-linked notes, or ELNs, which are contracts linked to stocks and options. Their issuers can fail to meet obligations, and the contracts can be difficult to sell. This income should not be treated like ordinary corporate dividend growth.
Current income on KRW 100 million
· KRW
| ETF | Annual | Monthly average |
|---|---|---|
| SCHD | 3,106,106 | 258,842 |
| JEPQ | 11,057,365 | 921,447 |
SCHD monthly average spreads its quarterly receipts across twelve months; that amount does not arrive every month. JEPQ pays monthly, but its next payment can differ.
For spending, SCHD needs a plan to spread quarterly cash across months. JEPQ needs a reserve for lower payments. A different purchase price also changes the income KRW 100 million can generate.
Recent payments and stability
Dividend growth means receiving more cash on the same holding. SCHD annual payments per share grew 5.35% in 2025 and at an average annual rate of 9.15% during 2020–2025, adjusted for the stock split.
That does not mean every payment grows. SCHD paid USD 0.2525 per share in the second quarter of 2026, below USD 0.2602 a year earlier. A history of growth is not a promise of future increases.
JEPQ monthly payments ranged from USD 0.44612 to USD 0.70497 per share over the observed twelve months. The table shows how cash on the same KRW 100 million holding varied by month.
| Payment month | SCHD | JEPQ |
|---|---|---|
| 2025-09 | 771,784 | — |
| 2025-10 | — | 729,312 |
| 2025-11 | — | 777,391 |
| 2025-12 | 824,541 | 904,414 |
| 2026-01 | — | 941,802 |
| 2026-02 | — | 761,354 |
| 2026-03 | 761,411 | 832,107 |
| 2026-04 | — | 913,193 |
| 2026-05 | — | 966,078 |
| 2026-06 | 748,370 | 922,740 |
| 2026-07 | — | 1,040,674 |
| 2026-08 | — | 1,152,477 |
| 2026-09 | — | 1,115,825 |
A dash means no payment included in this window. Every three months SCHD payments leave empty months. September 2025 and September 2026 include only part of each month; a dash does not imply suspended payments.
Can JEPQ pay monthly income and still participate in growth-stock rallies?
JEPQ can participate, but it does not capture every Nasdaq gain. Consider the strong growth-stock rally of 2023–2024 and compare JEPQ with Nasdaq-100 ETF QQQ. Both results assume distributions are reinvested.
Price return measures share-price change alone. Total return also includes reinvested payments, letting us compare price and income together.
| ETF | Price return | Reinvested total return |
|---|---|---|
| SCHD | 8.50% | 16.77% |
| JEPQ | 38.19% | 70.16% |
| QQQ | 91.99% | 94.46% |
JEPQ returned 70.16% versus QQQ 94.46%, a 24.30 percentage-point shortfall. JEPQ nevertheless grew wealth while paying distributions and beat SCHD. Income and growth coexisted, but Nasdaq upside was not fully captured.
JEPQ grew wealth, but less than QQQ. Options, stock selection, weights and expenses all differ, so the entire gap cannot be attributed to options. Option income does not prevent losses when share prices fall.
When could SCHD dividend growth narrow the income gap?
JEPQ starts at roughly 3.56 times SCHD cash payments. Closing a gap this large takes time, even if SCHD payments grow. The result depends on how both funds change their payments.
The four examples assume payments change at a constant annual rate. No distributions buy additional shares; the original holding is kept. These are hypothetical examples, not predictions of actual results in five or ten years.
| Case | SCHD | JEPQ |
|---|---|---|
| Slow growth | 2.00% | 0.00% |
| Moderate growth | 5.00% | 0.00% |
| Narrowing gap | 7.00% | -3.00% |
| Both growing | 5.00% | 2.00% |
| Case / year | SCHD | JEPQ |
|---|---|---|
| Slow growth Year 5 | 3,429,391 | 11,057,365 |
| Slow growth Year 10 | 3,786,325 | 11,057,365 |
| Moderate growth Year 5 | 3,964,265 | 11,057,365 |
| Moderate growth Year 10 | 5,059,519 | 11,057,365 |
| Narrowing gap Year 5 | 4,356,474 | 9,495,335 |
| Narrowing gap Year 10 | 6,110,180 | 8,153,968 |
| Both growing Year 5 | 3,964,265 | 12,208,224 |
| Both growing Year 10 | 5,059,519 | 13,478,866 |
In all four examples, JEPQ still pays more annually in year ten. Even the fastest gap-closing case—SCHD payments rising 7% and JEPQ falling 3% each year—gives about KRW 6.11 million versus KRW 8.15 million.
Extending those assumptions first puts SCHD ahead in annual cash in year 13. SCHD rising 5% with flat JEPQ payments crosses in year 27. These are calculations under fixed assumptions; different assumptions change the timing.
| Case / year | SCHD | JEPQ |
|---|---|---|
| Slow growth Year 5 | 16,487,584 | 55,286,824 |
| Slow growth Year 10 | 34,691,209 | 110,573,647 |
| Moderate growth Year 5 | 18,021,353 | 55,286,824 |
| Moderate growth Year 10 | 41,021,674 | 110,573,647 |
| Narrowing gap Year 5 | 19,112,770 | 50,505,617 |
| Narrowing gap Year 10 | 45,919,419 | 93,876,509 |
| Both growing Year 5 | 18,021,353 | 58,693,829 |
| Both growing Year 10 | 41,021,674 | 123,496,560 |
A future year with larger SCHD payments does not erase earlier JEPQ receipts. The annual table shows cash in one particular year; the cumulative table adds all receipts up to that year. The waiting period matters if you need spending money now.
How much did they earn, and how far did they fall?
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JEPQ launched in May 2022. These are actual results over the same available period, with every distribution reinvested. QQQ is included as a reference.
Total return includes price changes and reinvested payments. CAGR expresses that overall result as a steady annual growth rate; actual yearly returns were not identical.
| ETF | Total return | Annual growth (CAGR) |
|---|---|---|
| SCHD | 53.16% | 10.30% |
| JEPQ | 90.42% | 15.97% |
| QQQ | 123.74% | 20.35% |
Over this period, JEPQ earned a higher total return than SCHD and a lower one than QQQ. How much an investment earned and how far it fell along the way are separate questions.
Maximum drawdown (MDD) is the largest drop from a prior peak. A bigger number means a deeper decline. Volatility describes how much returns fluctuated, expressed on an annual basis.
| ETF | Maximum drop (MDD) | Volatility |
|---|---|---|
| SCHD | 16.13% | 14.36% |
| JEPQ | 20.06% | 16.76% |
| QQQ | 22.77% | 22.43% |
JEPQ had less drawdown and volatility than QQQ in this period, but more than SCHD. Larger payments do not necessarily mean smaller declines.
Reinvesting versus taking cash
Reinvesting uses distributions to buy more of the same ETF. Taking cash gives you money to use; reinvesting can increase the holding. Fund value is what the ETF shares would be worth if sold then, before personal tax and costs.
| ETF | Remaining fund | Cash received |
|---|---|---|
| SCHD | 130,985,915 | 15,678,213 |
| JEPQ | 117,134,978 | 49,198,922 |
If you spent distributions on living expenses, the fund value in the first table is what remains today. If you kept the cash separately, add it to the fund value to find total wealth.
SCHD had greater price growth excluding distributions. JEPQ paid much more cash, putting it ahead in both cash-inclusive and reinvested results. Looking only at price or only at payments misses part of the outcome.
| ETF | Fund + saved cash | Reinvested fund |
|---|---|---|
| SCHD | 146,664,129 | 153,159,642 |
| JEPQ | 166,333,900 | 190,421,047 |
How much capital remains after receiving KRW 100 million?
Receiving distributions equal to your investment does not mean the original KRW 100 million remains intact. Falling prices can leave a smaller fund balance.
Neither fund received KRW 100 million in the actual comparison window. The table extends the four assumptions to the first year-end with cash receipts of at least KRW 100 million and shows the remaining fund value. Rows beyond ten years are hypothetical too.
| Case / ETF / year | Cash received | Remaining fund |
|---|---|---|
| Slow growth SCHD Year 25 | 101,479,280 | 164,060,599 |
| Slow growth JEPQ Year 10 | 110,573,647 | 100,000,000 |
| Moderate growth SCHD Year 20 | 107,841,659 | 219,112,314 |
| Moderate growth JEPQ Year 10 | 110,573,647 | 110,462,213 |
| Narrowing gap SCHD Year 17 | 102,498,477 | 229,201,832 |
| Narrowing gap JEPQ Year 11 | 101,785,858 | 89,533,825 |
| Both growing SCHD Year 20 | 107,841,659 | 219,112,314 |
| Both growing JEPQ Year 9 | 110,017,694 | 119,509,257 |
In the narrowing-gap example, JEPQ receives at least KRW 100 million by year 11, with about KRW 89.53 million left in the fund. SCHD reaches the threshold in year 17 with about KRW 229.20 million remaining. Fast cash receipt and capital preservation need separate attention.
Those threshold years differ, so their values cannot rank returns. Use the five- and ten-year table below for equal horizons. Fund value means what the ETF holding would be worth if sold then, before personal tax and dealing costs.
| Case / year | SCHD | JEPQ |
|---|---|---|
| Slow growth Year 5 | 110,408,080 | 100,000,000 |
| Slow growth Year 10 | 121,899,442 | 100,000,000 |
| Moderate growth Year 5 | 121,665,290 | 105,101,005 |
| Moderate growth Year 10 | 148,024,428 | 110,462,213 |
| Narrowing gap Year 5 | 127,628,156 | 95,099,005 |
| Narrowing gap Year 10 | 162,889,463 | 90,438,208 |
| Both growing Year 5 | 121,665,290 | 110,408,080 |
| Both growing Year 10 | 148,024,428 | 121,899,442 |
This table separately assumes share prices change at the stated rates, listed in the calculation details below. Inflation is excluded. Cash already spent on living expenses cannot be added back to current wealth.
Choosing for long-term wealth or retirement cash flow
If I did not need cash now, I would first compare the wealth left after a long holding period. SCHD offers low costs and a corporate basis for dividend growth, but can lag a growth-stock rally. It also trailed JEPQ in this observed period.
For retirement spending with growth-stock exposure, JEPQ may be useful. Its payments vary and technology declines can reduce the fund value. I would keep a buffer for low-payment months instead of treating the current average as guaranteed spending money.
I believe investing helps our money grow. Before choosing a higher payment yield, decide whether you need cash now and how much decline you can tolerate while staying invested.
For diversification within dividend growth, read DGRO vs SCHD. For technology exposure within option income, read JEPI vs JEPQ. Compare dividend growth with monthly income from a different stock portfolio in SCHD vs JEPI.
Frequently asked questions
Does SCHD catch JEPQ income in ten years?
JEPQ still pays more in year ten in all four examples. The gap narrows if SCHD payments grow faster. Even if SCHD pays more in a later year, earlier JEPQ receipts can leave it ahead in total cash received. These examples are not forecasts.
Is JEPQ a Nasdaq-100 ETF with extra dividends?
No. JEPQ combines selected stocks with an option strategy. It receives option income in exchange for giving up some potential upside. It does not promise every Nasdaq-100 gain plus extra monthly payments.
Does receiving KRW 100 million in distributions recover my principal?
It means total receipts have reached the original investment amount. If prices have fallen, the fund balance can be below KRW 100 million. Count both cash received and the remaining fund; cash already spent is no longer an asset.
Can I compare ten-year SCHD and JEPQ backtests?
JEPQ launched May 3, 2022. This article uses stored observations from May 4, 2022 through September 8, 2026 for actual shared-period performance. Five- and ten-year tables are hypothetical scenarios, not historical JEPQ results.
Sources, calculations and update conditions
The coefficient of variation of JEPQ twelve recent payments is 13.99%: population standard deviation divided by mean. Quarterly SCHD and monthly JEPQ payments have different intervals, so this metric alone does not rank their stability.
SCHD index requires ten years of dividend payments, not ten years of uninterrupted increases. QQQ tracks Nasdaq-100; it is not the identical JEPQ stock portfolio with only options removed.
JEPQ launched May 3, 2022; stored prices begin May 4. Five SCHD/QQQ sessions from September 9–15, 2026 are missing, so all actual performance ends September 8. Missing prices were not filled.
Cash accounting adjusts SCHD share count for its 2024 three-for-one split. Reinvestment uses an adjusted-close total-return index, not actual payment-date execution and withholding.
Payment assumptions are 2–7% annually for SCHD and -3%, zero or 2% for JEPQ. SCHD assumptions are below its historical five-year growth, but are not forecasts. Price changes below are separate assumptions; distributions are not reinvested.
| Case | SCHD | JEPQ |
|---|---|---|
| Slow growth | 2.00% | 0.00% |
| Moderate growth | 4.00% | 1.00% |
| Narrowing gap | 5.00% | -1.00% |
| Both growing | 4.00% | 2.00% |
| Case / ETF / year | Fund + saved cash |
|---|---|
| Slow growth SCHD Year 25 | 265,539,880 |
| Slow growth JEPQ Year 10 | 210,573,647 |
| Moderate growth SCHD Year 20 | 326,953,974 |
| Moderate growth JEPQ Year 10 | 221,035,860 |
| Narrowing gap SCHD Year 17 | 331,700,308 |
| Narrowing gap JEPQ Year 11 | 191,319,683 |
| Both growing SCHD Year 20 | 326,953,974 |
| Both growing JEPQ Year 9 | 229,526,951 |
Checked October 5, 2026. Annual cash equals principal × trailing payments per share / September 22 close: SCHD USD 1.048 / USD 33.74; JEPQ USD 6.76379 / USD 61.17. Monthly averages use unrounded annual values, not rounded yields. Prices and ex-date cash come from the existing ETF snapshot; recent payment dates reuse reviewed records.
Official SCHD TTM 3.00% and JEPQ rolling 11.21% (August 31, 2026) have different dates and definitions from our table. JPMorgan rolling sums payment yields against each ex-date NAV, rather than dividing all payments by one ending price. SCHD USD 0.2665 paid September 28, 2026 falls outside the cash window.
Historical reinvestment uses existing adjusted-close ratios and CAGR conventions with calendar days / 365.2425. Existing analyzers calculate MDD and volatility on the same daily adjusted-close window; volatility is sample deviation of daily simple returns × √252. Purchase-day ex-date cash is excluded. Fund expenses are already reflected and are not deducted again.
Scenario year n cash equals initial annual cash × (1+payment growth)^n; cumulative cash sums years 1–n; fund value equals KRW 100 million × (1+price growth)^n. Share count stays fixed without reinvestment and both rates remain independently constant. The threshold table uses the first year-end at or above KRW 100 million, not an exact intrayear receipt date. Income crossover years extend the same formulas.
Language and currency are separate: both versions use KRW 100 million. Equal purchase/receipt FX cancels from USD price-to-payment ratios. Personal tax, trading/FX costs, inflation and FX changes are excluded. Existing calculations use 24-digit precision, money stored at two decimals and whole-KRW HALF_UP display; returns display two decimals. Summed rounded monthly values may differ slightly. History and scenarios are not investment advice or return/payment guarantees.
Compare SCHD and JEPQ over your own holding period
A backtest asks what would have happened over a past investment period. Change the dates and reinvestment setting to examine the cash flow and wealth growth relevant to your plans.
Open SCHD vs JEPQ backtest →