DIA vs JEPI: 18% overlap
SPDR Dow Jones Industrial Average ETF and JPMorgan Equity Premium Income ETF share 18.2% of their portfolios by weight — computed as Σ min(wA, wB) over every holding both funds own.
Different holding dates. These holdings were published about 4 months apart — JEPI as of 2026-03-31, the rest through 2026-07-23. Each fund is compared using its most recent file, so any trading in between shows up as a difference.
You would hold two tickers and get the diversification of 1.8. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
DIA and JEPI hold 17 of the same securities. The ten contributing most to the overlap figure:
| Holding | in DIA | in JEPI | Δ |
|---|---|---|---|
| JNJ | 3.0% | 1.7% | 1.2% |
| NVDA | 2.4% | 1.4% | 1.0% |
| AMZN | 2.7% | 1.4% | 1.3% |
| AAPL | 3.7% | 1.4% | 2.3% |
| GOOGL | 3.6% | 1.4% | 2.3% |
| MCD | 3.0% | 1.3% | 1.7% |
| V | 4.0% | 1.3% | 2.7% |
| MSFT | 4.4% | 1.3% | 3.1% |
| AXP | 3.9% | 1.3% | 2.7% |
| WMT | 1.2% | 1.4% | 0.2% |
Where DIA and JEPI differ
Sector weights as a share of each fund, ordered by the size of the gap rather than the size of the sector — two funds that overlap heavily still usually diverge somewhere.
| Sector | DIA | JEPI | Δ |
|---|---|---|---|
| Financials | 28.6% | 8.5% | +20.2pp |
| Unclassified | 0.0% | 19.6% | −19.6pp |
| Industrials | 17.5% | 8.9% | +8.5pp |
| Utilities | 0.0% | 5.4% | −5.4pp |
| Consumer Staples | 3.9% | 7.8% | −4.0pp |
| Real Estate | 0.0% | 2.9% | −2.9pp |
| Information Technology | 15.9% | 13.5% | +2.5pp |
| Health Care | 13.6% | 11.6% | +2.0pp |
Δ is DIA minus JEPI, in percentage points. Sector data is not published by every issuer, so “Unclassified” is a real category rather than a gap in the table.
What each fund holds alone
52.1% of DIA by weight, held in no part of JEPI.
81.0% of JEPI by weight, held in no part of DIA.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| DIA | JEPI | |
|---|---|---|
| Top 10 holdings | 56.2% | 15.7% |
| Positions held | 31 | 120 |
| Cost per $10,000 held, per year | $16 | $35 |
Cost is the expense ratio applied to $10,000; it excludes any brokerage commission, bid-ask spread or tax consequence. Figures are facts about the funds, not a suggestion about which to hold.
Frequently asked
How much do DIA and JEPI overlap?
DIA and JEPI overlap 18.2% by portfolio weight — moderate overlap. They share 17 holdings. The figure comes from current issuer holdings files (DIA as of 2026-07-23, JEPI as of 2026-03-31).
How is the overlap between DIA and JEPI calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If DIA holds a stock at 6% and JEPI holds the same stock at 4%, 4% counts as shared. The result is bounded between 0% and 100%, and it is computed after looking through any fund-of-funds to the underlying holdings.
Is it redundant to hold both DIA and JEPI?
That depends on your goals — we state facts, not advice. At 18.2% overlap, each fund still contributes meaningfully distinct exposure.
What does DIA own that JEPI doesn't?
DIA holds 31 positions and JEPI holds 120; 13 of DIA's positions don't appear in JEPI at all, and they are 52.1% of DIA by weight.
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Related comparisons
Sources: issuer holdings files, DIA as of 2026-07-23, JEPI as of 2026-03-31. Weights are fractions of each fund. Diagnostics, not advice.