FSKAX vs JEPI: 32% overlap
Fidelity Total Market Index and JPMorgan Equity Premium Income ETF share 31.7% of their portfolios by weight — computed as Σ min(wA, wB) over every holding both funds own.
Different holding dates. These holdings were published 31 days apart — FSKAX as of 2026-02-28, the rest through 2026-03-31. 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 1.7. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
FSKAX and JEPI hold 105 of the same securities. The ten contributing most to the overlap figure:
| Holding | in FSKAX | in JEPI | Δ |
|---|---|---|---|
| NVDA | 6.5% | 1.4% | 5.0% |
| AMZN | 3.1% | 1.4% | 1.7% |
| AAPL | 5.9% | 1.4% | 4.5% |
| GOOGL | 2.7% | 1.4% | 1.3% |
| AVGO | 2.3% | 1.3% | 1.0% |
| MSFT | 4.4% | 1.3% | 3.1% |
| META | 2.1% | 1.2% | 0.9% |
| JNJ | 0.9% | 1.7% | 0.8% |
| XOM | 1.0% | 0.9% | 0.1% |
| WMT | 0.8% | 1.4% | 0.6% |
Where FSKAX 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 | FSKAX | JEPI | Δ |
|---|---|---|---|
| Information Technology | 29.9% | 13.5% | +16.4pp |
| Unclassified | 4.0% | 19.6% | −15.6pp |
| Communication Services | 9.7% | 5.2% | +4.5pp |
| Financials | 12.2% | 8.5% | +3.7pp |
| Utilities | 2.4% | 5.4% | −3.0pp |
| Consumer Staples | 5.1% | 7.8% | −2.7pp |
| Health Care | 9.8% | 11.6% | −1.8pp |
| Industrials | 9.6% | 8.9% | +0.7pp |
Δ is FSKAX 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
49.5% of FSKAX by weight, held in no part of JEPI.
13.9% of JEPI by weight, held in no part of FSKAX.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| FSKAX | JEPI | |
|---|---|---|
| Top 10 holdings | 32.1% | 15.7% |
| Positions held | 3,754 | 120 |
| Cost per $10,000 held, per year | $1 | $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 FSKAX and JEPI overlap?
FSKAX and JEPI overlap 31.7% by portfolio weight — moderate overlap. They share 105 holdings. The figure comes from current issuer holdings files (FSKAX as of 2026-02-28, JEPI as of 2026-03-31).
How is the overlap between FSKAX and JEPI calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If FSKAX 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 FSKAX and JEPI?
That depends on your goals — we state facts, not advice. At 31.7% overlap, each fund still contributes meaningfully distinct exposure.
What does FSKAX own that JEPI doesn't?
FSKAX holds 3,754 positions and JEPI holds 120; 3,648 of FSKAX's positions don't appear in JEPI at all, and they are 49.5% of FSKAX by weight.
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Related comparisons
Sources: issuer holdings files, FSKAX as of 2026-02-28, JEPI as of 2026-03-31. Weights are fractions of each fund. Diagnostics, not advice.