FXAIX vs JEPQ: 48% overlap
Fidelity 500 Index and JPMorgan Nasdaq Equity Premium Income ETF share 48.4% 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 — FXAIX 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 1.5. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
FXAIX and JEPQ hold 84 of the same securities. The ten contributing most to the overlap figure:
| Holding | in FXAIX | in JEPQ | Δ |
|---|---|---|---|
| NVDA | 7.3% | 7.3% | 0.0% |
| AAPL | 6.6% | 6.4% | 0.3% |
| MSFT | 5.0% | 4.8% | 0.2% |
| AMZN | 3.5% | 4.0% | 0.5% |
| GOOG | 2.5% | 5.1% | 2.6% |
| META | 2.4% | 3.0% | 0.6% |
| AVGO | 2.6% | 2.2% | 0.3% |
| TSLA | 1.9% | 2.6% | 0.7% |
| WMT | 1.0% | 2.5% | 1.5% |
| MU | 0.8% | 2.0% | 1.3% |
Where FXAIX and JEPQ 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 | FXAIX | JEPQ | Δ |
|---|---|---|---|
| Unclassified | 3.3% | 22.3% | −19.0pp |
| Financials | 12.0% | 0.5% | +11.5pp |
| Industrials | 8.3% | 1.7% | +6.6pp |
| Information Technology | 31.8% | 37.9% | −6.1pp |
| Health Care | 9.6% | 4.2% | +5.4pp |
| Energy | 3.4% | 0.4% | +3.1pp |
| Real Estate | 2.0% | 0.2% | +1.8pp |
| Cash and/or Derivatives | 0.3% | 1.8% | −1.6pp |
Δ is FXAIX minus JEPQ, 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
48.6% of FXAIX by weight, held in no part of JEPQ.
19.9% of JEPQ by weight, held in no part of FXAIX.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| FXAIX | JEPQ | |
|---|---|---|
| Top 10 holdings | 36.4% | 40.0% |
| Positions held | 506 | 108 |
| 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 FXAIX and JEPQ overlap?
FXAIX and JEPQ overlap 48.4% by portfolio weight — moderate overlap. They share 84 holdings. The figure comes from current issuer holdings files (FXAIX as of 2026-02-28, JEPQ as of 2026-03-31).
How is the overlap between FXAIX and JEPQ calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If FXAIX holds a stock at 6% and JEPQ 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 FXAIX and JEPQ?
That depends on your goals — we state facts, not advice. At 48.4% overlap, each fund still contributes meaningfully distinct exposure.
What does FXAIX own that JEPQ doesn't?
FXAIX holds 506 positions and JEPQ holds 108; 421 of FXAIX's positions don't appear in JEPQ at all, and they are 48.6% of FXAIX by weight.
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Related comparisons
Sources: issuer holdings files, FXAIX as of 2026-02-28, JEPQ as of 2026-03-31. Weights are fractions of each fund. Diagnostics, not advice.