IEMG vs JEPI: 0% overlap
iShares Core MSCI Emerging Markets ETF and JPMorgan Equity Premium Income ETF share 0.4% of their portfolios by weight — computed as Σ min(wA, wB) over every holding both funds own.
Different holding dates. These holdings were published 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 2.0. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
IEMG and JEPI hold 3 of the same securities. The ten contributing most to the overlap figure:
| Holding | in IEMG | in JEPI | Δ |
|---|---|---|---|
| CASH | 0.4% | 1.2% | 0.8% |
| ECL | 0.0% | 1.1% | 1.1% |
| SRE | 0.0% | 0.9% | 0.9% |
Where IEMG 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 | IEMG | JEPI | Δ |
|---|---|---|---|
| Information Technology | 39.8% | 13.5% | +26.4pp |
| Unclassified | 0.0% | 19.6% | −19.6pp |
| Financials | 18.1% | 8.5% | +9.6pp |
| Health Care | 3.1% | 11.6% | −8.4pp |
| Consumer Staples | 3.0% | 7.8% | −4.8pp |
| Materials | 5.8% | 1.5% | +4.2pp |
| Utilities | 2.0% | 5.4% | −3.5pp |
| Consumer Discretionary | 8.5% | 10.2% | −1.7pp |
Δ is IEMG 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
98.9% of IEMG by weight, held in no part of JEPI.
96.4% of JEPI by weight, held in no part of IEMG.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| IEMG | JEPI | |
|---|---|---|
| Top 10 holdings | 33.6% | 15.7% |
| Positions held | 2,790 | 120 |
| Cost per $10,000 held, per year | $9 | $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 IEMG and JEPI overlap?
IEMG and JEPI overlap 0.4% by portfolio weight — largely distinct portfolios. They share 3 holdings. The figure comes from current issuer holdings files (IEMG as of 2026-07-23, JEPI as of 2026-03-31).
How is the overlap between IEMG and JEPI calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If IEMG 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 IEMG and JEPI?
That depends on your goals — we state facts, not advice. At 0.4% overlap, each fund still contributes meaningfully distinct exposure.
What does IEMG own that JEPI doesn't?
IEMG holds 2,790 positions and JEPI holds 120; 2,786 of IEMG's positions don't appear in JEPI at all, and they are 98.9% of IEMG by weight.
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Related comparisons
Sources: issuer holdings files, IEMG as of 2026-07-23, JEPI as of 2026-03-31. Weights are fractions of each fund. Diagnostics, not advice.