IEMG vs JEPQ: 0% overlap
iShares Core MSCI Emerging Markets ETF and JPMorgan Nasdaq Equity Premium Income ETF share 0.5% 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 — JEPQ 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 JEPQ hold 2 of the same securities. The ten contributing most to the overlap figure:
| Holding | in IEMG | in JEPQ | Δ |
|---|---|---|---|
| CASH | 0.4% | 1.8% | 1.5% |
| PDD | 0.3% | 0.1% | 0.2% |
Where IEMG 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 | IEMG | JEPQ | Δ |
|---|---|---|---|
| Unclassified | 0.0% | 22.3% | −22.3pp |
| Financials | 18.1% | 0.5% | +17.6pp |
| Communication Services | 5.4% | 12.0% | −6.6pp |
| Industrials | 7.7% | 1.7% | +6.0pp |
| Materials | 5.8% | 0.0% | +5.8pp |
| Consumer Staples | 3.0% | 6.3% | −3.4pp |
| Energy | 3.5% | 0.4% | +3.1pp |
| Information Technology | 39.8% | 37.9% | +1.9pp |
Δ is IEMG 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
98.5% of IEMG by weight, held in no part of JEPQ.
96.5% of JEPQ 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 | JEPQ | |
|---|---|---|
| Top 10 holdings | 33.6% | 40.0% |
| Positions held | 2,790 | 108 |
| 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 JEPQ overlap?
IEMG and JEPQ overlap 0.5% by portfolio weight — largely distinct portfolios. They share 2 holdings. The figure comes from current issuer holdings files (IEMG as of 2026-07-23, JEPQ as of 2026-03-31).
How is the overlap between IEMG and JEPQ 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 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 IEMG and JEPQ?
That depends on your goals — we state facts, not advice. At 0.5% overlap, each fund still contributes meaningfully distinct exposure.
What does IEMG own that JEPQ doesn't?
IEMG holds 2,790 positions and JEPQ holds 108; 2,787 of IEMG's positions don't appear in JEPQ at all, and they are 98.5% of IEMG by weight.
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Related comparisons
Sources: issuer holdings files, IEMG as of 2026-07-23, JEPQ as of 2026-03-31. Weights are fractions of each fund. Diagnostics, not advice.