ITOT vs JEPI: 28% overlap
iShares Core S&P Total U.S. Stock Market ETF and JPMorgan Equity Premium Income ETF share 28.3% 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 1.7. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
ITOT and JEPI hold 98 of the same securities. The ten contributing most to the overlap figure:
| Holding | in ITOT | in JEPI | Δ |
|---|---|---|---|
| NVDA | 7.0% | 1.4% | 5.6% |
| AMZN | 3.2% | 1.4% | 1.8% |
| AAPL | 6.6% | 1.4% | 5.2% |
| GOOGL | 2.6% | 1.4% | 1.2% |
| AVGO | 2.6% | 1.3% | 1.3% |
| MSFT | 3.9% | 1.3% | 2.7% |
| META | 1.8% | 1.2% | 0.7% |
| XOM | 0.9% | 0.9% | 0.0% |
| JNJ | 0.9% | 1.7% | 0.9% |
| LLY | 1.3% | 0.8% | 0.5% |
Where ITOT 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 | ITOT | JEPI | Δ |
|---|---|---|---|
| Information Technology | 35.2% | 13.5% | +21.7pp |
| Unclassified | 0.0% | 19.6% | −19.6pp |
| Financials | 12.7% | 8.5% | +4.2pp |
| Communication Services | 8.7% | 5.2% | +3.6pp |
| Consumer Staples | 4.4% | 7.8% | −3.4pp |
| Utilities | 2.2% | 5.4% | −3.2pp |
| Health Care | 9.7% | 11.6% | −1.9pp |
| Consumer Discretionary | 8.8% | 10.2% | −1.4pp |
Δ is ITOT 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
51.6% of ITOT by weight, held in no part of JEPI.
19.6% of JEPI by weight, held in no part of ITOT.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| ITOT | JEPI | |
|---|---|---|
| Top 10 holdings | 32.7% | 15.7% |
| Positions held | 2,440 | 120 |
| Cost per $10,000 held, per year | $3 | $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 ITOT and JEPI overlap?
ITOT and JEPI overlap 28.3% by portfolio weight — moderate overlap. They share 98 holdings. The figure comes from current issuer holdings files (ITOT as of 2026-07-23, JEPI as of 2026-03-31).
How is the overlap between ITOT and JEPI calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If ITOT 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 ITOT and JEPI?
That depends on your goals — we state facts, not advice. At 28.3% overlap, each fund still contributes meaningfully distinct exposure.
What does ITOT own that JEPI doesn't?
ITOT holds 2,440 positions and JEPI holds 120; 2,341 of ITOT's positions don't appear in JEPI at all, and they are 51.6% of ITOT by weight.
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Related comparisons
Sources: issuer holdings files, ITOT as of 2026-07-23, JEPI as of 2026-03-31. Weights are fractions of each fund. Diagnostics, not advice.