IVV vs JEPI: 30% overlap
iShares Core S&P 500 ETF and JPMorgan Equity Premium Income ETF share 30.1% 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
IVV and JEPI hold 97 of the same securities. The ten contributing most to the overlap figure:
| Holding | in IVV | in JEPI | Δ |
|---|---|---|---|
| NVDA | 7.9% | 1.4% | 6.5% |
| AMZN | 3.6% | 1.4% | 2.2% |
| AAPL | 7.4% | 1.4% | 6.0% |
| GOOGL | 2.9% | 1.4% | 1.5% |
| AVGO | 2.9% | 1.3% | 1.6% |
| MSFT | 4.4% | 1.3% | 3.2% |
| META | 2.1% | 1.2% | 0.9% |
| JNJ | 1.0% | 1.7% | 0.8% |
| V | 0.9% | 1.3% | 0.4% |
| XOM | 1.0% | 0.9% | 0.2% |
Where IVV 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 | IVV | JEPI | Δ |
|---|---|---|---|
| Information Technology | 37.5% | 13.5% | +24.0pp |
| Unclassified | 0.0% | 19.6% | −19.6pp |
| Communication Services | 9.3% | 5.2% | +4.1pp |
| Financials | 12.3% | 8.5% | +3.9pp |
| Consumer Staples | 4.6% | 7.8% | −3.2pp |
| Utilities | 2.3% | 5.4% | −3.2pp |
| Health Care | 9.1% | 11.6% | −2.4pp |
| Consumer Discretionary | 8.7% | 10.2% | −1.4pp |
Δ is IVV 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
45.5% of IVV by weight, held in no part of JEPI.
20.2% of JEPI by weight, held in no part of IVV.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| IVV | JEPI | |
|---|---|---|
| Top 10 holdings | 36.8% | 15.7% |
| Positions held | 506 | 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 IVV and JEPI overlap?
IVV and JEPI overlap 30.1% by portfolio weight — moderate overlap. They share 97 holdings. The figure comes from current issuer holdings files (IVV as of 2026-07-23, JEPI as of 2026-03-31).
How is the overlap between IVV and JEPI calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If IVV 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 IVV and JEPI?
That depends on your goals — we state facts, not advice. At 30.1% overlap, each fund still contributes meaningfully distinct exposure.
What does IVV own that JEPI doesn't?
IVV holds 506 positions and JEPI holds 120; 408 of IVV's positions don't appear in JEPI at all, and they are 45.5% of IVV by weight.
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Related comparisons
Sources: issuer holdings files, IVV as of 2026-07-23, JEPI as of 2026-03-31. Weights are fractions of each fund. Diagnostics, not advice.