IWD vs JEPI: 28% overlap
iShares Russell 1000 Value ETF and JPMorgan Equity Premium Income ETF share 27.7% 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
IWD and JEPI hold 79 of the same securities. The ten contributing most to the overlap figure:
| Holding | in IWD | in JEPI | Δ |
|---|---|---|---|
| JNJ | 1.7% | 1.7% | 0.0% |
| AMZN | 5.7% | 1.4% | 4.3% |
| AAPL | 5.9% | 1.4% | 4.5% |
| MSFT | 3.9% | 1.3% | 2.6% |
| WMT | 1.2% | 1.4% | 0.2% |
| ABBV | 1.2% | 1.6% | 0.4% |
| XOM | 1.8% | 0.9% | 0.9% |
| PM | 0.8% | 1.2% | 0.4% |
| MRK | 0.9% | 0.8% | 0.1% |
| RTX | 0.8% | 1.5% | 0.7% |
Where IWD 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 | IWD | JEPI | Δ |
|---|---|---|---|
| Unclassified | 0.0% | 19.6% | −19.6pp |
| Financials | 19.6% | 8.5% | +11.1pp |
| Information Technology | 18.0% | 13.5% | +4.6pp |
| Energy | 6.1% | 3.3% | +2.7pp |
| Industrials | 11.3% | 8.9% | +2.4pp |
| Materials | 3.7% | 1.5% | +2.1pp |
| Communication Services | 3.3% | 5.2% | −1.8pp |
| Utilities | 3.9% | 5.4% | −1.5pp |
Δ is IWD 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
55.4% of IWD by weight, held in no part of JEPI.
37.1% of JEPI by weight, held in no part of IWD.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| IWD | JEPI | |
|---|---|---|
| Top 10 holdings | 27.8% | 15.7% |
| Positions held | 872 | 120 |
| Cost per $10,000 held, per year | $19 | $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 IWD and JEPI overlap?
IWD and JEPI overlap 27.7% by portfolio weight — moderate overlap. They share 79 holdings. The figure comes from current issuer holdings files (IWD as of 2026-07-23, JEPI as of 2026-03-31).
How is the overlap between IWD and JEPI calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If IWD 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 IWD and JEPI?
That depends on your goals — we state facts, not advice. At 27.7% overlap, each fund still contributes meaningfully distinct exposure.
What does IWD own that JEPI doesn't?
IWD holds 872 positions and JEPI holds 120; 792 of IWD's positions don't appear in JEPI at all, and they are 55.4% of IWD by weight.
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Related comparisons
Sources: issuer holdings files, IWD as of 2026-07-23, JEPI as of 2026-03-31. Weights are fractions of each fund. Diagnostics, not advice.