IWF vs JEPQ: 47% overlap
iShares Russell 1000 Growth ETF and JPMorgan Nasdaq Equity Premium Income ETF share 47.0% 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 1.5. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
IWF and JEPQ hold 54 of the same securities. The ten contributing most to the overlap figure:
| Holding | in IWF | in JEPQ | Δ |
|---|---|---|---|
| NVDA | 15.1% | 7.3% | 7.8% |
| AAPL | 7.8% | 6.4% | 1.4% |
| GOOG | 4.7% | 5.1% | 0.4% |
| MSFT | 4.4% | 4.8% | 0.4% |
| META | 3.4% | 3.0% | 0.4% |
| TSLA | 2.9% | 2.6% | 0.3% |
| AVGO | 5.7% | 2.2% | 3.4% |
| MU | 3.5% | 2.0% | 1.4% |
| AMD | 2.7% | 1.7% | 1.0% |
| LRCX | 1.2% | 1.8% | 0.5% |
Where IWF 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 | IWF | JEPQ | Δ |
|---|---|---|---|
| Unclassified | 0.0% | 22.3% | −22.3pp |
| Information Technology | 55.0% | 37.9% | +17.1pp |
| Industrials | 8.5% | 1.7% | +6.8pp |
| Consumer Staples | 1.3% | 6.3% | −5.0pp |
| Financials | 4.7% | 0.5% | +4.2pp |
| Communication Services | 15.7% | 12.0% | +3.7pp |
| Consumer Discretionary | 7.5% | 10.0% | −2.5pp |
| Cash and/or Derivatives | 0.1% | 1.8% | −1.7pp |
Δ is IWF 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
33.4% of IWF by weight, held in no part of JEPQ.
33.7% of JEPQ by weight, held in no part of IWF.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| IWF | JEPQ | |
|---|---|---|
| Top 10 holdings | 56.1% | 40.0% |
| Positions held | 370 | 108 |
| 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 IWF and JEPQ overlap?
IWF and JEPQ overlap 47.0% by portfolio weight — moderate overlap. They share 54 holdings. The figure comes from current issuer holdings files (IWF as of 2026-07-23, JEPQ as of 2026-03-31).
How is the overlap between IWF and JEPQ calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If IWF 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 IWF and JEPQ?
That depends on your goals — we state facts, not advice. At 47.0% overlap, each fund still contributes meaningfully distinct exposure.
What does IWF own that JEPQ doesn't?
IWF holds 370 positions and JEPQ holds 108; 315 of IWF's positions don't appear in JEPQ at all, and they are 33.4% of IWF by weight.
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Related comparisons
Sources: issuer holdings files, IWF as of 2026-07-23, JEPQ as of 2026-03-31. Weights are fractions of each fund. Diagnostics, not advice.