JEPI vs JEPQ: 23% overlap
JPMorgan Equity Premium Income ETF and JPMorgan Nasdaq Equity Premium Income ETF share 23.4% of their portfolios by weight — computed as Σ min(wA, wB) over every holding both funds own.
You would hold two tickers and get the diversification of 1.8. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
JEPI and JEPQ hold 37 of the same securities. The ten contributing most to the overlap figure:
| Holding | in JEPI | in JEPQ | Δ |
|---|---|---|---|
| WMT | 1.4% | 2.5% | 1.0% |
| NVDA | 1.4% | 7.3% | 5.9% |
| AMZN | 1.4% | 4.0% | 2.6% |
| AAPL | 1.4% | 6.4% | 5.0% |
| AVGO | 1.3% | 2.2% | 0.9% |
| MSFT | 1.3% | 4.8% | 3.5% |
| CASH | 1.2% | 1.8% | 0.6% |
| META | 1.2% | 3.0% | 1.8% |
| ADI | 1.3% | 1.1% | 0.2% |
| PEP | 1.4% | 1.0% | 0.5% |
Where JEPI 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 | JEPI | JEPQ | Δ |
|---|---|---|---|
| Information Technology | 13.5% | 37.9% | −24.5pp |
| Financials | 8.5% | 0.5% | +8.0pp |
| Health Care | 11.6% | 4.2% | +7.4pp |
| Industrials | 8.9% | 1.7% | +7.2pp |
| Communication Services | 5.2% | 12.0% | −6.8pp |
| Utilities | 5.4% | 1.1% | +4.3pp |
| Energy | 3.3% | 0.4% | +3.0pp |
| Real Estate | 2.9% | 0.2% | +2.7pp |
Δ is JEPI 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
61.8% of JEPI by weight, held in no part of JEPQ.
49.5% of JEPQ by weight, held in no part of JEPI.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| JEPI | JEPQ | |
|---|---|---|
| Top 10 holdings | 15.7% | 40.0% |
| Positions held | 120 | 108 |
| Cost per $10,000 held, per year | $35 | $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 JEPI and JEPQ overlap?
JEPI and JEPQ overlap 23.4% by portfolio weight — moderate overlap. They share 37 holdings. The figure comes from current issuer holdings files (JEPI as of 2026-03-31, JEPQ as of 2026-03-31).
How is the overlap between JEPI and JEPQ calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If JEPI 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 JEPI and JEPQ?
That depends on your goals — we state facts, not advice. At 23.4% overlap, each fund still contributes meaningfully distinct exposure.
What does JEPI own that JEPQ doesn't?
JEPI holds 120 positions and JEPQ holds 108; 83 of JEPI's positions don't appear in JEPQ at all, and they are 61.8% of JEPI by weight.
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Related comparisons
Sources: issuer holdings files, JEPI as of 2026-03-31, JEPQ as of 2026-03-31. Weights are fractions of each fund. Diagnostics, not advice.