JEPI vs MDY: 1% overlap
JPMorgan Equity Premium Income ETF and SPDR S&P MidCap 400 ETF Trust share 0.6% 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 2.0. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
JEPI and MDY hold 1 of the same securities. The ten contributing most to the overlap figure:
| Holding | in JEPI | in MDY | Δ |
|---|---|---|---|
| BURL | 0.6% | 0.6% | 0.0% |
Where JEPI and MDY 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 | MDY | Δ |
|---|---|---|---|
| Unclassified | 19.6% | 0.0% | +19.6pp |
| Industrials | 8.9% | 25.4% | −16.4pp |
| Financials | 8.5% | 14.8% | −6.3pp |
| Consumer Staples | 7.8% | 3.1% | +4.7pp |
| Real Estate | 2.9% | 6.9% | −4.0pp |
| Materials | 1.5% | 5.4% | −3.9pp |
| Communication Services | 5.2% | 1.5% | +3.6pp |
| Utilities | 5.4% | 3.1% | +2.3pp |
Δ is JEPI minus MDY, 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
99.0% of JEPI by weight, held in no part of MDY.
98.3% of MDY 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 | MDY | |
|---|---|---|
| Top 10 holdings | 15.7% | 7.6% |
| Positions held | 120 | 400 |
| Cost per $10,000 held, per year | $35 | $23 |
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 MDY overlap?
JEPI and MDY overlap 0.6% by portfolio weight — largely distinct portfolios. They share 1 holdings. The figure comes from current issuer holdings files (JEPI as of 2026-03-31, MDY as of 2026-07-23).
How is the overlap between JEPI and MDY 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 MDY 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 MDY?
That depends on your goals — we state facts, not advice. At 0.6% overlap, each fund still contributes meaningfully distinct exposure.
What does JEPI own that MDY doesn't?
JEPI holds 120 positions and MDY holds 400; 119 of JEPI's positions don't appear in MDY at all, and they are 99.0% of JEPI by weight.
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Related comparisons
Sources: issuer holdings files, JEPI as of 2026-03-31, MDY as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.