JEPI vs SCHB: 29% overlap
JPMorgan Equity Premium Income ETF and Schwab U.S. Broad Market ETF share 29.0% 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 2 months apart — JEPI as of 2026-03-31, the rest through 2026-05-31. 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
JEPI and SCHB hold 105 of the same securities. The ten contributing most to the overlap figure:
| Holding | in JEPI | in SCHB | Δ |
|---|---|---|---|
| NVDA | 1.4% | 7.0% | 5.6% |
| AMZN | 1.4% | 3.6% | 2.2% |
| AAPL | 1.4% | 6.3% | 4.9% |
| GOOGL | 1.4% | 3.0% | 1.7% |
| AVGO | 1.3% | 2.9% | 1.6% |
| MSFT | 1.3% | 4.6% | 3.3% |
| META | 1.2% | 1.9% | 0.7% |
| LLY | 0.8% | 1.2% | 0.4% |
| XOM | 0.9% | 0.8% | 0.0% |
| V | 1.3% | 0.8% | 0.5% |
Where JEPI and SCHB 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 | SCHB | Δ |
|---|---|---|---|
| Information Technology | 13.5% | 35.8% | −22.4pp |
| Unclassified | 19.6% | 3.5% | +16.1pp |
| Communication Services | 5.2% | 9.6% | −4.5pp |
| Consumer Staples | 7.8% | 4.3% | +3.5pp |
| Utilities | 5.4% | 2.1% | +3.4pp |
| Health Care | 11.6% | 8.4% | +3.1pp |
| Financials | 8.5% | 11.1% | −2.7pp |
| Cash and/or Derivatives | 1.2% | 0.2% | +1.0pp |
Δ is JEPI minus SCHB, 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
13.9% of JEPI by weight, held in no part of SCHB.
49.8% of SCHB 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 | SCHB | |
|---|---|---|
| Top 10 holdings | 15.7% | 34.9% |
| Positions held | 120 | 2,407 |
| Cost per $10,000 held, per year | $35 | $3 |
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 SCHB overlap?
JEPI and SCHB overlap 29.0% by portfolio weight — moderate overlap. They share 105 holdings. The figure comes from current issuer holdings files (JEPI as of 2026-03-31, SCHB as of 2026-05-31).
How is the overlap between JEPI and SCHB 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 SCHB 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 SCHB?
That depends on your goals — we state facts, not advice. At 29.0% overlap, each fund still contributes meaningfully distinct exposure.
What does JEPI own that SCHB doesn't?
JEPI holds 120 positions and SCHB holds 2,407; 15 of JEPI's positions don't appear in SCHB at all, and they are 13.9% of JEPI by weight.
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Related comparisons
Sources: issuer holdings files, JEPI as of 2026-03-31, SCHB as of 2026-05-31. Weights are fractions of each fund. Diagnostics, not advice.