JEPI vs SCHD: 8% overlap
JPMorgan Equity Premium Income ETF and Schwab U.S. Dividend Equity ETF share 7.9% 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 1.9. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
JEPI and SCHD hold 12 of the same securities. The ten contributing most to the overlap figure:
| Holding | in JEPI | in SCHD | Δ |
|---|---|---|---|
| EOG | 1.7% | 1.8% | 0.1% |
| PEP | 1.4% | 3.4% | 2.0% |
| BMY | 1.1% | 2.9% | 1.8% |
| MRK | 0.8% | 3.9% | 3.1% |
| IE00B4BNMY34 | 0.6% | 2.9% | 2.3% |
| TXN | 0.6% | 5.9% | 5.3% |
| COP | 0.5% | 3.5% | 3.1% |
| PG | 0.4% | 3.5% | 3.2% |
| BBY | 0.3% | 0.4% | 0.1% |
| UNH | 0.3% | 5.1% | 4.8% |
Where JEPI and SCHD 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 | SCHD | Δ |
|---|---|---|---|
| Unclassified | 19.6% | 2.9% | +16.7pp |
| Energy | 3.3% | 14.6% | −11.2pp |
| Consumer Staples | 7.8% | 18.4% | −10.6pp |
| Health Care | 11.6% | 18.3% | −6.7pp |
| Utilities | 5.4% | 0.1% | +5.4pp |
| Consumer Discretionary | 10.2% | 6.8% | +3.3pp |
| Real Estate | 2.9% | 0.0% | +2.9pp |
| Industrials | 8.9% | 10.8% | −1.9pp |
Δ is JEPI minus SCHD, 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
90.5% of JEPI by weight, held in no part of SCHD.
63.4% of SCHD 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 | SCHD | |
|---|---|---|
| Top 10 holdings | 15.7% | 43.6% |
| Positions held | 120 | 101 |
| Cost per $10,000 held, per year | $35 | $6 |
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 SCHD overlap?
JEPI and SCHD overlap 7.9% by portfolio weight — largely distinct portfolios. They share 12 holdings. The figure comes from current issuer holdings files (JEPI as of 2026-03-31, SCHD as of 2026-05-31).
How is the overlap between JEPI and SCHD 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 SCHD 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 SCHD?
That depends on your goals — we state facts, not advice. At 7.9% overlap, each fund still contributes meaningfully distinct exposure.
What does JEPI own that SCHD doesn't?
JEPI holds 120 positions and SCHD holds 101; 108 of JEPI's positions don't appear in SCHD at all, and they are 90.5% of JEPI by weight.
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Related comparisons
Sources: issuer holdings files, JEPI as of 2026-03-31, SCHD as of 2026-05-31. Weights are fractions of each fund. Diagnostics, not advice.