JEPI vs SWAGX: 1% overlap
JPMorgan Equity Premium Income ETF and Schwab U.S. Aggregate Bond Index share 1.2% of their portfolios by weight — computed as Σ min(wA, wB) over every holding both funds own.
Different holding dates. These holdings were published 31 days apart — SWAGX as of 2026-02-28, the rest through 2026-03-31. 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 2.0. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
JEPI and SWAGX hold 1 of the same securities. The ten contributing most to the overlap figure:
| Holding | in JEPI | in SWAGX | Δ |
|---|---|---|---|
| CASH | 1.2% | 2.1% | 0.8% |
Where JEPI and SWAGX 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 | SWAGX | Δ |
|---|---|---|---|
| Treasuries | 0.0% | 45.7% | −45.7pp |
| MBS Pass-Through | 0.0% | 19.2% | −19.2pp |
| Information Technology | 13.5% | 0.0% | +13.5pp |
| Corporate — industrial & other | 0.0% | 13.3% | −13.3pp |
| Unclassified | 19.6% | 6.5% | +13.1pp |
| Health Care | 11.6% | 0.0% | +11.6pp |
| Consumer Discretionary | 10.2% | 0.0% | +10.2pp |
| Industrials | 8.9% | 0.0% | +8.9pp |
Δ is JEPI minus SWAGX, 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
98.4% of JEPI by weight, held in no part of SWAGX.
98.9% of SWAGX 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 | SWAGX | |
|---|---|---|
| Top 10 holdings | 15.7% | 71.4% |
| Positions held | 120 | 1,604 |
| Cost per $10,000 held, per year | $35 | $4 |
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 SWAGX overlap?
JEPI and SWAGX overlap 1.2% by portfolio weight — largely distinct portfolios. They share 1 holdings. The figure comes from current issuer holdings files (JEPI as of 2026-03-31, SWAGX as of 2026-02-28).
How is the overlap between JEPI and SWAGX 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 SWAGX 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 SWAGX?
That depends on your goals — we state facts, not advice. At 1.2% overlap, each fund still contributes meaningfully distinct exposure.
What does JEPI own that SWAGX doesn't?
JEPI holds 120 positions and SWAGX holds 1,604; 119 of JEPI's positions don't appear in SWAGX at all, and they are 98.4% of JEPI by weight.
You probably hold more than two funds
This page compares JEPI and SWAGX. Paste your whole portfolio — brokerage, 401(k), IRA — and see the overlap across every fund at once, plus what you actually own underneath them and your own Effective Funds number. Free, no account, nothing stored.
X-ray my portfolio — free →Watch JEPI vs SWAGX
We re-read both funds’ published holdings every weeknight. Leave an address and we'll tell you when what's inside actually changes.
Not sending yet — email alerts are built but switched off, and you'll be among the first when they turn on. No spam, one-click unsubscribe.
Related comparisons
Sources: issuer holdings files, JEPI as of 2026-03-31, SWAGX as of 2026-02-28. Weights are fractions of each fund. Diagnostics, not advice.