JEPI vs SWPPX: 32% overlap
JPMorgan Equity Premium Income ETF and Schwab S&P 500 Index share 31.9% of their portfolios by weight — computed as Σ min(wA, wB) over every holding both funds own.
Different holding dates. These holdings were published 30 days apart — JEPI as of 2026-03-31, the rest through 2026-04-30. 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 SWPPX hold 104 of the same securities. The ten contributing most to the overlap figure:
| Holding | in JEPI | in SWPPX | Δ |
|---|---|---|---|
| NVDA | 1.4% | 7.8% | 6.4% |
| AMZN | 1.4% | 4.2% | 2.8% |
| AAPL | 1.4% | 6.4% | 5.0% |
| GOOGL | 1.4% | 3.6% | 2.2% |
| AVGO | 1.3% | 3.2% | 1.9% |
| MSFT | 1.3% | 4.9% | 3.6% |
| META | 1.2% | 2.2% | 1.0% |
| WMT | 1.4% | 0.9% | 0.5% |
| V | 1.3% | 0.9% | 0.4% |
| JNJ | 1.7% | 0.9% | 0.9% |
Where JEPI and SWPPX 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 | SWPPX | Δ |
|---|---|---|---|
| Information Technology | 13.5% | 34.2% | −20.7pp |
| Unclassified | 19.6% | 2.8% | +16.8pp |
| Communication Services | 5.2% | 11.0% | −5.8pp |
| Health Care | 11.6% | 8.3% | +3.3pp |
| Utilities | 5.4% | 2.3% | +3.1pp |
| Financials | 8.5% | 11.5% | −3.1pp |
| Consumer Staples | 7.8% | 4.9% | +2.9pp |
| Cash and/or Derivatives | 1.2% | 0.0% | +1.2pp |
Δ is JEPI minus SWPPX, 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
14.5% of JEPI by weight, held in no part of SWPPX.
42.8% of SWPPX 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 | SWPPX | |
|---|---|---|
| Top 10 holdings | 15.7% | 38.3% |
| Positions held | 120 | 503 |
| Cost per $10,000 held, per year | $35 | $2 |
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 SWPPX overlap?
JEPI and SWPPX overlap 31.9% by portfolio weight — moderate overlap. They share 104 holdings. The figure comes from current issuer holdings files (JEPI as of 2026-03-31, SWPPX as of 2026-04-30).
How is the overlap between JEPI and SWPPX 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 SWPPX 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 SWPPX?
That depends on your goals — we state facts, not advice. At 31.9% overlap, each fund still contributes meaningfully distinct exposure.
What does JEPI own that SWPPX doesn't?
JEPI holds 120 positions and SWPPX holds 503; 16 of JEPI's positions don't appear in SWPPX at all, and they are 14.5% of JEPI by weight.
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Related comparisons
Sources: issuer holdings files, JEPI as of 2026-03-31, SWPPX as of 2026-04-30. Weights are fractions of each fund. Diagnostics, not advice.