JEPI vs SWTSX: 30% overlap
JPMorgan Equity Premium Income ETF and Schwab Total Stock Market Index share 29.8% 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 SWTSX hold 105 of the same securities. The ten contributing most to the overlap figure:
| Holding | in JEPI | in SWTSX | Δ |
|---|---|---|---|
| NVDA | 1.4% | 6.9% | 5.5% |
| AMZN | 1.4% | 3.7% | 2.3% |
| AAPL | 1.4% | 5.7% | 4.3% |
| GOOGL | 1.4% | 3.2% | 1.8% |
| AVGO | 1.3% | 2.8% | 1.5% |
| MSFT | 1.3% | 4.3% | 3.1% |
| META | 1.2% | 1.9% | 0.7% |
| XOM | 0.9% | 0.9% | 0.1% |
| LLY | 0.8% | 1.1% | 0.2% |
| WMT | 1.4% | 0.8% | 0.6% |
Where JEPI and SWTSX 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 | SWTSX | Δ |
|---|---|---|---|
| Information Technology | 13.5% | 32.3% | −18.8pp |
| Unclassified | 19.6% | 3.4% | +16.2pp |
| Communication Services | 5.2% | 10.1% | −5.0pp |
| Financials | 8.5% | 11.9% | −3.4pp |
| Consumer Staples | 7.8% | 4.6% | +3.2pp |
| Utilities | 5.4% | 2.3% | +3.1pp |
| Health Care | 11.6% | 8.7% | +2.9pp |
| Cash and/or Derivatives | 1.2% | 0.1% | +1.1pp |
Δ is JEPI minus SWTSX, 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 SWTSX.
49.3% of SWTSX 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 | SWTSX | |
|---|---|---|
| Top 10 holdings | 15.7% | 33.9% |
| Positions held | 120 | 2,939 |
| 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 SWTSX overlap?
JEPI and SWTSX overlap 29.8% by portfolio weight — moderate overlap. They share 105 holdings. The figure comes from current issuer holdings files (JEPI as of 2026-03-31, SWTSX as of 2026-04-30).
How is the overlap between JEPI and SWTSX 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 SWTSX 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 SWTSX?
That depends on your goals — we state facts, not advice. At 29.8% overlap, each fund still contributes meaningfully distinct exposure.
What does JEPI own that SWTSX doesn't?
JEPI holds 120 positions and SWTSX holds 2,939; 15 of JEPI's positions don't appear in SWTSX 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, SWTSX as of 2026-04-30. Weights are fractions of each fund. Diagnostics, not advice.