JEPI vs TSPF: 1% overlap
JPMorgan Equity Premium Income ETF and TSP F Fund — shown via aggregate-bond proxy 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 about 4 months apart — JEPI as of 2026-03-31, the rest through 2026-07-23. 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 TSPF hold 1 of the same securities. The ten contributing most to the overlap figure:
| Holding | in JEPI | in TSPF | Δ |
|---|---|---|---|
| CASH | 1.2% | 2.7% | 1.5% |
Where JEPI and TSPF 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 | TSPF | Δ |
|---|---|---|---|
| Treasuries | 0.0% | 46.5% | −46.5pp |
| MBS Pass-Through | 0.0% | 24.1% | −24.1pp |
| Unclassified | 19.6% | 0.0% | +19.6pp |
| Corporate — industrial & other | 0.0% | 14.3% | −14.3pp |
| Information Technology | 13.5% | 0.0% | +13.5pp |
| 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 TSPF, 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 TSPF.
99.4% of TSPF 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 | TSPF | |
|---|---|---|
| Top 10 holdings | 15.7% | 75.3% |
| Positions held | 120 | 1,864 |
| Cost per $10,000 held, per year | $35 | $5 |
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 TSPF overlap?
JEPI and TSPF 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, TSPF as of 2026-07-23).
How is the overlap between JEPI and TSPF 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 TSPF 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 TSPF?
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 TSPF doesn't?
JEPI holds 120 positions and TSPF holds 1,864; 119 of JEPI's positions don't appear in TSPF at all, and they are 98.4% of JEPI by weight.
You probably hold more than two funds
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Related comparisons
Sources: issuer holdings files, JEPI as of 2026-03-31, TSPF as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.