JEPI vs TSPS: 1% overlap
JPMorgan Equity Premium Income ETF and TSP S Fund — shown via extended-market proxy share 1.4% 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 3 months apart — JEPI as of 2026-03-31, the rest through 2026-06-30. 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 2.0. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
JEPI and TSPS hold 2 of the same securities. The ten contributing most to the overlap figure:
| Holding | in JEPI | in TSPS | Δ |
|---|---|---|---|
| CASH | 1.2% | 3.8% | 2.6% |
| BURL | 0.6% | 0.2% | 0.4% |
Where JEPI and TSPS 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 | TSPS | Δ |
|---|---|---|---|
| Unclassified | 19.6% | 1.0% | +18.6pp |
| Industrials | 8.9% | 19.8% | −10.9pp |
| Financials | 8.5% | 13.9% | −5.4pp |
| Consumer Staples | 7.8% | 2.7% | +5.1pp |
| Information Technology | 13.5% | 17.6% | −4.2pp |
| Utilities | 5.4% | 1.9% | +3.6pp |
| Cash and/or Derivatives | 1.2% | 3.8% | −2.6pp |
| Materials | 1.5% | 4.1% | −2.5pp |
Δ is JEPI minus TSPS, 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
97.8% of JEPI by weight, held in no part of TSPS.
96.0% of TSPS 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 | TSPS | |
|---|---|---|
| Top 10 holdings | 15.7% | 10.6% |
| Positions held | 120 | 3,327 |
| 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 TSPS overlap?
JEPI and TSPS overlap 1.4% by portfolio weight — largely distinct portfolios. They share 2 holdings. The figure comes from current issuer holdings files (JEPI as of 2026-03-31, TSPS as of 2026-06-30).
How is the overlap between JEPI and TSPS 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 TSPS 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 TSPS?
That depends on your goals — we state facts, not advice. At 1.4% overlap, each fund still contributes meaningfully distinct exposure.
What does JEPI own that TSPS doesn't?
JEPI holds 120 positions and TSPS holds 3,327; 118 of JEPI's positions don't appear in TSPS at all, and they are 97.8% of JEPI by weight.
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Related comparisons
Sources: issuer holdings files, JEPI as of 2026-03-31, TSPS as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.