JEPI vs VEA: 1% overlap
JPMorgan Equity Premium Income ETF and Vanguard FTSE Developed Markets ETF share 1.5% 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 VEA hold 9 of the same securities. The ten contributing most to the overlap figure:
| Holding | in JEPI | in VEA | Δ |
|---|---|---|---|
| CASH | 1.2% | 1.4% | 0.1% |
| TSCO | 0.2% | 0.1% | 0.0% |
| MRK | 0.8% | 0.1% | 0.7% |
| BBY | 0.3% | 0.0% | 0.3% |
| T | 0.5% | 0.0% | 0.4% |
| AMP | 0.2% | 0.0% | 0.2% |
| SRE | 0.9% | 0.0% | 0.9% |
| EMR | 1.2% | 0.0% | 1.2% |
| COF | 0.1% | 0.0% | 0.1% |
Where JEPI and VEA 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 | VEA | Δ |
|---|---|---|---|
| Financials | 8.5% | 20.7% | −12.2pp |
| Unclassified | 19.6% | 8.9% | +10.7pp |
| Industrials | 8.9% | 16.9% | −7.9pp |
| Health Care | 11.6% | 6.2% | +5.3pp |
| Information Technology | 13.5% | 17.1% | −3.6pp |
| Materials | 1.5% | 5.1% | −3.5pp |
| Consumer Discretionary | 10.2% | 7.3% | +2.8pp |
| Communication Services | 5.2% | 2.5% | +2.7pp |
Δ is JEPI minus VEA, 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
94.3% of JEPI by weight, held in no part of VEA.
98.4% of VEA 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 | VEA | |
|---|---|---|
| Top 10 holdings | 15.7% | 15.2% |
| Positions held | 120 | 3,792 |
| 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 VEA overlap?
JEPI and VEA overlap 1.5% by portfolio weight — largely distinct portfolios. They share 9 holdings. The figure comes from current issuer holdings files (JEPI as of 2026-03-31, VEA as of 2026-06-30).
How is the overlap between JEPI and VEA 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 VEA 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 VEA?
That depends on your goals — we state facts, not advice. At 1.5% overlap, each fund still contributes meaningfully distinct exposure.
What does JEPI own that VEA doesn't?
JEPI holds 120 positions and VEA holds 3,792; 111 of JEPI's positions don't appear in VEA at all, and they are 94.3% of JEPI by weight.
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Related comparisons
Sources: issuer holdings files, JEPI as of 2026-03-31, VEA as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.