JEPI vs VFMO: 10% overlap
JPMorgan Equity Premium Income ETF and Vanguard U.S. Momentum Factor ETF share 10.0% of their portfolios by weight — computed as Σ min(wA, wB) over every holding both funds own.
You would hold two tickers and get the diversification of 1.9. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
JEPI and VFMO hold 21 of the same securities. The ten contributing most to the overlap figure:
| Holding | in JEPI | in VFMO | Δ |
|---|---|---|---|
| CASH | 1.2% | 1.4% | 0.2% |
| JNJ | 1.7% | 1.0% | 0.7% |
| GOOGL | 1.4% | 0.9% | 0.5% |
| APH | 1.2% | 0.9% | 0.3% |
| HWM | 1.6% | 0.9% | 0.7% |
| RTX | 1.5% | 0.6% | 0.9% |
| AVGO | 1.3% | 0.6% | 0.7% |
| LRCX | 0.6% | 1.1% | 0.5% |
| XOM | 0.9% | 0.5% | 0.3% |
| LLY | 0.8% | 0.5% | 0.4% |
Where JEPI and VFMO 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 | VFMO | Δ |
|---|---|---|---|
| Unclassified | 19.6% | 0.9% | +18.7pp |
| Industrials | 8.9% | 24.4% | −15.5pp |
| Health Care | 11.6% | 22.3% | −10.7pp |
| Utilities | 5.4% | 0.0% | +5.4pp |
| Consumer Staples | 7.8% | 2.4% | +5.4pp |
| Materials | 1.5% | 6.2% | −4.7pp |
| Energy | 3.3% | 7.7% | −4.4pp |
| Information Technology | 13.5% | 17.0% | −3.5pp |
Δ is JEPI minus VFMO, 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
78.6% of JEPI by weight, held in no part of VFMO.
89.1% of VFMO 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 | VFMO | |
|---|---|---|
| Top 10 holdings | 15.7% | 10.2% |
| Positions held | 120 | 672 |
| Cost per $10,000 held, per year | $35 | $13 |
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 VFMO overlap?
JEPI and VFMO overlap 10.0% by portfolio weight — largely distinct portfolios. They share 21 holdings. The figure comes from current issuer holdings files (JEPI as of 2026-03-31, VFMO as of 2026-03-31).
How is the overlap between JEPI and VFMO 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 VFMO 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 VFMO?
That depends on your goals — we state facts, not advice. At 10.0% overlap, each fund still contributes meaningfully distinct exposure.
What does JEPI own that VFMO doesn't?
JEPI holds 120 positions and VFMO holds 672; 99 of JEPI's positions don't appear in VFMO at all, and they are 78.6% of JEPI by weight.
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Related comparisons
Sources: issuer holdings files, JEPI as of 2026-03-31, VFMO as of 2026-03-31. Weights are fractions of each fund. Diagnostics, not advice.