JEPI vs VFORX: 19% overlap
JPMorgan Equity Premium Income ETF and Vanguard Target Retirement 2040 share 18.6% 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, VFORX 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 1.8. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
JEPI and VFORX hold 98 of the same securities. The ten contributing most to the overlap figure:
| Holding | in JEPI | in VFORX | Δ |
|---|---|---|---|
| NVDA | 1.4% | 2.8% | 1.3% |
| AAPL | 1.4% | 2.5% | 1.2% |
| AMZN | 1.4% | 1.4% | 0.0% |
| MSFT | 1.3% | 1.7% | 0.4% |
| GOOGL | 1.4% | 1.3% | 0.1% |
| CASH | 1.2% | 1.8% | 0.6% |
| AVGO | 1.3% | 1.1% | 0.2% |
| META | 1.2% | 0.7% | 0.5% |
| LLY | 0.8% | 0.6% | 0.2% |
| BRK-B | 0.6% | 0.5% | 0.1% |
Where JEPI and VFORX 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 | VFORX | Δ |
|---|---|---|---|
| Unclassified | 19.6% | 9.7% | +9.9pp |
| Treasuries | 0.0% | 8.7% | −8.7pp |
| Information Technology | 13.5% | 21.6% | −8.2pp |
| Health Care | 11.6% | 5.8% | +5.8pp |
| Consumer Staples | 7.8% | 3.4% | +4.4pp |
| Financials | 8.5% | 12.7% | −4.2pp |
| Consumer Discretionary | 10.2% | 6.3% | +3.9pp |
| MBS Pass-Through | 0.0% | 3.7% | −3.7pp |
Δ is JEPI minus VFORX, 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
19.6% of JEPI by weight, held in no part of VFORX.
77.8% of VFORX 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 | VFORX | |
|---|---|---|
| Top 10 holdings | 15.7% | 23.9% |
| Positions held | 120 | 6 |
| Cost per $10,000 held, per year | $35 | $8 |
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 VFORX overlap?
JEPI and VFORX overlap 18.6% by portfolio weight — moderate overlap. They share 98 holdings. The figure comes from current issuer holdings files (JEPI as of 2026-03-31, VFORX as of 2026-03-31).
How is the overlap between JEPI and VFORX 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 VFORX 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 VFORX?
That depends on your goals — we state facts, not advice. At 18.6% overlap, each fund still contributes meaningfully distinct exposure.
What does JEPI own that VFORX doesn't?
JEPI holds 120 positions and VFORX holds 6; 22 of JEPI's positions don't appear in VFORX at all, and they are 19.6% of JEPI by weight.
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Related comparisons
Sources: issuer holdings files, JEPI as of 2026-03-31, VFORX as of 2026-03-31. Weights are fractions of each fund. Diagnostics, not advice.