JEPI vs VOOG: 22% overlap
JPMorgan Equity Premium Income ETF and Vanguard S&P 500 Growth ETF share 21.6% 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 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 VOOG hold 41 of the same securities. The ten contributing most to the overlap figure:
| Holding | in JEPI | in VOOG | Δ |
|---|---|---|---|
| NVDA | 1.4% | 13.7% | 12.2% |
| AMZN | 1.4% | 3.5% | 2.1% |
| AAPL | 1.4% | 6.0% | 4.6% |
| GOOGL | 1.4% | 5.9% | 4.5% |
| AVGO | 1.3% | 5.0% | 3.7% |
| MSFT | 1.3% | 7.8% | 6.5% |
| META | 1.2% | 3.5% | 2.3% |
| JNJ | 1.7% | 1.0% | 0.7% |
| V | 1.3% | 0.9% | 0.4% |
| NFLX | 0.9% | 0.8% | 0.0% |
Where JEPI and VOOG 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 | VOOG | Δ |
|---|---|---|---|
| Information Technology | 13.5% | 52.2% | −38.8pp |
| Unclassified | 19.6% | 0.0% | +19.6pp |
| Communication Services | 5.2% | 15.2% | −10.1pp |
| Consumer Staples | 7.8% | 1.1% | +6.7pp |
| Health Care | 11.6% | 6.2% | +5.4pp |
| Utilities | 5.4% | 0.4% | +5.1pp |
| Energy | 3.3% | 0.0% | +3.3pp |
| Real Estate | 2.9% | 0.6% | +2.3pp |
Δ is JEPI minus VOOG, 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
59.8% of JEPI by weight, held in no part of VOOG.
37.6% of VOOG 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 | VOOG | |
|---|---|---|
| Top 10 holdings | 15.7% | 56.4% |
| Positions held | 120 | 148 |
| Cost per $10,000 held, per year | $35 | $7 |
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 VOOG overlap?
JEPI and VOOG overlap 21.6% by portfolio weight — moderate overlap. They share 41 holdings. The figure comes from current issuer holdings files (JEPI as of 2026-03-31, VOOG as of 2026-06-30).
How is the overlap between JEPI and VOOG 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 VOOG 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 VOOG?
That depends on your goals — we state facts, not advice. At 21.6% overlap, each fund still contributes meaningfully distinct exposure.
What does JEPI own that VOOG doesn't?
JEPI holds 120 positions and VOOG holds 148; 79 of JEPI's positions don't appear in VOOG at all, and they are 59.8% of JEPI by weight.
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Related comparisons
Sources: issuer holdings files, JEPI as of 2026-03-31, VOOG as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.