JEPI vs VUG: 22% overlap
JPMorgan Equity Premium Income ETF and Vanguard Growth ETF share 21.7% 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 VUG hold 39 of the same securities. The ten contributing most to the overlap figure:
| Holding | in JEPI | in VUG | Δ |
|---|---|---|---|
| NVDA | 1.4% | 12.6% | 11.2% |
| AMZN | 1.4% | 4.5% | 3.1% |
| AAPL | 1.4% | 11.6% | 10.3% |
| GOOGL | 1.4% | 5.7% | 4.4% |
| AVGO | 1.3% | 4.3% | 3.0% |
| V | 1.3% | 1.5% | 0.2% |
| MSFT | 1.3% | 7.6% | 6.3% |
| META | 1.2% | 3.4% | 2.2% |
| MA | 1.4% | 1.1% | 0.2% |
| COST | 0.9% | 1.2% | 0.3% |
Where JEPI and VUG 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 | VUG | Δ |
|---|---|---|---|
| Information Technology | 13.5% | 56.0% | −42.6pp |
| Unclassified | 19.6% | 0.1% | +19.5pp |
| Communication Services | 5.2% | 15.3% | −10.2pp |
| Health Care | 11.6% | 4.7% | +6.9pp |
| Consumer Staples | 7.8% | 1.4% | +6.4pp |
| Utilities | 5.4% | 0.0% | +5.4pp |
| Financials | 8.5% | 3.9% | +4.5pp |
| Industrials | 8.9% | 5.0% | +3.9pp |
Δ is JEPI minus VUG, 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
64.3% of JEPI by weight, held in no part of VUG.
34.3% of VUG 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 | VUG | |
|---|---|---|
| Top 10 holdings | 15.7% | 60.3% |
| Positions held | 120 | 147 |
| 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 VUG overlap?
JEPI and VUG overlap 21.7% by portfolio weight — moderate overlap. They share 39 holdings. The figure comes from current issuer holdings files (JEPI as of 2026-03-31, VUG as of 2026-06-30).
How is the overlap between JEPI and VUG 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 VUG 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 VUG?
That depends on your goals — we state facts, not advice. At 21.7% overlap, each fund still contributes meaningfully distinct exposure.
What does JEPI own that VUG doesn't?
JEPI holds 120 positions and VUG holds 147; 81 of JEPI's positions don't appear in VUG at all, and they are 64.3% of JEPI by weight.
You probably hold more than two funds
This page compares JEPI and VUG. Paste your whole portfolio — brokerage, 401(k), IRA — and see the overlap across every fund at once, plus what you actually own underneath them and your own Effective Funds number. Free, no account, nothing stored.
X-ray my portfolio — free →Watch JEPI vs VUG
We re-read both funds’ published holdings every weeknight. Leave an address and we'll tell you when what's inside actually changes.
Not sending yet — email alerts are built but switched off, and you'll be among the first when they turn on. No spam, one-click unsubscribe.
Related comparisons
Sources: issuer holdings files, JEPI as of 2026-03-31, VUG as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.