JEPI vs XLRE: 3% overlap
JPMorgan Equity Premium Income ETF and Real Estate Select Sector SPDR Fund share 2.9% 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 4 months apart — JEPI as of 2026-03-31, the rest through 2026-07-23. 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 XLRE hold 6 of the same securities. The ten contributing most to the overlap figure:
| Holding | in JEPI | in XLRE | Δ |
|---|---|---|---|
| EQIX | 1.0% | 6.9% | 5.9% |
| WELL | 0.7% | 11.7% | 11.0% |
| VTR | 0.6% | 4.8% | 4.2% |
| SBAC | 0.3% | 1.9% | 1.6% |
| AMT | 0.3% | 5.2% | 4.9% |
| CASH | 1.2% | 0.0% | 1.2% |
Where JEPI and XLRE 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 | XLRE | Δ |
|---|---|---|---|
| Real Estate | 2.9% | 99.9% | −97.1pp |
| Unclassified | 19.6% | 0.0% | +19.6pp |
| Information Technology | 13.5% | 0.0% | +13.5pp |
| Health Care | 11.6% | 0.0% | +11.6pp |
| Consumer Discretionary | 10.2% | 0.0% | +10.2pp |
| Industrials | 8.9% | 0.0% | +8.9pp |
| Financials | 8.5% | 0.0% | +8.5pp |
| Consumer Staples | 7.8% | 0.0% | +7.8pp |
Δ is JEPI minus XLRE, 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
95.5% of JEPI by weight, held in no part of XLRE.
69.5% of XLRE 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 | XLRE | |
|---|---|---|
| Top 10 holdings | 15.7% | 60.6% |
| Positions held | 120 | 34 |
| 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 XLRE overlap?
JEPI and XLRE overlap 2.9% by portfolio weight — largely distinct portfolios. They share 6 holdings. The figure comes from current issuer holdings files (JEPI as of 2026-03-31, XLRE as of 2026-07-23).
How is the overlap between JEPI and XLRE 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 XLRE 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 XLRE?
That depends on your goals — we state facts, not advice. At 2.9% overlap, each fund still contributes meaningfully distinct exposure.
What does JEPI own that XLRE doesn't?
JEPI holds 120 positions and XLRE holds 34; 114 of JEPI's positions don't appear in XLRE at all, and they are 95.5% of JEPI by weight.
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Related comparisons
Sources: issuer holdings files, JEPI as of 2026-03-31, XLRE as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.