JEPI vs XLU: 6% overlap
JPMorgan Equity Premium Income ETF and Utilities Select Sector SPDR Fund share 5.8% 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 1.9. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
JEPI and XLU hold 7 of the same securities. The ten contributing most to the overlap figure:
| Holding | in JEPI | in XLU | Δ |
|---|---|---|---|
| NEE | 1.6% | 12.9% | 11.3% |
| SO | 1.1% | 7.5% | 6.4% |
| ETR | 1.1% | 3.7% | 2.6% |
| SRE | 0.9% | 4.2% | 3.3% |
| XEL | 0.5% | 3.5% | 3.0% |
| CASH | 1.2% | 0.3% | 0.9% |
| CMS | 0.2% | 1.6% | 1.3% |
Where JEPI and XLU 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 | XLU | Δ |
|---|---|---|---|
| Utilities | 5.4% | 99.7% | −94.2pp |
| 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 XLU, 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
92.9% of JEPI by weight, held in no part of XLU.
66.2% of XLU 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 | XLU | |
|---|---|---|
| Top 10 holdings | 15.7% | 58.0% |
| Positions held | 120 | 33 |
| 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 XLU overlap?
JEPI and XLU overlap 5.8% by portfolio weight — largely distinct portfolios. They share 7 holdings. The figure comes from current issuer holdings files (JEPI as of 2026-03-31, XLU as of 2026-07-23).
How is the overlap between JEPI and XLU 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 XLU 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 XLU?
That depends on your goals — we state facts, not advice. At 5.8% overlap, each fund still contributes meaningfully distinct exposure.
What does JEPI own that XLU doesn't?
JEPI holds 120 positions and XLU holds 33; 113 of JEPI's positions don't appear in XLU at all, and they are 92.9% of JEPI by weight.
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Related comparisons
Sources: issuer holdings files, JEPI as of 2026-03-31, XLU as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.