JEPQ vs PRWCX: 23% overlap
JPMorgan Nasdaq Equity Premium Income ETF and T. Rowe Price Capital Appreciation share 23.3% of their portfolios by weight — computed as Σ min(wA, wB) over every holding both funds own.
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
JEPQ and PRWCX hold 16 of the same securities. The ten contributing most to the overlap figure:
| Holding | in JEPQ | in PRWCX | Δ |
|---|---|---|---|
| MSFT | 4.8% | 4.2% | 0.6% |
| AMZN | 4.0% | 4.8% | 0.8% |
| AAPL | 6.4% | 3.6% | 2.8% |
| META | 3.0% | 3.7% | 0.7% |
| NVDA | 7.3% | 3.0% | 4.3% |
| AVGO | 2.2% | 1.8% | 0.5% |
| AMD | 1.7% | 1.4% | 0.3% |
| NFLX | 2.1% | 0.7% | 1.3% |
| SBUX | 0.3% | 1.1% | 0.8% |
| ALNY | 0.3% | 0.9% | 0.6% |
Where JEPQ and PRWCX 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 | JEPQ | PRWCX | Δ |
|---|---|---|---|
| Information Technology | 37.9% | 17.8% | +20.1pp |
| Treasuries | 0.0% | 18.2% | −18.2pp |
| Health Care | 4.2% | 12.2% | −8.0pp |
| Utilities | 1.1% | 7.1% | −6.0pp |
| Consumer Staples | 6.3% | 0.6% | +5.7pp |
| Communication Services | 12.0% | 6.7% | +5.3pp |
| Cash & Other | 0.0% | 5.0% | −5.0pp |
| Consumer Discretionary | 10.0% | 7.2% | +2.8pp |
Δ is JEPQ minus PRWCX, 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
63.5% of JEPQ by weight, held in no part of PRWCX.
66.5% of PRWCX by weight, held in no part of JEPQ.
A large count with a small weight is the usual shape: the positions one fund adds are typically its smallest ones.
Concentration and cost
| JEPQ | PRWCX | |
|---|---|---|
| Top 10 holdings | 40.0% | 46.0% |
| Positions held | 108 | 151 |
| Cost per $10,000 held, per year | $35 | $72 |
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 JEPQ and PRWCX overlap?
JEPQ and PRWCX overlap 23.3% by portfolio weight — moderate overlap. They share 16 holdings. The figure comes from current issuer holdings files (JEPQ as of 2026-03-31, PRWCX as of 2026-03-31).
How is the overlap between JEPQ and PRWCX calculated?
As the sum of the smaller weight in each fund, over every holding both funds own: Σ min(wA, wB). If JEPQ holds a stock at 6% and PRWCX 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 JEPQ and PRWCX?
That depends on your goals — we state facts, not advice. At 23.3% overlap, each fund still contributes meaningfully distinct exposure.
What does JEPQ own that PRWCX doesn't?
JEPQ holds 108 positions and PRWCX holds 151; 92 of JEPQ's positions don't appear in PRWCX at all, and they are 63.5% of JEPQ by weight.
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Related comparisons
Sources: issuer holdings files, JEPQ as of 2026-03-31, PRWCX as of 2026-03-31. Weights are fractions of each fund. Diagnostics, not advice.