JEPQ vs SCHD: 4% overlap
JPMorgan Nasdaq Equity Premium Income ETF and Schwab U.S. Dividend Equity ETF share 3.9% 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 2 months apart — JEPQ as of 2026-03-31, the rest through 2026-05-31. 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
JEPQ and SCHD hold 10 of the same securities. The ten contributing most to the overlap figure:
| Holding | in JEPQ | in SCHD | Δ |
|---|---|---|---|
| PEP | 1.0% | 3.4% | 2.5% |
| TXN | 0.7% | 5.9% | 5.2% |
| CMCSA | 0.6% | 2.2% | 1.7% |
| QCOM | 0.5% | 6.7% | 6.2% |
| AMGN | 0.4% | 3.5% | 3.0% |
| BMY | 0.3% | 2.9% | 2.7% |
| KO | 0.2% | 4.0% | 3.7% |
| UNH | 0.1% | 5.1% | 5.0% |
| UPS | 0.1% | 2.0% | 1.9% |
| CASH | 1.8% | 0.0% | 1.8% |
Where JEPQ and SCHD 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 | SCHD | Δ |
|---|---|---|---|
| Information Technology | 37.9% | 12.9% | +25.0pp |
| Unclassified | 22.3% | 2.9% | +19.4pp |
| Energy | 0.4% | 14.6% | −14.2pp |
| Health Care | 4.2% | 18.3% | −14.1pp |
| Consumer Staples | 6.3% | 18.4% | −12.1pp |
| Industrials | 1.7% | 10.8% | −9.1pp |
| Financials | 0.5% | 8.8% | −8.3pp |
| Communication Services | 12.0% | 6.0% | +6.0pp |
Δ is JEPQ minus SCHD, 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
92.7% of JEPQ by weight, held in no part of SCHD.
64.0% of SCHD 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 | SCHD | |
|---|---|---|
| Top 10 holdings | 40.0% | 43.6% |
| Positions held | 108 | 101 |
| Cost per $10,000 held, per year | $35 | $6 |
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 SCHD overlap?
JEPQ and SCHD overlap 3.9% by portfolio weight — largely distinct portfolios. They share 10 holdings. The figure comes from current issuer holdings files (JEPQ as of 2026-03-31, SCHD as of 2026-05-31).
How is the overlap between JEPQ and SCHD 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 SCHD 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 SCHD?
That depends on your goals — we state facts, not advice. At 3.9% overlap, each fund still contributes meaningfully distinct exposure.
What does JEPQ own that SCHD doesn't?
JEPQ holds 108 positions and SCHD holds 101; 98 of JEPQ's positions don't appear in SCHD at all, and they are 92.7% of JEPQ by weight.
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Related comparisons
Sources: issuer holdings files, JEPQ as of 2026-03-31, SCHD as of 2026-05-31. Weights are fractions of each fund. Diagnostics, not advice.