JEPQ vs VNQ: 1% overlap
JPMorgan Nasdaq Equity Premium Income ETF and Vanguard Real Estate ETF share 0.8% 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 3 months apart — JEPQ 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 2.0. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
JEPQ and VNQ hold 2 of the same securities. The ten contributing most to the overlap figure:
| Holding | in JEPQ | in VNQ | Δ |
|---|---|---|---|
| CASH | 1.8% | 0.6% | 1.2% |
| PLD | 0.2% | 6.7% | 6.5% |
Where JEPQ and VNQ 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 | VNQ | Δ |
|---|---|---|---|
| Real Estate | 0.2% | 84.0% | −83.8pp |
| Information Technology | 37.9% | 0.0% | +37.9pp |
| Communication Services | 12.0% | 0.0% | +12.0pp |
| Consumer Discretionary | 10.0% | 0.2% | +9.7pp |
| Unclassified | 22.3% | 14.7% | +7.6pp |
| Consumer Staples | 6.3% | 0.2% | +6.2pp |
| Health Care | 4.2% | 0.0% | +4.2pp |
| Industrials | 1.7% | 0.0% | +1.7pp |
Δ is JEPQ minus VNQ, 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
96.4% of JEPQ by weight, held in no part of VNQ.
92.7% of VNQ 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 | VNQ | |
|---|---|---|
| Top 10 holdings | 40.0% | 54.1% |
| Positions held | 108 | 145 |
| Cost per $10,000 held, per year | $35 | $13 |
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 VNQ overlap?
JEPQ and VNQ overlap 0.8% by portfolio weight — largely distinct portfolios. They share 2 holdings. The figure comes from current issuer holdings files (JEPQ as of 2026-03-31, VNQ as of 2026-06-30).
How is the overlap between JEPQ and VNQ 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 VNQ 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 VNQ?
That depends on your goals — we state facts, not advice. At 0.8% overlap, each fund still contributes meaningfully distinct exposure.
What does JEPQ own that VNQ doesn't?
JEPQ holds 108 positions and VNQ holds 145; 106 of JEPQ's positions don't appear in VNQ at all, and they are 96.4% of JEPQ by weight.
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Related comparisons
Sources: issuer holdings files, JEPQ as of 2026-03-31, VNQ as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.