JEPQ vs VXF: 2% overlap
JPMorgan Nasdaq Equity Premium Income ETF and Vanguard Extended Market ETF share 2.3% 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 VXF hold 6 of the same securities. The ten contributing most to the overlap figure:
| Holding | in JEPQ | in VXF | Δ |
|---|---|---|---|
| CASH | 1.8% | 3.8% | 1.9% |
| ALNY | 0.3% | 0.5% | 0.2% |
| HUBS | 0.1% | 0.1% | 0.0% |
| MSTR | 0.1% | 0.3% | 0.3% |
| TEAM | 0.0% | 0.1% | 0.1% |
| MRVL | 0.6% | 0.0% | 0.6% |
Where JEPQ and VXF 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 | VXF | Δ |
|---|---|---|---|
| Unclassified | 22.3% | 1.0% | +21.3pp |
| Information Technology | 37.9% | 17.6% | +20.3pp |
| Industrials | 1.7% | 19.8% | −18.1pp |
| Financials | 0.5% | 13.9% | −13.4pp |
| Health Care | 4.2% | 13.2% | −9.0pp |
| Communication Services | 12.0% | 4.5% | +7.5pp |
| Real Estate | 0.2% | 4.8% | −4.6pp |
| Materials | 0.0% | 4.1% | −4.1pp |
Δ is JEPQ minus VXF, 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 JEPQ by weight, held in no part of VXF.
95.2% of VXF 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 | VXF | |
|---|---|---|
| Top 10 holdings | 40.0% | 10.6% |
| Positions held | 108 | 3,327 |
| Cost per $10,000 held, per year | $35 | $5 |
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 VXF overlap?
JEPQ and VXF overlap 2.3% by portfolio weight — largely distinct portfolios. They share 6 holdings. The figure comes from current issuer holdings files (JEPQ as of 2026-03-31, VXF as of 2026-06-30).
How is the overlap between JEPQ and VXF 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 VXF 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 VXF?
That depends on your goals — we state facts, not advice. At 2.3% overlap, each fund still contributes meaningfully distinct exposure.
What does JEPQ own that VXF doesn't?
JEPQ holds 108 positions and VXF holds 3,327; 102 of JEPQ's positions don't appear in VXF at all, and they are 95.5% of JEPQ by weight.
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Related comparisons
Sources: issuer holdings files, JEPQ as of 2026-03-31, VXF as of 2026-06-30. Weights are fractions of each fund. Diagnostics, not advice.