JEPQ vs XLU: 1% overlap
JPMorgan Nasdaq Equity Premium Income ETF and Utilities Select Sector SPDR Fund share 1.4% 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 — JEPQ 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 2.0. Two funds that shared nothing would score 2.0; two identical funds score 1.0.
Top shared holdings
JEPQ and XLU hold 5 of the same securities. The ten contributing most to the overlap figure:
| Holding | in JEPQ | in XLU | Δ |
|---|---|---|---|
| XEL | 0.4% | 3.5% | 3.1% |
| NEE | 0.3% | 12.9% | 12.6% |
| SO | 0.3% | 7.5% | 7.2% |
| CASH | 1.8% | 0.3% | 1.5% |
| CEG | 0.1% | 6.1% | 6.0% |
Where JEPQ 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 | JEPQ | XLU | Δ |
|---|---|---|---|
| Utilities | 1.1% | 99.7% | −98.5pp |
| Information Technology | 37.9% | 0.0% | +37.9pp |
| Unclassified | 22.3% | 0.0% | +22.3pp |
| Communication Services | 12.0% | 0.0% | +12.0pp |
| Consumer Discretionary | 10.0% | 0.0% | +10.0pp |
| Consumer Staples | 6.3% | 0.0% | +6.3pp |
| Health Care | 4.2% | 0.0% | +4.2pp |
| Industrials | 1.7% | 0.0% | +1.7pp |
Δ is JEPQ 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
95.5% of JEPQ by weight, held in no part of XLU.
69.6% of XLU 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 | XLU | |
|---|---|---|
| Top 10 holdings | 40.0% | 58.0% |
| Positions held | 108 | 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 JEPQ and XLU overlap?
JEPQ and XLU overlap 1.4% by portfolio weight — largely distinct portfolios. They share 5 holdings. The figure comes from current issuer holdings files (JEPQ as of 2026-03-31, XLU as of 2026-07-23).
How is the overlap between JEPQ and XLU 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 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 JEPQ and XLU?
That depends on your goals — we state facts, not advice. At 1.4% overlap, each fund still contributes meaningfully distinct exposure.
What does JEPQ own that XLU doesn't?
JEPQ holds 108 positions and XLU holds 33; 103 of JEPQ's positions don't appear in XLU at all, and they are 95.5% of JEPQ by weight.
You probably hold more than two funds
This page compares JEPQ and XLU. Paste your whole portfolio — brokerage, 401(k), IRA — and see the overlap across every fund at once, plus what you actually own underneath them and your own Effective Funds number. Free, no account, nothing stored.
X-ray my portfolio — free →Watch JEPQ vs XLU
We re-read both funds’ published holdings every weeknight. Leave an address and we'll tell you when what's inside actually changes.
Not sending yet — email alerts are built but switched off, and you'll be among the first when they turn on. No spam, one-click unsubscribe.
Related comparisons
Sources: issuer holdings files, JEPQ as of 2026-03-31, XLU as of 2026-07-23. Weights are fractions of each fund. Diagnostics, not advice.