DIA vs JEPI: how much do they really overlap?
DIA (SPDR Dow Jones Industrial Average ETF, tracking the Dow Jones Industrial Average) and JEPI (JPMorgan Equity Premium Income ETF, tracking the S&P 500 (active)) overlap by roughly 33% by weight. 3 of DIA's top 10 holdings also appear in JEPI. A 50/50 blend of the two behaves like about 62 equally-weighted bets (diversification grade A). In short, the two funds share a meaningful core of the same megacaps, but each also brings real exposure the other lacks.
The same companies, in both funds
These 8 holdings appear in both DIA and JEPI. The weight columns show how much of each fund each name represents.
| Holding | in DIA | in JEPI |
|---|---|---|
| JNJ Johnson & Johnson | 2.94% | 1.69% |
| GOOGL Alphabet Inc. | 4.03% | 1.49% |
| AAPL Apple Inc. | 3.21% | 1.48% |
| AMZN Amazon.com, Inc. | 2.73% | 1.48% |
| NVDA NVIDIA Corporation | 2.22% | 1.48% |
| MMM 3M Company | 1.85% | 1.42% |
| V Visa Inc. | 3.89% | 1.40% |
| AXP American Express Company | 3.88% | 1.40% |
Only in DIA
SPDR Dow Jones Industrial Average ETF — US blue-chip (Dow 30). Its biggest holdings that JEPI doesn’t have:
| CAT Caterpillar Inc. | 11.76% |
| GS The Goldman Sachs Group, Inc. | 11.61% |
| UNH UnitedHealth Group Incorporated | 4.78% |
| MSFT Microsoft Corporation | 4.20% |
| AMGN Amgen Inc. | 4.10% |
| HD The Home Depot, Inc. | 3.99% |
| SHW The Sherwin-Williams Company | 3.92% |
| TRV The Travelers Companies, Inc. | 3.78% |
Only in JEPI
JPMorgan Equity Premium Income ETF — US large-cap covered-call income. Its biggest holdings that DIA doesn’t have:
| ABBV AbbVie Inc. | 1.74% |
| HWM Howmet Aerospace Inc. | 1.68% |
| TT Trane Technologies plc | 1.57% |
| ETN Eaton Corporation plc | 1.56% |
| NEE NextEra Energy, Inc. | 1.50% |
| ROST Ross Stores, Inc. | 1.48% |
| LRCX Lam Research Corporation | 1.48% |
| VRTX Vertex Pharmaceuticals Incorporated | 1.47% |
So — partly overlapping. Should you hold both?
DIA and JEPI share a meaningful core of the same megacaps, but each also brings real exposure the other lacks. Held together they keep a shared megacap core but each still pulls in exposure the other lacks, so a 50/50 blend spreads to ~62 effective positions (grade A).
Holdings as of — DIA: Jun 29, 2026 (State Street Global Advisors); JEPI: Jun 29, 2026 (J.P. Morgan Asset Management). Refreshed monthly. Overlap is measured across each fund’s largest holdings (top 25); the diffuse long tail barely moves the math.
See this for YOUR whole portfolio, free →DIA vs JEPI — FAQ
- How much do DIA and JEPI overlap?
- DIA and JEPI overlap by approximately 33% measured by portfolio weight — that is the share of the smaller fund's holdings (by weight) that also sit inside the other. 3 of DIA's 10 largest holdings are also held by JEPI. They share 8 of their listed top holdings in total.
- Is it redundant to hold both DIA and JEPI?
- Because they share a meaningful core of the same megacaps, but each also brings real exposure the other lacks, holding both is partly redundant: you double up on a shared core (JNJ) while each fund still adds distinct exposure. A 50/50 blend has an effective 62 positions and a A diversification grade.
- What does JEPI hold that DIA doesn't?
- JEPI's largest holdings that DIA doesn't hold include ABBV, HWM, TT, ETN, NEE. Its category is US large-cap covered-call income, versus DIA's US blue-chip (Dow 30).
- Which is more concentrated, DIA or JEPI?
- DIA's top 10 holdings are 59% of its listed weight; JEPI's are 43%. The more concentrated fund leans harder on its largest names.