DIA vs JEPQ: how much do they really overlap?
DIA (SPDR Dow Jones Industrial Average ETF, tracking the Dow Jones Industrial Average) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF, tracking the Nasdaq-100 (active)) overlap by roughly 21% by weight. 1 of DIA's top 10 holdings also appear in JEPQ. A 50/50 blend of the two behaves like about 47 equally-weighted bets (diversification grade B). In short, the two funds have only a small shared core — they mostly hold different things and are largely complementary.
The same companies, in both funds
These 4 holdings appear in both DIA and JEPQ. The weight columns show how much of each fund each name represents.
| Holding | in DIA | in JEPQ |
|---|---|---|
| MSFT Microsoft Corporation | 4.20% | 3.88% |
| AAPL Apple Inc. | 3.21% | 5.80% |
| AMZN Amazon.com, Inc. | 2.73% | 3.66% |
| NVDA NVIDIA Corporation | 2.22% | 6.66% |
Only in DIA
SPDR Dow Jones Industrial Average ETF — US blue-chip (Dow 30). Its biggest holdings that JEPQ doesn’t have:
| CAT Caterpillar Inc. | 11.76% |
| GS The Goldman Sachs Group, Inc. | 11.61% |
| UNH UnitedHealth Group Incorporated | 4.78% |
| AMGN Amgen Inc. | 4.10% |
| GOOGL Alphabet Inc. | 4.03% |
| HD The Home Depot, Inc. | 3.99% |
| SHW The Sherwin-Williams Company | 3.92% |
| V Visa Inc. | 3.89% |
Only in JEPQ
JPMorgan Nasdaq Equity Premium Income ETF — Nasdaq covered-call income. Its biggest holdings that DIA doesn’t have:
| MU Micron Technology, Inc. | 5.56% |
| GOOG Alphabet Inc. | 5.03% |
| AMD Advanced Micro Devices, Inc. | 3.85% |
| LRCX Lam Research Corporation | 2.88% |
| TSLA Tesla, Inc. | 2.38% |
| META Meta Platforms, Inc. | 2.37% |
| AVGO Broadcom Inc. | 2.15% |
| STX Seagate Technology Holdings plc | 1.92% |
So — mostly different. Should you hold both?
DIA and JEPQ have only a small shared core — they mostly hold different things and are largely complementary. Held together they genuinely broaden your exposure — a 50/50 blend reaches ~47 effective positions (grade B), because they hold largely different securities.
Holdings as of — DIA: Jun 29, 2026 (State Street Global Advisors); JEPQ: Jun 30, 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 JEPQ — FAQ
- How much do DIA and JEPQ overlap?
- DIA and JEPQ overlap by approximately 21% measured by portfolio weight — that is the share of the smaller fund's holdings (by weight) that also sit inside the other. 1 of DIA's 10 largest holdings are also held by JEPQ. They share 4 of their listed top holdings in total.
- Is it redundant to hold both DIA and JEPQ?
- Because they have only a small shared core — they mostly hold different things and are largely complementary, holding both is not redundant — each fund covers largely different holdings, so together they broaden your exposure. A 50/50 blend has an effective 47 positions and a B diversification grade.
- What does JEPQ hold that DIA doesn't?
- JEPQ's largest holdings that DIA doesn't hold include MU, GOOG, AMD, LRCX, TSLA. Its category is Nasdaq covered-call income, versus DIA's US blue-chip (Dow 30).
- Which is more concentrated, DIA or JEPQ?
- DIA's top 10 holdings are 59% of its listed weight; JEPQ's are 72%. The more concentrated fund leans harder on its largest names.