IJR vs JEPQ: how much do they really overlap?
IJR (iShares Core S&P Small-Cap ETF, tracking the S&P SmallCap 600) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF, tracking the Nasdaq-100 (active)) overlap by roughly 0% by weight. 0 of IJR's top 10 holdings also appear in JEPQ. A 50/50 blend of the two behaves like about 170 equally-weighted bets (diversification grade A). In short, the two funds hold almost none of the same securities — they are complementary, not redundant.
The same companies, in both funds
These 0 holdings appear in both IJR and JEPQ. The weight columns show how much of each fund each name represents.
| Holding | in IJR | in JEPQ |
|---|
Only in IJR
iShares Core S&P Small-Cap ETF — US small-cap. Its biggest holdings that JEPQ doesn’t have:
| XTSLA BLK CSH FND TREASURY SL AGENCY | 1.96% |
| FORM FORMFACTOR INC | 0.67% |
| VSAT VIASAT INC | 0.66% |
| MOH MOLINA HEALTHCARE INC | 0.65% |
| AGX ARGAN INC | 0.60% |
| BTSG BRIGHTSPRING HEALTH SERVICES INC | 0.60% |
| ESI ELEMENT SOLUTIONS INC | 0.59% |
| MXL MAXLINEAR INC | 0.58% |
Only in JEPQ
JPMorgan Nasdaq Equity Premium Income ETF — Nasdaq covered-call income. Its biggest holdings that IJR doesn’t have:
| NVDA NVIDIA Corporation | 6.66% |
| AAPL Apple Inc. | 5.80% |
| MU Micron Technology, Inc. | 5.56% |
| GOOG Alphabet Inc. | 5.03% |
| MSFT Microsoft Corporation | 3.88% |
| AMD Advanced Micro Devices, Inc. | 3.85% |
| AMZN Amazon.com, Inc. | 3.66% |
| LRCX Lam Research Corporation | 2.88% |
So — essentially different. Should you hold both?
IJR and JEPQ hold almost none of the same securities — they are complementary, not redundant. Held together they genuinely broaden your exposure — a 50/50 blend reaches ~170 effective positions (grade A), because they hold largely different securities.
Holdings as of — IJR: Jun 30, 2026 (iShares (BlackRock)); JEPQ: Jun 30, 2026 (J.P. Morgan Asset Management). Refreshed monthly. Overlap is measured across each fund’s largest holdings (top 50); the diffuse long tail barely moves the math.
See this for YOUR whole portfolio, free →IJR vs JEPQ — FAQ
- How much do IJR and JEPQ overlap?
- IJR and JEPQ overlap by approximately 0% measured by portfolio weight — that is the share of the smaller fund's holdings (by weight) that also sit inside the other. 0 of IJR's 10 largest holdings are also held by JEPQ. They share 0 of their listed top holdings in total.
- Is it redundant to hold both IJR and JEPQ?
- Because they hold almost none of the same securities — they are complementary, not redundant, holding both is not redundant — each fund covers largely different holdings, so together they broaden your exposure. A 50/50 blend has an effective 170 positions and a A diversification grade.
- What does JEPQ hold that IJR doesn't?
- JEPQ's largest holdings that IJR doesn't hold include NVDA, AAPL, MU, GOOG, MSFT. Its category is Nasdaq covered-call income, versus IJR's US small-cap.
- Which is more concentrated, IJR or JEPQ?
- IJR's top 10 holdings are 31% of its listed weight; JEPQ's are 72%. The more concentrated fund leans harder on its largest names.