ITOT vs JEPI: how much do they really overlap?
ITOT (iShares Core S&P Total US Stock Market ETF, tracking the S&P Total Market) and JEPI (JPMorgan Equity Premium Income ETF, tracking the S&P 500 (active)) overlap by roughly 32% by weight. 5 of ITOT's top 10 holdings also appear in JEPI. A 50/50 blend of the two behaves like about 146 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 12 holdings appear in both ITOT and JEPI. The weight columns show how much of each fund each name represents.
| Holding | in ITOT | in JEPI |
|---|---|---|
| GOOGL ALPHABET INC CLASS A | 2.86% | 1.49% |
| NVDA NVIDIA CORP | 6.63% | 1.48% |
| AAPL APPLE INC | 5.81% | 1.48% |
| AMZN AMAZON.COM INC | 3.19% | 1.48% |
| AVGO BROADCOM INC | 2.45% | 1.30% |
| JNJ JOHNSON & JOHNSON | 0.84% | 1.69% |
| V VISA INC CLASS A | 0.78% | 1.40% |
| LRCX LAM RESEARCH CORP | 0.74% | 1.48% |
| ABBV ABBVIE INC | 0.61% | 1.74% |
| MA MASTERCARD INC CLASS A | 0.57% | 1.32% |
| PM PHILIP MORRIS INTERNATIONAL INC | 0.39% | 1.36% |
| RTX RTX CORP | 0.35% | 1.40% |
Only in ITOT
iShares Core S&P Total US Stock Market ETF — total US market. Its biggest holdings that JEPI doesn’t have:
| MSFT MICROSOFT CORP | 3.79% |
| GOOG ALPHABET INC CLASS C | 2.29% |
| MU MICRON TECHNOLOGY INC | 1.78% |
| META META PLATFORMS INC CLASS A | 1.69% |
| TSLA TESLA INC | 1.62% |
| LLY ELI LILLY | 1.30% |
| AMD ADVANCED MICRO DEVICES INC | 1.30% |
| BRKB BERKSHIRE HATHAWAY INC CLASS B | 1.25% |
Only in JEPI
JPMorgan Equity Premium Income ETF — US large-cap covered-call income. Its biggest holdings that ITOT doesn’t have:
| 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% |
| VRTX Vertex Pharmaceuticals Incorporated | 1.47% |
| EOG EOG Resources, Inc. | 1.47% |
| MMM 3M Company | 1.42% |
So — partly overlapping. Should you hold both?
ITOT 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 ~146 effective positions (grade A).
Holdings as of — ITOT: Jun 30, 2026 (iShares (BlackRock)); JEPI: Jun 29, 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 →ITOT vs JEPI — FAQ
- How much do ITOT and JEPI overlap?
- ITOT and JEPI overlap by approximately 32% measured by portfolio weight — that is the share of the smaller fund's holdings (by weight) that also sit inside the other. 5 of ITOT's 10 largest holdings are also held by JEPI. They share 12 of their listed top holdings in total.
- Is it redundant to hold both ITOT 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 (GOOGL) while each fund still adds distinct exposure. A 50/50 blend has an effective 146 positions and a A diversification grade.
- What does JEPI hold that ITOT doesn't?
- JEPI's largest holdings that ITOT doesn't hold include HWM, TT, ETN, NEE, ROST. Its category is US large-cap covered-call income, versus ITOT's total US market.
- Which is more concentrated, ITOT or JEPI?
- ITOT's top 10 holdings are 58% of its listed weight; JEPI's are 43%. The more concentrated fund leans harder on its largest names.