ITOT vs JEPQ: how much do they really overlap?
ITOT (iShares Core S&P Total US Stock Market ETF, tracking the S&P Total Market) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF, tracking the Nasdaq-100 (active)) overlap by roughly 60% by weight. 8 of ITOT's top 10 holdings also appear in JEPQ. A 50/50 blend of the two behaves like about 58 equally-weighted bets (diversification grade B). In short, the two funds share most of their weight in the same names; the second fund adds only modest differentiation.
The same companies, in both funds
These 18 holdings appear in both ITOT and JEPQ. The weight columns show how much of each fund each name represents.
| Holding | in ITOT | in JEPQ |
|---|---|---|
| NVDA NVIDIA CORP | 6.54% | 6.66% |
| AAPL APPLE INC | 6.78% | 5.80% |
| MSFT MICROSOFT CORP | 4.64% | 3.88% |
| AMZN AMAZON.COM INC | 3.19% | 3.66% |
| GOOG ALPHABET INC CLASS C | 2.18% | 5.03% |
| AVGO BROADCOM INC | 2.54% | 2.15% |
| META META PLATFORMS INC CLASS A | 1.64% | 2.37% |
| MU MICRON TECHNOLOGY INC | 1.36% | 5.56% |
| TSLA TESLA INC | 1.20% | 2.38% |
| AMD ADVANCED MICRO DEVICES INC | 1.09% | 3.85% |
| WMT WALMART INC | 0.67% | 1.78% |
| CSCO CISCO SYSTEMS INC | 0.62% | 1.34% |
| INTC INTEL CORPORATION | 0.60% | 1.61% |
| COST COSTCO WHOLESALE CORP | 0.59% | 1.16% |
| AMAT APPLIED MATERIAL INC | 0.55% | 1.31% |
+ 3 more shared holdings.
Only in ITOT
iShares Core S&P Total US Stock Market ETF — total US market. Its biggest holdings that JEPQ doesn’t have:
| GOOGL ALPHABET INC CLASS A | 2.71% |
| JPM JPMORGAN CHASE & CO | 1.30% |
| BRKB BERKSHIRE HATHAWAY INC CLASS B | 1.30% |
| LLY ELI LILLY | 1.26% |
| XOM EXXONMOBIL HOLDINGS CORP | 0.90% |
| JNJ JOHNSON & JOHNSON | 0.85% |
| V VISA INC CLASS A | 0.84% |
| MA MASTERCARD INC CLASS A | 0.64% |
Only in JEPQ
JPMorgan Nasdaq Equity Premium Income ETF — Nasdaq covered-call income. Its biggest holdings that ITOT doesn’t have:
| STX Seagate Technology Holdings plc | 1.92% |
| MRVL Marvell Technology, Inc. | 1.37% |
| ASML ASML Holding N.V. | 1.13% |
So — heavily overlapping. Should you hold both?
ITOT and JEPQ share most of their weight in the same names; the second fund adds only modest differentiation. If you already hold ITOT, adding JEPQ mostly increases your bet on the names they share rather than spreading it — a 50/50 blend still behaves like only ~58 equal positions, with the top 10 alone at 36% and the Magnificent Seven at 29%.
Holdings as of — ITOT: Jul 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 →ITOT vs JEPQ — FAQ
- How much do ITOT and JEPQ overlap?
- ITOT and JEPQ overlap by approximately 60% measured by portfolio weight — that is the share of the smaller fund's holdings (by weight) that also sit inside the other. 8 of ITOT's 10 largest holdings are also held by JEPQ. They share 18 of their listed top holdings in total.
- Is it redundant to hold both ITOT and JEPQ?
- Because they share most of their weight in the same names; the second fund adds only modest differentiation, holding both is largely redundant — you mostly duplicate the same megacaps and concentrate rather than diversify. A 50/50 blend has an effective 58 positions and a B diversification grade.
- What does JEPQ hold that ITOT doesn't?
- JEPQ's largest holdings that ITOT doesn't hold include STX, MRVL, ASML. Its category is Nasdaq covered-call income, versus ITOT's total US market.
- Which is more concentrated, ITOT or JEPQ?
- ITOT's top 10 holdings are 59% of its listed weight; JEPQ's are 72%. The more concentrated fund leans harder on its largest names.