IWM vs JEPI: how much do they really overlap?
IWM (iShares Russell 2000 ETF, tracking the Russell 2000) and JEPI (JPMorgan Equity Premium Income ETF, tracking the S&P 500 (active)) overlap by roughly 0% by weight. 0 of IWM's top 10 holdings also appear in JEPI. A 50/50 blend of the two behaves like about 701 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 IWM and JEPI. The weight columns show how much of each fund each name represents.
| Holding | in IWM | in JEPI |
|---|
Only in IWM
iShares Russell 2000 ETF — US small-cap. Its biggest holdings that JEPI doesn’t have:
| MOGA MOOG INC CLASS A | 0.38% |
| HUT HUT CORP | 0.37% |
| VSAT VIASAT INC | 0.35% |
| BTSG BRIGHTSPRING HEALTH SERVICES INC | 0.35% |
| CYTK CYTOKINETICS INC | 0.35% |
| MXL MAXLINEAR INC | 0.34% |
| AGX ARGAN INC | 0.34% |
| UMBF UMB FINANCIAL CORP | 0.33% |
Only in JEPI
JPMorgan Equity Premium Income ETF — US large-cap covered-call income. Its biggest holdings that IWM doesn’t have:
| ABBV AbbVie Inc. | 1.74% |
| JNJ Johnson & Johnson | 1.69% |
| HWM Howmet Aerospace Inc. | 1.68% |
| TT Trane Technologies plc | 1.57% |
| ETN Eaton Corporation plc | 1.56% |
| NEE NextEra Energy, Inc. | 1.50% |
| GOOGL Alphabet Inc. | 1.49% |
| ROST Ross Stores, Inc. | 1.48% |
So — essentially different. Should you hold both?
IWM and JEPI hold almost none of the same securities — they are complementary, not redundant. Held together they genuinely broaden your exposure — a 50/50 blend reaches ~701 effective positions (grade A), because they hold largely different securities.
Holdings as of — IWM: 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 →IWM vs JEPI — FAQ
- How much do IWM and JEPI overlap?
- IWM and JEPI 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 IWM's 10 largest holdings are also held by JEPI. They share 0 of their listed top holdings in total.
- Is it redundant to hold both IWM and JEPI?
- 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 701 positions and a A diversification grade.
- What does JEPI hold that IWM doesn't?
- JEPI's largest holdings that IWM doesn't hold include ABBV, JNJ, HWM, TT, ETN. Its category is US large-cap covered-call income, versus IWM's US small-cap.
- Which is more concentrated, IWM or JEPI?
- IWM's top 10 holdings are 26% of its listed weight; JEPI's are 43%. The more concentrated fund leans harder on its largest names.