JEPI vs JEPQ: how much do they really overlap?
JEPI (JPMorgan Equity Premium Income ETF, tracking the S&P 500 (active)) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF, tracking the Nasdaq-100 (active)) overlap by roughly 20% by weight. 2 of JEPI's top 10 holdings also appear in JEPQ. A 50/50 blend of the two behaves like about 119 equally-weighted bets (diversification grade A). 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 5 holdings appear in both JEPI and JEPQ. The weight columns show how much of each fund each name represents.
| Holding | in JEPI | in JEPQ |
|---|---|---|
| LRCX Lam Research Corporation | 1.48% | 2.88% |
| NVDA NVIDIA Corporation | 1.48% | 6.66% |
| AAPL Apple Inc. | 1.48% | 5.80% |
| AMZN Amazon.com, Inc. | 1.48% | 3.66% |
| AVGO Broadcom Inc. | 1.30% | 2.15% |
Only in JEPI
JPMorgan Equity Premium Income ETF — US large-cap covered-call income. Its biggest holdings that JEPQ 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% |
Only in JEPQ
JPMorgan Nasdaq Equity Premium Income ETF — Nasdaq covered-call income. Its biggest holdings that JEPI doesn’t have:
| MU Micron Technology, Inc. | 5.56% |
| GOOG Alphabet Inc. | 5.03% |
| MSFT Microsoft Corporation | 3.88% |
| AMD Advanced Micro Devices, Inc. | 3.85% |
| TSLA Tesla, Inc. | 2.38% |
| META Meta Platforms, Inc. | 2.37% |
| STX Seagate Technology Holdings plc | 1.92% |
| WMT Walmart Inc. | 1.78% |
So — mostly different. Should you hold both?
JEPI 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 ~119 effective positions (grade A), because they hold largely different securities.
Holdings as of — JEPI: Jun 29, 2026 (J.P. Morgan Asset Management); 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 →JEPI vs JEPQ — FAQ
- How much do JEPI and JEPQ overlap?
- JEPI and JEPQ overlap by approximately 20% measured by portfolio weight — that is the share of the smaller fund's holdings (by weight) that also sit inside the other. 2 of JEPI's 10 largest holdings are also held by JEPQ. They share 5 of their listed top holdings in total.
- Is it redundant to hold both JEPI 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 119 positions and a A diversification grade.
- What does JEPQ hold that JEPI doesn't?
- JEPQ's largest holdings that JEPI doesn't hold include MU, GOOG, MSFT, AMD, TSLA. Its category is Nasdaq covered-call income, versus JEPI's US large-cap covered-call income.
- Which is more concentrated, JEPI or JEPQ?
- JEPI's top 10 holdings are 43% of its listed weight; JEPQ's are 72%. The more concentrated fund leans harder on its largest names.