JEPI vs QQQ: how much do they really overlap?
JEPI (JPMorgan Equity Premium Income ETF, tracking the S&P 500 (active)) and QQQ (Invesco QQQ Trust, tracking the Nasdaq-100) overlap by roughly 24% by weight. 3 of JEPI's top 10 holdings also appear in QQQ. A 50/50 blend of the two behaves like about 98 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 6 holdings appear in both JEPI and QQQ. The weight columns show how much of each fund each name represents.
| Holding | in JEPI | in QQQ |
|---|---|---|
| GOOGL Alphabet Inc. | 1.49% | 3.20% |
| LRCX Lam Research Corporation | 1.48% | 2.13% |
| NVDA NVIDIA Corporation | 1.48% | 7.60% |
| AAPL Apple Inc. | 1.48% | 6.80% |
| AMZN Amazon.com, Inc. | 1.48% | 4.08% |
| AVGO Broadcom Inc. | 1.30% | 2.82% |
Only in JEPI
JPMorgan Equity Premium Income ETF — US large-cap covered-call income. Its biggest holdings that QQQ 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% |
| ROST Ross Stores, Inc. | 1.48% |
| VRTX Vertex Pharmaceuticals Incorporated | 1.47% |
Only in QQQ
Invesco QQQ Trust — Nasdaq-100. Its biggest holdings that JEPI doesn’t have:
| MU Micron Technology, Inc. | 5.75% |
| MSFT Microsoft Corporation | 4.52% |
| AMD Advanced Micro Devices, Inc. | 3.83% |
| TSLA Tesla, Inc. | 3.09% |
| GOOG Alphabet Inc. | 2.98% |
| INTC Intel Corporation | 2.90% |
| META Meta Platforms, Inc. | 2.66% |
| WMT Walmart Inc. | 2.54% |
So — mostly different. Should you hold both?
JEPI and QQQ 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 ~98 effective positions (grade A), because they hold largely different securities.
Holdings as of — JEPI: Jun 29, 2026 (J.P. Morgan Asset Management); QQQ: Jun 26, 2026 (Invesco). 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 QQQ — FAQ
- How much do JEPI and QQQ overlap?
- JEPI and QQQ overlap by approximately 24% measured by portfolio weight — that is the share of the smaller fund's holdings (by weight) that also sit inside the other. 3 of JEPI's 10 largest holdings are also held by QQQ. They share 6 of their listed top holdings in total.
- Is it redundant to hold both JEPI and QQQ?
- 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 98 positions and a A diversification grade.
- What does QQQ hold that JEPI doesn't?
- QQQ's largest holdings that JEPI doesn't hold include MU, MSFT, AMD, TSLA, GOOG. Its category is Nasdaq-100, versus JEPI's US large-cap covered-call income.
- Which is more concentrated, JEPI or QQQ?
- JEPI's top 10 holdings are 43% of its listed weight; QQQ's are 63%. The more concentrated fund leans harder on its largest names.