JEPI vs SMH: how much do they really overlap?
JEPI (JPMorgan Equity Premium Income ETF, tracking the S&P 500 (active)) and SMH (VanEck Semiconductor ETF, tracking the MVIS US Listed Semiconductor 25) overlap by roughly 15% by weight. 2 of JEPI's top 10 holdings also appear in SMH. A 50/50 blend of the two behaves like about 46 equally-weighted bets (diversification grade B). 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 4 holdings appear in both JEPI and SMH. The weight columns show how much of each fund each name represents.
| Holding | in JEPI | in SMH |
|---|---|---|
| LRCX Lam Research Corporation | 1.48% | 5.00% |
| NVDA NVIDIA Corporation | 1.48% | 18.16% |
| AVGO Broadcom Inc. | 1.30% | 5.49% |
| CDNS Cadence Design Systems, Inc. | 1.28% | 2.33% |
Only in JEPI
JPMorgan Equity Premium Income ETF — US large-cap covered-call income. Its biggest holdings that SMH 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 SMH
VanEck Semiconductor ETF — semiconductors. Its biggest holdings that JEPI doesn’t have:
| TSM Taiwan Semiconductor Manufacturing Company Limited | 9.04% |
| MU Micron Technology, Inc. | 5.99% |
| AMD Advanced Micro Devices, Inc. | 5.44% |
| AMAT Applied Materials, Inc. | 5.35% |
| INTC Intel Corporation | 5.09% |
| KLAC KLA Corporation | 4.94% |
| ASML ASML Holding N.V. | 4.89% |
| MRVL Marvell Technology, Inc. | 4.49% |
So — mostly different. Should you hold both?
JEPI and SMH 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 ~46 effective positions (grade B), because they hold largely different securities.
Holdings as of — JEPI: Jun 29, 2026 (J.P. Morgan Asset Management); SMH: Jun 27, 2026 (VanEck). 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 SMH — FAQ
- How much do JEPI and SMH overlap?
- JEPI and SMH overlap by approximately 15% 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 SMH. They share 4 of their listed top holdings in total.
- Is it redundant to hold both JEPI and SMH?
- 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 46 positions and a B diversification grade.
- What does SMH hold that JEPI doesn't?
- SMH's largest holdings that JEPI doesn't hold include TSM, MU, AMD, AMAT, INTC. Its category is semiconductors, versus JEPI's US large-cap covered-call income.
- Which is more concentrated, JEPI or SMH?
- JEPI's top 10 holdings are 43% of its listed weight; SMH's are 69%. The more concentrated fund leans harder on its largest names.