JEPI vs SOXQ: how much do they really overlap?
JEPI (JPMorgan Equity Premium Income ETF, tracking the S&P 500 (active)) and SOXQ (Invesco PHLX Semiconductor ETF, tracking the PHLX Semiconductor) overlap by roughly 12% by weight. 2 of JEPI's top 10 holdings also appear in SOXQ. A 50/50 blend of the two behaves like about 63 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 3 holdings appear in both JEPI and SOXQ. The weight columns show how much of each fund each name represents.
| Holding | in JEPI | in SOXQ |
|---|---|---|
| LRCX Lam Research Corporation | 1.48% | 4.88% |
| NVDA NVIDIA Corporation | 1.48% | 10.47% |
| AVGO Broadcom Inc. | 1.30% | 7.87% |
Only in JEPI
JPMorgan Equity Premium Income ETF — US large-cap covered-call income. Its biggest holdings that SOXQ 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 SOXQ
Invesco PHLX Semiconductor ETF — semiconductors. Its biggest holdings that JEPI doesn’t have:
| MU Micron Technology, Inc. | 8.91% |
| AMAT Applied Materials, Inc. | 5.83% |
| KLAC KLA Corporation | 5.47% |
| MRVL Marvell Technology, Inc. | 5.12% |
| ASML ASML Holding N.V. | 4.41% |
| INTC Intel Corporation | 4.34% |
| TSM Taiwan Semiconductor Manufacturing Company Limited | 4.11% |
| AMD Advanced Micro Devices, Inc. | 3.95% |
So — mostly different. Should you hold both?
JEPI and SOXQ 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 ~63 effective positions (grade A), because they hold largely different securities.
Holdings as of — JEPI: Jun 29, 2026 (J.P. Morgan Asset Management); SOXQ: Jun 29, 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 SOXQ — FAQ
- How much do JEPI and SOXQ overlap?
- JEPI and SOXQ overlap by approximately 12% 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 SOXQ. They share 3 of their listed top holdings in total.
- Is it redundant to hold both JEPI and SOXQ?
- 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 63 positions and a A diversification grade.
- What does SOXQ hold that JEPI doesn't?
- SOXQ's largest holdings that JEPI doesn't hold include MU, AMAT, KLAC, MRVL, ASML. Its category is semiconductors, versus JEPI's US large-cap covered-call income.
- Which is more concentrated, JEPI or SOXQ?
- JEPI's top 10 holdings are 43% of its listed weight; SOXQ's are 63%. The more concentrated fund leans harder on its largest names.