JEPI vs SPY: how much do they really overlap?
JEPI (JPMorgan Equity Premium Income ETF, tracking the S&P 500 (active)) and SPY (SPDR S&P 500 ETF Trust, tracking the S&P 500) overlap by roughly 29% by weight. 5 of JEPI's top 10 holdings also appear in SPY. A 50/50 blend of the two behaves like about 128 equally-weighted bets (diversification grade A). In short, the two funds share a meaningful core of the same megacaps, but each also brings real exposure the other lacks.
The same companies, in both funds
These 9 holdings appear in both JEPI and SPY. The weight columns show how much of each fund each name represents.
| Holding | in JEPI | in SPY |
|---|---|---|
| GOOGL Alphabet Inc. | 1.49% | 3.24% |
| NVDA NVIDIA Corporation | 1.48% | 7.38% |
| AAPL Apple Inc. | 1.48% | 6.47% |
| AMZN Amazon.com, Inc. | 1.48% | 3.68% |
| AVGO Broadcom Inc. | 1.30% | 2.76% |
| JNJ Johnson & Johnson | 1.69% | 0.97% |
| V Visa Inc. | 1.40% | 0.89% |
| LRCX Lam Research Corporation | 1.48% | 0.80% |
| ABBV AbbVie Inc. | 1.74% | 0.70% |
Only in JEPI
JPMorgan Equity Premium Income ETF — US large-cap covered-call income. Its biggest holdings that SPY doesn’t have:
| 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% |
| EOG EOG Resources, Inc. | 1.47% |
| MMM 3M Company | 1.42% |
Only in SPY
SPDR S&P 500 ETF Trust — US large-cap. Its biggest holdings that JEPI doesn’t have:
| MSFT Microsoft Corporation | 4.28% |
| GOOG Alphabet Inc. | 2.60% |
| MU Micron Technology, Inc. | 2.02% |
| META Meta Platforms, Inc. | 1.93% |
| TSLA Tesla, Inc. | 1.81% |
| LLY Eli Lilly and Company | 1.52% |
| BRK.B Berkshire Hathaway Inc. | 1.42% |
| JPM JPMorgan Chase & Co. | 1.38% |
So — partly overlapping. Should you hold both?
JEPI and SPY share a meaningful core of the same megacaps, but each also brings real exposure the other lacks. Held together they keep a shared megacap core but each still pulls in exposure the other lacks, so a 50/50 blend spreads to ~128 effective positions (grade A).
Holdings as of — JEPI: Jun 29, 2026 (J.P. Morgan Asset Management); SPY: Jun 29, 2026 (State Street Global Advisors). 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 SPY — FAQ
- How much do JEPI and SPY overlap?
- JEPI and SPY overlap by approximately 29% measured by portfolio weight — that is the share of the smaller fund's holdings (by weight) that also sit inside the other. 5 of JEPI's 10 largest holdings are also held by SPY. They share 9 of their listed top holdings in total.
- Is it redundant to hold both JEPI and SPY?
- Because they share a meaningful core of the same megacaps, but each also brings real exposure the other lacks, holding both is partly redundant: you double up on a shared core (GOOGL) while each fund still adds distinct exposure. A 50/50 blend has an effective 128 positions and a A diversification grade.
- What does SPY hold that JEPI doesn't?
- SPY's largest holdings that JEPI doesn't hold include MSFT, GOOG, MU, META, TSLA. Its category is US large-cap, versus JEPI's US large-cap covered-call income.
- Which is more concentrated, JEPI or SPY?
- JEPI's top 10 holdings are 43% of its listed weight; SPY's are 71%. The more concentrated fund leans harder on its largest names.