JEPI vs VEA: how much do they really overlap?
JEPI (JPMorgan Equity Premium Income ETF, tracking the S&P 500 (active)) and VEA (Vanguard FTSE Developed Markets ETF, tracking the FTSE Developed All Cap ex US) overlap by roughly 0% by weight. 0 of JEPI's top 10 holdings also appear in VEA. A 50/50 blend of the two behaves like about 465 equally-weighted bets (diversification grade A). In short, the two funds hold almost none of the same securities — they are complementary, not redundant.
The same companies, in both funds
These 0 holdings appear in both JEPI and VEA. The weight columns show how much of each fund each name represents.
| Holding | in JEPI | in VEA |
|---|
Only in JEPI
JPMorgan Equity Premium Income ETF — US large-cap covered-call income. Its biggest holdings that VEA 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 VEA
Vanguard FTSE Developed Markets ETF — developed ex-US. Its biggest holdings that JEPI doesn’t have:
| 005930 Samsung Electronics Co. Ltd. | 2.99% |
| 000660 SK hynix Inc | 2.55% |
| ASML ASML Holding NV | 1.90% |
| HSBA HSBC Holdings plc | 0.98% |
| ROP Roche Holding AG | 0.89% |
| NOVN Novartis AG | 0.87% |
| AZN AstraZeneca plc | 0.84% |
| RY Royal Bank of Canada | 0.81% |
So — essentially different. Should you hold both?
JEPI and VEA hold almost none of the same securities — they are complementary, not redundant. Held together they genuinely broaden your exposure — a 50/50 blend reaches ~465 effective positions (grade A), because they hold largely different securities.
Holdings as of — JEPI: Jun 29, 2026 (J.P. Morgan Asset Management); VEA: May 31, 2026 (Vanguard). Refreshed monthly. Overlap is measured across each fund’s largest holdings (top 50); the diffuse long tail barely moves the math.
See this for YOUR whole portfolio, free →JEPI vs VEA — FAQ
- How much do JEPI and VEA overlap?
- JEPI and VEA overlap by approximately 0% measured by portfolio weight — that is the share of the smaller fund's holdings (by weight) that also sit inside the other. 0 of JEPI's 10 largest holdings are also held by VEA. They share 0 of their listed top holdings in total.
- Is it redundant to hold both JEPI and VEA?
- Because they hold almost none of the same securities — they are complementary, not redundant, holding both is not redundant — each fund covers largely different holdings, so together they broaden your exposure. A 50/50 blend has an effective 465 positions and a A diversification grade.
- What does VEA hold that JEPI doesn't?
- VEA's largest holdings that JEPI doesn't hold include 005930, 000660, ASML, HSBA, ROP. Its category is developed ex-US, versus JEPI's US large-cap covered-call income.
- Which is more concentrated, JEPI or VEA?
- JEPI's top 10 holdings are 43% of its listed weight; VEA's are 43%. The more concentrated fund leans harder on its largest names.