JEPI vs VIG: how much do they really overlap?
JEPI (JPMorgan Equity Premium Income ETF, tracking the S&P 500 (active)) and VIG (Vanguard Dividend Appreciation ETF, tracking the S&P US Dividend Growers) overlap by roughly 35% by weight. 5 of JEPI's top 10 holdings also appear in VIG. A 50/50 blend of the two behaves like about 138 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 11 holdings appear in both JEPI and VIG. The weight columns show how much of each fund each name represents.
| Holding | in JEPI | in VIG |
|---|---|---|
| ABBV AbbVie Inc. | 1.74% | 1.69% |
| JNJ Johnson & Johnson | 1.69% | 2.39% |
| LRCX Lam Research Corporation | 1.48% | 1.75% |
| AAPL Apple Inc. | 1.48% | 4.57% |
| V Visa Inc. | 1.40% | 2.25% |
| MA Mastercard Incorporated | 1.32% | 1.77% |
| AVGO Broadcom Inc. | 1.30% | 5.41% |
| NEE NextEra Energy, Inc. | 1.50% | 0.80% |
| ETN Eaton Corporation plc | 1.56% | 0.68% |
| LOW Lowe's Companies, Inc. | 1.33% | 0.53% |
| SYK Stryker Corporation | 1.28% | 0.46% |
Only in JEPI
JPMorgan Equity Premium Income ETF — US large-cap covered-call income. Its biggest holdings that VIG doesn’t have:
| HWM Howmet Aerospace Inc. | 1.68% |
| TT Trane Technologies plc | 1.57% |
| GOOGL Alphabet Inc. | 1.49% |
| ROST Ross Stores, Inc. | 1.48% |
| NVDA NVIDIA Corporation | 1.48% |
| AMZN Amazon.com, Inc. | 1.48% |
| VRTX Vertex Pharmaceuticals Incorporated | 1.47% |
| EOG EOG Resources, Inc. | 1.47% |
Only in VIG
Vanguard Dividend Appreciation ETF — US dividend-growth. Its biggest holdings that JEPI doesn’t have:
| MSFT Microsoft Corp. | 4.27% |
| LLY Eli Lilly & Co. | 3.85% |
| JPM JPMorgan Chase & Co. | 3.32% |
| XOM Exxon Mobil Corp. | 2.67% |
| WMT Walmart Inc. | 2.23% |
| CSCO Cisco Systems Inc. | 2.09% |
| COST Costco Wholesale Corp. | 1.87% |
| CAT Caterpillar Inc. | 1.79% |
So — partly overlapping. Should you hold both?
JEPI and VIG 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 ~138 effective positions (grade A).
Holdings as of — JEPI: Jun 29, 2026 (J.P. Morgan Asset Management); VIG: 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 VIG — FAQ
- How much do JEPI and VIG overlap?
- JEPI and VIG overlap by approximately 35% 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 VIG. They share 11 of their listed top holdings in total.
- Is it redundant to hold both JEPI and VIG?
- 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 (ABBV) while each fund still adds distinct exposure. A 50/50 blend has an effective 138 positions and a A diversification grade.
- What does VIG hold that JEPI doesn't?
- VIG's largest holdings that JEPI doesn't hold include MSFT, LLY, JPM, XOM, WMT. Its category is US dividend-growth, versus JEPI's US large-cap covered-call income.
- Which is more concentrated, JEPI or VIG?
- JEPI's top 10 holdings are 43% of its listed weight; VIG's are 45%. The more concentrated fund leans harder on its largest names.