JEPI vs VO: how much do they really overlap?
JEPI (JPMorgan Equity Premium Income ETF, tracking the S&P 500 (active)) and VO (Vanguard Mid-Cap ETF, tracking the CRSP US Mid Cap) overlap by roughly 5% by weight. 2 of JEPI's top 10 holdings also appear in VO. A 50/50 blend of the two behaves like about 452 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 2 holdings appear in both JEPI and VO. The weight columns show how much of each fund each name represents.
| Holding | in JEPI | in VO |
|---|---|---|
| HWM Howmet Aerospace Inc. | 1.68% | 1.03% |
| ROST Ross Stores, Inc. | 1.48% | 0.74% |
Only in JEPI
JPMorgan Equity Premium Income ETF — US large-cap covered-call income. Its biggest holdings that VO doesn’t have:
| ABBV AbbVie Inc. | 1.74% |
| JNJ Johnson & Johnson | 1.69% |
| TT Trane Technologies plc | 1.57% |
| ETN Eaton Corporation plc | 1.56% |
| NEE NextEra Energy, Inc. | 1.50% |
| GOOGL Alphabet Inc. | 1.49% |
| LRCX Lam Research Corporation | 1.48% |
| NVDA NVIDIA Corporation | 1.48% |
Only in VO
Vanguard Mid-Cap ETF — US mid-cap. Its biggest holdings that JEPI doesn’t have:
| STX Seagate Technology Holdings plc | 1.90% |
| WDC Western Digital Corp. | 1.78% |
| VRT Vertiv Holdings Co. Class A | 1.18% |
| PWR Quanta Services Inc. | 1.06% |
| MRVL Marvell Technology Inc. | 0.89% |
| CMI Cummins Inc. | 0.89% |
| CEG Constellation Energy Corp. | 0.88% |
| SLB Schlumberger Ltd. | 0.81% |
So — essentially different. Should you hold both?
JEPI and VO hold almost none of the same securities — they are complementary, not redundant. Held together they genuinely broaden your exposure — a 50/50 blend reaches ~452 effective positions (grade A), because they hold largely different securities.
Holdings as of — JEPI: Jun 29, 2026 (J.P. Morgan Asset Management); VO: 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 VO — FAQ
- How much do JEPI and VO overlap?
- JEPI and VO overlap by approximately 5% 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 VO. They share 2 of their listed top holdings in total.
- Is it redundant to hold both JEPI and VO?
- 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 452 positions and a A diversification grade.
- What does VO hold that JEPI doesn't?
- VO's largest holdings that JEPI doesn't hold include STX, WDC, VRT, PWR, MRVL. Its category is US mid-cap, versus JEPI's US large-cap covered-call income.
- Which is more concentrated, JEPI or VO?
- JEPI's top 10 holdings are 43% of its listed weight; VO's are 31%. The more concentrated fund leans harder on its largest names.