JEPI vs VOO: how much do they really overlap?
JEPI (JPMorgan Equity Premium Income ETF, tracking the S&P 500 (active)) and VOO (Vanguard S&P 500 ETF, tracking the S&P 500) overlap by roughly 33% by weight. 5 of JEPI's top 10 holdings also appear in VOO. A 50/50 blend of the two behaves like about 123 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 12 holdings appear in both JEPI and VOO. The weight columns show how much of each fund each name represents.
| Holding | in JEPI | in VOO |
|---|---|---|
| GOOGL Alphabet Inc. | 1.49% | 3.25% |
| NVDA NVIDIA Corporation | 1.48% | 7.51% |
| AAPL Apple Inc. | 1.48% | 6.59% |
| AMZN Amazon.com, Inc. | 1.48% | 3.62% |
| AVGO Broadcom Inc. | 1.30% | 2.77% |
| JNJ Johnson & Johnson | 1.69% | 0.95% |
| V Visa Inc. | 1.40% | 0.87% |
| LRCX Lam Research Corporation | 1.48% | 0.84% |
| ABBV AbbVie Inc. | 1.74% | 0.69% |
| MA Mastercard Incorporated | 1.32% | 0.64% |
| PM Philip Morris International Inc. | 1.36% | 0.44% |
| RTX RTX Corporation | 1.40% | 0.40% |
Only in JEPI
JPMorgan Equity Premium Income ETF — US large-cap covered-call income. Its biggest holdings that VOO 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 VOO
Vanguard S&P 500 ETF — US large-cap. Its biggest holdings that JEPI doesn’t have:
| MSFT Microsoft Corp. | 4.30% |
| GOOG Alphabet Inc. Class C | 2.59% |
| MU Micron Technology Inc. | 2.02% |
| META Facebook Inc. Class A | 1.92% |
| TSLA Tesla Inc. | 1.84% |
| LLY Eli Lilly & Co. | 1.47% |
| AMD Advanced Micro Devices Inc. | 1.47% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.42% |
So — partly overlapping. Should you hold both?
JEPI and VOO 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 ~123 effective positions (grade A).
Holdings as of — JEPI: Jun 29, 2026 (J.P. Morgan Asset Management); VOO: Jun 30, 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 VOO — FAQ
- How much do JEPI and VOO overlap?
- JEPI and VOO overlap by approximately 33% 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 VOO. They share 12 of their listed top holdings in total.
- Is it redundant to hold both JEPI and VOO?
- 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 123 positions and a A diversification grade.
- What does VOO hold that JEPI doesn't?
- VOO'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 VOO?
- JEPI's top 10 holdings are 43% of its listed weight; VOO's are 58%. The more concentrated fund leans harder on its largest names.