JEPI vs VOOG: how much do they really overlap?
JEPI (JPMorgan Equity Premium Income ETF, tracking the S&P 500 (active)) and VOOG (Vanguard S&P 500 Growth ETF, tracking the S&P 500 Growth) overlap by roughly 35% by weight. 5 of JEPI's top 10 holdings also appear in VOOG. A 50/50 blend of the two behaves like about 59 equally-weighted bets (diversification grade B). 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 13 holdings appear in both JEPI and VOOG. The weight columns show how much of each fund each name represents.
| Holding | in JEPI | in VOOG |
|---|---|---|
| GOOGL Alphabet Inc. | 1.49% | 6.15% |
| NVDA NVIDIA Corporation | 1.48% | 14.26% |
| AAPL Apple Inc. | 1.48% | 6.37% |
| AMZN Amazon.com, Inc. | 1.48% | 3.89% |
| AVGO Broadcom Inc. | 1.30% | 5.89% |
| LRCX Lam Research Corporation | 1.48% | 1.10% |
| JNJ Johnson & Johnson | 1.69% | 0.89% |
| V Visa Inc. | 1.40% | 0.84% |
| MA Mastercard Incorporated | 1.32% | 0.75% |
| RTX RTX Corporation | 1.40% | 0.67% |
| ABBV AbbVie Inc. | 1.74% | 0.49% |
| PM Philip Morris International Inc. | 1.36% | 0.43% |
| AXP American Express Company | 1.40% | 0.32% |
Only in JEPI
JPMorgan Equity Premium Income ETF — US large-cap covered-call income. Its biggest holdings that VOOG 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 VOOG
Vanguard S&P 500 Growth ETF — US large-cap growth. Its biggest holdings that JEPI doesn’t have:
| MSFT Microsoft Corp. | 9.29% |
| GOOG Alphabet Inc. Class C | 4.89% |
| META Facebook Inc. Class A | 3.84% |
| MU Micron Technology Inc. | 3.04% |
| LLY Eli Lilly & Co. | 2.43% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.42% |
| AMD Advanced Micro Devices Inc. | 2.34% |
| TSLA Tesla Inc. | 2.11% |
So — partly overlapping. Should you hold both?
JEPI and VOOG 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 ~59 effective positions (grade B).
Holdings as of — JEPI: Jun 29, 2026 (J.P. Morgan Asset Management); VOOG: 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 VOOG — FAQ
- How much do JEPI and VOOG overlap?
- JEPI and VOOG 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 VOOG. They share 13 of their listed top holdings in total.
- Is it redundant to hold both JEPI and VOOG?
- 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 59 positions and a B diversification grade.
- What does VOOG hold that JEPI doesn't?
- VOOG's largest holdings that JEPI doesn't hold include MSFT, GOOG, META, MU, LLY. Its category is US large-cap growth, versus JEPI's US large-cap covered-call income.
- Which is more concentrated, JEPI or VOOG?
- JEPI's top 10 holdings are 43% of its listed weight; VOOG's are 67%. The more concentrated fund leans harder on its largest names.