JEPI vs VUG: how much do they really overlap?
JEPI (JPMorgan Equity Premium Income ETF, tracking the S&P 500 (active)) and VUG (Vanguard Growth ETF, tracking the CRSP US Large Cap Growth) overlap by roughly 33% by weight. 4 of JEPI's top 10 holdings also appear in VUG. A 50/50 blend of the two behaves like about 53 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 12 holdings appear in both JEPI and VUG. The weight columns show how much of each fund each name represents.
| Holding | in JEPI | in VUG |
|---|---|---|
| GOOGL Alphabet Inc. | 1.49% | 5.95% |
| NVDA NVIDIA Corporation | 1.48% | 13.10% |
| AAPL Apple Inc. | 1.48% | 12.32% |
| AMZN Amazon.com, Inc. | 1.48% | 4.85% |
| V Visa Inc. | 1.40% | 1.45% |
| AVGO Broadcom Inc. | 1.30% | 5.17% |
| LRCX Lam Research Corporation | 1.48% | 1.09% |
| MA Mastercard Incorporated | 1.32% | 1.07% |
| VRTX Vertex Pharmaceuticals Incorporated | 1.47% | 0.32% |
| CDNS Cadence Design Systems, Inc. | 1.28% | 0.30% |
| HWM Howmet Aerospace Inc. | 1.68% | 0.29% |
| SYK Stryker Corporation | 1.28% | 0.29% |
Only in JEPI
JPMorgan Equity Premium Income ETF — US large-cap covered-call income. Its biggest holdings that VUG 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% |
| ROST Ross Stores, Inc. | 1.48% |
| EOG EOG Resources, Inc. | 1.47% |
| MMM 3M Company | 1.42% |
Only in VUG
Vanguard Growth ETF — US large-cap growth. Its biggest holdings that JEPI doesn’t have:
| MSFT Microsoft Corp. | 8.99% |
| GOOG Alphabet Inc. Class C | 4.68% |
| META Facebook Inc. Class A | 3.73% |
| TSLA Tesla Inc. | 3.31% |
| LLY Eli Lilly & Co. | 2.53% |
| AMD Advanced Micro Devices Inc. | 2.30% |
| COST Costco Wholesale Corp. | 1.15% |
| ORCL Oracle Corp. | 1.07% |
So — partly overlapping. Should you hold both?
JEPI and VUG 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 ~53 effective positions (grade B).
Holdings as of — JEPI: Jun 29, 2026 (J.P. Morgan Asset Management); VUG: 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 VUG — FAQ
- How much do JEPI and VUG overlap?
- JEPI and VUG 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. 4 of JEPI's 10 largest holdings are also held by VUG. They share 12 of their listed top holdings in total.
- Is it redundant to hold both JEPI and VUG?
- 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 53 positions and a B diversification grade.
- What does VUG hold that JEPI doesn't?
- VUG's largest holdings that JEPI doesn't hold include MSFT, GOOG, META, TSLA, LLY. Its category is US large-cap growth, versus JEPI's US large-cap covered-call income.
- Which is more concentrated, JEPI or VUG?
- JEPI's top 10 holdings are 43% of its listed weight; VUG's are 73%. The more concentrated fund leans harder on its largest names.