JEPI vs VYM: how much do they really overlap?
JEPI (JPMorgan Equity Premium Income ETF, tracking the S&P 500 (active)) and VYM (Vanguard High Dividend Yield ETF, tracking the FTSE High Dividend Yield) overlap by roughly 24% by weight. 4 of JEPI's top 10 holdings also appear in VYM. A 50/50 blend of the two behaves like about 167 equally-weighted bets (diversification grade A). In short, the two funds have only a small shared core — they mostly hold different things and are largely complementary.
The same companies, in both funds
These 8 holdings appear in both JEPI and VYM. The weight columns show how much of each fund each name represents.
| Holding | in JEPI | in VYM |
|---|---|---|
| JNJ Johnson & Johnson | 1.69% | 2.24% |
| ABBV AbbVie Inc. | 1.74% | 1.59% |
| AVGO Broadcom Inc. | 1.30% | 8.51% |
| PM Philip Morris International Inc. | 1.36% | 1.14% |
| RTX RTX Corporation | 1.40% | 0.99% |
| NEE NextEra Energy, Inc. | 1.50% | 0.75% |
| ETN Eaton Corporation plc | 1.56% | 0.65% |
| LOW Lowe's Companies, Inc. | 1.33% | 0.50% |
Only in JEPI
JPMorgan Equity Premium Income ETF — US large-cap covered-call income. Its biggest holdings that VYM 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% |
| LRCX Lam Research Corporation | 1.48% |
| NVDA NVIDIA Corporation | 1.48% |
| AAPL Apple Inc. | 1.48% |
| AMZN Amazon.com, Inc. | 1.48% |
Only in VYM
Vanguard High Dividend Yield ETF — US high-dividend. Its biggest holdings that JEPI doesn’t have:
| JPM JPMorgan Chase & Co. | 3.14% |
| XOM Exxon Mobil Corp. | 2.53% |
| CSCO Cisco Systems Inc. | 1.98% |
| CAT Caterpillar Inc. | 1.67% |
| ORCL Oracle Corp. | 1.57% |
| UNH UnitedHealth Group Inc. | 1.43% |
| CVX Chevron Corp. | 1.41% |
| BAC Bank of America Corp. | 1.40% |
So — mostly different. Should you hold both?
JEPI and VYM have only a small shared core — they mostly hold different things and are largely complementary. Held together they genuinely broaden your exposure — a 50/50 blend reaches ~167 effective positions (grade A), because they hold largely different securities.
Holdings as of — JEPI: Jun 29, 2026 (J.P. Morgan Asset Management); VYM: 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 VYM — FAQ
- How much do JEPI and VYM overlap?
- JEPI and VYM overlap by approximately 24% 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 VYM. They share 8 of their listed top holdings in total.
- Is it redundant to hold both JEPI and VYM?
- Because they have only a small shared core — they mostly hold different things and are largely complementary, holding both is not redundant — each fund covers largely different holdings, so together they broaden your exposure. A 50/50 blend has an effective 167 positions and a A diversification grade.
- What does VYM hold that JEPI doesn't?
- VYM's largest holdings that JEPI doesn't hold include JPM, XOM, CSCO, CAT, ORCL. Its category is US high-dividend, versus JEPI's US large-cap covered-call income.
- Which is more concentrated, JEPI or VYM?
- JEPI's top 10 holdings are 43% of its listed weight; VYM's are 44%. The more concentrated fund leans harder on its largest names.