JEPQ vs QQQ: how much do they really overlap?
JEPQ (JPMorgan Nasdaq Equity Premium Income ETF, tracking the Nasdaq-100 (active)) and QQQ (Invesco QQQ Trust, tracking the Nasdaq-100) overlap by roughly 89% by weight. 10 of JEPQ's top 10 holdings also appear in QQQ. A 50/50 blend of the two behaves like about 42 equally-weighted bets (diversification grade B). In short, the two funds hold nearly the same stocks in nearly the same proportions — owning both is largely redundant.
The same companies, in both funds
These 19 holdings appear in both JEPQ and QQQ. The weight columns show how much of each fund each name represents.
| Holding | in JEPQ | in QQQ |
|---|---|---|
| NVDA NVIDIA Corporation | 6.66% | 7.60% |
| AAPL Apple Inc. | 5.80% | 6.80% |
| MU Micron Technology, Inc. | 5.56% | 5.75% |
| MSFT Microsoft Corporation | 3.88% | 4.52% |
| AMD Advanced Micro Devices, Inc. | 3.85% | 3.83% |
| AMZN Amazon.com, Inc. | 3.66% | 4.08% |
| GOOG Alphabet Inc. | 5.03% | 2.98% |
| TSLA Tesla, Inc. | 2.38% | 3.09% |
| META Meta Platforms, Inc. | 2.37% | 2.66% |
| AVGO Broadcom Inc. | 2.15% | 2.82% |
| LRCX Lam Research Corporation | 2.88% | 2.13% |
| WMT Walmart Inc. | 1.78% | 2.54% |
| INTC Intel Corporation | 1.61% | 2.90% |
| CSCO Cisco Systems, Inc. | 1.34% | 2.02% |
| AMAT Applied Materials, Inc. | 1.31% | 2.24% |
+ 4 more shared holdings.
Only in JEPQ
JPMorgan Nasdaq Equity Premium Income ETF — Nasdaq covered-call income. Its biggest holdings that QQQ doesn’t have:
| STX Seagate Technology Holdings plc | 1.92% |
| ASML ASML Holding N.V. | 1.13% |
Only in QQQ
Invesco QQQ Trust — Nasdaq-100. Its biggest holdings that JEPQ doesn’t have:
| GOOGL Alphabet Inc. | 3.20% |
| KLAC KLA Corporation | 1.46% |
| SNDK Sandisk Corporation | 1.39% |
| TXN Texas Instruments Incorporated | 1.17% |
| PLTR Palantir Technologies Inc. | 1.17% |
| LIN Linde plc | 1.08% |
So — nearly identical. Should you hold both?
JEPQ and QQQ hold nearly the same stocks in nearly the same proportions — owning both is largely redundant. If you already hold JEPQ, adding QQQ mostly increases your bet on the names they share rather than spreading it — a 50/50 blend still behaves like only ~42 equal positions, with the top 10 alone at 43% and the Magnificent Seven at 32%.
Holdings as of — JEPQ: Jun 30, 2026 (J.P. Morgan Asset Management); QQQ: Jun 26, 2026 (Invesco). Refreshed monthly. Overlap is measured across each fund’s largest holdings (top 25); the diffuse long tail barely moves the math.
See this for YOUR whole portfolio, free →JEPQ vs QQQ — FAQ
- How much do JEPQ and QQQ overlap?
- JEPQ and QQQ overlap by approximately 89% measured by portfolio weight — that is the share of the smaller fund's holdings (by weight) that also sit inside the other. 10 of JEPQ's 10 largest holdings are also held by QQQ. They share 19 of their listed top holdings in total.
- Is it redundant to hold both JEPQ and QQQ?
- Because they hold nearly the same stocks in nearly the same proportions — owning both is largely redundant, holding both is largely redundant — you mostly duplicate the same megacaps and concentrate rather than diversify. A 50/50 blend has an effective 42 positions and a B diversification grade.
- What does QQQ hold that JEPQ doesn't?
- QQQ's largest holdings that JEPQ doesn't hold include GOOGL, KLAC, SNDK, TXN, PLTR. Its category is Nasdaq-100, versus JEPQ's Nasdaq covered-call income.
- Which is more concentrated, JEPQ or QQQ?
- JEPQ's top 10 holdings are 72% of its listed weight; QQQ's are 63%. The more concentrated fund leans harder on its largest names.