JEPQ vs SPY: how much do they really overlap?
JEPQ (JPMorgan Nasdaq Equity Premium Income ETF, tracking the Nasdaq-100 (active)) and SPY (SPDR S&P 500 ETF Trust, tracking the S&P 500) overlap by roughly 72% by weight. 10 of JEPQ's top 10 holdings also appear in SPY. A 50/50 blend of the two behaves like about 54 equally-weighted bets (diversification grade B). In short, the two funds share most of their weight in the same names; the second fund adds only modest differentiation.
The same companies, in both funds
These 16 holdings appear in both JEPQ and SPY. The weight columns show how much of each fund each name represents.
| Holding | in JEPQ | in SPY |
|---|---|---|
| NVDA NVIDIA Corporation | 6.66% | 7.38% |
| AAPL Apple Inc. | 5.80% | 6.47% |
| MSFT Microsoft Corporation | 3.88% | 4.28% |
| AMZN Amazon.com, Inc. | 3.66% | 3.68% |
| GOOG Alphabet Inc. | 5.03% | 2.60% |
| AVGO Broadcom Inc. | 2.15% | 2.76% |
| MU Micron Technology, Inc. | 5.56% | 2.02% |
| META Meta Platforms, Inc. | 2.37% | 1.93% |
| TSLA Tesla, Inc. | 2.38% | 1.81% |
| AMD Advanced Micro Devices, Inc. | 3.85% | 1.38% |
| INTC Intel Corporation | 1.61% | 0.97% |
| AMAT Applied Materials, Inc. | 1.31% | 0.86% |
| LRCX Lam Research Corporation | 2.88% | 0.80% |
| WMT Walmart Inc. | 1.78% | 0.79% |
| CSCO Cisco Systems, Inc. | 1.34% | 0.73% |
+ 1 more shared holdings.
Only in JEPQ
JPMorgan Nasdaq Equity Premium Income ETF — Nasdaq covered-call income. Its biggest holdings that SPY doesn’t have:
| STX Seagate Technology Holdings plc | 1.92% |
| MRVL Marvell Technology, Inc. | 1.37% |
| NFLX Netflix, Inc. | 1.21% |
| PANW Palo Alto Networks, Inc. | 1.19% |
| ASML ASML Holding N.V. | 1.13% |
Only in SPY
SPDR S&P 500 ETF Trust — US large-cap. Its biggest holdings that JEPQ doesn’t have:
| GOOGL Alphabet Inc. | 3.24% |
| LLY Eli Lilly and Company | 1.52% |
| BRK.B Berkshire Hathaway Inc. | 1.42% |
| JPM JPMorgan Chase & Co. | 1.38% |
| JNJ Johnson & Johnson | 0.97% |
| V Visa Inc. | 0.89% |
| XOM Exxon Mobil Corporation | 0.88% |
| CAT Caterpillar Inc. | 0.74% |
So — heavily overlapping. Should you hold both?
JEPQ and SPY share most of their weight in the same names; the second fund adds only modest differentiation. If you already hold JEPQ, adding SPY mostly increases your bet on the names they share rather than spreading it — a 50/50 blend still behaves like only ~54 equal positions, with the top 10 alone at 38% and the Magnificent Seven at 31%.
Holdings as of — JEPQ: Jun 30, 2026 (J.P. Morgan Asset Management); SPY: Jun 29, 2026 (State Street Global Advisors). 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 SPY — FAQ
- How much do JEPQ and SPY overlap?
- JEPQ and SPY overlap by approximately 72% 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 SPY. They share 16 of their listed top holdings in total.
- Is it redundant to hold both JEPQ and SPY?
- Because they share most of their weight in the same names; the second fund adds only modest differentiation, holding both is largely redundant — you mostly duplicate the same megacaps and concentrate rather than diversify. A 50/50 blend has an effective 54 positions and a B diversification grade.
- What does SPY hold that JEPQ doesn't?
- SPY's largest holdings that JEPQ doesn't hold include GOOGL, LLY, BRK.B, JPM, JNJ. Its category is US large-cap, versus JEPQ's Nasdaq covered-call income.
- Which is more concentrated, JEPQ or SPY?
- JEPQ's top 10 holdings are 72% of its listed weight; SPY's are 71%. The more concentrated fund leans harder on its largest names.