JEPQ vs VEA: how much do they really overlap?
JEPQ (JPMorgan Nasdaq Equity Premium Income ETF, tracking the Nasdaq-100 (active)) and VEA (Vanguard FTSE Developed Markets ETF, tracking the FTSE Developed All Cap ex US) overlap by roughly 4% by weight. 0 of JEPQ's top 10 holdings also appear in VEA. A 50/50 blend of the two behaves like about 155 equally-weighted bets (diversification grade A). In short, the two funds hold almost none of the same securities — they are complementary, not redundant.
The same companies, in both funds
These 1 holdings appear in both JEPQ and VEA. The weight columns show how much of each fund each name represents.
| Holding | in JEPQ | in VEA |
|---|---|---|
| ASML ASML Holding N.V. | 1.13% | 1.90% |
Only in JEPQ
JPMorgan Nasdaq Equity Premium Income ETF — Nasdaq covered-call income. Its biggest holdings that VEA doesn’t have:
| NVDA NVIDIA Corporation | 6.66% |
| AAPL Apple Inc. | 5.80% |
| MU Micron Technology, Inc. | 5.56% |
| GOOG Alphabet Inc. | 5.03% |
| MSFT Microsoft Corporation | 3.88% |
| AMD Advanced Micro Devices, Inc. | 3.85% |
| AMZN Amazon.com, Inc. | 3.66% |
| LRCX Lam Research Corporation | 2.88% |
Only in VEA
Vanguard FTSE Developed Markets ETF — developed ex-US. Its biggest holdings that JEPQ doesn’t have:
| 005930 Samsung Electronics Co. Ltd. | 2.99% |
| 000660 SK hynix Inc | 2.55% |
| HSBA HSBC Holdings plc | 0.98% |
| ROP Roche Holding AG | 0.89% |
| NOVN Novartis AG | 0.87% |
| AZN AstraZeneca plc | 0.84% |
| RY Royal Bank of Canada | 0.81% |
| NESN Nestle SA | 0.79% |
So — essentially different. Should you hold both?
JEPQ and VEA hold almost none of the same securities — they are complementary, not redundant. Held together they genuinely broaden your exposure — a 50/50 blend reaches ~155 effective positions (grade A), because they hold largely different securities.
Holdings as of — JEPQ: Jun 30, 2026 (J.P. Morgan Asset Management); VEA: 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 →JEPQ vs VEA — FAQ
- How much do JEPQ and VEA overlap?
- JEPQ and VEA overlap by approximately 4% measured by portfolio weight — that is the share of the smaller fund's holdings (by weight) that also sit inside the other. 0 of JEPQ's 10 largest holdings are also held by VEA. They share 1 of their listed top holdings in total.
- Is it redundant to hold both JEPQ and VEA?
- Because they hold almost none of the same securities — they are complementary, not redundant, holding both is not redundant — each fund covers largely different holdings, so together they broaden your exposure. A 50/50 blend has an effective 155 positions and a A diversification grade.
- What does VEA hold that JEPQ doesn't?
- VEA's largest holdings that JEPQ doesn't hold include 005930, 000660, HSBA, ROP, NOVN. Its category is developed ex-US, versus JEPQ's Nasdaq covered-call income.
- Which is more concentrated, JEPQ or VEA?
- JEPQ's top 10 holdings are 72% of its listed weight; VEA's are 43%. The more concentrated fund leans harder on its largest names.