JEPQ vs VIG: how much do they really overlap?
JEPQ (JPMorgan Nasdaq Equity Premium Income ETF, tracking the Nasdaq-100 (active)) and VIG (Vanguard Dividend Appreciation ETF, tracking the S&P US Dividend Growers) overlap by roughly 29% by weight. 3 of JEPQ's top 10 holdings also appear in VIG. A 50/50 blend of the two behaves like about 75 equally-weighted bets (diversification grade A). 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 7 holdings appear in both JEPQ and VIG. The weight columns show how much of each fund each name represents.
| Holding | in JEPQ | in VIG |
|---|---|---|
| AAPL Apple Inc. | 5.80% | 4.57% |
| MSFT Microsoft Corporation | 3.88% | 4.27% |
| AVGO Broadcom Inc. | 2.15% | 5.41% |
| WMT Walmart Inc. | 1.78% | 2.23% |
| LRCX Lam Research Corporation | 2.88% | 1.75% |
| CSCO Cisco Systems, Inc. | 1.34% | 2.09% |
| COST Costco Wholesale Corporation | 1.16% | 1.87% |
Only in JEPQ
JPMorgan Nasdaq Equity Premium Income ETF — Nasdaq covered-call income. Its biggest holdings that VIG doesn’t have:
| NVDA NVIDIA Corporation | 6.66% |
| MU Micron Technology, Inc. | 5.56% |
| GOOG Alphabet Inc. | 5.03% |
| AMD Advanced Micro Devices, Inc. | 3.85% |
| AMZN Amazon.com, Inc. | 3.66% |
| TSLA Tesla, Inc. | 2.38% |
| META Meta Platforms, Inc. | 2.37% |
| STX Seagate Technology Holdings plc | 1.92% |
Only in VIG
Vanguard Dividend Appreciation ETF — US dividend-growth. Its biggest holdings that JEPQ doesn’t have:
| LLY Eli Lilly & Co. | 3.85% |
| JPM JPMorgan Chase & Co. | 3.32% |
| XOM Exxon Mobil Corp. | 2.67% |
| JNJ Johnson & Johnson | 2.39% |
| V Visa Inc. Class A | 2.25% |
| CAT Caterpillar Inc. | 1.79% |
| MA Mastercard Inc. Class A | 1.77% |
| ABBV AbbVie Inc. | 1.69% |
So — partly overlapping. Should you hold both?
JEPQ and VIG 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 ~75 effective positions (grade A).
Holdings as of — JEPQ: Jun 30, 2026 (J.P. Morgan Asset Management); VIG: 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 VIG — FAQ
- How much do JEPQ and VIG overlap?
- JEPQ and VIG overlap by approximately 29% measured by portfolio weight — that is the share of the smaller fund's holdings (by weight) that also sit inside the other. 3 of JEPQ's 10 largest holdings are also held by VIG. They share 7 of their listed top holdings in total.
- Is it redundant to hold both JEPQ and VIG?
- 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 (AAPL) while each fund still adds distinct exposure. A 50/50 blend has an effective 75 positions and a A diversification grade.
- What does VIG hold that JEPQ doesn't?
- VIG's largest holdings that JEPQ doesn't hold include LLY, JPM, XOM, JNJ, V. Its category is US dividend-growth, versus JEPQ's Nasdaq covered-call income.
- Which is more concentrated, JEPQ or VIG?
- JEPQ's top 10 holdings are 72% of its listed weight; VIG's are 45%. The more concentrated fund leans harder on its largest names.