JEPQ vs VO: how much do they really overlap?
JEPQ (JPMorgan Nasdaq Equity Premium Income ETF, tracking the Nasdaq-100 (active)) and VO (Vanguard Mid-Cap ETF, tracking the CRSP US Mid Cap) overlap by roughly 3% by weight. 0 of JEPQ's top 10 holdings also appear in VO. A 50/50 blend of the two behaves like about 159 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 VO. The weight columns show how much of each fund each name represents.
| Holding | in JEPQ | in VO |
|---|---|---|
| STX Seagate Technology Holdings plc | 1.92% | 1.04% |
Only in JEPQ
JPMorgan Nasdaq Equity Premium Income ETF — Nasdaq covered-call income. Its biggest holdings that VO 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 VO
Vanguard Mid-Cap ETF — US mid-cap. Its biggest holdings that JEPQ doesn’t have:
| VRT Vertiv Holdings Co. Class A | 1.22% |
| WDC Western Digital Corp. | 1.06% |
| PWR Quanta Services Inc. | 1.04% |
| HWM Howmet Aerospace Inc. | 1.04% |
| CMI Cummins Inc. | 0.95% |
| DDOG Datadog Inc. Class A | 0.83% |
| BE Bloom Energy Corp. Class A | 0.79% |
| CEG Constellation Energy Corp. | 0.78% |
So — essentially different. Should you hold both?
JEPQ and VO hold almost none of the same securities — they are complementary, not redundant. Held together they genuinely broaden your exposure — a 50/50 blend reaches ~159 effective positions (grade A), because they hold largely different securities.
Holdings as of — JEPQ: Jun 30, 2026 (J.P. Morgan Asset Management); VO: Jun 30, 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 VO — FAQ
- How much do JEPQ and VO overlap?
- JEPQ and VO overlap by approximately 3% 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 VO. They share 1 of their listed top holdings in total.
- Is it redundant to hold both JEPQ and VO?
- 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 159 positions and a A diversification grade.
- What does VO hold that JEPQ doesn't?
- VO's largest holdings that JEPQ doesn't hold include VRT, WDC, PWR, HWM, CMI. Its category is US mid-cap, versus JEPQ's Nasdaq covered-call income.
- Which is more concentrated, JEPQ or VO?
- JEPQ's top 10 holdings are 72% of its listed weight; VO's are 27%. The more concentrated fund leans harder on its largest names.