JEPQ vs VOO: how much do they really overlap?
JEPQ (JPMorgan Nasdaq Equity Premium Income ETF, tracking the Nasdaq-100 (active)) and VOO (Vanguard S&P 500 ETF, tracking the S&P 500) overlap by roughly 63% by weight. 10 of JEPQ's top 10 holdings also appear in VOO. A 50/50 blend of the two behaves like about 50 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 18 holdings appear in both JEPQ and VOO. The weight columns show how much of each fund each name represents.
| Holding | in JEPQ | in VOO |
|---|---|---|
| NVDA NVIDIA Corporation | 6.66% | 7.89% |
| AAPL Apple Inc. | 5.80% | 7.05% |
| MSFT Microsoft Corporation | 3.88% | 5.14% |
| AMZN Amazon.com, Inc. | 3.66% | 4.07% |
| GOOG Alphabet Inc. | 5.03% | 2.71% |
| AVGO Broadcom Inc. | 2.15% | 3.26% |
| META Meta Platforms, Inc. | 2.37% | 2.13% |
| TSLA Tesla, Inc. | 2.38% | 1.89% |
| MU Micron Technology, Inc. | 5.56% | 1.68% |
| AMD Advanced Micro Devices, Inc. | 3.85% | 1.29% |
| INTC Intel Corporation | 1.61% | 0.83% |
| WMT Walmart Inc. | 1.78% | 0.78% |
| CSCO Cisco Systems, Inc. | 1.34% | 0.73% |
| COST Costco Wholesale Corporation | 1.16% | 0.65% |
| LRCX Lam Research Corporation | 2.88% | 0.61% |
+ 3 more shared holdings.
Only in JEPQ
JPMorgan Nasdaq Equity Premium Income ETF — Nasdaq covered-call income. Its biggest holdings that VOO doesn’t have:
| STX Seagate Technology Holdings plc | 1.92% |
| MRVL Marvell Technology, Inc. | 1.37% |
| ASML ASML Holding N.V. | 1.13% |
Only in VOO
Vanguard S&P 500 ETF — US large-cap. Its biggest holdings that JEPQ doesn’t have:
| GOOGL Alphabet Inc. Class A | 3.41% |
| LLY Eli Lilly & Co. | 1.35% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.34% |
| JPM JPMorgan Chase & Co. | 1.16% |
| XOM Exxon Mobil Corp. | 0.93% |
| JNJ Johnson & Johnson | 0.84% |
| V Visa Inc. Class A | 0.83% |
| CAT Caterpillar Inc. | 0.63% |
So — heavily overlapping. Should you hold both?
JEPQ and VOO share most of their weight in the same names; the second fund adds only modest differentiation. If you already hold JEPQ, adding VOO mostly increases your bet on the names they share rather than spreading it — a 50/50 blend still behaves like only ~50 equal positions, with the top 10 alone at 39% and the Magnificent Seven at 32%.
Holdings as of — JEPQ: Jun 30, 2026 (J.P. Morgan Asset Management); VOO: 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 VOO — FAQ
- How much do JEPQ and VOO overlap?
- JEPQ and VOO overlap by approximately 63% 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 VOO. They share 18 of their listed top holdings in total.
- Is it redundant to hold both JEPQ and VOO?
- 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 50 positions and a B diversification grade.
- What does VOO hold that JEPQ doesn't?
- VOO's largest holdings that JEPQ doesn't hold include GOOGL, LLY, BRK.B, JPM, XOM. Its category is US large-cap, versus JEPQ's Nasdaq covered-call income.
- Which is more concentrated, JEPQ or VOO?
- JEPQ's top 10 holdings are 72% of its listed weight; VOO's are 61%. The more concentrated fund leans harder on its largest names.