JEPQ vs VUG: how much do they really overlap?
JEPQ (JPMorgan Nasdaq Equity Premium Income ETF, tracking the Nasdaq-100 (active)) and VUG (Vanguard Growth ETF, tracking the CRSP US Large Cap Growth) overlap by roughly 72% by weight. 9 of JEPQ's top 10 holdings also appear in VUG. A 50/50 blend of the two behaves like about 32 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 17 holdings appear in both JEPQ and VUG. The weight columns show how much of each fund each name represents.
| Holding | in JEPQ | in VUG |
|---|---|---|
| NVDA NVIDIA Corporation | 6.66% | 12.60% |
| AAPL Apple Inc. | 5.80% | 11.64% |
| GOOG Alphabet Inc. | 5.03% | 4.52% |
| MSFT Microsoft Corporation | 3.88% | 7.60% |
| AMZN Amazon.com, Inc. | 3.66% | 4.46% |
| AMD Advanced Micro Devices, Inc. | 3.85% | 2.61% |
| TSLA Tesla, Inc. | 2.38% | 3.26% |
| META Meta Platforms, Inc. | 2.37% | 3.40% |
| AVGO Broadcom Inc. | 2.15% | 4.27% |
| LRCX Lam Research Corporation | 2.88% | 1.50% |
| AMAT Applied Materials, Inc. | 1.31% | 1.59% |
| COST Costco Wholesale Corporation | 1.16% | 1.15% |
| NFLX Netflix, Inc. | 1.21% | 0.84% |
| INTC Intel Corporation | 1.61% | 0.79% |
| PANW Palo Alto Networks, Inc. | 1.19% | 0.78% |
+ 2 more shared holdings.
Only in JEPQ
JPMorgan Nasdaq Equity Premium Income ETF — Nasdaq covered-call income. Its biggest holdings that VUG doesn’t have:
| MU Micron Technology, Inc. | 5.56% |
| WMT Walmart Inc. | 1.78% |
| CSCO Cisco Systems, Inc. | 1.34% |
| ASML ASML Holding N.V. | 1.13% |
Only in VUG
Vanguard Growth ETF — US large-cap growth. Its biggest holdings that JEPQ doesn’t have:
| GOOGL Alphabet Inc. Class A | 5.74% |
| LLY Eli Lilly & Co. | 2.80% |
| V Visa Inc. Class A | 1.54% |
| MA Mastercard Inc. Class A | 1.13% |
| KLAC KLA Corp. | 1.10% |
| SNDK Sandisk Corp. | 0.94% |
| GEV GE Vernova LLC | 0.88% |
| PLTR Palantir Technologies Inc. Class A | 0.71% |
So — heavily overlapping. Should you hold both?
JEPQ and VUG share most of their weight in the same names; the second fund adds only modest differentiation. If you already hold JEPQ, adding VUG mostly increases your bet on the names they share rather than spreading it — a 50/50 blend still behaves like only ~32 equal positions, with the top 10 alone at 48% and the Magnificent Seven at 42%.
Holdings as of — JEPQ: Jun 30, 2026 (J.P. Morgan Asset Management); VUG: 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 VUG — FAQ
- How much do JEPQ and VUG overlap?
- JEPQ and VUG 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. 9 of JEPQ's 10 largest holdings are also held by VUG. They share 17 of their listed top holdings in total.
- Is it redundant to hold both JEPQ and VUG?
- 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 32 positions and a B diversification grade.
- What does VUG hold that JEPQ doesn't?
- VUG's largest holdings that JEPQ doesn't hold include GOOGL, LLY, V, MA, KLAC. Its category is US large-cap growth, versus JEPQ's Nasdaq covered-call income.
- Which is more concentrated, JEPQ or VUG?
- JEPQ's top 10 holdings are 72% of its listed weight; VUG's are 69%. The more concentrated fund leans harder on its largest names.