JEPQ vs VXF: how much do they really overlap?
JEPQ (JPMorgan Nasdaq Equity Premium Income ETF, tracking the Nasdaq-100 (active)) and VXF (Vanguard Extended Market ETF, tracking the S&P Completion) overlap by roughly 7% by weight. 0 of JEPQ's top 10 holdings also appear in VXF. A 50/50 blend of the two behaves like about 166 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 VXF. The weight columns show how much of each fund each name represents.
| Holding | in JEPQ | in VXF |
|---|---|---|
| MRVL Marvell Technology, Inc. | 1.37% | 2.11% |
Only in JEPQ
JPMorgan Nasdaq Equity Premium Income ETF — Nasdaq covered-call income. Its biggest holdings that VXF 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 VXF
Vanguard Extended Market ETF — US mid/small completion. Its biggest holdings that JEPQ doesn’t have:
| SNOW Snowflake Inc. | 1.03% |
| NET Cloudflare Inc. Class A | 0.90% |
| BE Bloom Energy Corp. Class A | 0.87% |
| RKLB Rocket Lab Corp. | 0.80% |
| FLEX Flex Ltd. | 0.65% |
| MSTR MicroStrategy Inc. Class A | 0.59% |
| LNG Cheniere Energy Inc. | 0.57% |
| ALAB Astera Labs Inc. | 0.54% |
So — essentially different. Should you hold both?
JEPQ and VXF hold almost none of the same securities — they are complementary, not redundant. Held together they genuinely broaden your exposure — a 50/50 blend reaches ~166 effective positions (grade A), because they hold largely different securities.
Holdings as of — JEPQ: Jun 30, 2026 (J.P. Morgan Asset Management); VXF: 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 VXF — FAQ
- How much do JEPQ and VXF overlap?
- JEPQ and VXF overlap by approximately 7% 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 VXF. They share 1 of their listed top holdings in total.
- Is it redundant to hold both JEPQ and VXF?
- 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 166 positions and a A diversification grade.
- What does VXF hold that JEPQ doesn't?
- VXF's largest holdings that JEPQ doesn't hold include SNOW, NET, BE, RKLB, FLEX. Its category is US mid/small completion, versus JEPQ's Nasdaq covered-call income.
- Which is more concentrated, JEPQ or VXF?
- JEPQ's top 10 holdings are 72% of its listed weight; VXF's are 42%. The more concentrated fund leans harder on its largest names.