JEPQ vs VYM: how much do they really overlap?
JEPQ (JPMorgan Nasdaq Equity Premium Income ETF, tracking the Nasdaq-100 (active)) and VYM (Vanguard High Dividend Yield ETF, tracking the FTSE High Dividend Yield) overlap by roughly 6% by weight. 0 of JEPQ's top 10 holdings also appear in VYM. A 50/50 blend of the two behaves like about 99 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 2 holdings appear in both JEPQ and VYM. The weight columns show how much of each fund each name represents.
| Holding | in JEPQ | in VYM |
|---|---|---|
| AVGO Broadcom Inc. | 2.15% | 8.51% |
| CSCO Cisco Systems, Inc. | 1.34% | 1.98% |
Only in JEPQ
JPMorgan Nasdaq Equity Premium Income ETF — Nasdaq covered-call income. Its biggest holdings that VYM 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 VYM
Vanguard High Dividend Yield ETF — US high-dividend. Its biggest holdings that JEPQ doesn’t have:
| JPM JPMorgan Chase & Co. | 3.14% |
| XOM Exxon Mobil Corp. | 2.53% |
| JNJ Johnson & Johnson | 2.24% |
| CAT Caterpillar Inc. | 1.67% |
| ABBV AbbVie Inc. | 1.59% |
| ORCL Oracle Corp. | 1.57% |
| UNH UnitedHealth Group Inc. | 1.43% |
| CVX Chevron Corp. | 1.41% |
So — essentially different. Should you hold both?
JEPQ and VYM hold almost none of the same securities — they are complementary, not redundant. Held together they genuinely broaden your exposure — a 50/50 blend reaches ~99 effective positions (grade A), because they hold largely different securities.
Holdings as of — JEPQ: Jun 30, 2026 (J.P. Morgan Asset Management); VYM: 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 VYM — FAQ
- How much do JEPQ and VYM overlap?
- JEPQ and VYM overlap by approximately 6% 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 VYM. They share 2 of their listed top holdings in total.
- Is it redundant to hold both JEPQ and VYM?
- 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 99 positions and a A diversification grade.
- What does VYM hold that JEPQ doesn't?
- VYM's largest holdings that JEPQ doesn't hold include JPM, XOM, JNJ, CAT, ABBV. Its category is US high-dividend, versus JEPQ's Nasdaq covered-call income.
- Which is more concentrated, JEPQ or VYM?
- JEPQ's top 10 holdings are 72% of its listed weight; VYM's are 44%. The more concentrated fund leans harder on its largest names.