JEPI vs USMV Overlap
JEPI is an equity ETF from J.P. Morgan, while USMV is an equity ETF from IShares. JEPI and USMV show meaningful overlap, with an estimated weighted overlap of 31.25%. They share 55 holdings in the loaded dataset, led by JNJ, NVDA, and MSFT.
Served from cache.
Quick Answer
JEPI is an equity ETF from J.P. Morgan, while USMV is an equity ETF from IShares. JEPI and USMV show meaningful overlap, with an estimated weighted overlap of 31.25%. They share 55 holdings in the loaded dataset, led by JNJ, NVDA, and MSFT.
- 31.25% weighted overlap across 55 shared holdings.
- The top three shared holdings explain 13.86% of the measured overlap.
- JEPI and USMV are closer in breadth than a broad-vs-niche ETF pair.
- The overlap is mostly explained by the top shared positions rather than sector labels alone.
- Holding both may add less diversification than the fund names imply.
Data Freshness
- JEPI holdings
- Mar 12, 2026
- USMV holdings
- Mar 12, 2026
- Overlap computed
- Mar 15, 2026
- Data source
- Financial Modeling Prep
Review the methodology for the overlap formula and refresh policy.
Compare another pair
About These ETFs
What Stands Out In This Comparison
What This Means
JEPI is an equity ETF from J.P. Morgan, while USMV is an equity ETF from IShares. JEPI and USMV overlap enough to matter, but they still bring different exposures to a portfolio. The overlap is concentrated in holdings such as JNJ, NVDA, and MSFT, which explains why the score lands at 31.25%.
How They Differ
JEPI is an equity ETF from J.P. Morgan, while USMV is an equity ETF from IShares. Neither fund clearly dominates on breadth, so the practical difference is more about weighting, index construction, and cost. USMV has the lower expense ratio, while JEPI charges more for its exposure.
What Drives The Overlap
The overlap is driven by a relatively small set of large shared positions. The top three shared holdings account for 13.86% of the score, which means the result is heavily influenced by the biggest common weights rather than a long tail of tiny positions.
When One May Fit Better
Because JEPI and USMV are closer in breadth, the better fit usually comes down to index methodology, issuer preference, and cost. USMV has the lower expense ratio, while JEPI charges more for its exposure.
Overlap Driver Snapshot
Concentration
The top three shared holdings explain 13.86% of the full overlap score.
That helps show whether the score comes from a handful of giant shared positions or from a broader mix of common holdings.
Shared Sector Tilt
Sector tags are not consistently available for the biggest shared positions in this dataset, so this comparison leans more on the specific holdings than on sector labels.
Top Shared Holdings
These are the holdings contributing the most to the overlap score between JEPI and USMV.
| Holding | Name | JEPI Wt. | USMV Wt. | Overlap |
|---|---|---|---|---|
| JNJ | JOHNSON & COMMON | 1.75% | 1.50% | 1.50% |
| NVDA | NVIDIA CORP COMMON STOCK | 1.46% | 1.50% | 1.46% |
| MSFT | MICROSOFT CORP COMMON | 1.37% | 1.53% | 1.37% |
| MCD | MCDONALD'S CORP COMMON | 1.35% | 1.37% | 1.35% |
| APH | AMPHENOL CORP COMMON | 1.23% | 1.38% | 1.23% |
| MA | MASTERCARD INC COMMON | 1.36% | 1.16% | 1.16% |
| SO | THE SOUTHERN COMPANY | 1.07% | 1.50% | 1.07% |
| VRTX | VERTEX PHARMACEUTICALS | 1.06% | 1.56% | 1.06% |
| PEP | PEPSICO INC COMMON STOCK | 1.45% | 1.02% | 1.02% |
| YUM | YUM BRANDS INC COMMON | 1.41% | 0.96% | 0.96% |
Why These ETFs Overlap
JEPI is an equity ETF from J.P. Morgan, while USMV is an equity ETF from IShares. The overlap exists because both funds allocate meaningful weight to the same holdings. In this dataset, the biggest shared drivers are JNJ, NVDA, and MSFT, which appear in both portfolios and push the overlap score higher.
Holding both JEPI and USMV can still be reasonable, but you should expect some duplication. The decision comes down to whether the non-overlapping parts of each ETF are important enough for your strategy.
Related Comparisons
Frequently Asked Questions About JEPI and USMV
What is the overlap between JEPI and USMV?+
How many holdings do JEPI and USMV share?+
Is the JEPI and USMV overlap high?+
Why do JEPI and USMV overlap?+
Which ETF is broader, JEPI or USMV?+
How Overlap Is Calculated
A straightforward approach used by portfolio analysts.
For every stock that appears in both ETFs, we take the smaller of the two weights. Adding up all those minimums gives the total overlap percentage. A score of 100% means the two ETFs hold the exact same stocks in the same proportions.
Want the full explanation? Read the methodology page.