JEPI.TO vs. ZPH.TO
JEPI.TO (JPMorgan US Equity Premium Income Active ETF) and ZPH.TO (BMO US Put Write Hedged to CAD ETF) are both Derivative Income funds. Both are actively managed. Over the past year, JEPI.TO returned 9.64% vs 7.85% for ZPH.TO. At a 0.45 correlation, their price movements are largely independent. JEPI.TO charges 0.35%/yr vs 0.65%/yr for ZPH.TO.
Performance
JEPI.TO vs. ZPH.TO - Performance Comparison
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Returns By Period
In the year-to-date period, JEPI.TO achieves a 5.15% return, which is significantly higher than ZPH.TO's 1.91% return.
JEPI.TO
- 1D
- -0.94%
- 1M
- 0.95%
- 6M
- 1.65%
- YTD
- 5.15%
- 1Y
- 9.64%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZPH.TO
- 1D
- -0.72%
- 1M
- 1.55%
- 6M
- 2.41%
- YTD
- 1.91%
- 1Y
- 7.85%
- 3Y*
- 7.75%
- 5Y*
- 5.69%
- 10Y*
- —
JEPI.TO vs. ZPH.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
JEPI.TO JPMorgan US Equity Premium Income Active ETF | 5.15% | 3.09% | 5.31% |
ZPH.TO BMO US Put Write Hedged to CAD ETF | 1.91% | 9.47% | -1.09% |
Correlation
The correlation between JEPI.TO and ZPH.TO is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2024 | 0.45 |
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Return for Risk
JEPI.TO vs. ZPH.TO — Risk / Return Rank
JEPI.TO
ZPH.TO
JEPI.TO vs. ZPH.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan US Equity Premium Income Active ETF (JEPI.TO) and BMO US Put Write Hedged to CAD ETF (ZPH.TO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| JEPI.TO | ZPH.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.21 | ||
| Sortino ratioReturn per unit of downside risk | -0.34 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.22 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.82 | 1.30 | +0.52 |
| Martin ratioReturn relative to average drawdown | 4.56 | 4.90 | -0.35 |
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Drawdowns
JEPI.TO vs. ZPH.TO - Drawdown Comparison
The maximum JEPI.TO drawdown since its inception was -14.36%, smaller than the maximum ZPH.TO drawdown of -33.38%. Use the drawdown chart below to compare losses from any high point for JEPI.TO and ZPH.TO.
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Drawdown Indicators
| JEPI.TO | ZPH.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.36% | -33.38% | +19.02% |
Max Drawdown (1Y)Largest decline over 1 year | -5.32% | -6.07% | +0.75% |
Max Drawdown (3Y)Largest decline over 3 years | — | -11.83% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -18.38% | — |
Current DrawdownCurrent decline from peak | -1.82% | -0.72% | -1.10% |
Average DrawdownAverage peak-to-trough decline | -3.21% | -4.22% | +1.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.12% | 1.61% | +0.51% |
Volatility
JEPI.TO vs. ZPH.TO - Volatility Comparison
JPMorgan US Equity Premium Income Active ETF (JEPI.TO) and BMO US Put Write Hedged to CAD ETF (ZPH.TO) have volatilities of 2.36% and 2.40%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JEPI.TO | ZPH.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.36% | 2.40% | -0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 7.39% | 5.69% | +1.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.88% | 6.59% | +3.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.58% | 11.18% | +1.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.58% | 12.59% | -0.01% |
JEPI.TO vs. ZPH.TO - Expense Ratio Comparison
JEPI.TO has a 0.35% expense ratio, which is lower than ZPH.TO's 0.65% expense ratio.
Dividends
JEPI.TO vs. ZPH.TO - Dividend Comparison
JEPI.TO's dividend yield for the trailing twelve months is around 7.36%, less than ZPH.TO's 10.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
JEPI.TO JPMorgan US Equity Premium Income Active ETF | 7.36% | 7.56% | 0.97% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ZPH.TO BMO US Put Write Hedged to CAD ETF | 10.40% | 10.06% | 9.95% | 8.18% | 8.83% | 7.27% | 7.67% | 7.26% | 6.98% | 5.94% |
Frequently Asked Questions
JEPI.TO and ZPH.TO have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, JEPI.TO is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
JEPI.TO is cheaper with a 0.35% expense ratio, compared with 0.65% for ZPH.TO.
They also come from different issuers: JPMorgan and BMO. Their fees differ too: 0.35% for JEPI.TO and 0.65% for ZPH.TO.
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