JEPI.TO vs. ZUT.TO

Last updated Jul 17, 2026

JEPI.TO (JPMorgan US Equity Premium Income Active ETF) and ZUT.TO (BMO Equal Weight Utilities Index ETF) are both exchange-traded funds - JEPI.TO is a Derivative Income fund actively managed by JPMorgan, while ZUT.TO is a Utilities Equities fund tracking the Solactive Equal Weight Canada Utilities Index. JEPI.TO is actively managed, while ZUT.TO is passively managed. Over the past year, JEPI.TO returned 12.03% vs 24.48% for ZUT.TO. At a 0.22 correlation, their price movements are largely independent. JEPI.TO charges 0.35%/yr vs 0.61%/yr for ZUT.TO.

Performance

JEPI.TO vs. ZUT.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in JPMorgan US Equity Premium Income Active ETF (JEPI.TO) and BMO Equal Weight Utilities Index ETF (ZUT.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JEPI.TO achieves a 6.15% return, which is significantly lower than ZUT.TO's 21.62% return.

JEPI.TO

• 1D: 0.63%
• 1M: 1.95%
• 6M: 2.81%
• YTD: 6.15%
• 1Y: 12.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZUT.TO

• 1D: -0.07%
• 1M: 1.05%
• 6M: 19.21%
• YTD: 21.62%
• 1Y: 24.48%
• 3Y*: 14.70%
• 5Y*: 7.03%
• 10Y*: 9.94%

*Multi-year figures are annualized to reflect compound growth (CAGR)

JEPI.TO vs. ZUT.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
JEPI.TO JPMorgan US Equity Premium Income Active ETF	6.15%	3.09%	5.31%
ZUT.TO BMO Equal Weight Utilities Index ETF	21.62%	15.33%	-1.29%

Correlation

The correlation between JEPI.TO and ZUT.TO is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (All Time) Calculated using the full available price history since Oct 1, 2024	0.22

The correlation between JEPI.TO and ZUT.TO shifts across timeframes, from 0.11 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.

Return for Risk

JEPI.TO vs. ZUT.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

JEPI.TO

JEPI.TO Risk / Return Rank: 45
JEPI.TO Sharpe Ratio Rank: 42
JEPI.TO Sortino Ratio Rank: 40
JEPI.TO Omega Ratio Rank: 41
JEPI.TO Calmar Ratio Rank: 57
JEPI.TO Martin Ratio Rank: 44

ZUT.TO

ZUT.TO Risk / Return Rank: 76
ZUT.TO Sharpe Ratio Rank: 89
ZUT.TO Sortino Ratio Rank: 86
ZUT.TO Omega Ratio Rank: 89
ZUT.TO Calmar Ratio Rank: 68
ZUT.TO Martin Ratio Rank: 51

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

JEPI.TO vs. ZUT.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 Equal Weight Utilities Index ETF (ZUT.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	ZUT.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.23	2.34	-1.11
Sortino ratio: Return per unit of downside risk	1.74	3.12	-1.38
Omega ratio: Gain probability vs. loss probability	1.22	1.44	-0.22
Calmar ratio: Return relative to maximum drawdown	2.27	2.75	-0.48
Martin ratio: Return relative to average drawdown	5.69	6.92	-1.23

JEPI.TO vs. ZUT.TO - Sharpe Ratio Comparison

The current JEPI.TO Sharpe Ratio is 1.23, which is lower than the ZUT.TO Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of JEPI.TO and ZUT.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

JEPI.TO vs. ZUT.TO - Drawdown Comparison

The maximum JEPI.TO drawdown since its inception was -14.36%, smaller than the maximum ZUT.TO drawdown of -37.07%. Use the drawdown chart below to compare losses from any high point for JEPI.TO and ZUT.TO.

Drawdown Indicators

	JEPI.TO	ZUT.TO	Difference
Max Drawdown Largest peak-to-trough decline	-14.36%	-37.07%	+22.71%
Max Drawdown (1Y) Largest decline over 1 year	-5.32%	-8.95%	+3.63%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.27%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-32.36%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-37.07%	—
Current Drawdown Current decline from peak	-0.89%	-0.90%	+0.01%
Average Drawdown Average peak-to-trough decline	-3.21%	-6.25%	+3.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.12%	3.54%	-1.42%

Volatility

JEPI.TO vs. ZUT.TO - Volatility Comparison

The current volatility for JPMorgan US Equity Premium Income Active ETF (JEPI.TO) is 2.11%, while BMO Equal Weight Utilities Index ETF (ZUT.TO) has a volatility of 2.54%. This indicates that JEPI.TO experiences smaller price fluctuations and is considered to be less risky than ZUT.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JEPI.TO	ZUT.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.11%	2.54%	-0.43%
Volatility (6M) Calculated over the trailing 6-month period	7.33%	8.03%	-0.70%
Volatility (1Y) Calculated over the trailing 1-year period	9.83%	10.51%	-0.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.57%	13.97%	-1.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.57%	16.47%	-3.90%

JEPI.TO vs. ZUT.TO - Expense Ratio Comparison

JEPI.TO has a 0.35% expense ratio, which is lower than ZUT.TO's 0.61% expense ratio.

Dividends

JEPI.TO vs. ZUT.TO - Dividend Comparison

JEPI.TO's dividend yield for the trailing twelve months is around 7.29%, more than ZUT.TO's 2.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JEPI.TO JPMorgan US Equity Premium Income Active ETF	7.29%	7.56%	0.97%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZUT.TO BMO Equal Weight Utilities Index ETF	2.76%	3.50%	4.05%	4.43%	4.02%	3.31%	3.38%	4.08%	4.68%	3.78%	4.06%	4.72%

Frequently Asked Questions

Can I hold both JEPI.TO and ZUT.TO in my portfolio?

JEPI.TO and ZUT.TO have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, JEPI.TO or ZUT.TO?

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.

Which ETF is cheaper, JEPI.TO or ZUT.TO?

JEPI.TO is cheaper with a 0.35% expense ratio, compared with 0.61% for ZUT.TO.

What is the main difference between JEPI.TO and ZUT.TO?

JEPI.TO is categorized as Derivative Income, while ZUT.TO is Utilities Equities. They also come from different issuers: JPMorgan and BMO. Their fees differ too: 0.35% for JEPI.TO and 0.61% for ZUT.TO.