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ZPW.TO vs. JEPI.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZPW.TO vs. JEPI.TO

Last updated Jul 17, 2026
Documentation

ZPW.TO (BMO US Put Write ETF) and JEPI.TO (JPMorgan US Equity Premium Income Active ETF) are both Derivative Income funds. Both are actively managed. Over the past year, ZPW.TO returned 13.56% vs 12.03% for JEPI.TO. A 0.62 correlation means they provide meaningful diversification when combined. ZPW.TO charges 0.65%/yr vs 0.35%/yr for JEPI.TO.

Performance

ZPW.TO vs. JEPI.TO - Performance Comparison

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

Loading charts...

Returns By Period

The year-to-date returns for both stocks are quite close, with ZPW.TO having a 6.43% return and JEPI.TO slightly lower at 6.15%.

ZPW.TO

1D
0.38%
1M
2.16%
6M
5.42%
YTD
6.43%
1Y
13.56%
3Y*
11.83%
5Y*
9.30%
10Y*
6.21%

JEPI.TO

1D
0.63%
1M
1.95%
6M
2.81%
YTD
6.15%
1Y
12.03%
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024
ZPW.TO
BMO US Put Write ETF		6.43%6.40%5.11%
JEPI.TO
JPMorgan US Equity Premium Income Active ETF		6.15%3.09%5.31%

Correlation

The correlation between ZPW.TO and JEPI.TO is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.54

Correlation (All Time)
Calculated using the full available price history since Oct 1, 2024

0.62

The correlation between ZPW.TO and JEPI.TO has been stable across timeframes, ranging from 0.54 to 0.62 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BMO US Put Write ETF

JPMorgan US Equity Premium Income Active ETF

Often compared with ZPW.TO:
ZPW.TO vs. HHIS.TOZPW.TO vs. ECHI.TOZPW.TO vs. UMAX.TOZPW.TO vs. ZPH.TOZPW.TO vs. USCL.TOZPW.TO vs. ZWC.TOZPW.TO vs. BANK.TO
Often compared with JEPI.TO:
JEPI.TO vs. JEPQ.TOJEPI.TO vs. ZWG.TOJEPI.TO vs. VOOGJEPI.TO vs. EQLI.TOJEPI.TO vs. JEPI.LJEPI.TO vs. APR-UN.TOJEPI.TO vs. HYLD.TO

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZPW.TO
ZPW.TO Risk / Return Rank: 6666
Overall Rank
ZPW.TO Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
ZPW.TO Sortino Ratio Rank: 7171
Sortino Ratio Rank
ZPW.TO Omega Ratio Rank: 7676
Omega Ratio Rank
ZPW.TO Calmar Ratio Rank: 6161
Calmar Ratio Rank
ZPW.TO Martin Ratio Rank: 5151
Martin Ratio Rank
JEPI.TO
JEPI.TO Risk / Return Rank: 4545
Overall Rank
JEPI.TO Sharpe Ratio Rank: 4242
Sharpe Ratio Rank
JEPI.TO Sortino Ratio Rank: 4040
Sortino Ratio Rank
JEPI.TO Omega Ratio Rank: 4141
Omega Ratio Rank
JEPI.TO Calmar Ratio Rank: 5757
Calmar Ratio Rank
JEPI.TO Martin Ratio Rank: 4444
Martin Ratio Rank
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.

ZPW.TO vs. JEPI.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO US Put Write ETF (ZPW.TO) and JPMorgan US Equity Premium Income Active ETF (JEPI.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.

ZPW.TOJEPI.TODifference
Sharpe ratioReturn per unit of total volatility
1.88
1.23

+0.65

Sortino ratioReturn per unit of downside risk
2.59
1.74

+0.85

Omega ratioGain probability vs. loss probability

1.36

1.22

+0.13

Calmar ratioReturn relative to maximum drawdown

2.43

2.27

+0.16

Martin ratioReturn relative to average drawdown

6.90

5.69

+1.21

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

The current ZPW.TO Sharpe Ratio is 1.88, which is higher than the JEPI.TO Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of ZPW.TO and JEPI.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.

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Drawdowns

ZPW.TO vs. JEPI.TO - Drawdown Comparison

The maximum ZPW.TO drawdown since its inception was -23.77%, which is greater than JEPI.TO's maximum drawdown of -14.36%. Use the drawdown chart below to compare losses from any high point for ZPW.TO and JEPI.TO.

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Drawdown Indicators

ZPW.TOJEPI.TODifference

Max Drawdown

Largest peak-to-trough decline

-23.77%

-14.36%

-9.41%

Max Drawdown (1Y)

Largest decline over 1 year

-5.61%

-5.32%

-0.29%

Max Drawdown (3Y)

Largest decline over 3 years

-12.35%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-16.57%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-23.77%

—

—

Current Drawdown

Current decline from peak

0.00%

-0.89%

+0.89%

Average Drawdown

Average peak-to-trough decline

-4.05%

-3.21%

-0.84%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.97%

2.12%

-0.15%

Volatility

ZPW.TO vs. JEPI.TO - Volatility Comparison

BMO US Put Write ETF (ZPW.TO) has a higher volatility of 2.61% compared to JPMorgan US Equity Premium Income Active ETF (JEPI.TO) at 2.11%. This indicates that ZPW.TO's price experiences larger fluctuations and is considered to be riskier than JEPI.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZPW.TOJEPI.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.61%

2.11%

+0.50%

Volatility (6M)

Calculated over the trailing 6-month period

6.19%

7.33%

-1.14%

Volatility (1Y)

Calculated over the trailing 1-year period

7.24%

9.83%

-2.59%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.62%

12.57%

-1.95%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

11.72%

12.57%

-0.85%

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

ZPW.TO has a 0.65% expense ratio, which is higher than JEPI.TO's 0.35% expense ratio.

Dividends

ZPW.TO vs. JEPI.TO - Dividend Comparison

ZPW.TO's dividend yield for the trailing twelve months is around 9.43%, more than JEPI.TO's 7.29% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
ZPW.TO
BMO US Put Write ETF		9.43%9.55%9.18%7.57%8.20%7.24%7.61%7.17%6.61%6.82%7.32%2.32%

Frequently Asked Questions

ZPW.TO and JEPI.TO have a correlation of 0.54, 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 ZPW.TO.

They also come from different issuers: BMO and JPMorgan. Their fees differ too: 0.65% for ZPW.TO and 0.35% for JEPI.TO.

Portfolio Optimizer

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