ZWC.TO vs. JEPI.TO
ZWC.TO (BMO CA High Dividend Covered Call ETF) and JEPI.TO (JPMorgan US Equity Premium Income Active ETF) are both Derivative Income funds. Both are actively managed. Over the past year, ZWC.TO returned 29.49% vs 11.74% for JEPI.TO. At a 0.49 correlation, their price movements are largely independent. ZWC.TO charges 0.91%/yr vs 0.35%/yr for JEPI.TO.
Performance
ZWC.TO vs. JEPI.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZWC.TO achieves a 12.66% return, which is significantly higher than JEPI.TO's 4.57% return.
ZWC.TO
- 1D
- 0.27%
- 1M
- 0.85%
- YTD
- 12.66%
- 6M
- 12.85%
- 1Y
- 29.49%
- 3Y*
- 18.72%
- 5Y*
- 11.55%
- 10Y*
- —
JEPI.TO
- 1D
- -0.70%
- 1M
- 2.45%
- YTD
- 4.57%
- 6M
- 4.51%
- 1Y
- 11.74%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZWC.TO vs. JEPI.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ZWC.TO BMO CA High Dividend Covered Call ETF | 12.66% | 22.79% | 0.15% |
JEPI.TO JPMorgan US Equity Premium Income Active ETF | 4.57% | 3.09% | 5.31% |
Correlation
The correlation between ZWC.TO and JEPI.TO is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Oct 1, 2024 | 0.49 |
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Return for Risk
ZWC.TO vs. JEPI.TO — Risk / Return Rank
ZWC.TO
JEPI.TO
ZWC.TO vs. JEPI.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO CA High Dividend Covered Call ETF (ZWC.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.
| ZWC.TO | JEPI.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.48 | ||
| Sortino ratioReturn per unit of downside risk | +3.41 | ||
| Omega ratioGain probability vs. loss probability | 1.68 | 1.21 | +0.47 |
| Calmar ratioReturn relative to maximum drawdown | 4.95 | 2.21 | +2.73 |
| Martin ratioReturn relative to average drawdown | 24.12 | 5.55 | +18.57 |
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Drawdowns
ZWC.TO vs. JEPI.TO - Drawdown Comparison
The maximum ZWC.TO drawdown since its inception was -40.57%, 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 ZWC.TO and JEPI.TO.
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Drawdown Indicators
| ZWC.TO | JEPI.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.57% | -14.36% | -26.21% |
Max Drawdown (1Y)Largest decline over 1 year | -5.99% | -5.32% | -0.67% |
Max Drawdown (3Y)Largest decline over 3 years | -9.09% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -16.43% | — | — |
Current DrawdownCurrent decline from peak | -0.62% | -0.70% | +0.08% |
Average DrawdownAverage peak-to-trough decline | -4.66% | -3.31% | -1.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.23% | 2.12% | -0.89% |
Volatility
ZWC.TO vs. JEPI.TO - Volatility Comparison
BMO CA High Dividend Covered Call ETF (ZWC.TO) and JPMorgan US Equity Premium Income Active ETF (JEPI.TO) have volatilities of 2.58% and 2.64%, 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
| ZWC.TO | JEPI.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.58% | 2.64% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 6.99% | 7.38% | -0.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.09% | 10.02% | -1.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.15% | 12.72% | -2.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.91% | 12.72% | +2.19% |
ZWC.TO vs. JEPI.TO - Expense Ratio Comparison
ZWC.TO has a 0.91% expense ratio, which is higher than JEPI.TO's 0.35% expense ratio.
Dividends
ZWC.TO vs. JEPI.TO - Dividend Comparison
ZWC.TO's dividend yield for the trailing twelve months is around 5.56%, less than JEPI.TO's 7.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
JEPI.TO JPMorgan US Equity Premium Income Active ETF | 7.67% | 7.56% | 0.97% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ZWC.TO BMO CA High Dividend Covered Call ETF | 5.56% | 5.92% | 6.73% | 7.62% | 7.01% | 6.60% | 8.15% | 6.92% | 7.11% | 5.46% |
Frequently Asked Questions
ZWC.TO and JEPI.TO have a correlation of 0.41, 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 0.91% for ZWC.TO.
They also come from different issuers: BMO and JPMorgan. Their fees differ too: 0.91% for ZWC.TO and 0.35% for JEPI.TO.
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