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

ZWH.TO vs. JEPI

Last updated Jun 4, 2026

ZWH.TO (BMO US High Dividend Covered Call ETF) and JEPI (JPMorgan Equity Premium Income ETF) are both exchange-traded funds - ZWH.TO is a Derivative Income fund actively managed by BMO, while JEPI is a Dividend fund actively managed by JPMorgan. Both are actively managed. Over the past 5 years, ZWH.TO returned 11.42%/yr vs 10.32%/yr for JEPI. A 0.72 correlation means they provide meaningful diversification when combined. ZWH.TO charges 0.65%/yr vs 0.35%/yr for JEPI.

Performance

ZWH.TO vs. JEPI - Performance Comparison

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

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Different Trading Currencies

ZWH.TO is traded in CAD, while JEPI is traded in USD. To make them comparable, the JEPI values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ZWH.TO achieves a 13.86% return, which is significantly higher than JEPI's 1.43% return.

ZWH.TO

1D
0.66%
1M
7.97%
YTD
13.86%
6M
11.86%
1Y
27.24%
3Y*
14.93%
5Y*
11.42%
10Y*
9.87%

JEPI

1D
0.56%
1M
0.43%
YTD
1.43%
6M
0.08%
1Y
9.09%
3Y*
10.15%
5Y*
10.32%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZWH.TO vs. JEPI - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
ZWH.TO
BMO US High Dividend Covered Call ETF		13.86%6.40%19.30%5.04%-0.57%24.20%16.82%
JEPI
JPMorgan Equity Premium Income ETF		1.43%3.13%22.24%7.41%3.39%20.42%8.44%

Correlation

The correlation between ZWH.TO and JEPI is 0.71, 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

0.71

Correlation (3Y)
Calculated over the trailing 3-year period

0.73

Correlation (5Y)
Calculated over the trailing 5-year period

0.75

Correlation (All Time)
Calculated using the full available price history since May 22, 2020

0.72

The correlation between ZWH.TO and JEPI has been stable across timeframes, ranging from 0.71 to 0.75 - a consistent structural relationship.

ZWH.TO vs. JEPI - Sectors Allocation Comparison

Sectors
ZWH.TO
JEPI

Technology

28.4%
19.1%

Healthcare

12.6%
14.1%

Financial Services

12.0%
9.8%

Consumer Defensive

9.4%
9.6%

Energy

9.0%
3.5%

Utilities

6.5%
6.2%

Communication Services

6.3%
6.9%

Consumer Cyclical

5.2%
11.7%

Industrials

4.7%
13.8%

Real Estate

4.2%
3.5%

Basic Materials

1.7%
1.9%

Technology

ZWH.TO
28.4%
JEPI
19.1%

Healthcare

ZWH.TO
12.6%
JEPI
14.1%

Financial Services

ZWH.TO
12.0%
JEPI
9.8%

Consumer Defensive

ZWH.TO
9.4%
JEPI
9.6%

Energy

ZWH.TO
9.0%
JEPI
3.5%

Utilities

ZWH.TO
6.5%
JEPI
6.2%

Communication Services

ZWH.TO
6.3%
JEPI
6.9%

Consumer Cyclical

ZWH.TO
5.2%
JEPI
11.7%

Industrials

ZWH.TO
4.7%
JEPI
13.8%

Real Estate

ZWH.TO
4.2%
JEPI
3.5%

Basic Materials

ZWH.TO
1.7%
JEPI
1.9%

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 High Dividend Covered Call ETF

JPMorgan Equity Premium Income ETF

Often compared with ZWH.TO:
ZWH.TO vs. ZWC.TOZWH.TO vs. XEI.TOZWH.TO vs. XDIV.TOZWH.TO vs. HMAX.TOZWH.TO vs. SCHDZWH.TO vs. PDF.TOZWH.TO vs. VFV.TO
Often compared with JEPI:
JEPI vs. JEPQJEPI vs. SCHDJEPI vs. SPYJEPI vs. QYLDJEPI vs. SPYIJEPI vs. QQQIJEPI vs. VOO

Return for Risk

ZWH.TO vs. JEPI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZWH.TO
ZWH.TO Risk / Return Rank: 8585
Overall Rank
ZWH.TO Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
ZWH.TO Sortino Ratio Rank: 8888
Sortino Ratio Rank
ZWH.TO Omega Ratio Rank: 8383
Omega Ratio Rank
ZWH.TO Calmar Ratio Rank: 8686
Calmar Ratio Rank
ZWH.TO Martin Ratio Rank: 8787
Martin Ratio Rank
JEPI
JEPI Risk / Return Rank: 2626
Overall Rank
JEPI Sharpe Ratio Rank: 2727
Sharpe Ratio Rank
JEPI Sortino Ratio Rank: 2626
Sortino Ratio Rank
JEPI Omega Ratio Rank: 2626
Omega Ratio Rank
JEPI Calmar Ratio Rank: 2424
Calmar Ratio Rank
JEPI Martin Ratio Rank: 2626
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.

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

This table presents a comparison of risk-adjusted performance metrics for BMO US High Dividend Covered Call ETF (ZWH.TO) and JPMorgan Equity Premium Income ETF (JEPI). 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.

ZWH.TOJEPIDifference
Sharpe ratioReturn per unit of total volatility
2.77
1.08

+1.69

Sortino ratioReturn per unit of downside risk
4.08
1.56

+2.51

Omega ratioGain probability vs. loss probability

1.51

1.20

+0.31

Calmar ratioReturn relative to maximum drawdown

4.81

1.75

+3.06

Martin ratioReturn relative to average drawdown

18.98

5.07

+13.91

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZWH.TO vs. JEPI - Sharpe Ratio Comparison

The current ZWH.TO Sharpe Ratio is 2.77, which is higher than the JEPI Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of ZWH.TO and JEPI, 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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Sharpe Ratios by Period

ZWH.TOJEPIDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.77

1.08

+1.69

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.99

1.02

-0.04

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.67

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.80

1.09

-0.29

Drawdowns

ZWH.TO vs. JEPI - Drawdown Comparison

The maximum ZWH.TO drawdown since its inception was -34.01%, which is greater than JEPI's maximum drawdown of -14.00%. Use the drawdown chart below to compare losses from any high point for ZWH.TO and JEPI.

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Drawdown Indicators

ZWH.TOJEPIDifference

Max Drawdown

Largest peak-to-trough decline

-34.01%

-14.00%

-20.01%

Max Drawdown (1Y)

Largest decline over 1 year

-5.69%

-5.23%

-0.46%

Max Drawdown (3Y)

Largest decline over 3 years

-15.59%

-14.00%

-1.59%

Max Drawdown (5Y)

Largest decline over 5 years

-15.59%

-14.00%

-1.59%

Max Drawdown (10Y)

Largest decline over 10 years

-34.01%

—

—

Current Drawdown

Current decline from peak

0.00%

-3.03%

+3.03%

Average Drawdown

Average peak-to-trough decline

-3.11%

-2.19%

-0.92%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.44%

1.80%

-0.36%

Volatility

ZWH.TO vs. JEPI - Volatility Comparison

BMO US High Dividend Covered Call ETF (ZWH.TO) has a higher volatility of 3.46% compared to JPMorgan Equity Premium Income ETF (JEPI) at 1.69%. This indicates that ZWH.TO's price experiences larger fluctuations and is considered to be riskier than JEPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZWH.TOJEPIDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.46%

1.69%

+1.77%

Volatility (6M)

Calculated over the trailing 6-month period

7.66%

6.59%

+1.07%

Volatility (1Y)

Calculated over the trailing 1-year period

9.91%

8.44%

+1.47%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.65%

10.16%

+1.49%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.84%

9.97%

+4.87%

ZWH.TO vs. JEPI - Expense Ratio Comparison

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

Dividends

ZWH.TO vs. JEPI - Dividend Comparison

ZWH.TO's dividend yield for the trailing twelve months is around 5.76%, less than JEPI's 8.27% yield.

PositionTTM20252024202320222021202020192018201720162015
JEPI
JPMorgan Equity Premium Income ETF		8.27%8.25%7.33%8.40%11.68%6.59%5.79%0.00%0.00%0.00%0.00%0.00%
ZWH.TO
BMO US High Dividend Covered Call ETF		5.76%6.22%4.87%5.71%6.03%5.64%6.59%5.97%5.66%5.46%5.57%5.31%

Frequently Asked Questions

ZWH.TO and JEPI have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, JEPI is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

JEPI is cheaper with a 0.35% expense ratio, compared with 0.65% for ZWH.TO.

ZWH.TO is categorized as Derivative Income, while JEPI is Dividend. They also come from different issuers: BMO and JPMorgan. Their fees differ too: 0.65% for ZWH.TO and 0.35% for JEPI.

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