ZWH.TO vs. JEPI.TO
ZWH.TO (BMO US 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, ZWH.TO returned 27.24% vs 9.33% for JEPI.TO. A 0.79 correlation means they provide meaningful diversification when combined. ZWH.TO charges 0.65%/yr vs 0.35%/yr for JEPI.TO.
Performance
ZWH.TO vs. JEPI.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZWH.TO achieves a 13.86% return, which is significantly higher than JEPI.TO's 1.48% 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.TO
- 1D
- 0.57%
- 1M
- 0.42%
- YTD
- 1.48%
- 6M
- 0.23%
- 1Y
- 9.33%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZWH.TO vs. JEPI.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ZWH.TO BMO US High Dividend Covered Call ETF | 13.86% | 6.40% | 2.83% |
JEPI.TO JPMorgan US Equity Premium Income Active ETF | 1.48% | 3.09% | 7.35% |
Correlation
The correlation between ZWH.TO and JEPI.TO is 0.70, 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 | 0.70 |
Correlation (All Time) Calculated using the full available price history since Oct 2, 2024 | 0.79 |
The correlation between ZWH.TO and JEPI.TO has been stable across timeframes, ranging from 0.70 to 0.79 - a consistent structural relationship.
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Return for Risk
ZWH.TO vs. JEPI.TO — Risk / Return Rank
ZWH.TO
JEPI.TO
ZWH.TO vs. JEPI.TO - 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 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.
| ZWH.TO | JEPI.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.82 | ||
| Sortino ratioReturn per unit of downside risk | +2.69 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.17 | +0.33 |
| Calmar ratioReturn relative to maximum drawdown | 4.81 | 1.76 | +3.05 |
| Martin ratioReturn relative to average drawdown | 18.98 | 4.49 | +14.49 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZWH.TO | JEPI.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.77 | 0.94 | +1.82 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.99 | — | — |
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 | 0.56 | +0.24 |
Drawdowns
ZWH.TO vs. JEPI.TO - Drawdown Comparison
The maximum ZWH.TO drawdown since its inception was -34.01%, 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 ZWH.TO and JEPI.TO.
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Drawdown Indicators
| ZWH.TO | JEPI.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.01% | -14.36% | -19.65% |
Max Drawdown (1Y)Largest decline over 1 year | -5.69% | -5.32% | -0.37% |
Max Drawdown (3Y)Largest decline over 3 years | -15.59% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -15.59% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -34.01% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -3.06% | +3.06% |
Average DrawdownAverage peak-to-trough decline | -3.11% | -3.38% | +0.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.44% | 2.08% | -0.64% |
Volatility
ZWH.TO vs. JEPI.TO - Volatility Comparison
BMO US High Dividend Covered Call ETF (ZWH.TO) has a higher volatility of 3.46% compared to JPMorgan US Equity Premium Income Active ETF (JEPI.TO) at 2.14%. This indicates that ZWH.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
| ZWH.TO | JEPI.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.46% | 2.14% | +1.32% |
Volatility (6M)Calculated over the trailing 6-month period | 7.66% | 7.68% | -0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.91% | 9.92% | -0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.65% | 12.92% | -1.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.84% | 12.92% | +1.92% |
ZWH.TO vs. JEPI.TO - Expense Ratio Comparison
ZWH.TO has a 0.65% expense ratio, which is higher than JEPI.TO's 0.35% expense ratio.
Dividends
ZWH.TO vs. JEPI.TO - Dividend Comparison
ZWH.TO's dividend yield for the trailing twelve months is around 5.76%, less than JEPI.TO's 7.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
JEPI.TO JPMorgan US Equity Premium Income Active ETF | 7.90% | 7.56% | 3.91% | 0.00% | 0.00% | 0.00% | 0.00% | 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.TO have a correlation of 0.70, 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 ZWH.TO.
They also come from different issuers: BMO and JPMorgan. Their fees differ too: 0.65% for ZWH.TO and 0.35% for JEPI.TO.
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