You can in part setup a traceability matrix with Zephyr for JIRA. Let me explain.
Use the "Linking" functionality of JIRA issues. Thus you can have a requirement that is "Covered By" a testcase and a testcase that is "Related To" a defect.
Zephyr 1.7 automatically creates the link to a defect when a defect is filed from testcase execution.
Reporting on this isn't as easy on the UI side. For example you'd have to do a lot of clicking to navigate through all the links.
There is however the potential to use the JIRA APIs to create a matrix reports based on your requirements, links to any testcases and any related defects. If you need assistance with creating an API report, please contact JIRA support.
We do offer a JIRA Gadget that assists in this realm. The Gadget is called "Top Defects Impacting Testing" and displays the defects that affects the most testcases within a specific JIRA Project and Version Combination.
We have just released a traceability matrix plugin. You could download it from this link: https://marketplace.atlassian.com/plugins/com.kostebekteknoloji.plugins.jira.jira-traceability-matrix
If you express the relation between your requirements, test cases and bugs using issue links, then the PDF View Plugin delivers an immediate solution. It has a traceability matrix template which is renders (bi-)directional arrows between issues if a link of certain types is present between the two. The set of input issues is defined by saved filter or any arbitrary JQL query, so the possibilities for filtering are limitless.
If you express the relation in a different way, like "issue reference" or similar type custom fields, then the logic used by this plugin can be easily modified as that is defined in an editable Groovy script.
See the screenshot or this actual sample Traceability Matrix PDF
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