BJUL vs. HELO

Last updated Jun 23, 2026

BJUL (Innovator U.S. Equity Buffer ETF - July) and HELO (JPMorgan Hedged Equity Laddered Overlay ETF) are both exchange-traded funds - BJUL is a Defined Outcome fund tracking the S&P 500, while HELO is a Options Trading fund actively managed by JPMorgan. BJUL is passively managed, while HELO is actively managed. Over the past year, BJUL returned 19.49% vs 10.09% for HELO. Their correlation of 0.91 suggests significant overlap in exposure. BJUL charges 0.79%/yr vs 0.50%/yr for HELO.

Performance

BJUL vs. HELO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Buffer ETF - July (BJUL) and JPMorgan Hedged Equity Laddered Overlay ETF (HELO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BJUL achieves a 6.64% return, which is significantly higher than HELO's 1.98% return.

BJUL

• 1D: 0.08%
• 1M: 0.86%
• YTD: 6.64%
• 6M: 6.52%
• 1Y: 19.49%
• 3Y*: 16.23%
• 5Y*: 11.51%
• 10Y*: —

HELO

• 1D: -0.37%
• 1M: -0.12%
• YTD: 1.98%
• 6M: 1.69%
• 1Y: 10.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BJUL vs. HELO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BJUL Innovator U.S. Equity Buffer ETF - July	6.64%	13.93%	18.41%	9.01%
HELO JPMorgan Hedged Equity Laddered Overlay ETF	1.98%	7.82%	18.05%	5.25%

Correlation

The correlation between BJUL and HELO is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (All Time) Calculated using the full available price history since Sep 29, 2023	0.91

The correlation between BJUL and HELO has been stable across timeframes, ranging from 0.91 to 0.91 - a consistent structural relationship.

Return for Risk

BJUL vs. HELO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BJUL

BJUL Risk / Return Rank: 85
BJUL Sharpe Ratio Rank: 86
BJUL Sortino Ratio Rank: 89
BJUL Omega Ratio Rank: 89
BJUL Calmar Ratio Rank: 74
BJUL Martin Ratio Rank: 89

HELO

HELO Risk / Return Rank: 46
HELO Sharpe Ratio Rank: 47
HELO Sortino Ratio Rank: 46
HELO Omega Ratio Rank: 52
HELO Calmar Ratio Rank: 36
HELO Martin Ratio Rank: 47

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.

BJUL vs. HELO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF - July (BJUL) and JPMorgan Hedged Equity Laddered Overlay ETF (HELO). 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.

	BJUL	HELO	Difference
Sharpe ratio: Return per unit of total volatility	2.68	1.59	+1.09
Sortino ratio: Return per unit of downside risk	3.88	2.25	+1.64
Omega ratio: Gain probability vs. loss probability	1.54	1.32	+0.23
Calmar ratio: Return relative to maximum drawdown	3.62	1.76	+1.86
Martin ratio: Return relative to average drawdown	18.92	7.70	+11.22

BJUL vs. HELO - Sharpe Ratio Comparison

The current BJUL Sharpe Ratio is 2.68, which is higher than the HELO Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of BJUL and HELO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BJUL vs. HELO - Drawdown Comparison

The maximum BJUL drawdown since its inception was -24.03%, which is greater than HELO's maximum drawdown of -10.89%. Use the drawdown chart below to compare losses from any high point for BJUL and HELO.

Drawdown Indicators

	BJUL	HELO	Difference
Max Drawdown Largest peak-to-trough decline	-24.03%	-10.89%	-13.14%
Max Drawdown (1Y) Largest decline over 1 year	-5.40%	-5.76%	+0.36%
Max Drawdown (3Y) Largest decline over 3 years	-14.06%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-14.06%	—	—
Current Drawdown Current decline from peak	0.00%	-0.60%	+0.60%
Average Drawdown Average peak-to-trough decline	-2.48%	-1.18%	-1.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.03%	1.31%	-0.28%

Volatility

BJUL vs. HELO - Volatility Comparison

The current volatility for Innovator U.S. Equity Buffer ETF - July (BJUL) is 1.11%, while JPMorgan Hedged Equity Laddered Overlay ETF (HELO) has a volatility of 1.73%. This indicates that BJUL experiences smaller price fluctuations and is considered to be less risky than HELO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BJUL	HELO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.11%	1.73%	-0.62%
Volatility (6M) Calculated over the trailing 6-month period	5.51%	5.08%	+0.43%
Volatility (1Y) Calculated over the trailing 1-year period	7.31%	6.38%	+0.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.62%	7.97%	+3.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.60%	7.97%	+5.63%

BJUL vs. HELO - Expense Ratio Comparison

BJUL has a 0.79% expense ratio, which is higher than HELO's 0.50% expense ratio.

Dividends

BJUL vs. HELO - Dividend Comparison

BJUL has not paid dividends to shareholders, while HELO's dividend yield for the trailing twelve months is around 0.63%.

Position	TTM	2025	2024	2023
BJUL Innovator U.S. Equity Buffer ETF - July	0.00%	0.00%	0.00%	0.00%
HELO JPMorgan Hedged Equity Laddered Overlay ETF	0.63%	0.67%	0.60%	0.19%

Frequently Asked Questions

Can I hold both BJUL and HELO in my portfolio?

With a correlation of 0.91, BJUL and HELO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BJUL or HELO?

HELO has higher volatility (1.73%) compared to BJUL (1.11%). In terms of maximum drawdown, BJUL dropped -24.03% vs HELO's -10.89%.

Which ETF is better, BJUL or HELO?

On 1-year performance, BJUL leads with 19.49% vs 10.09% for HELO. On fees, HELO is cheaper at 0.50% per year. On volatility, BJUL has been the lower-risk option at 1.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BJUL or HELO?

Over the 1-year period, BJUL has performed better with a 19.49% return vs 10.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BJUL or HELO?

HELO is cheaper with a 0.50% expense ratio, compared with 0.79% for BJUL.

Which ETF pays a higher dividend yield, BJUL or HELO?

HELO has the higher dividend yield at 0.63%, compared with 0.00% for BJUL.

What is the main difference between BJUL and HELO?

BJUL is categorized as Defined Outcome, while HELO is Options Trading. They also come from different issuers: Innovator and JPMorgan. Their fees differ too: 0.79% for BJUL and 0.50% for HELO.

Which has better risk-adjusted returns?

BJUL currently has the higher Sharpe Ratio (2.68 vs 1.59), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.