BSEP vs. HELO

Last updated Jun 24, 2026

BSEP (Innovator U.S. Equity Buffer ETF - September) and HELO (JPMorgan Hedged Equity Laddered Overlay ETF) are both exchange-traded funds - BSEP is a Defined Outcome fund tracking the S&P 500 Index, while HELO is a Options Trading fund actively managed by JPMorgan. BSEP is passively managed, while HELO is actively managed. Over the past year, BSEP returned 18.44% vs 8.94% for HELO. Their correlation of 0.91 suggests significant overlap in exposure. BSEP charges 0.79%/yr vs 0.50%/yr for HELO.

Performance

BSEP vs. HELO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Buffer ETF - September (BSEP) 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, BSEP achieves a 6.18% return, which is significantly higher than HELO's 1.30% return.

BSEP

• 1D: -0.55%
• 1M: 0.14%
• YTD: 6.18%
• 6M: 5.70%
• 1Y: 18.44%
• 3Y*: 15.76%
• 5Y*: 10.46%
• 10Y*: —

HELO

• 1D: -0.66%
• 1M: -0.78%
• YTD: 1.30%
• 6M: 0.62%
• 1Y: 8.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BSEP vs. HELO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BSEP Innovator U.S. Equity Buffer ETF - September	6.18%	14.80%	16.96%	8.87%
HELO JPMorgan Hedged Equity Laddered Overlay ETF	1.30%	7.82%	18.05%	5.25%

Correlation

The correlation between BSEP and HELO is 0.92, 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	0.92
Correlation (All Time) Calculated using the full available price history since Sep 29, 2023	0.91

The correlation between BSEP and HELO has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.

Return for Risk

BSEP vs. HELO — Risk / Return Rank

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

BSEP

BSEP Risk / Return Rank: 81
BSEP Sharpe Ratio Rank: 81
BSEP Sortino Ratio Rank: 83
BSEP Omega Ratio Rank: 84
BSEP Calmar Ratio Rank: 70
BSEP Martin Ratio Rank: 85

HELO

HELO Risk / Return Rank: 40
HELO Sharpe Ratio Rank: 41
HELO Sortino Ratio Rank: 40
HELO Omega Ratio Rank: 44
HELO Calmar Ratio Rank: 32
HELO Martin Ratio Rank: 43

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.

BSEP vs. HELO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Buffer ETF - September (BSEP) 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.

	BSEP	HELO	Difference
Sharpe ratio: Return per unit of total volatility	2.38	1.40	+0.97
Sortino ratio: Return per unit of downside risk	3.40	1.98	+1.42
Omega ratio: Gain probability vs. loss probability	1.46	1.28	+0.18
Calmar ratio: Return relative to maximum drawdown	3.25	1.56	+1.69
Martin ratio: Return relative to average drawdown	16.09	6.81	+9.29

BSEP vs. HELO - Sharpe Ratio Comparison

The current BSEP Sharpe Ratio is 2.38, which is higher than the HELO Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of BSEP 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

BSEP vs. HELO - Drawdown Comparison

The maximum BSEP drawdown since its inception was -23.98%, which is greater than HELO's maximum drawdown of -10.89%. Use the drawdown chart below to compare losses from any high point for BSEP and HELO.

Drawdown Indicators

	BSEP	HELO	Difference
Max Drawdown Largest peak-to-trough decline	-23.98%	-10.89%	-13.09%
Max Drawdown (1Y) Largest decline over 1 year	-5.70%	-5.76%	+0.06%
Max Drawdown (3Y) Largest decline over 3 years	-13.36%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.02%	—	—
Current Drawdown Current decline from peak	-0.80%	-1.26%	+0.46%
Average Drawdown Average peak-to-trough decline	-2.73%	-1.18%	-1.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.15%	1.32%	-0.17%

Volatility

BSEP vs. HELO - Volatility Comparison

Innovator U.S. Equity Buffer ETF - September (BSEP) has a higher volatility of 1.96% compared to JPMorgan Hedged Equity Laddered Overlay ETF (HELO) at 1.85%. This indicates that BSEP's price experiences larger fluctuations and is considered to be riskier than HELO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BSEP	HELO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.96%	1.85%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	5.99%	5.10%	+0.89%
Volatility (1Y) Calculated over the trailing 1-year period	7.83%	6.40%	+1.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.64%	7.98%	+3.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.73%	7.98%	+5.75%

BSEP vs. HELO - Expense Ratio Comparison

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

Dividends

BSEP vs. HELO - Dividend Comparison

BSEP 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	2022	2021	2020	2019
BSEP Innovator U.S. Equity Buffer ETF - September	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.39%
HELO JPMorgan Hedged Equity Laddered Overlay ETF	0.63%	0.67%	0.60%	0.19%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BSEP and HELO in my portfolio?

With a correlation of 0.92, BSEP 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, BSEP or HELO?

BSEP has higher volatility (1.96%) compared to HELO (1.85%). In terms of maximum drawdown, BSEP dropped -23.98% vs HELO's -10.89%.

Which ETF is better, BSEP or HELO?

On 1-year performance, BSEP leads with 18.44% vs 8.94% for HELO. On fees, HELO is cheaper at 0.50% per year. On volatility, HELO has been the lower-risk option at 1.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BSEP or HELO?

Over the 1-year period, BSEP has performed better with a 18.44% return vs 8.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BSEP or HELO?

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

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

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

What is the main difference between BSEP and HELO?

BSEP 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 BSEP and 0.50% for HELO.

Which has better risk-adjusted returns?

BSEP currently has the higher Sharpe Ratio (2.38 vs 1.40), 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.