DAPR vs. HELO

Last updated Jun 24, 2026

DAPR (FT Vest U.S. Equity Deep Buffer ETF - April) and HELO (JPMorgan Hedged Equity Laddered Overlay ETF) are both exchange-traded funds - DAPR is a Defined Outcome fund tracking the S&P 500, while HELO is a Options Trading fund actively managed by JPMorgan. DAPR is passively managed, while HELO is actively managed. Over the past year, DAPR returned 8.85% vs 8.94% for HELO. Their correlation of 0.81 suggests significant overlap in exposure. DAPR charges 0.85%/yr vs 0.50%/yr for HELO.

Performance

DAPR vs. HELO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest U.S. Equity Deep Buffer ETF - April (DAPR) 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, DAPR achieves a 3.22% return, which is significantly higher than HELO's 1.30% return.

DAPR

• 1D: -0.47%
• 1M: -0.26%
• YTD: 3.22%
• 6M: 3.29%
• 1Y: 8.85%
• 3Y*: 10.16%
• 5Y*: 5.89%
• 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)

DAPR vs. HELO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DAPR FT Vest U.S. Equity Deep Buffer ETF - April	3.22%	5.74%	14.99%	6.55%
HELO JPMorgan Hedged Equity Laddered Overlay ETF	1.30%	7.82%	18.05%	5.25%

Correlation

The correlation between DAPR and HELO is 0.73, 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	0.73
Correlation (All Time) Calculated using the full available price history since Sep 29, 2023	0.81

The correlation between DAPR and HELO has been stable across timeframes, ranging from 0.73 to 0.81 - a consistent structural relationship.

Return for Risk

DAPR vs. HELO — Risk / Return Rank

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

DAPR

DAPR Risk / Return Rank: 93
DAPR Sharpe Ratio Rank: 90
DAPR Sortino Ratio Rank: 93
DAPR Omega Ratio Rank: 93
DAPR Calmar Ratio Rank: 92
DAPR Martin Ratio Rank: 97

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.

DAPR vs. HELO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest U.S. Equity Deep Buffer ETF - April (DAPR) 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.

	DAPR	HELO	Difference
Sharpe ratio: Return per unit of total volatility	2.78	1.40	+1.38
Sortino ratio: Return per unit of downside risk	4.19	1.98	+2.20
Omega ratio: Gain probability vs. loss probability	1.61	1.28	+0.34
Calmar ratio: Return relative to maximum drawdown	5.61	1.56	+4.05
Martin ratio: Return relative to average drawdown	36.08	6.81	+29.27

DAPR vs. HELO - Sharpe Ratio Comparison

The current DAPR Sharpe Ratio is 2.78, which is higher than the HELO Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of DAPR 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

DAPR vs. HELO - Drawdown Comparison

The maximum DAPR drawdown since its inception was -10.51%, roughly equal to the maximum HELO drawdown of -10.89%. Use the drawdown chart below to compare losses from any high point for DAPR and HELO.

Drawdown Indicators

	DAPR	HELO	Difference
Max Drawdown Largest peak-to-trough decline	-10.51%	-10.89%	+0.38%
Max Drawdown (1Y) Largest decline over 1 year	-1.59%	-5.76%	+4.17%
Max Drawdown (3Y) Largest decline over 3 years	-10.51%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-10.51%	—	—
Current Drawdown Current decline from peak	-0.91%	-1.26%	+0.35%
Average Drawdown Average peak-to-trough decline	-2.28%	-1.18%	-1.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.25%	1.32%	-1.07%

Volatility

DAPR vs. HELO - Volatility Comparison

FT Vest U.S. Equity Deep Buffer ETF - April (DAPR) and JPMorgan Hedged Equity Laddered Overlay ETF (HELO) have volatilities of 1.85% and 1.85%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DAPR	HELO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.85%	1.85%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	2.58%	5.10%	-2.52%
Volatility (1Y) Calculated over the trailing 1-year period	3.20%	6.40%	-3.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.23%	7.98%	+0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.15%	7.98%	+0.17%

DAPR vs. HELO - Expense Ratio Comparison

DAPR has a 0.85% expense ratio, which is higher than HELO's 0.50% expense ratio.

Dividends

DAPR vs. HELO - Dividend Comparison

DAPR 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
DAPR FT Vest U.S. Equity Deep Buffer ETF - April	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 DAPR and HELO in my portfolio?

DAPR and HELO have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DAPR or HELO?

HELO has higher volatility (1.85%) compared to DAPR (1.85%). In terms of maximum drawdown, DAPR dropped -10.51% vs HELO's -10.89%.

Which ETF is better, DAPR or HELO?

On 1-year performance, HELO leads with 8.94% vs 8.85% for DAPR. On fees, HELO is cheaper at 0.50% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DAPR or HELO?

Over the 1-year period, HELO has performed better with a 8.94% return vs 8.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DAPR or HELO?

HELO is cheaper with a 0.50% expense ratio, compared with 0.85% for DAPR.

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

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

What is the main difference between DAPR and HELO?

DAPR is categorized as Defined Outcome, while HELO is Options Trading. They also come from different issuers: FT Vest and JPMorgan. Their fees differ too: 0.85% for DAPR and 0.50% for HELO.

Which has better risk-adjusted returns?

DAPR currently has the higher Sharpe Ratio (2.78 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.