DSEP vs. HELO

Last updated Jun 4, 2026

DSEP (FT Cboe Vest U.S. Equity Deep Buffer ETF - September) and HELO (JPMorgan Hedged Equity Laddered Overlay ETF) are both Options Trading funds. DSEP is passively managed, while HELO is actively managed. Over the past year, DSEP returned 14.32% vs 11.08% for HELO. Their correlation of 0.88 suggests significant overlap in exposure. DSEP charges 0.85%/yr vs 0.50%/yr for HELO.

Performance

DSEP vs. HELO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Deep Buffer ETF - September (DSEP) 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, DSEP achieves a 5.26% return, which is significantly higher than HELO's 2.31% return.

DSEP

• 1D: -0.19%
• 1M: 1.98%
• YTD: 5.26%
• 6M: 5.65%
• 1Y: 14.32%
• 3Y*: 12.47%
• 5Y*: 8.02%
• 10Y*: —

HELO

• 1D: -0.21%
• 1M: 0.59%
• YTD: 2.31%
• 6M: 2.92%
• 1Y: 11.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DSEP vs. HELO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DSEP FT Cboe Vest U.S. Equity Deep Buffer ETF - September	5.26%	10.75%	11.29%	7.00%
HELO JPMorgan Hedged Equity Laddered Overlay ETF	2.31%	7.82%	18.05%	6.30%

Correlation

The correlation between DSEP 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 Oct 2, 2023	0.88

The correlation between DSEP and HELO has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.

Return for Risk

DSEP vs. HELO — Risk / Return Rank

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

DSEP

DSEP Risk / Return Rank: 77
DSEP Sharpe Ratio Rank: 76
DSEP Sortino Ratio Rank: 81
DSEP Omega Ratio Rank: 83
DSEP Calmar Ratio Rank: 65
DSEP Martin Ratio Rank: 80

HELO

HELO Risk / Return Rank: 50
HELO Sharpe Ratio Rank: 51
HELO Sortino Ratio Rank: 51
HELO Omega Ratio Rank: 58
HELO Calmar Ratio Rank: 38
HELO Martin Ratio Rank: 50

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.

DSEP vs. HELO - Risk-Adjusted Trends Comparison

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

	DSEP	HELO	Difference
Sharpe ratio: Return per unit of total volatility	2.45	1.79	+0.66
Sortino ratio: Return per unit of downside risk	3.60	2.53	+1.07
Omega ratio: Gain probability vs. loss probability	1.50	1.36	+0.14
Calmar ratio: Return relative to maximum drawdown	3.17	1.93	+1.23
Martin ratio: Return relative to average drawdown	15.66	8.55	+7.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DSEP vs. HELO - Sharpe Ratio Comparison

The current DSEP Sharpe Ratio is 2.45, which is higher than the HELO Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of DSEP 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.

Sharpe Ratios by Period

	DSEP	HELO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.45	1.79	+0.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.04	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.14	1.64	-0.49

Drawdowns

DSEP vs. HELO - Drawdown Comparison

The maximum DSEP drawdown since its inception was -11.78%, which is greater than HELO's maximum drawdown of -10.89%. Use the drawdown chart below to compare losses from any high point for DSEP and HELO.

Drawdown Indicators

	DSEP	HELO	Difference
Max Drawdown Largest peak-to-trough decline	-11.78%	-10.89%	-0.89%
Max Drawdown (1Y) Largest decline over 1 year	-4.54%	-5.76%	+1.22%
Max Drawdown (3Y) Largest decline over 3 years	-9.93%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-11.78%	—	—
Current Drawdown Current decline from peak	-0.19%	-0.28%	+0.09%
Average Drawdown Average peak-to-trough decline	-1.85%	-1.18%	-0.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	1.30%	-0.38%

Volatility

DSEP vs. HELO - Volatility Comparison

FT Cboe Vest U.S. Equity Deep Buffer ETF - September (DSEP) has a higher volatility of 0.93% compared to JPMorgan Hedged Equity Laddered Overlay ETF (HELO) at 0.70%. This indicates that DSEP'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

	DSEP	HELO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.93%	0.70%	+0.23%
Volatility (6M) Calculated over the trailing 6-month period	4.55%	4.99%	-0.44%
Volatility (1Y) Calculated over the trailing 1-year period	5.88%	6.21%	-0.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.74%	7.96%	-0.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.47%	7.96%	-0.49%

DSEP vs. HELO - Expense Ratio Comparison

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

Dividends

DSEP vs. HELO - Dividend Comparison

DSEP has not paid dividends to shareholders, while HELO's dividend yield for the trailing twelve months is around 0.62%.

Position	TTM	2025	2024	2023
DSEP FT Cboe Vest U.S. Equity Deep Buffer ETF - September	0.00%	0.00%	0.00%	0.00%
HELO JPMorgan Hedged Equity Laddered Overlay ETF	0.62%	0.67%	0.60%	0.19%

Frequently Asked Questions

Can I hold both DSEP and HELO in my portfolio?

With a correlation of 0.91, DSEP 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, DSEP or HELO?

DSEP has higher volatility (0.93%) compared to HELO (0.70%). In terms of maximum drawdown, DSEP dropped -11.78% vs HELO's -10.89%.

Which ETF is better, DSEP or HELO?

On 1-year performance, DSEP leads with 14.32% vs 11.08% for HELO. On fees, HELO is cheaper at 0.50% per year. On volatility, HELO has been the lower-risk option at 0.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DSEP or HELO?

Over the 1-year period, DSEP has performed better with a 14.32% return vs 11.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DSEP or HELO?

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

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

HELO has the higher dividend yield at 0.62%, compared with 0.00% for DSEP.

What is the main difference between DSEP and HELO?

They also come from different issuers: FT Vest and JPMorgan. Their fees differ too: 0.85% for DSEP and 0.50% for HELO.

Which has better risk-adjusted returns?

DSEP currently has the higher Sharpe Ratio (2.45 vs 1.79), 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.