FTLS vs. HELO

Last updated Jun 21, 2026

FTLS (First Trust Long/Short Equity ETF) and HELO (JPMorgan Hedged Equity Laddered Overlay ETF) are both exchange-traded funds - FTLS is a Long-Short fund actively managed by First Trust, while HELO is a Options Trading fund actively managed by JPMorgan. Both are actively managed. Over the past year, FTLS returned 15.97% vs 10.50% for HELO. A 0.76 correlation means they provide meaningful diversification when combined. FTLS charges 1.60%/yr vs 0.50%/yr for HELO.

Performance

FTLS vs. HELO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Long/Short Equity ETF (FTLS) 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, FTLS achieves a 5.04% return, which is significantly higher than HELO's 2.35% return.

FTLS

• 1D: 0.12%
• 1M: 0.11%
• YTD: 5.04%
• 6M: 4.94%
• 1Y: 15.97%
• 3Y*: 13.85%
• 5Y*: 10.43%
• 10Y*: 9.78%

HELO

• 1D: 0.43%
• 1M: 0.27%
• YTD: 2.35%
• 6M: 2.57%
• 1Y: 10.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FTLS vs. HELO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FTLS First Trust Long/Short Equity ETF	5.04%	9.09%	18.80%	6.27%
HELO JPMorgan Hedged Equity Laddered Overlay ETF	2.35%	7.82%	18.05%	5.25%

Correlation

The correlation between FTLS and HELO is 0.74, 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	0.74
Correlation (All Time) Calculated using the full available price history since Sep 29, 2023	0.76

The correlation between FTLS and HELO has been stable across timeframes, ranging from 0.74 to 0.76 - a consistent structural relationship.

Return for Risk

FTLS vs. HELO — Risk / Return Rank

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

FTLS

FTLS Risk / Return Rank: 67
FTLS Sharpe Ratio Rank: 59
FTLS Sortino Ratio Rank: 61
FTLS Omega Ratio Rank: 59
FTLS Calmar Ratio Rank: 83
FTLS Martin Ratio Rank: 73

HELO

HELO Risk / Return Rank: 49
HELO Sharpe Ratio Rank: 51
HELO Sortino Ratio Rank: 50
HELO Omega Ratio Rank: 56
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.

FTLS vs. HELO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Long/Short Equity ETF (FTLS) 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.

	FTLS	HELO	Difference
Sharpe ratio: Return per unit of total volatility	1.89	1.67	+0.22
Sortino ratio: Return per unit of downside risk	2.73	2.35	+0.38
Omega ratio: Gain probability vs. loss probability	1.34	1.33	+0.01
Calmar ratio: Return relative to maximum drawdown	4.17	1.84	+2.33
Martin ratio: Return relative to average drawdown	12.93	8.07	+4.86

FTLS vs. HELO - Sharpe Ratio Comparison

The current FTLS Sharpe Ratio is 1.89, which is comparable to the HELO Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of FTLS 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

FTLS vs. HELO - Drawdown Comparison

The maximum FTLS drawdown since its inception was -20.54%, which is greater than HELO's maximum drawdown of -10.89%. Use the drawdown chart below to compare losses from any high point for FTLS and HELO.

Drawdown Indicators

	FTLS	HELO	Difference
Max Drawdown Largest peak-to-trough decline	-20.54%	-10.89%	-9.65%
Max Drawdown (1Y) Largest decline over 1 year	-3.79%	-5.76%	+1.97%
Max Drawdown (3Y) Largest decline over 3 years	-11.69%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-11.69%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-20.54%	—	—
Current Drawdown Current decline from peak	-0.50%	-0.24%	-0.26%
Average Drawdown Average peak-to-trough decline	-2.69%	-1.18%	-1.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.22%	1.31%	-0.09%

Volatility

FTLS vs. HELO - Volatility Comparison

First Trust Long/Short Equity ETF (FTLS) has a higher volatility of 2.39% compared to JPMorgan Hedged Equity Laddered Overlay ETF (HELO) at 1.70%. This indicates that FTLS'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

	FTLS	HELO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.39%	1.70%	+0.69%
Volatility (6M) Calculated over the trailing 6-month period	5.94%	5.15%	+0.79%
Volatility (1Y) Calculated over the trailing 1-year period	8.36%	6.35%	+2.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.57%	7.97%	+2.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.30%	7.97%	+3.33%

FTLS vs. HELO - Expense Ratio Comparison

FTLS has a 1.60% expense ratio, which is higher than HELO's 0.50% expense ratio.

Dividends

FTLS vs. HELO - Dividend Comparison

FTLS's dividend yield for the trailing twelve months is around 0.90%, more than HELO's 0.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FTLS First Trust Long/Short Equity ETF	0.90%	1.07%	1.50%	1.49%	0.81%	0.01%	0.44%	0.83%	0.87%	0.43%	1.04%	0.49%
HELO JPMorgan Hedged Equity Laddered Overlay ETF	0.62%	0.67%	0.60%	0.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FTLS and HELO in my portfolio?

FTLS and HELO have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FTLS or HELO?

FTLS has higher volatility (2.39%) compared to HELO (1.70%). In terms of maximum drawdown, FTLS dropped -20.54% vs HELO's -10.89%.

Which ETF is better, FTLS or HELO?

On 1-year performance, FTLS leads with 15.97% vs 10.50% for HELO. On fees, HELO is cheaper at 0.50% per year. On volatility, HELO has been the lower-risk option at 1.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FTLS or HELO?

Over the 1-year period, FTLS has performed better with a 15.97% return vs 10.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FTLS or HELO?

HELO is cheaper with a 0.50% expense ratio, compared with 1.60% for FTLS.

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

FTLS has the higher dividend yield at 0.90%, compared with 0.62% for HELO.

What is the main difference between FTLS and HELO?

FTLS is categorized as Long-Short, while HELO is Options Trading. They also come from different issuers: First Trust and JPMorgan. Their fees differ too: 1.60% for FTLS and 0.50% for HELO.

Which has better risk-adjusted returns?

FTLS currently has the higher Sharpe Ratio (1.89 vs 1.67), 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.