GMAY vs. HELO

Last updated Jul 18, 2026

GMAY (FT Cboe Vest U.S. Equity Moderate Buffer ETF - May) and HELO (JPMorgan Hedged Equity Laddered Overlay ETF) are both Options Trading funds. Both are actively managed. Over the past year, GMAY returned 9.22% vs 7.68% for HELO. Their correlation of 0.84 suggests significant overlap in exposure. GMAY charges 0.85%/yr vs 0.50%/yr for HELO.

Performance

GMAY vs. HELO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Moderate Buffer ETF - May (GMAY) 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, GMAY achieves a 4.13% return, which is significantly higher than HELO's 2.18% return.

GMAY

• 1D: -0.55%
• 1M: 0.54%
• 6M: 3.66%
• YTD: 4.13%
• 1Y: 9.22%
• 3Y*: 10.91%
• 5Y*: —
• 10Y*: —

HELO

• 1D: -0.65%
• 1M: 0.26%
• 6M: 1.71%
• YTD: 2.18%
• 1Y: 7.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GMAY vs. HELO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GMAY FT Cboe Vest U.S. Equity Moderate Buffer ETF - May	4.13%	11.94%	12.12%	6.52%
HELO JPMorgan Hedged Equity Laddered Overlay ETF	2.18%	7.82%	18.05%	5.25%

Correlation

The correlation between GMAY and HELO is 0.85, 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	0.85
Correlation (All Time) Calculated using the full available price history since Sep 29, 2023	0.84

The correlation between GMAY and HELO has been stable across timeframes, ranging from 0.84 to 0.85 - a consistent structural relationship.

Return for Risk

GMAY vs. HELO — Risk / Return Rank

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

GMAY

GMAY Risk / Return Rank: 78
GMAY Sharpe Ratio Rank: 72
GMAY Sortino Ratio Rank: 74
GMAY Omega Ratio Rank: 79
GMAY Calmar Ratio Rank: 77
GMAY Martin Ratio Rank: 90

HELO

HELO Risk / Return Rank: 40
HELO Sharpe Ratio Rank: 41
HELO Sortino Ratio Rank: 39
HELO Omega Ratio Rank: 43
HELO Calmar Ratio Rank: 32
HELO Martin Ratio Rank: 44

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.

GMAY vs. HELO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Moderate Buffer ETF - May (GMAY) 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.

	GMAY	HELO	Difference
Sharpe ratio: Return per unit of total volatility	1.76	1.19	+0.57
Sortino ratio: Return per unit of downside risk	2.57	1.69	+0.87
Omega ratio: Gain probability vs. loss probability	1.36	1.23	+0.13
Calmar ratio: Return relative to maximum drawdown	2.98	1.34	+1.64
Martin ratio: Return relative to average drawdown	15.08	5.80	+9.28

GMAY vs. HELO - Sharpe Ratio Comparison

The current GMAY Sharpe Ratio is 1.76, which is higher than the HELO Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of GMAY 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

GMAY vs. HELO - Drawdown Comparison

The maximum GMAY drawdown since its inception was -11.75%, which is greater than HELO's maximum drawdown of -10.89%. Use the drawdown chart below to compare losses from any high point for GMAY and HELO.

Drawdown Indicators

	GMAY	HELO	Difference
Max Drawdown Largest peak-to-trough decline	-11.75%	-10.89%	-0.86%
Max Drawdown (1Y) Largest decline over 1 year	-3.11%	-5.76%	+2.65%
Max Drawdown (3Y) Largest decline over 3 years	-11.75%	—	—
Current Drawdown Current decline from peak	-0.81%	-0.97%	+0.16%
Average Drawdown Average peak-to-trough decline	-0.72%	-1.16%	+0.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.61%	1.33%	-0.72%

Volatility

GMAY vs. HELO - Volatility Comparison

FT Cboe Vest U.S. Equity Moderate Buffer ETF - May (GMAY) and JPMorgan Hedged Equity Laddered Overlay ETF (HELO) have volatilities of 1.82% and 1.74%, 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

	GMAY	HELO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.82%	1.74%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	4.48%	5.08%	-0.60%
Volatility (1Y) Calculated over the trailing 1-year period	5.26%	6.49%	-1.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.84%	7.92%	-0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.84%	7.92%	-0.08%

GMAY vs. HELO - Expense Ratio Comparison

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

Dividends

GMAY vs. HELO - Dividend Comparison

GMAY has not paid dividends to shareholders, while HELO's dividend yield for the trailing twelve months is around 0.64%.

Position	TTM	2025	2024	2023
GMAY FT Cboe Vest U.S. Equity Moderate Buffer ETF - May	0.00%	0.00%	0.00%	0.00%
HELO JPMorgan Hedged Equity Laddered Overlay ETF	0.64%	0.67%	0.60%	0.19%

Frequently Asked Questions

Can I hold both GMAY and HELO in my portfolio?

GMAY and HELO have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GMAY or HELO?

GMAY has higher volatility (1.82%) compared to HELO (1.74%). In terms of maximum drawdown, GMAY dropped -11.75% vs HELO's -10.89%.

Which ETF is better, GMAY or HELO?

On 1-year performance, GMAY leads with 9.22% vs 7.68% for HELO. 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, GMAY or HELO?

Over the 1-year period, GMAY has performed better with a 9.22% return vs 7.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GMAY or HELO?

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

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

HELO has the higher dividend yield at 0.64%, compared with 0.00% for GMAY.

What is the main difference between GMAY and HELO?

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

Which has better risk-adjusted returns?

GMAY currently has the higher Sharpe Ratio (1.76 vs 1.19), 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.