GNOV vs. HELO

Last updated Jun 6, 2026

GNOV (FT Cboe Vest U.S. Equity Moderate Buffer ETF - November) and HELO (JPMorgan Hedged Equity Laddered Overlay ETF) are both Options Trading funds. Both are actively managed. Over the past year, GNOV returned 16.72% vs 10.13% for HELO. Their correlation of 0.86 suggests significant overlap in exposure. GNOV charges 0.85%/yr vs 0.50%/yr for HELO.

Performance

GNOV 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 - November (GNOV) 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, GNOV achieves a 4.37% return, which is significantly higher than HELO's 1.45% return.

GNOV

• 1D: -0.74%
• 1M: 0.53%
• YTD: 4.37%
• 6M: 4.77%
• 1Y: 16.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HELO

• 1D: -0.80%
• 1M: -0.65%
• YTD: 1.45%
• 6M: 1.77%
• 1Y: 10.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GNOV vs. HELO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GNOV FT Cboe Vest U.S. Equity Moderate Buffer ETF - November	4.37%	13.55%	10.35%	2.85%
HELO JPMorgan Hedged Equity Laddered Overlay ETF	1.45%	7.82%	18.05%	1.96%

Correlation

The correlation between GNOV and HELO is 0.89, 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	0.89
Correlation (All Time) Calculated using the full available price history since Nov 21, 2023	0.86

The correlation between GNOV and HELO has been stable across timeframes, ranging from 0.86 to 0.89 - a consistent structural relationship.

GNOV vs. HELO - Sectors Allocation Comparison

Sectors	GNOV	HELO
Technology	36.2%	39.8%
Financial Services	11.9%	10.0%
Communication Services	10.9%	10.9%
Consumer Cyclical	10.1%	11.6%
Healthcare	8.4%	8.2%
Industrials	8.1%	6.0%
Consumer Defensive	4.9%	3.5%
Energy	3.5%	3.3%
Utilities	2.3%	2.5%
Real Estate	1.9%	1.8%
Basic Materials	1.8%	1.5%

Return for Risk

GNOV vs. HELO — Risk / Return Rank

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

GNOV

GNOV Risk / Return Rank: 89
GNOV Sharpe Ratio Rank: 90
GNOV Sortino Ratio Rank: 93
GNOV Omega Ratio Rank: 93
GNOV Calmar Ratio Rank: 77
GNOV Martin Ratio Rank: 91

HELO

HELO Risk / Return Rank: 47
HELO Sharpe Ratio Rank: 49
HELO Sortino Ratio Rank: 47
HELO Omega Ratio Rank: 53
HELO Calmar Ratio Rank: 37
HELO Martin Ratio Rank: 48

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.

GNOV 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 - November (GNOV) 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.

	GNOV	HELO	Difference
Sharpe ratio: Return per unit of total volatility	2.89	1.63	+1.26
Sortino ratio: Return per unit of downside risk	4.34	2.29	+2.05
Omega ratio: Gain probability vs. loss probability	1.60	1.32	+0.28
Calmar ratio: Return relative to maximum drawdown	3.68	1.77	+1.91
Martin ratio: Return relative to average drawdown	20.64	7.80	+12.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GNOV vs. HELO - Sharpe Ratio Comparison

The current GNOV Sharpe Ratio is 2.89, which is higher than the HELO Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of GNOV 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

	GNOV	HELO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.89	1.63	+1.26
Sharpe Ratio (All Time) Calculated using the full available price history	1.64	1.58	+0.05

Drawdowns

GNOV vs. HELO - Drawdown Comparison

The maximum GNOV drawdown since its inception was -10.70%, roughly equal to the maximum HELO drawdown of -10.89%. Use the drawdown chart below to compare losses from any high point for GNOV and HELO.

Drawdown Indicators

	GNOV	HELO	Difference
Max Drawdown Largest peak-to-trough decline	-10.70%	-10.89%	+0.19%
Max Drawdown (1Y) Largest decline over 1 year	-4.56%	-5.76%	+1.20%
Current Drawdown Current decline from peak	-0.74%	-1.12%	+0.38%
Average Drawdown Average peak-to-trough decline	-0.71%	-1.18%	+0.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.81%	1.30%	-0.49%

Volatility

GNOV vs. HELO - Volatility Comparison

FT Cboe Vest U.S. Equity Moderate Buffer ETF - November (GNOV) and JPMorgan Hedged Equity Laddered Overlay ETF (HELO) have volatilities of 1.06% and 1.02%, 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

	GNOV	HELO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.06%	1.02%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	4.67%	5.06%	-0.39%
Volatility (1Y) Calculated over the trailing 1-year period	5.83%	6.26%	-0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.63%	7.96%	-0.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.63%	7.96%	-0.33%

GNOV vs. HELO - Expense Ratio Comparison

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

Dividends

GNOV vs. HELO - Dividend Comparison

GNOV 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
GNOV FT Cboe Vest U.S. Equity Moderate Buffer ETF - November	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 GNOV and HELO in my portfolio?

GNOV and HELO have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GNOV or HELO?

GNOV has higher volatility (1.06%) compared to HELO (1.02%). In terms of maximum drawdown, GNOV dropped -10.70% vs HELO's -10.89%.

Which ETF is better, GNOV or HELO?

On 1-year performance, GNOV leads with 16.72% vs 10.13% 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, GNOV or HELO?

Over the 1-year period, GNOV has performed better with a 16.72% return vs 10.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GNOV or HELO?

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

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

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

What is the main difference between GNOV and HELO?

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

Which has better risk-adjusted returns?

GNOV currently has the higher Sharpe Ratio (2.89 vs 1.63), 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.