HELO vs. ALLW

Last updated Jun 21, 2026

HELO (JPMorgan Hedged Equity Laddered Overlay ETF) and ALLW (State Street Bridgewater All Weather ETF) are both exchange-traded funds - HELO is a Options Trading fund actively managed by JPMorgan, while ALLW is a Tactical Allocation fund actively managed by State Street. Both are actively managed. Over the past year, HELO returned 10.50% vs 19.77% for ALLW. A 0.51 correlation means they provide meaningful diversification when combined. HELO charges 0.50%/yr vs 0.85%/yr for ALLW.

Performance

HELO vs. ALLW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Hedged Equity Laddered Overlay ETF (HELO) and State Street Bridgewater All Weather ETF (ALLW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HELO achieves a 2.35% return, which is significantly lower than ALLW's 7.71% return.

HELO

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

ALLW

• 1D: 0.54%
• 1M: -0.67%
• YTD: 7.71%
• 6M: 8.07%
• 1Y: 19.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HELO vs. ALLW - Yearly Performance Comparison

	2026 (YTD)	2025
HELO JPMorgan Hedged Equity Laddered Overlay ETF	2.35%	8.31%
ALLW State Street Bridgewater All Weather ETF	7.71%	15.44%

Correlation

The correlation between HELO and ALLW is 0.54, 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	0.54
Correlation (All Time) Calculated using the full available price history since Mar 6, 2025	0.51

The correlation between HELO and ALLW has been stable across timeframes, ranging from 0.51 to 0.54 - a consistent structural relationship.

Return for Risk

HELO vs. ALLW — Risk / Return Rank

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

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

ALLW

ALLW Risk / Return Rank: 57
ALLW Sharpe Ratio Rank: 56
ALLW Sortino Ratio Rank: 51
ALLW Omega Ratio Rank: 55
ALLW Calmar Ratio Rank: 58
ALLW Martin Ratio Rank: 64

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.

HELO vs. ALLW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Hedged Equity Laddered Overlay ETF (HELO) and State Street Bridgewater All Weather ETF (ALLW). 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.

	HELO	ALLW	Difference
Sharpe ratio: Return per unit of total volatility	1.67	1.80	-0.12
Sortino ratio: Return per unit of downside risk	2.35	2.41	-0.06
Omega ratio: Gain probability vs. loss probability	1.33	1.33	0.00
Calmar ratio: Return relative to maximum drawdown	1.84	2.73	-0.88
Martin ratio: Return relative to average drawdown	8.07	10.99	-2.92

HELO vs. ALLW - Sharpe Ratio Comparison

The current HELO Sharpe Ratio is 1.67, which is comparable to the ALLW Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of HELO and ALLW, 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

HELO vs. ALLW - Drawdown Comparison

The maximum HELO drawdown since its inception was -10.89%, which is greater than ALLW's maximum drawdown of -8.78%. Use the drawdown chart below to compare losses from any high point for HELO and ALLW.

Drawdown Indicators

	HELO	ALLW	Difference
Max Drawdown Largest peak-to-trough decline	-10.89%	-8.78%	-2.11%
Max Drawdown (1Y) Largest decline over 1 year	-5.76%	-7.23%	+1.47%
Current Drawdown Current decline from peak	-0.24%	-2.15%	+1.91%
Average Drawdown Average peak-to-trough decline	-1.18%	-1.24%	+0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.31%	1.79%	-0.48%

Volatility

HELO vs. ALLW - Volatility Comparison

The current volatility for JPMorgan Hedged Equity Laddered Overlay ETF (HELO) is 1.70%, while State Street Bridgewater All Weather ETF (ALLW) has a volatility of 4.00%. This indicates that HELO experiences smaller price fluctuations and is considered to be less risky than ALLW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HELO	ALLW	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.70%	4.00%	-2.30%
Volatility (6M) Calculated over the trailing 6-month period	5.15%	9.28%	-4.13%
Volatility (1Y) Calculated over the trailing 1-year period	6.35%	10.98%	-4.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.97%	12.70%	-4.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.97%	12.70%	-4.73%

HELO vs. ALLW - Expense Ratio Comparison

HELO has a 0.50% expense ratio, which is lower than ALLW's 0.85% expense ratio.

Dividends

HELO vs. ALLW - Dividend Comparison

HELO's dividend yield for the trailing twelve months is around 0.62%, less than ALLW's 4.34% yield.

Position	TTM	2025	2024	2023
ALLW State Street Bridgewater All Weather ETF	4.34%	4.67%	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 HELO and ALLW in my portfolio?

HELO and ALLW have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HELO or ALLW?

ALLW has higher volatility (4.00%) compared to HELO (1.70%). In terms of maximum drawdown, HELO dropped -10.89% vs ALLW's -8.78%.

Which ETF is better, HELO or ALLW?

On 1-year performance, ALLW leads with 19.77% 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, HELO or ALLW?

Over the 1-year period, ALLW has performed better with a 19.77% return vs 10.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HELO or ALLW?

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

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

ALLW has the higher dividend yield at 4.34%, compared with 0.62% for HELO.

What is the main difference between HELO and ALLW?

HELO is categorized as Options Trading, while ALLW is Tactical Allocation. They also come from different issuers: JPMorgan and State Street. Their fees differ too: 0.50% for HELO and 0.85% for ALLW.

Which has better risk-adjusted returns?

ALLW currently has the higher Sharpe Ratio (1.80 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.