HELO vs. BOXX

Last updated Jun 28, 2026

HELO (JPMorgan Hedged Equity Laddered Overlay ETF) and BOXX (Alpha Architect 1-3 Month Box ETF) are both exchange-traded funds - HELO is a Options Trading fund actively managed by JPMorgan, while BOXX is a Ultrashort Bond fund tracking the Solactive 1-3 Month US T-Bill Index. HELO is actively managed, while BOXX is passively managed. Over the past year, HELO returned 7.96% vs 3.98% for BOXX. At a 0.04 correlation, their price movements are largely independent. HELO charges 0.50%/yr vs 0.19%/yr for BOXX.

Performance

HELO vs. BOXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Hedged Equity Laddered Overlay ETF (HELO) and Alpha Architect 1-3 Month Box ETF (BOXX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HELO achieves a 1.25% return, which is significantly lower than BOXX's 1.76% return.

HELO

• 1D: 0.06%
• 1M: -1.25%
• YTD: 1.25%
• 6M: 0.39%
• 1Y: 7.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BOXX

• 1D: 0.01%
• 1M: 0.21%
• YTD: 1.76%
• 6M: 1.83%
• 1Y: 3.98%
• 3Y*: 4.71%
• 5Y*: —
• 10Y*: —

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

HELO vs. BOXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HELO JPMorgan Hedged Equity Laddered Overlay ETF	1.25%	7.82%	18.05%	5.25%
BOXX Alpha Architect 1-3 Month Box ETF	1.76%	4.37%	5.16%	1.46%

Correlation

The correlation between HELO and BOXX is -0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.00
Correlation (All Time) Calculated using the full available price history since Sep 29, 2023	0.04

Return for Risk

HELO vs. BOXX — Risk / Return Rank

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

HELO

HELO Risk / Return Rank: 39
HELO Sharpe Ratio Rank: 40
HELO Sortino Ratio Rank: 38
HELO Omega Ratio Rank: 43
HELO Calmar Ratio Rank: 30
HELO Martin Ratio Rank: 42

BOXX

BOXX Risk / Return Rank: 100
BOXX Sharpe Ratio Rank: 100
BOXX Sortino Ratio Rank: 99
BOXX Omega Ratio Rank: 99
BOXX Calmar Ratio Rank: 100
BOXX Martin Ratio Rank: 100

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. BOXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Hedged Equity Laddered Overlay ETF (HELO) and Alpha Architect 1-3 Month Box ETF (BOXX). 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	BOXX	Difference
Sharpe ratio: Return per unit of total volatility	1.30	12.44	-11.14
Sortino ratio: Return per unit of downside risk	1.85	35.24	-33.39
Omega ratio: Gain probability vs. loss probability	1.26	8.74	-7.48
Calmar ratio: Return relative to maximum drawdown	1.44	58.31	-56.87
Martin ratio: Return relative to average drawdown	6.27	497.70	-491.43

HELO vs. BOXX - Sharpe Ratio Comparison

The current HELO Sharpe Ratio is 1.30, which is lower than the BOXX Sharpe Ratio of 12.44. The chart below compares the historical Sharpe Ratios of HELO and BOXX, 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. BOXX - Drawdown Comparison

The maximum HELO drawdown since its inception was -10.89%, which is greater than BOXX's maximum drawdown of -0.12%. Use the drawdown chart below to compare losses from any high point for HELO and BOXX.

Drawdown Indicators

	HELO	BOXX	Difference
Max Drawdown Largest peak-to-trough decline	-10.89%	-0.12%	-10.77%
Max Drawdown (1Y) Largest decline over 1 year	-5.76%	-0.07%	-5.69%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.12%	—
Current Drawdown Current decline from peak	-1.31%	0.00%	-1.31%
Average Drawdown Average peak-to-trough decline	-1.18%	-0.00%	-1.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.32%	0.01%	+1.31%

Volatility

HELO vs. BOXX - Volatility Comparison

JPMorgan Hedged Equity Laddered Overlay ETF (HELO) has a higher volatility of 1.78% compared to Alpha Architect 1-3 Month Box ETF (BOXX) at 0.10%. This indicates that HELO's price experiences larger fluctuations and is considered to be riskier than BOXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HELO	BOXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.78%	0.10%	+1.68%
Volatility (6M) Calculated over the trailing 6-month period	4.99%	0.26%	+4.73%
Volatility (1Y) Calculated over the trailing 1-year period	6.37%	0.32%	+6.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.96%	0.37%	+7.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.96%	0.37%	+7.59%

HELO vs. BOXX - Expense Ratio Comparison

HELO has a 0.50% expense ratio, which is higher than BOXX's 0.19% expense ratio.

Dividends

HELO vs. BOXX - Dividend Comparison

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

Position	TTM	2025	2024	2023
BOXX Alpha Architect 1-3 Month Box ETF	0.00%	0.00%	0.26%	0.00%
HELO JPMorgan Hedged Equity Laddered Overlay ETF	0.64%	0.67%	0.60%	0.19%

Frequently Asked Questions

Can I hold both HELO and BOXX in my portfolio?

HELO and BOXX have a correlation of -0.00, 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 BOXX?

HELO has higher volatility (1.78%) compared to BOXX (0.10%). In terms of maximum drawdown, HELO dropped -10.89% vs BOXX's -0.12%.

Which ETF is better, HELO or BOXX?

On 1-year performance, HELO leads with 7.96% vs 3.98% for BOXX. On fees, BOXX is cheaper at 0.19% per year. On volatility, BOXX has been the lower-risk option at 0.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HELO or BOXX?

Over the 1-year period, HELO has performed better with a 7.96% return vs 3.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HELO or BOXX?

BOXX is cheaper with a 0.19% expense ratio, compared with 0.50% for HELO.

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

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

What is the main difference between HELO and BOXX?

HELO is categorized as Options Trading, while BOXX is Ultrashort Bond. They also come from different issuers: JPMorgan and Alpha Architect. Their fees differ too: 0.50% for HELO and 0.19% for BOXX.

Which has better risk-adjusted returns?

BOXX currently has the higher Sharpe Ratio (12.44 vs 1.30), 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.