HELO vs. BSEP

Last updated Aug 5, 2026

HELO (JPMorgan Hedged Equity Laddered Overlay ETF) and BSEP (Innovator U.S. Equity Buffer ETF - September) are both exchange-traded funds - HELO is a Options Trading fund actively managed by JPMorgan, while BSEP is a Defined Outcome fund tracking the S&P 500 Index. HELO is actively managed, while BSEP is passively managed. Over the past year, HELO returned 10.81% vs 16.69% for BSEP. Their correlation of 0.91 means they have usually moved in the same direction. HELO charges 0.50%/yr vs 0.79%/yr for BSEP.

Performance

HELO vs. BSEP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Hedged Equity Laddered Overlay ETF (HELO) and Innovator U.S. Equity Buffer ETF - September (BSEP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HELO achieves a 5.04% return, which is significantly lower than BSEP's 9.01% return.

HELO

• 1D: 0.83%
• 1M: 2.96%
• 6M: 4.31%
• YTD: 5.04%
• 1Y: 10.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.74%

BSEP

• 1D: 0.28%
• 1M: 1.77%
• 6M: 8.14%
• YTD: 9.01%
• 1Y: 16.69%
• 3Y*: 15.75%
• 5Y*: 10.83%
• 10Y*: —
• ALL TIME*: 12.17%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BSEP Innovator U.S. Equity Buffer ETF - September	$223.02K	$177.08K	$233.40K
HELO JPMorgan Hedged Equity Laddered Overlay ETF	$21.02M	$35.24M	$27.89M

HELO vs. BSEP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HELO JPMorgan Hedged Equity Laddered Overlay ETF	5.04%	7.82%	18.05%	5.25%
BSEP Innovator U.S. Equity Buffer ETF - September	9.01%	14.80%	16.96%	8.87%

Correlation

The correlation between HELO and BSEP is 0.93, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.93
Correlation (All Time) Calculated using the full available price history since Sep 29, 2023	0.91

The correlation between HELO and BSEP has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

Return for Risk

HELO vs. BSEP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HELO

HELO Risk / Return Rank: 58
HELO Sharpe Ratio Rank: 59
HELO Sortino Ratio Rank: 60
HELO Omega Ratio Rank: 64
HELO Calmar Ratio Rank: 47
HELO Martin Ratio Rank: 61

BSEP

BSEP Risk / Return Rank: 84
BSEP Sharpe Ratio Rank: 85
BSEP Sortino Ratio Rank: 86
BSEP Omega Ratio Rank: 87
BSEP Calmar Ratio Rank: 74
BSEP Martin Ratio Rank: 88

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HELO vs. BSEP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Hedged Equity Laddered Overlay ETF (HELO) and Innovator U.S. Equity Buffer ETF - September (BSEP). 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	BSEP	Difference
Sharpe ratio: Return per unit of total volatility	1.59	2.19	-0.60
Sortino ratio: Return per unit of downside risk	2.29	3.15	-0.86
Omega ratio: Gain probability vs. loss probability	1.31	1.42	-0.11
Calmar ratio: Return relative to maximum drawdown	1.89	2.94	-1.05
Martin ratio: Return relative to average drawdown	8.09	14.55	-6.45

HELO vs. BSEP - Sharpe Ratio Comparison

The current HELO Sharpe Ratio is 1.59, which is comparable to the BSEP Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of HELO and BSEP, 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. BSEP - Drawdown Comparison

The maximum HELO drawdown since its inception was -10.89%, smaller than the maximum BSEP drawdown of -23.98%. Use the drawdown chart below to compare losses from any high point for HELO and BSEP.

Drawdown Indicators

	HELO	BSEP	Difference
Max Drawdown Largest peak-to-trough decline	-10.89%	-23.98%	+13.09%
Max Drawdown (1Y) Largest decline over 1 year	-5.76%	-5.70%	-0.06%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.36%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-15.02%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.16%	-2.69%	+1.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.34%	1.15%	+0.19%

Volatility

HELO vs. BSEP - Volatility Comparison

JPMorgan Hedged Equity Laddered Overlay ETF (HELO) has a higher volatility of 2.70% compared to Innovator U.S. Equity Buffer ETF - September (BSEP) at 1.76%. This indicates that HELO's price experiences larger fluctuations and is considered to be riskier than BSEP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HELO	BSEP	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.70%	1.76%	+0.94%
Volatility (6M) Calculated over the trailing 6-month period	5.28%	5.92%	-0.64%
Volatility (1Y) Calculated over the trailing 1-year period	6.85%	7.73%	-0.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.98%	11.65%	-3.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.98%	13.63%	-5.65%

HELO vs. BSEP - Expense Ratio Comparison

HELO has a 0.50% expense ratio, which is lower than BSEP's 0.79% expense ratio.

Dividends

HELO vs. BSEP - Dividend Comparison

HELO's dividend yield for the trailing twelve months is around 0.62%, while BSEP has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BSEP Innovator U.S. Equity Buffer ETF - September	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.39%
HELO JPMorgan Hedged Equity Laddered Overlay ETF	0.62%	0.67%	0.60%	0.19%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HELO and BSEP in my portfolio?

With a correlation of 0.93, HELO and BSEP move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, HELO or BSEP?

HELO has higher volatility (2.70%) compared to BSEP (1.76%). In terms of maximum drawdown, HELO dropped -10.89% vs BSEP's -23.98%.

Which ETF is better, HELO or BSEP?

On 1-year performance, BSEP leads with 16.69% vs 10.81% for HELO. On fees, HELO is cheaper at 0.50% per year. On volatility, BSEP has been the lower-risk option at 1.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HELO or BSEP?

Over the 1-year period, BSEP has performed better with a 16.69% return vs 10.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HELO or BSEP?

HELO is cheaper with a 0.50% expense ratio, compared with 0.79% for BSEP.

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

HELO has the higher dividend yield at 0.62%, compared with 0.00% for BSEP.

What is the main difference between HELO and BSEP?

HELO is categorized as Options Trading, while BSEP is Defined Outcome. They also come from different issuers: JPMorgan and Innovator. Their fees differ too: 0.50% for HELO and 0.79% for BSEP.

Which has better risk-adjusted returns?

BSEP currently has the higher Sharpe Ratio (2.19 vs 1.59), 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.