HELO vs. BUFZ

Last updated Jun 28, 2026

HELO (JPMorgan Hedged Equity Laddered Overlay ETF) and BUFZ (FT Cboe Vest Laddered Moderate Buffer ETF) are both Options Trading funds. Both are actively managed. Over the past year, HELO returned 7.96% vs 11.41% for BUFZ. Their correlation of 0.86 suggests significant overlap in exposure. HELO charges 0.50%/yr vs 1.05%/yr for BUFZ.

Performance

HELO vs. BUFZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Hedged Equity Laddered Overlay ETF (HELO) and FT Cboe Vest Laddered Moderate Buffer ETF (BUFZ). 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 BUFZ's 4.49% return.

HELO

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

BUFZ

• 1D: 0.00%
• 1M: -0.47%
• YTD: 4.49%
• 6M: 4.25%
• 1Y: 11.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HELO vs. BUFZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HELO JPMorgan Hedged Equity Laddered Overlay ETF	1.25%	7.82%	18.05%	7.48%
BUFZ FT Cboe Vest Laddered Moderate Buffer ETF	4.49%	11.05%	11.48%	8.75%

Correlation

The correlation between HELO and BUFZ is 0.86, 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	0.86
Correlation (All Time) Calculated using the full available price history since Oct 26, 2023	0.86

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

Return for Risk

HELO vs. BUFZ — 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

BUFZ

BUFZ Risk / Return Rank: 85
BUFZ Sharpe Ratio Rank: 83
BUFZ Sortino Ratio Rank: 88
BUFZ Omega Ratio Rank: 88
BUFZ Calmar Ratio Rank: 76
BUFZ Martin Ratio Rank: 90

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. BUFZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Hedged Equity Laddered Overlay ETF (HELO) and FT Cboe Vest Laddered Moderate Buffer ETF (BUFZ). 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	BUFZ	Difference
Sharpe ratio: Return per unit of total volatility	1.30	2.28	-0.98
Sortino ratio: Return per unit of downside risk	1.85	3.45	-1.60
Omega ratio: Gain probability vs. loss probability	1.26	1.47	-0.21
Calmar ratio: Return relative to maximum drawdown	1.44	3.36	-1.92
Martin ratio: Return relative to average drawdown	6.27	17.75	-11.48

HELO vs. BUFZ - Sharpe Ratio Comparison

The current HELO Sharpe Ratio is 1.30, which is lower than the BUFZ Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of HELO and BUFZ, 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. BUFZ - Drawdown Comparison

The maximum HELO drawdown since its inception was -10.89%, which is greater than BUFZ's maximum drawdown of -10.14%. Use the drawdown chart below to compare losses from any high point for HELO and BUFZ.

Drawdown Indicators

	HELO	BUFZ	Difference
Max Drawdown Largest peak-to-trough decline	-10.89%	-10.14%	-0.75%
Max Drawdown (1Y) Largest decline over 1 year	-5.76%	-3.51%	-2.25%
Current Drawdown Current decline from peak	-1.31%	-0.72%	-0.59%
Average Drawdown Average peak-to-trough decline	-1.18%	-0.64%	-0.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.32%	0.66%	+0.66%

Volatility

HELO vs. BUFZ - Volatility Comparison

JPMorgan Hedged Equity Laddered Overlay ETF (HELO) has a higher volatility of 1.78% compared to FT Cboe Vest Laddered Moderate Buffer ETF (BUFZ) at 1.52%. This indicates that HELO's price experiences larger fluctuations and is considered to be riskier than BUFZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HELO	BUFZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.78%	1.52%	+0.26%
Volatility (6M) Calculated over the trailing 6-month period	4.99%	4.20%	+0.79%
Volatility (1Y) Calculated over the trailing 1-year period	6.37%	5.17%	+1.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.96%	7.29%	+0.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.96%	7.29%	+0.67%

HELO vs. BUFZ - Expense Ratio Comparison

HELO has a 0.50% expense ratio, which is lower than BUFZ's 1.05% expense ratio.

Dividends

HELO vs. BUFZ - Dividend Comparison

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

Position	TTM	2025	2024	2023
BUFZ FT Cboe Vest Laddered Moderate Buffer ETF	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 HELO and BUFZ in my portfolio?

HELO and BUFZ have a correlation of 0.86, 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 BUFZ?

HELO has higher volatility (1.78%) compared to BUFZ (1.52%). In terms of maximum drawdown, HELO dropped -10.89% vs BUFZ's -10.14%.

Which ETF is better, HELO or BUFZ?

On 1-year performance, BUFZ leads with 11.41% vs 7.96% for HELO. On fees, HELO is cheaper at 0.50% per year. On volatility, BUFZ has been the lower-risk option at 1.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HELO or BUFZ?

Over the 1-year period, BUFZ has performed better with a 11.41% return vs 7.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HELO or BUFZ?

HELO is cheaper with a 0.50% expense ratio, compared with 1.05% for BUFZ.

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

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

What is the main difference between HELO and BUFZ?

They also come from different issuers: JPMorgan and FT Vest. Their fees differ too: 0.50% for HELO and 1.05% for BUFZ.

Which has better risk-adjusted returns?

BUFZ currently has the higher Sharpe Ratio (2.28 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.