HELO vs. FEBP

Last updated Jun 5, 2026

HELO (JPMorgan Hedged Equity Laddered Overlay ETF) and FEBP (PGIM US Large-Cap Buffer 12 ETF - February) are both Options Trading funds. Both are actively managed. Over the past year, HELO returned 10.94% vs 18.66% for FEBP. Their correlation of 0.90 suggests significant overlap in exposure. Both charge a 0.50% expense ratio.

Performance

HELO vs. FEBP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Hedged Equity Laddered Overlay ETF (HELO) and PGIM US Large-Cap Buffer 12 ETF - February (FEBP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HELO achieves a 2.26% return, which is significantly lower than FEBP's 7.00% return.

HELO

• 1D: -0.04%
• 1M: 0.46%
• YTD: 2.26%
• 6M: 2.72%
• 1Y: 10.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FEBP

• 1D: 0.20%
• 1M: 2.26%
• YTD: 7.00%
• 6M: 7.97%
• 1Y: 18.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HELO vs. FEBP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HELO JPMorgan Hedged Equity Laddered Overlay ETF	2.26%	7.82%	15.60%
FEBP PGIM US Large-Cap Buffer 12 ETF - February	7.00%	12.06%	12.73%

Correlation

The correlation between HELO and FEBP is 0.90, 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	0.90
Correlation (All Time) Calculated using the full available price history since Feb 2, 2024	0.90

The correlation between HELO and FEBP has been stable across timeframes, ranging from 0.90 to 0.90 - a consistent structural relationship.

Return for Risk

HELO vs. FEBP — Risk / Return Rank

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

HELO

HELO Risk / Return Rank: 51
HELO Sharpe Ratio Rank: 53
HELO Sortino Ratio Rank: 52
HELO Omega Ratio Rank: 59
HELO Calmar Ratio Rank: 39
HELO Martin Ratio Rank: 51

FEBP

FEBP Risk / Return Rank: 83
FEBP Sharpe Ratio Rank: 84
FEBP Sortino Ratio Rank: 87
FEBP Omega Ratio Rank: 88
FEBP Calmar Ratio Rank: 70
FEBP Martin Ratio Rank: 86

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. FEBP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Hedged Equity Laddered Overlay ETF (HELO) and PGIM US Large-Cap Buffer 12 ETF - February (FEBP). 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.

	HELO	FEBP	Difference
Sharpe ratio: Return per unit of total volatility	1.77	2.69	-0.92
Sortino ratio: Return per unit of downside risk	2.50	3.87	-1.37
Omega ratio: Gain probability vs. loss probability	1.36	1.54	-0.18
Calmar ratio: Return relative to maximum drawdown	1.91	3.43	-1.52
Martin ratio: Return relative to average drawdown	8.44	17.70	-9.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HELO vs. FEBP - Sharpe Ratio Comparison

The current HELO Sharpe Ratio is 1.77, which is lower than the FEBP Sharpe Ratio of 2.69. The chart below compares the historical Sharpe Ratios of HELO and FEBP, 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

	HELO	FEBP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.77	2.69	-0.92
Sharpe Ratio (All Time) Calculated using the full available price history	1.63	1.54	+0.09

Drawdowns

HELO vs. FEBP - Drawdown Comparison

The maximum HELO drawdown since its inception was -10.89%, smaller than the maximum FEBP drawdown of -12.11%. Use the drawdown chart below to compare losses from any high point for HELO and FEBP.

Drawdown Indicators

	HELO	FEBP	Difference
Max Drawdown Largest peak-to-trough decline	-10.89%	-12.11%	+1.22%
Max Drawdown (1Y) Largest decline over 1 year	-5.76%	-5.47%	-0.29%
Current Drawdown Current decline from peak	-0.32%	-0.06%	-0.26%
Average Drawdown Average peak-to-trough decline	-1.18%	-0.91%	-0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.30%	1.06%	+0.24%

Volatility

HELO vs. FEBP - Volatility Comparison

The current volatility for JPMorgan Hedged Equity Laddered Overlay ETF (HELO) is 0.70%, while PGIM US Large-Cap Buffer 12 ETF - February (FEBP) has a volatility of 1.39%. This indicates that HELO experiences smaller price fluctuations and is considered to be less risky than FEBP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HELO	FEBP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.70%	1.39%	-0.69%
Volatility (6M) Calculated over the trailing 6-month period	4.99%	5.44%	-0.45%
Volatility (1Y) Calculated over the trailing 1-year period	6.20%	6.96%	-0.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.95%	8.98%	-1.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.95%	8.98%	-1.03%

HELO vs. FEBP - Expense Ratio Comparison

Both HELO and FEBP have an expense ratio of 0.50%.

Dividends

HELO vs. FEBP - Dividend Comparison

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

Position	TTM	2025	2024	2023
FEBP PGIM US Large-Cap Buffer 12 ETF - February	0.00%	0.00%	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 FEBP in my portfolio?

With a correlation of 0.90, HELO and FEBP 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 FEBP?

FEBP has higher volatility (1.39%) compared to HELO (0.70%). In terms of maximum drawdown, HELO dropped -10.89% vs FEBP's -12.11%.

Which ETF is better, HELO or FEBP?

On 1-year performance, FEBP leads with 18.66% vs 10.94% for HELO. Both ETFs have the same 0.50% expense ratio. On volatility, HELO has been the lower-risk option at 0.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HELO or FEBP?

Over the 1-year period, FEBP has performed better with a 18.66% return vs 10.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HELO or FEBP?

HELO and FEBP have the same expense ratio: 0.50% per year.

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

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

What is the main difference between HELO and FEBP?

They also come from different issuers: JPMorgan and PGIM.

Which has better risk-adjusted returns?

FEBP currently has the higher Sharpe Ratio (2.69 vs 1.77), 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.