HELO vs. GRNY

Last updated Jun 21, 2026

HELO (JPMorgan Hedged Equity Laddered Overlay ETF) and GRNY (Fundstrat Granny Shots U.S. Large Cap ETF) are both exchange-traded funds - HELO is a Options Trading fund actively managed by JPMorgan, while GRNY is a Large Cap Blend Equities fund actively managed by Tidal ETFs. Both are actively managed. Over the past year, HELO returned 10.50% vs 28.34% for GRNY. Their correlation of 0.81 suggests significant overlap in exposure. HELO charges 0.50%/yr vs 0.75%/yr for GRNY.

Performance

HELO vs. GRNY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Hedged Equity Laddered Overlay ETF (HELO) and Fundstrat Granny Shots U.S. Large Cap ETF (GRNY). 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 GRNY's 11.03% return.

HELO

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

GRNY

• 1D: 0.70%
• 1M: 2.31%
• YTD: 11.03%
• 6M: 9.83%
• 1Y: 28.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HELO vs. GRNY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HELO JPMorgan Hedged Equity Laddered Overlay ETF	2.35%	7.82%	-0.51%
GRNY Fundstrat Granny Shots U.S. Large Cap ETF	11.03%	24.05%	-0.45%

Correlation

The correlation between HELO and GRNY is 0.80, 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	0.80
Correlation (All Time) Calculated using the full available price history since Nov 7, 2024	0.81

The correlation between HELO and GRNY has been stable across timeframes, ranging from 0.80 to 0.81 - a consistent structural relationship.

Return for Risk

HELO vs. GRNY — 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

GRNY

GRNY Risk / Return Rank: 46
GRNY Sharpe Ratio Rank: 47
GRNY Sortino Ratio Rank: 44
GRNY Omega Ratio Rank: 42
GRNY Calmar Ratio Rank: 51
GRNY Martin Ratio Rank: 46

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. GRNY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Hedged Equity Laddered Overlay ETF (HELO) and Fundstrat Granny Shots U.S. Large Cap ETF (GRNY). 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	GRNY	Difference
Sharpe ratio: Return per unit of total volatility	1.67	1.56	+0.11
Sortino ratio: Return per unit of downside risk	2.35	2.11	+0.25
Omega ratio: Gain probability vs. loss probability	1.33	1.26	+0.07
Calmar ratio: Return relative to maximum drawdown	1.84	2.42	-0.57
Martin ratio: Return relative to average drawdown	8.07	7.32	+0.75

HELO vs. GRNY - Sharpe Ratio Comparison

The current HELO Sharpe Ratio is 1.67, which is comparable to the GRNY Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of HELO and GRNY, 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. GRNY - Drawdown Comparison

The maximum HELO drawdown since its inception was -10.89%, smaller than the maximum GRNY drawdown of -24.18%. Use the drawdown chart below to compare losses from any high point for HELO and GRNY.

Drawdown Indicators

	HELO	GRNY	Difference
Max Drawdown Largest peak-to-trough decline	-10.89%	-24.18%	+13.29%
Max Drawdown (1Y) Largest decline over 1 year	-5.76%	-11.63%	+5.87%
Current Drawdown Current decline from peak	-0.24%	-0.97%	+0.73%
Average Drawdown Average peak-to-trough decline	-1.18%	-3.96%	+2.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.31%	3.83%	-2.52%

Volatility

HELO vs. GRNY - Volatility Comparison

The current volatility for JPMorgan Hedged Equity Laddered Overlay ETF (HELO) is 1.70%, while Fundstrat Granny Shots U.S. Large Cap ETF (GRNY) has a volatility of 5.34%. This indicates that HELO experiences smaller price fluctuations and is considered to be less risky than GRNY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HELO	GRNY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.70%	5.34%	-3.64%
Volatility (6M) Calculated over the trailing 6-month period	5.15%	13.26%	-8.11%
Volatility (1Y) Calculated over the trailing 1-year period	6.35%	18.01%	-11.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.97%	23.15%	-15.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.97%	23.15%	-15.18%

HELO vs. GRNY - Expense Ratio Comparison

HELO has a 0.50% expense ratio, which is lower than GRNY's 0.75% expense ratio.

Dividends

HELO vs. GRNY - Dividend Comparison

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

Position	TTM	2025	2024	2023
GRNY Fundstrat Granny Shots U.S. Large Cap ETF	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 GRNY in my portfolio?

HELO and GRNY have a correlation of 0.80, 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 GRNY?

GRNY has higher volatility (5.34%) compared to HELO (1.70%). In terms of maximum drawdown, HELO dropped -10.89% vs GRNY's -24.18%.

Which ETF is better, HELO or GRNY?

On 1-year performance, GRNY leads with 28.34% 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 GRNY?

Over the 1-year period, GRNY has performed better with a 28.34% 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 GRNY?

HELO is cheaper with a 0.50% expense ratio, compared with 0.75% for GRNY.

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

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

What is the main difference between HELO and GRNY?

HELO is categorized as Options Trading, while GRNY is Large Cap Blend Equities. They also come from different issuers: JPMorgan and Tidal ETFs. Their fees differ too: 0.50% for HELO and 0.75% for GRNY.

Which has better risk-adjusted returns?

HELO currently has the higher Sharpe Ratio (1.67 vs 1.56), 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.