HELO vs. HALO

Last updated Jun 3, 2026

HELO (JPMorgan Hedged Equity Laddered Overlay ETF) is Options Trading fund actively managed by JPMorgan, while HALO (Halozyme Therapeutics, Inc.) is a stock. Over the past year, HELO returned 11.65% vs 19.12% for HALO. At a 0.28 correlation, their price movements are largely independent.

Performance

HELO vs. HALO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Hedged Equity Laddered Overlay ETF (HELO) and Halozyme Therapeutics, Inc. (HALO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HELO achieves a 2.52% return, which is significantly higher than HALO's -1.52% return.

HELO

• 1D: -0.07%
• 1M: 0.73%
• YTD: 2.52%
• 6M: 3.21%
• 1Y: 11.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HALO

• 1D: -2.73%
• 1M: 3.63%
• YTD: -1.52%
• 6M: -0.39%
• 1Y: 19.12%
• 3Y*: 25.45%
• 5Y*: 11.28%
• 10Y*: 21.28%

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

HELO vs. HALO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HELO JPMorgan Hedged Equity Laddered Overlay ETF	2.52%	7.82%	18.05%	6.30%
HALO Halozyme Therapeutics, Inc.	-1.52%	40.77%	29.36%	-3.25%

Correlation

The correlation between HELO and HALO is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (All Time) Calculated using the full available price history since Oct 2, 2023	0.28

Return for Risk

HELO vs. HALO — Risk / Return Rank

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

HELO

HELO Risk / Return Rank: 53
HELO Sharpe Ratio Rank: 54
HELO Sortino Ratio Rank: 55
HELO Omega Ratio Rank: 62
HELO Calmar Ratio Rank: 41
HELO Martin Ratio Rank: 52

HALO

HALO Risk / Return Rank: 56
HALO Sharpe Ratio Rank: 61
HALO Sortino Ratio Rank: 55
HALO Omega Ratio Rank: 53
HALO Calmar Ratio Rank: 57
HALO Martin Ratio Rank: 55

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. HALO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Hedged Equity Laddered Overlay ETF (HELO) and Halozyme Therapeutics, Inc. (HALO). 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	HALO	Difference
Sharpe ratio Return per unit of total volatility	1.89	0.64	+1.24
Sortino ratio Return per unit of downside risk	2.65	1.06	+1.59
Omega ratio Gain probability vs. loss probability	1.38	1.13	+0.25
Calmar ratio Return relative to maximum drawdown	2.05	0.75	+1.30
Martin ratio Return relative to average drawdown	9.10	1.45	+7.65
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. HALO - Sharpe Ratio Comparison

The current HELO Sharpe Ratio is 1.89, which is higher than the HALO Sharpe Ratio of 0.64. The chart below compares the historical Sharpe Ratios of HELO and HALO, 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	HALO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	0.64	+1.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.29	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.50	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.65	0.23	+1.42

Drawdowns

HELO vs. HALO - Drawdown Comparison

The maximum HELO drawdown since its inception was -10.89%, smaller than the maximum HALO drawdown of -74.26%. Use the drawdown chart below to compare losses from any high point for HELO and HALO.

Drawdown Indicators

	HELO	HALO	Difference
Max Drawdown Largest peak-to-trough decline	-10.89%	-74.26%	+63.37%
Max Drawdown (1Y) Largest decline over 1 year	-5.76%	-24.13%	+18.37%
Max Drawdown (3Y) Largest decline over 3 years	—	-33.92%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-49.06%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-49.06%	—
Current Drawdown Current decline from peak	-0.07%	-18.40%	+18.33%
Average Drawdown Average peak-to-trough decline	-1.18%	-31.91%	+30.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.30%	12.56%	-11.26%

Volatility

HELO vs. HALO - Volatility Comparison

The current volatility for JPMorgan Hedged Equity Laddered Overlay ETF (HELO) is 0.66%, while Halozyme Therapeutics, Inc. (HALO) has a volatility of 10.41%. This indicates that HELO experiences smaller price fluctuations and is considered to be less risky than HALO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HELO	HALO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.66%	10.41%	-9.75%
Volatility (6M) Calculated over the trailing 6-month period	5.00%	24.18%	-19.18%
Volatility (1Y) Calculated over the trailing 1-year period	6.20%	29.89%	-23.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.96%	39.47%	-31.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.96%	42.89%	-34.93%

Dividends

HELO vs. HALO - Dividend Comparison

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

Position	TTM	2025	2024	2023
HALO Halozyme Therapeutics, Inc.	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 HALO in my portfolio?

HELO and HALO have a correlation of 0.23, 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 HALO?

HALO has higher volatility (10.41%) compared to HELO (0.66%). In terms of maximum drawdown, HELO dropped -10.89% vs HALO's -74.26%.

Which has better risk-adjusted returns?

HELO currently has the higher Sharpe Ratio (1.89 vs 0.64), 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.