HELO vs. HECA

Last updated Jun 21, 2026

HELO (JPMorgan Hedged Equity Laddered Overlay ETF) and HECA (Hedgeye Capital Allocation ETF) are both exchange-traded funds - HELO is a Options Trading fund actively managed by JPMorgan, while HECA is a Global Allocation fund actively managed by Hedgeye. Both are actively managed. At a 0.44 correlation, their price movements are largely independent. HELO charges 0.50%/yr vs 1.02%/yr for HECA.

Performance

HELO vs. HECA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Hedged Equity Laddered Overlay ETF (HELO) and Hedgeye Capital Allocation ETF (HECA). 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 higher than HECA's -2.82% return.

HELO

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

HECA

• 1D: -0.04%
• 1M: -2.18%
• YTD: -2.82%
• 6M: -2.69%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HELO vs. HECA - Yearly Performance Comparison

	2026 (YTD)	2025
HELO JPMorgan Hedged Equity Laddered Overlay ETF	2.35%	6.56%
HECA Hedgeye Capital Allocation ETF	-2.82%	12.83%

Correlation

The correlation between HELO and HECA is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 1, 2025	0.44

Return for Risk

HELO vs. HECA — 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

HECA

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. HECA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Hedged Equity Laddered Overlay ETF (HELO) and Hedgeye Capital Allocation ETF (HECA). 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	HECA	Difference
Sharpe ratio: Return per unit of total volatility	1.67	—	—
Sortino ratio: Return per unit of downside risk	2.35	—	—
Omega ratio: Gain probability vs. loss probability	1.33	—	—
Calmar ratio: Return relative to maximum drawdown	1.84	—	—
Martin ratio: Return relative to average drawdown	8.07	—	—

Drawdowns

HELO vs. HECA - Drawdown Comparison

The maximum HELO drawdown since its inception was -10.89%, smaller than the maximum HECA drawdown of -12.82%. Use the drawdown chart below to compare losses from any high point for HELO and HECA.

Drawdown Indicators

	HELO	HECA	Difference
Max Drawdown Largest peak-to-trough decline	-10.89%	-12.82%	+1.93%
Max Drawdown (1Y) Largest decline over 1 year	-5.76%	—	—
Current Drawdown Current decline from peak	-0.24%	-12.82%	+12.58%
Average Drawdown Average peak-to-trough decline	-1.18%	-3.54%	+2.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.31%	—	—

Volatility

Volatility by Period

	HELO	HECA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.70%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.15%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	6.35%	12.62%	-6.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.97%	12.62%	-4.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.97%	12.62%	-4.65%

HELO vs. HECA - Expense Ratio Comparison

HELO has a 0.50% expense ratio, which is lower than HECA's 1.02% expense ratio.

Dividends

HELO vs. HECA - Dividend Comparison

HELO's dividend yield for the trailing twelve months is around 0.62%, less than HECA's 2.08% yield.

Position	TTM	2025	2024	2023
HECA Hedgeye Capital Allocation ETF	2.08%	2.02%	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 HECA in my portfolio?

HELO and HECA have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HELO or HECA?

On fees, HELO is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HELO or HECA?

HELO is cheaper with a 0.50% expense ratio, compared with 1.02% for HECA.

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

HECA has the higher dividend yield at 2.08%, compared with 0.62% for HELO.

What is the main difference between HELO and HECA?

HELO is categorized as Options Trading, while HECA is Global Allocation. They also come from different issuers: JPMorgan and Hedgeye. Their fees differ too: 0.50% for HELO and 1.02% for HECA.