HELO vs. HEQT

Last updated Jun 25, 2026

HELO (JPMorgan Hedged Equity Laddered Overlay ETF) and HEQT (Simplify Hedged Equity ETF) are both exchange-traded funds - HELO is a Options Trading fund actively managed by JPMorgan, while HEQT is a Equity Hedged fund actively managed by Simplify. Both are actively managed. Over the past year, HELO returned 8.59% vs 12.07% for HEQT. Their correlation of 0.88 suggests significant overlap in exposure. HELO charges 0.50%/yr vs 0.43%/yr for HEQT.

Performance

HELO vs. HEQT - Performance Comparison

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

Returns By Period

In the year-to-date period, HELO achieves a 1.40% return, which is significantly lower than HEQT's 3.86% return.

HELO

• 1D: -0.06%
• 1M: -0.68%
• YTD: 1.40%
• 6M: 0.46%
• 1Y: 8.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HEQT

• 1D: -0.16%
• 1M: -0.30%
• YTD: 3.86%
• 6M: 3.37%
• 1Y: 12.07%
• 3Y*: 12.89%
• 5Y*: —
• 10Y*: —

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

HELO vs. HEQT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HELO JPMorgan Hedged Equity Laddered Overlay ETF	1.40%	7.82%	18.05%	5.25%
HEQT Simplify Hedged Equity ETF	3.86%	10.08%	18.30%	6.83%

Correlation

The correlation between HELO and HEQT 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 Sep 29, 2023	0.88

The correlation between HELO and HEQT has been stable across timeframes, ranging from 0.86 to 0.88 - a consistent structural relationship.

Return for Risk

HELO vs. HEQT — Risk / Return Rank

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

HELO

HELO Risk / Return Rank: 41
HELO Sharpe Ratio Rank: 42
HELO Sortino Ratio Rank: 41
HELO Omega Ratio Rank: 45
HELO Calmar Ratio Rank: 32
HELO Martin Ratio Rank: 43

HEQT

HEQT Risk / Return Rank: 62
HEQT Sharpe Ratio Rank: 61
HEQT Sortino Ratio Rank: 62
HEQT Omega Ratio Rank: 69
HEQT Calmar Ratio Rank: 54
HEQT Martin Ratio Rank: 66

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. HEQT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Hedged Equity Laddered Overlay ETF (HELO) and Simplify Hedged Equity ETF (HEQT). 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	HEQT	Difference
Sharpe ratio: Return per unit of total volatility	1.35	1.83	-0.48
Sortino ratio: Return per unit of downside risk	1.92	2.58	-0.66
Omega ratio: Gain probability vs. loss probability	1.27	1.37	-0.10
Calmar ratio: Return relative to maximum drawdown	1.50	2.38	-0.88
Martin ratio: Return relative to average drawdown	6.53	10.73	-4.19

HELO vs. HEQT - Sharpe Ratio Comparison

The current HELO Sharpe Ratio is 1.35, which is comparable to the HEQT Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of HELO and HEQT, 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. HEQT - Drawdown Comparison

The maximum HELO drawdown since its inception was -10.89%, smaller than the maximum HEQT drawdown of -11.51%. Use the drawdown chart below to compare losses from any high point for HELO and HEQT.

Drawdown Indicators

	HELO	HEQT	Difference
Max Drawdown Largest peak-to-trough decline	-10.89%	-11.51%	+0.62%
Max Drawdown (1Y) Largest decline over 1 year	-5.76%	-5.09%	-0.67%
Max Drawdown (3Y) Largest decline over 3 years	—	-10.57%	—
Current Drawdown Current decline from peak	-1.17%	-1.28%	+0.11%
Average Drawdown Average peak-to-trough decline	-1.18%	-2.76%	+1.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.32%	1.13%	+0.19%

Volatility

HELO vs. HEQT - Volatility Comparison

The current volatility for JPMorgan Hedged Equity Laddered Overlay ETF (HELO) is 1.79%, while Simplify Hedged Equity ETF (HEQT) has a volatility of 2.06%. This indicates that HELO experiences smaller price fluctuations and is considered to be less risky than HEQT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HELO	HEQT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.79%	2.06%	-0.27%
Volatility (6M) Calculated over the trailing 6-month period	5.02%	5.48%	-0.46%
Volatility (1Y) Calculated over the trailing 1-year period	6.38%	6.65%	-0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.97%	8.47%	-0.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.97%	8.47%	-0.50%

HELO vs. HEQT - Expense Ratio Comparison

HELO has a 0.50% expense ratio, which is higher than HEQT's 0.43% expense ratio.

Dividends

HELO vs. HEQT - Dividend Comparison

HELO's dividend yield for the trailing twelve months is around 0.64%, less than HEQT's 1.21% yield.

Position	TTM	2025	2024	2023	2022	2021
HELO JPMorgan Hedged Equity Laddered Overlay ETF	0.64%	0.67%	0.60%	0.19%	0.00%	0.00%
HEQT Simplify Hedged Equity ETF	1.21%	1.19%	1.29%	4.10%	3.94%	0.27%

Frequently Asked Questions

Can I hold both HELO and HEQT in my portfolio?

HELO and HEQT 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 HEQT?

HEQT has higher volatility (2.06%) compared to HELO (1.79%). In terms of maximum drawdown, HELO dropped -10.89% vs HEQT's -11.51%.

Which ETF is better, HELO or HEQT?

On 1-year performance, HEQT leads with 12.07% vs 8.59% for HELO. On fees, HEQT is cheaper at 0.43% per year. On volatility, HELO has been the lower-risk option at 1.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HELO or HEQT?

Over the 1-year period, HEQT has performed better with a 12.07% return vs 8.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HELO or HEQT?

HEQT is cheaper with a 0.43% expense ratio, compared with 0.50% for HELO.

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

HEQT has the higher dividend yield at 1.21%, compared with 0.64% for HELO.

What is the main difference between HELO and HEQT?

HELO is categorized as Options Trading, while HEQT is Equity Hedged. They also come from different issuers: JPMorgan and Simplify. Their fees differ too: 0.50% for HELO and 0.43% for HEQT.

Which has better risk-adjusted returns?

HEQT currently has the higher Sharpe Ratio (1.83 vs 1.35), 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.