HELO vs. MRCP

Last updated Jul 15, 2026

HELO (JPMorgan Hedged Equity Laddered Overlay ETF) and MRCP (PGIM US Large-Cap Buffer 12 ETF - March) are both Options Trading funds. Both are actively managed. Over the past year, HELO returned 8.83% vs 15.21% for MRCP. Their correlation of 0.91 suggests significant overlap in exposure. Both charge a 0.50% expense ratio.

Performance

HELO vs. MRCP - 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 - March (MRCP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HELO achieves a 2.86% return, which is significantly lower than MRCP's 7.91% return.

HELO

• 1D: 0.21%
• 1M: 1.35%
• 6M: 1.96%
• YTD: 2.86%
• 1Y: 8.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MRCP

• 1D: 0.21%
• 1M: 1.20%
• 6M: 7.26%
• YTD: 7.91%
• 1Y: 15.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HELO vs. MRCP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HELO JPMorgan Hedged Equity Laddered Overlay ETF	2.86%	7.82%	13.43%
MRCP PGIM US Large-Cap Buffer 12 ETF - March	7.91%	14.13%	11.90%

Correlation

The correlation between HELO and MRCP is 0.88, 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	0.88
Correlation (All Time) Calculated using the full available price history since Mar 1, 2024	0.91

The correlation between HELO and MRCP has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.

Return for Risk

HELO vs. MRCP — Risk / Return Rank

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

HELO

HELO Risk / Return Rank: 48
HELO Sharpe Ratio Rank: 49
HELO Sortino Ratio Rank: 48
HELO Omega Ratio Rank: 53
HELO Calmar Ratio Rank: 37
HELO Martin Ratio Rank: 49

MRCP

MRCP Risk / Return Rank: 86
MRCP Sharpe Ratio Rank: 83
MRCP Sortino Ratio Rank: 86
MRCP Omega Ratio Rank: 91
MRCP Calmar Ratio Rank: 77
MRCP Martin Ratio Rank: 92

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. MRCP - 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 - March (MRCP). 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	MRCP	Difference
Sharpe ratio: Return per unit of total volatility	1.38	2.10	-0.73
Sortino ratio: Return per unit of downside risk	1.95	3.10	-1.14
Omega ratio: Gain probability vs. loss probability	1.27	1.47	-0.20
Calmar ratio: Return relative to maximum drawdown	1.54	3.17	-1.63
Martin ratio: Return relative to average drawdown	6.67	17.24	-10.57

HELO vs. MRCP - Sharpe Ratio Comparison

The current HELO Sharpe Ratio is 1.38, which is lower than the MRCP Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of HELO and MRCP, 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. MRCP - Drawdown Comparison

The maximum HELO drawdown since its inception was -10.89%, roughly equal to the maximum MRCP drawdown of -10.73%. Use the drawdown chart below to compare losses from any high point for HELO and MRCP.

Drawdown Indicators

	HELO	MRCP	Difference
Max Drawdown Largest peak-to-trough decline	-10.89%	-10.73%	-0.16%
Max Drawdown (1Y) Largest decline over 1 year	-5.76%	-4.81%	-0.95%
Current Drawdown Current decline from peak	-0.26%	-0.03%	-0.23%
Average Drawdown Average peak-to-trough decline	-1.17%	-0.76%	-0.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.33%	0.88%	+0.45%

Volatility

HELO vs. MRCP - Volatility Comparison

The current volatility for JPMorgan Hedged Equity Laddered Overlay ETF (HELO) is 1.77%, while PGIM US Large-Cap Buffer 12 ETF - March (MRCP) has a volatility of 4.03%. This indicates that HELO experiences smaller price fluctuations and is considered to be less risky than MRCP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HELO	MRCP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.77%	4.03%	-2.26%
Volatility (6M) Calculated over the trailing 6-month period	5.03%	6.43%	-1.40%
Volatility (1Y) Calculated over the trailing 1-year period	6.44%	7.26%	-0.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.92%	9.46%	-1.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.92%	9.46%	-1.54%

HELO vs. MRCP - Expense Ratio Comparison

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

Dividends

HELO vs. MRCP - Dividend Comparison

HELO's dividend yield for the trailing twelve months is around 0.63%, while MRCP has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
HELO JPMorgan Hedged Equity Laddered Overlay ETF	0.63%	0.67%	0.60%	0.19%
MRCP PGIM US Large-Cap Buffer 12 ETF - March	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HELO and MRCP in my portfolio?

HELO and MRCP have a correlation of 0.88, 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 MRCP?

MRCP has higher volatility (4.03%) compared to HELO (1.77%). In terms of maximum drawdown, HELO dropped -10.89% vs MRCP's -10.73%.

Which ETF is better, HELO or MRCP?

On 1-year performance, MRCP leads with 15.21% vs 8.83% for HELO. Both ETFs have the same 0.50% expense ratio. On volatility, HELO has been the lower-risk option at 1.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HELO or MRCP?

Over the 1-year period, MRCP has performed better with a 15.21% return vs 8.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HELO or MRCP?

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

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

HELO has the higher dividend yield at 0.63%, compared with 0.00% for MRCP.

What is the main difference between HELO and MRCP?

They also come from different issuers: JPMorgan and PGIM.

Which has better risk-adjusted returns?

MRCP currently has the higher Sharpe Ratio (2.10 vs 1.38), 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.