HELO vs. MSTQ

Last updated Jun 4, 2026

HELO (JPMorgan Hedged Equity Laddered Overlay ETF) and MSTQ (LHA Market State Tactical Q ETF) are both Options Trading funds. Both are actively managed. Over the past year, HELO returned 11.08% vs 31.81% for MSTQ. Their correlation of 0.81 suggests significant overlap in exposure. HELO charges 0.50%/yr vs 1.59%/yr for MSTQ.

Performance

HELO vs. MSTQ - Performance Comparison

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

Returns By Period

In the year-to-date period, HELO achieves a 2.31% return, which is significantly lower than MSTQ's 17.40% return.

HELO

• 1D: -0.21%
• 1M: 0.59%
• YTD: 2.31%
• 6M: 2.92%
• 1Y: 11.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTQ

• 1D: -0.21%
• 1M: 9.02%
• YTD: 17.40%
• 6M: 15.69%
• 1Y: 31.81%
• 3Y*: 24.11%
• 5Y*: —
• 10Y*: —

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

HELO vs. MSTQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HELO JPMorgan Hedged Equity Laddered Overlay ETF	2.31%	7.82%	18.05%	6.30%
MSTQ LHA Market State Tactical Q ETF	17.40%	20.57%	19.58%	12.52%

Correlation

The correlation between HELO and MSTQ is 0.79, 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	0.79
Correlation (All Time) Calculated using the full available price history since Oct 2, 2023	0.81

The correlation between HELO and MSTQ has been stable across timeframes, ranging from 0.79 to 0.81 - a consistent structural relationship.

HELO vs. MSTQ - Sectors Allocation Comparison

Sectors	HELO	MSTQ
Technology	39.8%	54.0%
Consumer Cyclical	11.6%	12.2%
Communication Services	10.9%	15.6%
Financial Services	10.0%	0.2%
Healthcare	8.2%	4.2%
Industrials	6.0%	2.9%
Consumer Defensive	3.5%	7.6%
Energy	3.3%	0.6%
Utilities	2.5%	1.4%
Real Estate	1.8%	0.1%
Basic Materials	1.5%	1.1%

Return for Risk

HELO vs. MSTQ — Risk / Return Rank

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

HELO

HELO Risk / Return Rank: 50
HELO Sharpe Ratio Rank: 51
HELO Sortino Ratio Rank: 51
HELO Omega Ratio Rank: 58
HELO Calmar Ratio Rank: 38
HELO Martin Ratio Rank: 50

MSTQ

MSTQ Risk / Return Rank: 59
MSTQ Sharpe Ratio Rank: 68
MSTQ Sortino Ratio Rank: 64
MSTQ Omega Ratio Rank: 64
MSTQ Calmar Ratio Rank: 52
MSTQ Martin Ratio Rank: 48

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. MSTQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Hedged Equity Laddered Overlay ETF (HELO) and LHA Market State Tactical Q ETF (MSTQ). 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	MSTQ	Difference
Sharpe ratio: Return per unit of total volatility	1.79	2.23	-0.44
Sortino ratio: Return per unit of downside risk	2.53	2.97	-0.44
Omega ratio: Gain probability vs. loss probability	1.36	1.39	-0.03
Calmar ratio: Return relative to maximum drawdown	1.93	2.58	-0.65
Martin ratio: Return relative to average drawdown	8.55	8.04	+0.51
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. MSTQ - Sharpe Ratio Comparison

The current HELO Sharpe Ratio is 1.79, which is comparable to the MSTQ Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of HELO and MSTQ, 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	MSTQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.79	2.23	-0.44
Sharpe Ratio (All Time) Calculated using the full available price history	1.64	0.87	+0.76

Drawdowns

HELO vs. MSTQ - Drawdown Comparison

The maximum HELO drawdown since its inception was -10.89%, smaller than the maximum MSTQ drawdown of -31.05%. Use the drawdown chart below to compare losses from any high point for HELO and MSTQ.

Drawdown Indicators

	HELO	MSTQ	Difference
Max Drawdown Largest peak-to-trough decline	-10.89%	-31.05%	+20.16%
Max Drawdown (1Y) Largest decline over 1 year	-5.76%	-12.39%	+6.63%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.22%	—
Current Drawdown Current decline from peak	-0.28%	-0.21%	-0.07%
Average Drawdown Average peak-to-trough decline	-1.18%	-8.62%	+7.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.30%	3.97%	-2.67%

Volatility

HELO vs. MSTQ - Volatility Comparison

The current volatility for JPMorgan Hedged Equity Laddered Overlay ETF (HELO) is 0.70%, while LHA Market State Tactical Q ETF (MSTQ) has a volatility of 4.25%. This indicates that HELO experiences smaller price fluctuations and is considered to be less risky than MSTQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HELO	MSTQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.70%	4.25%	-3.55%
Volatility (6M) Calculated over the trailing 6-month period	4.99%	10.58%	-5.59%
Volatility (1Y) Calculated over the trailing 1-year period	6.21%	14.35%	-8.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.96%	18.85%	-10.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.96%	18.85%	-10.89%

HELO vs. MSTQ - Expense Ratio Comparison

HELO has a 0.50% expense ratio, which is lower than MSTQ's 1.59% expense ratio.

Dividends

HELO vs. MSTQ - Dividend Comparison

HELO's dividend yield for the trailing twelve months is around 0.62%, less than MSTQ's 11.90% yield.

Position	TTM	2025	2024	2023
HELO JPMorgan Hedged Equity Laddered Overlay ETF	0.62%	0.67%	0.60%	0.19%
MSTQ LHA Market State Tactical Q ETF	11.90%	13.97%	3.72%	0.77%

Frequently Asked Questions

Can I hold both HELO and MSTQ in my portfolio?

HELO and MSTQ have a correlation of 0.79, 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 MSTQ?

MSTQ has higher volatility (4.25%) compared to HELO (0.70%). In terms of maximum drawdown, HELO dropped -10.89% vs MSTQ's -31.05%.

Which ETF is better, HELO or MSTQ?

On 1-year performance, MSTQ leads with 31.81% vs 11.08% for HELO. On fees, HELO is cheaper at 0.50% per year. On volatility, HELO has been the lower-risk option at 0.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HELO or MSTQ?

Over the 1-year period, MSTQ has performed better with a 31.81% return vs 11.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HELO or MSTQ?

HELO is cheaper with a 0.50% expense ratio, compared with 1.59% for MSTQ.

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

MSTQ has the higher dividend yield at 11.90%, compared with 0.62% for HELO.

What is the main difference between HELO and MSTQ?

They also come from different issuers: JPMorgan and Little Harbor Advisors. Their fees differ too: 0.50% for HELO and 1.59% for MSTQ.

Which has better risk-adjusted returns?

MSTQ currently has the higher Sharpe Ratio (2.23 vs 1.79), 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.