HELO vs. OCTW

Last updated Apr 2, 2026

Compare and contrast key facts about JPMorgan Hedged Equity Laddered Overlay ETF (HELO) and AllianzIM U.S. Equity Buffer20 Oct ETF (OCTW).

HELO and OCTW are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HELO is an actively managed fund by JPMorgan. It was launched on Sep 28, 2023. OCTW is a passively managed fund by Allianz that tracks the performance of the SPDR S&P 500 ETF Trust. It was launched on Sep 30, 2020.

Performance

HELO vs. OCTW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Hedged Equity Laddered Overlay ETF (HELO) and AllianzIM U.S. Equity Buffer20 Oct ETF (OCTW). The values are adjusted to include any dividend payments, if applicable.

HELO vs. OCTW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HELO JPMorgan Hedged Equity Laddered Overlay ETF	-3.37%	7.82%	18.05%	6.30%
OCTW AllianzIM U.S. Equity Buffer20 Oct ETF	-0.95%	9.68%	8.67%	5.29%

Returns By Period

In the year-to-date period, HELO achieves a -3.37% return, which is significantly lower than OCTW's -0.95% return.

HELO

• 1D: 0.33%
• 1M: -3.72%
• YTD: -3.37%
• 6M: -1.18%
• 1Y: 7.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

OCTW

• 1D: 0.42%
• 1M: -1.55%
• YTD: -0.95%
• 6M: 0.51%
• 1Y: 9.74%
• 3Y*: 9.86%
• 5Y*: 7.86%
• 10Y*: —

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

HELO vs. OCTW - Expense Ratio Comparison

HELO has a 0.50% expense ratio, which is lower than OCTW's 0.74% expense ratio.

OCTW

AllianzIM U.S. Equity Buffer20 Oct ETF

HELO

JPMorgan Hedged Equity Laddered Overlay ETF

Return for Risk

HELO vs. OCTW — Risk / Return Rank

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

HELO

HELO Risk / Return Rank: 52
HELO Sharpe Ratio Rank: 49
HELO Sortino Ratio Rank: 49
HELO Omega Ratio Rank: 52
HELO Calmar Ratio Rank: 53
HELO Martin Ratio Rank: 55

OCTW

OCTW Risk / Return Rank: 69
OCTW Sharpe Ratio Rank: 66
OCTW Sortino Ratio Rank: 68
OCTW Omega Ratio Rank: 75
OCTW Calmar Ratio Rank: 61
OCTW Martin Ratio Rank: 77

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. OCTW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Hedged Equity Laddered Overlay ETF (HELO) and AllianzIM U.S. Equity Buffer20 Oct ETF (OCTW). 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	OCTW	Difference
Sharpe ratio Return per unit of total volatility	0.93	1.22	-0.29
Sortino ratio Return per unit of downside risk	1.39	1.80	-0.41
Omega ratio Gain probability vs. loss probability	1.20	1.30	-0.09
Calmar ratio Return relative to maximum drawdown	1.42	1.70	-0.29
Martin ratio Return relative to average drawdown	5.66	9.08	-3.42
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. OCTW - Sharpe Ratio Comparison

The current HELO Sharpe Ratio is 0.93, which is comparable to the OCTW Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of HELO and OCTW, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HELO	OCTW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.93	1.22	-0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.26	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.40	1.34	+0.06

Correlation

The correlation between HELO and OCTW is 0.86, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

HELO vs. OCTW - Dividend Comparison

HELO's dividend yield for the trailing twelve months is around 0.66%, while OCTW has not paid dividends to shareholders.

	TTM	2025	2024	2023
HELO JPMorgan Hedged Equity Laddered Overlay ETF	0.66%	0.67%	0.60%	0.19%
OCTW AllianzIM U.S. Equity Buffer20 Oct ETF	0.00%	0.00%	0.00%	0.00%

Drawdowns

HELO vs. OCTW - Drawdown Comparison

The maximum HELO drawdown since its inception was -10.89%, which is greater than OCTW's maximum drawdown of -8.38%. Use the drawdown chart below to compare losses from any high point for HELO and OCTW.

Drawdown Indicators

	HELO	OCTW	Difference
Max Drawdown Largest peak-to-trough decline	-10.89%	-8.38%	-2.51%
Max Drawdown (1Y) Largest decline over 1 year	-5.76%	-5.86%	+0.10%
Max Drawdown (5Y) Largest decline over 5 years	—	-8.38%	—
Current Drawdown Current decline from peak	-4.58%	-1.93%	-2.65%
Average Drawdown Average peak-to-trough decline	-1.22%	-0.84%	-0.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.44%	1.10%	+0.34%

Volatility

HELO vs. OCTW - Volatility Comparison

JPMorgan Hedged Equity Laddered Overlay ETF (HELO) has a higher volatility of 2.67% compared to AllianzIM U.S. Equity Buffer20 Oct ETF (OCTW) at 2.45%. This indicates that HELO's price experiences larger fluctuations and is considered to be riskier than OCTW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HELO	OCTW	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.67%	2.45%	+0.22%
Volatility (6M) Calculated over the trailing 6-month period	5.39%	4.09%	+1.30%
Volatility (1Y) Calculated over the trailing 1-year period	8.58%	8.04%	+0.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.13%	6.25%	+1.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.13%	6.19%	+1.94%