HELO vs. OCTW

Last updated Jun 5, 2026

HELO (JPMorgan Hedged Equity Laddered Overlay ETF) and OCTW (AllianzIM U.S. Equity Buffer20 Oct ETF) are both exchange-traded funds - HELO is a Options Trading fund actively managed by JPMorgan, while OCTW is a Defined Outcome fund tracking the SPDR S&P 500 ETF Trust. HELO is actively managed, while OCTW is passively managed. Over the past year, HELO returned 10.94% vs 12.57% for OCTW. Their correlation of 0.85 suggests significant overlap in exposure. HELO charges 0.50%/yr vs 0.74%/yr for OCTW.

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.

Returns By Period

In the year-to-date period, HELO achieves a 2.26% return, which is significantly lower than OCTW's 4.72% return.

HELO

• 1D: -0.04%
• 1M: 0.46%
• YTD: 2.26%
• 6M: 2.72%
• 1Y: 10.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

OCTW

• 1D: 0.06%
• 1M: 1.52%
• YTD: 4.72%
• 6M: 5.16%
• 1Y: 12.57%
• 3Y*: 10.88%
• 5Y*: 8.86%
• 10Y*: —

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

HELO vs. OCTW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HELO JPMorgan Hedged Equity Laddered Overlay ETF	2.26%	7.82%	18.05%	6.30%
OCTW AllianzIM U.S. Equity Buffer20 Oct ETF	4.72%	9.68%	8.67%	5.29%

Correlation

The correlation between HELO and OCTW is 0.90, 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	0.90
Correlation (All Time) Calculated using the full available price history since Oct 2, 2023	0.85

The correlation between HELO and OCTW has been stable across timeframes, ranging from 0.85 to 0.90 - a consistent structural relationship.

HELO vs. OCTW - Sectors Allocation Comparison

Sectors	HELO	OCTW
Technology	39.8%	36.2%
Consumer Cyclical	11.6%	10.1%
Communication Services	10.9%	10.9%
Financial Services	10.0%	11.9%
Healthcare	8.2%	8.4%
Industrials	6.0%	8.1%
Consumer Defensive	3.5%	4.9%
Energy	3.3%	3.5%
Utilities	2.5%	2.3%
Real Estate	1.8%	1.9%
Basic Materials	1.5%	1.8%

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: 51
HELO Sharpe Ratio Rank: 53
HELO Sortino Ratio Rank: 52
HELO Omega Ratio Rank: 59
HELO Calmar Ratio Rank: 39
HELO Martin Ratio Rank: 51

OCTW

OCTW Risk / Return Rank: 82
OCTW Sharpe Ratio Rank: 81
OCTW Sortino Ratio Rank: 86
OCTW Omega Ratio Rank: 88
OCTW Calmar Ratio Rank: 70
OCTW Martin Ratio Rank: 86

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	1.77	2.57	-0.80
Sortino ratio: Return per unit of downside risk	2.50	3.81	-1.32
Omega ratio: Gain probability vs. loss probability	1.36	1.53	-0.18
Calmar ratio: Return relative to maximum drawdown	1.91	3.45	-1.54
Martin ratio: Return relative to average drawdown	8.44	17.79	-9.34
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 1.77, which is lower than the OCTW Sharpe Ratio of 2.57. The chart below compares the historical Sharpe Ratios of HELO and OCTW, 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	OCTW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.77	2.57	-0.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.42	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.63	1.48	+0.15

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%	-3.65%	-2.11%
Max Drawdown (3Y) Largest decline over 3 years	—	-8.38%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-8.38%	—
Current Drawdown Current decline from peak	-0.32%	-0.05%	-0.27%
Average Drawdown Average peak-to-trough decline	-1.18%	-0.82%	-0.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.30%	0.71%	+0.59%

Volatility

HELO vs. OCTW - Volatility Comparison

JPMorgan Hedged Equity Laddered Overlay ETF (HELO) and AllianzIM U.S. Equity Buffer20 Oct ETF (OCTW) have volatilities of 0.70% and 0.72%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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	0.70%	0.72%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	4.99%	3.80%	+1.19%
Volatility (1Y) Calculated over the trailing 1-year period	6.20%	4.91%	+1.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.95%	6.29%	+1.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.95%	6.14%	+1.81%

HELO vs. OCTW - Expense Ratio Comparison

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

Dividends

HELO vs. OCTW - Dividend Comparison

HELO's dividend yield for the trailing twelve months is around 0.62%, while OCTW has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
HELO JPMorgan Hedged Equity Laddered Overlay ETF	0.62%	0.67%	0.60%	0.19%
OCTW AllianzIM U.S. Equity Buffer20 Oct ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HELO and OCTW in my portfolio?

HELO and OCTW have a correlation of 0.90, 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 OCTW?

OCTW has higher volatility (0.72%) compared to HELO (0.70%). In terms of maximum drawdown, HELO dropped -10.89% vs OCTW's -8.38%.

Which ETF is better, HELO or OCTW?

On 1-year performance, OCTW leads with 12.57% vs 10.94% for HELO. On fees, HELO is cheaper at 0.50% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HELO or OCTW?

Over the 1-year period, OCTW has performed better with a 12.57% return vs 10.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HELO or OCTW?

HELO is cheaper with a 0.50% expense ratio, compared with 0.74% for OCTW.

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

HELO has the higher dividend yield at 0.62%, compared with 0.00% for OCTW.

What is the main difference between HELO and OCTW?

HELO is categorized as Options Trading, while OCTW is Defined Outcome. They also come from different issuers: JPMorgan and Allianz. Their fees differ too: 0.50% for HELO and 0.74% for OCTW.

Which has better risk-adjusted returns?

OCTW currently has the higher Sharpe Ratio (2.57 vs 1.77), 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.