HELO vs. QDTE

Last updated Jun 25, 2026

HELO (JPMorgan Hedged Equity Laddered Overlay ETF) and QDTE (Roundhill Innovation-100 0DTE Covered Call Strategy ETF) are both exchange-traded funds - HELO is a Options Trading fund actively managed by JPMorgan, while QDTE is a Derivative Income fund actively managed by Roundhill. Both are actively managed. Over the past year, HELO returned 8.59% vs 31.05% for QDTE. Their correlation of 0.84 suggests significant overlap in exposure. HELO charges 0.50%/yr vs 0.97%/yr for QDTE.

Performance

HELO vs. QDTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Hedged Equity Laddered Overlay ETF (HELO) and Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE). 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 QDTE's 12.21% return.

HELO

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

QDTE

• 1D: -0.36%
• 1M: -0.53%
• YTD: 12.21%
• 6M: 10.80%
• 1Y: 31.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HELO vs. QDTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HELO JPMorgan Hedged Equity Laddered Overlay ETF	1.40%	7.82%	13.08%
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	12.21%	19.32%	17.13%

Correlation

The correlation between HELO and QDTE is 0.82, 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	0.82
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024	0.84

The correlation between HELO and QDTE has been stable across timeframes, ranging from 0.82 to 0.84 - a consistent structural relationship.

Return for Risk

HELO vs. QDTE — 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

QDTE

QDTE Risk / Return Rank: 64
QDTE Sharpe Ratio Rank: 63
QDTE Sortino Ratio Rank: 56
QDTE Omega Ratio Rank: 62
QDTE Calmar Ratio Rank: 68
QDTE Martin Ratio Rank: 71

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. QDTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Hedged Equity Laddered Overlay ETF (HELO) and Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE). 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	QDTE	Difference
Sharpe ratio: Return per unit of total volatility	1.35	1.88	-0.52
Sortino ratio: Return per unit of downside risk	1.92	2.41	-0.50
Omega ratio: Gain probability vs. loss probability	1.27	1.34	-0.07
Calmar ratio: Return relative to maximum drawdown	1.50	3.06	-1.56
Martin ratio: Return relative to average drawdown	6.53	11.78	-5.24

HELO vs. QDTE - Sharpe Ratio Comparison

The current HELO Sharpe Ratio is 1.35, which is comparable to the QDTE Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of HELO and QDTE, 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. QDTE - Drawdown Comparison

The maximum HELO drawdown since its inception was -10.89%, smaller than the maximum QDTE drawdown of -22.86%. Use the drawdown chart below to compare losses from any high point for HELO and QDTE.

Drawdown Indicators

	HELO	QDTE	Difference
Max Drawdown Largest peak-to-trough decline	-10.89%	-22.86%	+11.97%
Max Drawdown (1Y) Largest decline over 1 year	-5.76%	-10.20%	+4.44%
Current Drawdown Current decline from peak	-1.17%	-3.90%	+2.73%
Average Drawdown Average peak-to-trough decline	-1.18%	-3.13%	+1.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.32%	2.64%	-1.32%

Volatility

HELO vs. QDTE - Volatility Comparison

The current volatility for JPMorgan Hedged Equity Laddered Overlay ETF (HELO) is 1.79%, while Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE) has a volatility of 8.57%. This indicates that HELO experiences smaller price fluctuations and is considered to be less risky than QDTE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HELO	QDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.79%	8.57%	-6.78%
Volatility (6M) Calculated over the trailing 6-month period	5.02%	13.27%	-8.25%
Volatility (1Y) Calculated over the trailing 1-year period	6.38%	16.66%	-10.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.97%	18.97%	-11.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.97%	18.97%	-11.00%

HELO vs. QDTE - Expense Ratio Comparison

HELO has a 0.50% expense ratio, which is lower than QDTE's 0.97% expense ratio.

Dividends

HELO vs. QDTE - Dividend Comparison

HELO's dividend yield for the trailing twelve months is around 0.64%, less than QDTE's 44.39% yield.

Position	TTM	2025	2024	2023
HELO JPMorgan Hedged Equity Laddered Overlay ETF	0.64%	0.67%	0.60%	0.19%
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	44.39%	49.49%	32.09%	0.00%

Frequently Asked Questions

Can I hold both HELO and QDTE in my portfolio?

HELO and QDTE have a correlation of 0.82, 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 QDTE?

QDTE has higher volatility (8.57%) compared to HELO (1.79%). In terms of maximum drawdown, HELO dropped -10.89% vs QDTE's -22.86%.

Which ETF is better, HELO or QDTE?

On 1-year performance, QDTE leads with 31.05% vs 8.59% for HELO. On fees, HELO is cheaper at 0.50% 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 QDTE?

Over the 1-year period, QDTE has performed better with a 31.05% 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 QDTE?

HELO is cheaper with a 0.50% expense ratio, compared with 0.97% for QDTE.

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

QDTE has the higher dividend yield at 44.39%, compared with 0.64% for HELO.

What is the main difference between HELO and QDTE?

HELO is categorized as Options Trading, while QDTE is Derivative Income. They also come from different issuers: JPMorgan and Roundhill. Their fees differ too: 0.50% for HELO and 0.97% for QDTE.

Which has better risk-adjusted returns?

QDTE currently has the higher Sharpe Ratio (1.88 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.