ISWN vs. HELO

Last updated Jun 5, 2026

ISWN (Amplify BlackSwan ISWN ETF) and HELO (JPMorgan Hedged Equity Laddered Overlay ETF) are both Options Trading funds. ISWN is passively managed, while HELO is actively managed. Over the past year, ISWN returned 12.73% vs 10.94% for HELO. A 0.53 correlation means they provide meaningful diversification when combined. ISWN charges 0.49%/yr vs 0.50%/yr for HELO.

Performance

ISWN vs. HELO - Performance Comparison

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

Returns By Period

In the year-to-date period, ISWN achieves a 4.87% return, which is significantly higher than HELO's 2.26% return.

ISWN

• 1D: 0.57%
• 1M: 1.77%
• YTD: 4.87%
• 6M: 5.68%
• 1Y: 12.73%
• 3Y*: 8.44%
• 5Y*: -0.26%
• 10Y*: —

HELO

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

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

ISWN vs. HELO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ISWN Amplify BlackSwan ISWN ETF	4.87%	23.23%	-3.96%	10.38%
HELO JPMorgan Hedged Equity Laddered Overlay ETF	2.26%	7.82%	18.05%	6.30%

Correlation

The correlation between ISWN and HELO is 0.59, 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	0.59
Correlation (All Time) Calculated using the full available price history since Oct 2, 2023	0.53

The correlation between ISWN and HELO has been stable across timeframes, ranging from 0.53 to 0.59 - a consistent structural relationship.

ISWN vs. HELO - Sectors Allocation Comparison

Sectors	ISWN	HELO
Industrials	19.8%	6.0%
Healthcare	10.6%	8.2%
Technology	10.3%	39.8%
Consumer Cyclical	7.7%	11.6%
Consumer Defensive	6.7%	3.5%
Basic Materials	5.9%	1.5%
Communication Services	4.5%	10.9%
Energy	4.0%	3.3%
Utilities	4.0%	2.5%
Real Estate	1.9%	1.8%
Financial Services	1.6%	10.0%

Return for Risk

ISWN vs. HELO — Risk / Return Rank

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

ISWN

ISWN Risk / Return Rank: 29
ISWN Sharpe Ratio Rank: 29
ISWN Sortino Ratio Rank: 29
ISWN Omega Ratio Rank: 29
ISWN Calmar Ratio Rank: 28
ISWN Martin Ratio Rank: 31

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

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.

ISWN vs. HELO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify BlackSwan ISWN ETF (ISWN) and JPMorgan Hedged Equity Laddered Overlay ETF (HELO). 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.

	ISWN	HELO	Difference
Sharpe ratio: Return per unit of total volatility	1.05	1.77	-0.72
Sortino ratio: Return per unit of downside risk	1.54	2.50	-0.96
Omega ratio: Gain probability vs. loss probability	1.19	1.36	-0.16
Calmar ratio: Return relative to maximum drawdown	1.33	1.91	-0.58
Martin ratio: Return relative to average drawdown	4.47	8.44	-3.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ISWN vs. HELO - Sharpe Ratio Comparison

The current ISWN Sharpe Ratio is 1.05, which is lower than the HELO Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of ISWN and HELO, 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

	ISWN	HELO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.05	1.77	-0.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.02	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.02	1.63	-1.61

Drawdowns

ISWN vs. HELO - Drawdown Comparison

The maximum ISWN drawdown since its inception was -32.35%, which is greater than HELO's maximum drawdown of -10.89%. Use the drawdown chart below to compare losses from any high point for ISWN and HELO.

Drawdown Indicators

	ISWN	HELO	Difference
Max Drawdown Largest peak-to-trough decline	-32.35%	-10.89%	-21.46%
Max Drawdown (1Y) Largest decline over 1 year	-9.63%	-5.76%	-3.87%
Max Drawdown (3Y) Largest decline over 3 years	-13.77%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-32.35%	—	—
Current Drawdown Current decline from peak	-3.49%	-0.32%	-3.17%
Average Drawdown Average peak-to-trough decline	-16.16%	-1.18%	-14.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.86%	1.30%	+1.56%

Volatility

ISWN vs. HELO - Volatility Comparison

Amplify BlackSwan ISWN ETF (ISWN) has a higher volatility of 4.64% compared to JPMorgan Hedged Equity Laddered Overlay ETF (HELO) at 0.70%. This indicates that ISWN's price experiences larger fluctuations and is considered to be riskier than HELO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ISWN	HELO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.64%	0.70%	+3.94%
Volatility (6M) Calculated over the trailing 6-month period	10.11%	4.99%	+5.12%
Volatility (1Y) Calculated over the trailing 1-year period	12.19%	6.20%	+5.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.67%	7.95%	+3.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.57%	7.95%	+3.62%

ISWN vs. HELO - Expense Ratio Comparison

ISWN has a 0.49% expense ratio, which is lower than HELO's 0.50% expense ratio.

Dividends

ISWN vs. HELO - Dividend Comparison

ISWN's dividend yield for the trailing twelve months is around 2.80%, more than HELO's 0.62% yield.

Position	TTM	2025	2024	2023	2022	2021
HELO JPMorgan Hedged Equity Laddered Overlay ETF	0.62%	0.67%	0.60%	0.19%	0.00%	0.00%
ISWN Amplify BlackSwan ISWN ETF	2.80%	2.89%	3.27%	2.91%	2.00%	0.76%

Frequently Asked Questions

Can I hold both ISWN and HELO in my portfolio?

ISWN and HELO have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ISWN or HELO?

ISWN has higher volatility (4.64%) compared to HELO (0.70%). In terms of maximum drawdown, ISWN dropped -32.35% vs HELO's -10.89%.

Which ETF is better, ISWN or HELO?

On 1-year performance, ISWN leads with 12.73% vs 10.94% for HELO. On fees, ISWN is cheaper at 0.49% 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, ISWN or HELO?

Over the 1-year period, ISWN has performed better with a 12.73% return vs 10.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ISWN or HELO?

ISWN is cheaper with a 0.49% expense ratio, compared with 0.50% for HELO.

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

ISWN has the higher dividend yield at 2.80%, compared with 0.62% for HELO.

What is the main difference between ISWN and HELO?

They also come from different issuers: Amplify and JPMorgan. Their fees differ too: 0.49% for ISWN and 0.50% for HELO.

Which has better risk-adjusted returns?

HELO currently has the higher Sharpe Ratio (1.77 vs 1.05), 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.