JHQDX vs. HELO
JHQDX (JPMorgan Hedged Equity 2 Fund Class I) and HELO (JPMorgan Hedged Equity Laddered Overlay ETF) are both Options Trading funds from JPMorgan. Over the past year, JHQDX returned 13.23% vs 10.09% for HELO. Their correlation of 0.92 suggests significant overlap in exposure. JHQDX charges 0.60%/yr vs 0.50%/yr for HELO.
Performance
JHQDX vs. HELO - Performance Comparison
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Returns By Period
In the year-to-date period, JHQDX achieves a 5.89% return, which is significantly higher than HELO's 1.98% return.
JHQDX
- 1D
- 0.48%
- 1M
- 0.57%
- YTD
- 5.89%
- 6M
- 5.47%
- 1Y
- 13.23%
- 3Y*
- 11.07%
- 5Y*
- 8.02%
- 10Y*
- —
HELO
- 1D
- -0.37%
- 1M
- -0.12%
- YTD
- 1.98%
- 6M
- 1.69%
- 1Y
- 10.09%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
JHQDX vs. HELO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
JHQDX JPMorgan Hedged Equity 2 Fund Class I | 5.89% | 7.56% | 18.03% | 4.08% |
HELO JPMorgan Hedged Equity Laddered Overlay ETF | 1.98% | 7.82% | 18.05% | 5.25% |
Correlation
The correlation between JHQDX and HELO is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2023 | 0.92 |
The correlation between JHQDX and HELO has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.
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Return for Risk
JHQDX vs. HELO — Risk / Return Rank
JHQDX
HELO
JHQDX vs. HELO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan Hedged Equity 2 Fund Class I (JHQDX) 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.
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.
| JHQDX | HELO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.29 | ||
| Sortino ratioReturn per unit of downside risk | +0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.32 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.46 | 1.76 | +0.70 |
| Martin ratioReturn relative to average drawdown | 10.86 | 7.70 | +3.16 |
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Drawdowns
JHQDX vs. HELO - Drawdown Comparison
The maximum JHQDX drawdown since its inception was -15.25%, which is greater than HELO's maximum drawdown of -10.89%. Use the drawdown chart below to compare losses from any high point for JHQDX and HELO.
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Drawdown Indicators
| JHQDX | HELO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.25% | -10.89% | -4.36% |
Max Drawdown (1Y)Largest decline over 1 year | -5.41% | -5.76% | +0.35% |
Max Drawdown (3Y)Largest decline over 3 years | -9.27% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -15.25% | — | — |
Current DrawdownCurrent decline from peak | -0.24% | -0.60% | +0.36% |
Average DrawdownAverage peak-to-trough decline | -3.21% | -1.18% | -2.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.23% | 1.31% | -0.08% |
Volatility
JHQDX vs. HELO - Volatility Comparison
JPMorgan Hedged Equity 2 Fund Class I (JHQDX) has a higher volatility of 2.26% compared to JPMorgan Hedged Equity Laddered Overlay ETF (HELO) at 1.73%. This indicates that JHQDX'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.
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Volatility by Period
| JHQDX | HELO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.26% | 1.73% | +0.53% |
Volatility (6M)Calculated over the trailing 6-month period | 5.83% | 5.08% | +0.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.10% | 6.38% | +0.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.82% | 7.97% | +0.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.66% | 7.97% | +0.69% |
JHQDX vs. HELO - Expense Ratio Comparison
JHQDX has a 0.60% expense ratio, which is higher than HELO's 0.50% expense ratio.
Dividends
JHQDX vs. HELO - Dividend Comparison
JHQDX's dividend yield for the trailing twelve months is around 0.47%, less than HELO's 0.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
HELO JPMorgan Hedged Equity Laddered Overlay ETF | 0.63% | 0.67% | 0.60% | 0.19% | 0.00% | 0.00% |
JHQDX JPMorgan Hedged Equity 2 Fund Class I | 0.47% | 0.50% | 0.75% | 0.96% | 6.91% | 0.40% |
Frequently Asked Questions
With a correlation of 0.95, JHQDX and HELO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
JHQDX has higher volatility (2.26%) compared to HELO (1.73%). In terms of maximum drawdown, JHQDX dropped -15.25% vs HELO's -10.89%.
JHQDX currently has the higher Sharpe Ratio (1.88 vs 1.59), 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.
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