JQUA vs. HELO

Last updated Jun 24, 2026

JQUA (JPMorgan U.S. Quality Factor ETF) and HELO (JPMorgan Hedged Equity Laddered Overlay ETF) are both exchange-traded funds - JQUA is a Large Cap Blend Equities fund tracking the JP Morgan US Quality Factor Index, while HELO is a Options Trading fund actively managed by JPMorgan. JQUA is passively managed, while HELO is actively managed. Over the past year, JQUA returned 20.17% vs 8.94% for HELO. Their correlation of 0.85 suggests significant overlap in exposure. JQUA charges 0.12%/yr vs 0.50%/yr for HELO.

Performance

JQUA vs. HELO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan U.S. Quality Factor ETF (JQUA) 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, JQUA achieves a 11.30% return, which is significantly higher than HELO's 1.30% return.

JQUA

• 1D: -2.01%
• 1M: 0.56%
• YTD: 11.30%
• 6M: 10.20%
• 1Y: 20.17%
• 3Y*: 19.01%
• 5Y*: 13.08%
• 10Y*: —

HELO

• 1D: -0.66%
• 1M: -0.78%
• YTD: 1.30%
• 6M: 0.62%
• 1Y: 8.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JQUA vs. HELO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JQUA JPMorgan U.S. Quality Factor ETF	11.30%	11.69%	21.21%	10.70%
HELO JPMorgan Hedged Equity Laddered Overlay ETF	1.30%	7.82%	18.05%	5.25%

Correlation

The correlation between JQUA and HELO is 0.81, 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	0.81
Correlation (All Time) Calculated using the full available price history since Sep 29, 2023	0.85

The correlation between JQUA and HELO has been stable across timeframes, ranging from 0.81 to 0.85 - a consistent structural relationship.

Return for Risk

JQUA vs. HELO — Risk / Return Rank

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

JQUA

JQUA Risk / Return Rank: 55
JQUA Sharpe Ratio Rank: 51
JQUA Sortino Ratio Rank: 50
JQUA Omega Ratio Rank: 48
JQUA Calmar Ratio Rank: 60
JQUA Martin Ratio Rank: 66

HELO

HELO Risk / Return Rank: 40
HELO Sharpe Ratio Rank: 41
HELO Sortino Ratio Rank: 40
HELO Omega Ratio Rank: 44
HELO Calmar Ratio Rank: 32
HELO Martin Ratio Rank: 43

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.

JQUA vs. HELO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan U.S. Quality Factor ETF (JQUA) 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.

	JQUA	HELO	Difference
Sharpe ratio: Return per unit of total volatility	1.69	1.40	+0.28
Sortino ratio: Return per unit of downside risk	2.37	1.98	+0.38
Omega ratio: Gain probability vs. loss probability	1.29	1.28	+0.02
Calmar ratio: Return relative to maximum drawdown	2.84	1.56	+1.28
Martin ratio: Return relative to average drawdown	11.58	6.81	+4.78

JQUA vs. HELO - Sharpe Ratio Comparison

The current JQUA Sharpe Ratio is 1.69, which is comparable to the HELO Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of JQUA 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.

Drawdowns

JQUA vs. HELO - Drawdown Comparison

The maximum JQUA drawdown since its inception was -32.92%, which is greater than HELO's maximum drawdown of -10.89%. Use the drawdown chart below to compare losses from any high point for JQUA and HELO.

Drawdown Indicators

	JQUA	HELO	Difference
Max Drawdown Largest peak-to-trough decline	-32.92%	-10.89%	-22.03%
Max Drawdown (1Y) Largest decline over 1 year	-7.13%	-5.76%	-1.37%
Max Drawdown (3Y) Largest decline over 3 years	-16.81%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.47%	—	—
Current Drawdown Current decline from peak	-2.77%	-1.26%	-1.51%
Average Drawdown Average peak-to-trough decline	-4.15%	-1.18%	-2.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.75%	1.32%	+0.43%

Volatility

JQUA vs. HELO - Volatility Comparison

JPMorgan U.S. Quality Factor ETF (JQUA) has a higher volatility of 5.52% compared to JPMorgan Hedged Equity Laddered Overlay ETF (HELO) at 1.85%. This indicates that JQUA'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

	JQUA	HELO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.52%	1.85%	+3.67%
Volatility (6M) Calculated over the trailing 6-month period	9.51%	5.10%	+4.41%
Volatility (1Y) Calculated over the trailing 1-year period	12.05%	6.40%	+5.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.74%	7.98%	+7.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.01%	7.98%	+10.03%

JQUA vs. HELO - Expense Ratio Comparison

JQUA has a 0.12% expense ratio, which is lower than HELO's 0.50% expense ratio.

Dividends

JQUA vs. HELO - Dividend Comparison

JQUA's dividend yield for the trailing twelve months is around 1.10%, more than HELO's 0.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
HELO JPMorgan Hedged Equity Laddered Overlay ETF	0.63%	0.67%	0.60%	0.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
JQUA JPMorgan U.S. Quality Factor ETF	1.10%	1.19%	1.24%	1.21%	1.60%	1.32%	1.44%	1.67%	2.10%	0.40%

Frequently Asked Questions

Can I hold both JQUA and HELO in my portfolio?

JQUA and HELO have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JQUA or HELO?

JQUA has higher volatility (5.52%) compared to HELO (1.85%). In terms of maximum drawdown, JQUA dropped -32.92% vs HELO's -10.89%.

Which ETF is better, JQUA or HELO?

On 1-year performance, JQUA leads with 20.17% vs 8.94% for HELO. On fees, JQUA is cheaper at 0.12% per year. On volatility, HELO has been the lower-risk option at 1.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JQUA or HELO?

Over the 1-year period, JQUA has performed better with a 20.17% return vs 8.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JQUA or HELO?

JQUA is cheaper with a 0.12% expense ratio, compared with 0.50% for HELO.

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

JQUA has the higher dividend yield at 1.10%, compared with 0.63% for HELO.

What is the main difference between JQUA and HELO?

JQUA is categorized as Large Cap Blend Equities, while HELO is Options Trading. Their fees differ too: 0.12% for JQUA and 0.50% for HELO.

Which has better risk-adjusted returns?

JQUA currently has the higher Sharpe Ratio (1.69 vs 1.40), 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.