PSEP vs. HELO

Last updated Apr 2, 2026

Compare and contrast key facts about Innovator U.S. Equity Power Buffer ETF - September (PSEP) and JPMorgan Hedged Equity Laddered Overlay ETF (HELO).

PSEP and HELO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PSEP is a passively managed fund by Innovator that tracks the performance of the S&P 500 Index. It was launched on Aug 30, 2019. HELO is an actively managed fund by JPMorgan. It was launched on Sep 28, 2023.

Performance

PSEP vs. HELO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity Power Buffer ETF - September (PSEP) and JPMorgan Hedged Equity Laddered Overlay ETF (HELO). The values are adjusted to include any dividend payments, if applicable.

PSEP vs. HELO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PSEP Innovator U.S. Equity Power Buffer ETF - September	-1.12%	11.85%	12.44%	7.29%
HELO JPMorgan Hedged Equity Laddered Overlay ETF	-3.37%	7.82%	18.05%	6.30%

Returns By Period

In the year-to-date period, PSEP achieves a -1.12% return, which is significantly higher than HELO's -3.37% return.

PSEP

• 1D: 0.39%
• 1M: -1.77%
• YTD: -1.12%
• 6M: 0.63%
• 1Y: 12.31%
• 3Y*: 12.11%
• 5Y*: 8.40%
• 10Y*: —

HELO

• 1D: 0.33%
• 1M: -3.72%
• YTD: -3.37%
• 6M: -1.18%
• 1Y: 7.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PSEP vs. HELO - Expense Ratio Comparison

PSEP has a 0.79% expense ratio, which is higher than HELO's 0.50% expense ratio.

PSEP

Innovator U.S. Equity Power Buffer ETF - September

HELO

JPMorgan Hedged Equity Laddered Overlay ETF

Return for Risk

PSEP vs. HELO — Risk / Return Rank

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

PSEP

PSEP Risk / Return Rank: 74
PSEP Sharpe Ratio Rank: 69
PSEP Sortino Ratio Rank: 73
PSEP Omega Ratio Rank: 78
PSEP Calmar Ratio Rank: 68
PSEP Martin Ratio Rank: 82

HELO

HELO Risk / Return Rank: 52
HELO Sharpe Ratio Rank: 49
HELO Sortino Ratio Rank: 49
HELO Omega Ratio Rank: 52
HELO Calmar Ratio Rank: 53
HELO Martin Ratio Rank: 55

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.

PSEP vs. HELO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity Power Buffer ETF - September (PSEP) 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.

	PSEP	HELO	Difference
Sharpe ratio Return per unit of total volatility	1.28	0.93	+0.35
Sortino ratio Return per unit of downside risk	1.92	1.39	+0.53
Omega ratio Gain probability vs. loss probability	1.31	1.20	+0.11
Calmar ratio Return relative to maximum drawdown	1.86	1.42	+0.45
Martin ratio Return relative to average drawdown	9.99	5.66	+4.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PSEP vs. HELO - Sharpe Ratio Comparison

The current PSEP Sharpe Ratio is 1.28, which is higher than the HELO Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of PSEP and HELO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PSEP	HELO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.28	0.93	+0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.98	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.88	1.40	-0.52

Correlation

The correlation between PSEP and HELO is 0.88, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

PSEP vs. HELO - Dividend Comparison

PSEP has not paid dividends to shareholders, while HELO's dividend yield for the trailing twelve months is around 0.66%.

	TTM	2025	2024	2023
PSEP Innovator U.S. Equity Power Buffer ETF - September	0.00%	0.00%	0.00%	0.00%
HELO JPMorgan Hedged Equity Laddered Overlay ETF	0.66%	0.67%	0.60%	0.19%

Drawdowns

PSEP vs. HELO - Drawdown Comparison

The maximum PSEP drawdown since its inception was -17.90%, which is greater than HELO's maximum drawdown of -10.89%. Use the drawdown chart below to compare losses from any high point for PSEP and HELO.

Drawdown Indicators

	PSEP	HELO	Difference
Max Drawdown Largest peak-to-trough decline	-17.90%	-10.89%	-7.01%
Max Drawdown (1Y) Largest decline over 1 year	-6.73%	-5.76%	-0.97%
Max Drawdown (5Y) Largest decline over 5 years	-9.92%	—	—
Current Drawdown Current decline from peak	-2.16%	-4.58%	+2.42%
Average Drawdown Average peak-to-trough decline	-1.60%	-1.22%	-0.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.26%	1.44%	-0.18%

Volatility

PSEP vs. HELO - Volatility Comparison

Innovator U.S. Equity Power Buffer ETF - September (PSEP) has a higher volatility of 2.95% compared to JPMorgan Hedged Equity Laddered Overlay ETF (HELO) at 2.67%. This indicates that PSEP'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

	PSEP	HELO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.95%	2.67%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	4.64%	5.39%	-0.75%
Volatility (1Y) Calculated over the trailing 1-year period	9.67%	8.58%	+1.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.59%	8.13%	+0.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.23%	8.13%	+2.10%