ZALT vs. HELO

Last updated Jun 4, 2026

ZALT (Innovator U.S. Equity 10 Buffer ETF - Quarterly) and HELO (JPMorgan Hedged Equity Laddered Overlay ETF) are both Options Trading funds. Both are actively managed. Over the past year, ZALT returned 10.35% vs 11.08% for HELO. Their correlation of 0.81 suggests significant overlap in exposure. ZALT charges 0.69%/yr vs 0.50%/yr for HELO.

Performance

ZALT vs. HELO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator U.S. Equity 10 Buffer ETF - Quarterly (ZALT) 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, ZALT achieves a 3.61% return, which is significantly higher than HELO's 2.31% return.

ZALT

• 1D: -0.04%
• 1M: 0.94%
• YTD: 3.61%
• 6M: 3.99%
• 1Y: 10.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HELO

• 1D: -0.21%
• 1M: 0.59%
• YTD: 2.31%
• 6M: 2.92%
• 1Y: 11.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZALT vs. HELO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ZALT Innovator U.S. Equity 10 Buffer ETF - Quarterly	3.61%	9.44%	11.92%	3.95%
HELO JPMorgan Hedged Equity Laddered Overlay ETF	2.31%	7.82%	18.05%	6.06%

Correlation

The correlation between ZALT 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 Oct 3, 2023	0.81

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

ZALT vs. HELO - Sectors Allocation Comparison

Sectors	ZALT	HELO
Technology	36.2%	39.8%
Financial Services	11.9%	10.0%
Communication Services	10.9%	10.9%
Consumer Cyclical	10.1%	11.6%
Healthcare	8.4%	8.2%
Industrials	8.1%	6.0%
Consumer Defensive	4.9%	3.5%
Energy	3.5%	3.3%
Utilities	2.3%	2.5%
Real Estate	1.9%	1.8%
Basic Materials	1.8%	1.5%

Return for Risk

ZALT vs. HELO — Risk / Return Rank

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

ZALT

ZALT Risk / Return Rank: 85
ZALT Sharpe Ratio Rank: 77
ZALT Sortino Ratio Rank: 79
ZALT Omega Ratio Rank: 86
ZALT Calmar Ratio Rank: 92
ZALT Martin Ratio Rank: 91

HELO

HELO Risk / Return Rank: 50
HELO Sharpe Ratio Rank: 51
HELO Sortino Ratio Rank: 51
HELO Omega Ratio Rank: 58
HELO Calmar Ratio Rank: 38
HELO Martin Ratio Rank: 50

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.

ZALT vs. HELO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator U.S. Equity 10 Buffer ETF - Quarterly (ZALT) 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.

	ZALT	HELO	Difference
Sharpe ratio: Return per unit of total volatility	2.50	1.79	+0.71
Sortino ratio: Return per unit of downside risk	3.54	2.53	+1.01
Omega ratio: Gain probability vs. loss probability	1.53	1.36	+0.17
Calmar ratio: Return relative to maximum drawdown	6.08	1.93	+4.15
Martin ratio: Return relative to average drawdown	21.69	8.55	+13.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZALT vs. HELO - Sharpe Ratio Comparison

The current ZALT Sharpe Ratio is 2.50, which is higher than the HELO Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of ZALT 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

	ZALT	HELO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.50	1.79	+0.71
Sharpe Ratio (All Time) Calculated using the full available price history	1.73	1.64	+0.09

Drawdowns

ZALT vs. HELO - Drawdown Comparison

The maximum ZALT drawdown since its inception was -8.19%, smaller than the maximum HELO drawdown of -10.89%. Use the drawdown chart below to compare losses from any high point for ZALT and HELO.

Drawdown Indicators

	ZALT	HELO	Difference
Max Drawdown Largest peak-to-trough decline	-8.19%	-10.89%	+2.70%
Max Drawdown (1Y) Largest decline over 1 year	-1.71%	-5.76%	+4.05%
Current Drawdown Current decline from peak	-0.04%	-0.28%	+0.24%
Average Drawdown Average peak-to-trough decline	-0.48%	-1.18%	+0.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	1.30%	-0.82%

Volatility

ZALT vs. HELO - Volatility Comparison

The current volatility for Innovator U.S. Equity 10 Buffer ETF - Quarterly (ZALT) is 0.39%, while JPMorgan Hedged Equity Laddered Overlay ETF (HELO) has a volatility of 0.70%. This indicates that ZALT experiences smaller price fluctuations and is considered to be less risky than HELO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZALT	HELO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.39%	0.70%	-0.31%
Volatility (6M) Calculated over the trailing 6-month period	2.97%	4.99%	-2.02%
Volatility (1Y) Calculated over the trailing 1-year period	4.15%	6.21%	-2.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.38%	7.96%	-1.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.38%	7.96%	-1.58%

ZALT vs. HELO - Expense Ratio Comparison

ZALT has a 0.69% expense ratio, which is higher than HELO's 0.50% expense ratio.

Dividends

ZALT vs. HELO - Dividend Comparison

ZALT has not paid dividends to shareholders, while HELO's dividend yield for the trailing twelve months is around 0.62%.

Position	TTM	2025	2024	2023
HELO JPMorgan Hedged Equity Laddered Overlay ETF	0.62%	0.67%	0.60%	0.19%
ZALT Innovator U.S. Equity 10 Buffer ETF - Quarterly	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZALT and HELO in my portfolio?

ZALT 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, ZALT or HELO?

HELO has higher volatility (0.70%) compared to ZALT (0.39%). In terms of maximum drawdown, ZALT dropped -8.19% vs HELO's -10.89%.

Which ETF is better, ZALT or HELO?

On 1-year performance, HELO leads with 11.08% vs 10.35% for ZALT. On fees, HELO is cheaper at 0.50% per year. On volatility, ZALT has been the lower-risk option at 0.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZALT or HELO?

Over the 1-year period, HELO has performed better with a 11.08% return vs 10.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZALT or HELO?

HELO is cheaper with a 0.50% expense ratio, compared with 0.69% for ZALT.

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

HELO has the higher dividend yield at 0.62%, compared with 0.00% for ZALT.

What is the main difference between ZALT and HELO?

They also come from different issuers: Innovator and JPMorgan. Their fees differ too: 0.69% for ZALT and 0.50% for HELO.

Which has better risk-adjusted returns?

ZALT currently has the higher Sharpe Ratio (2.50 vs 1.79), 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.