Which did better when the S&P 500 fell, HELO or HEQQ?

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HELO averaged −0.65% and HEQQ −1.03%, so HELO returned more in those weeks.

Which earned more than cash, HELO or HEQQ?

Over the same weeks, HELO finished 3.4 percentage points ahead of cash and HEQQ finished 0.1 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, HELO or HEQQ?

HELO and HEQQ both charge 0.50% a year, so neither is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

HELO vs HEQQ: Correlation to the S&P 500

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Over the year to Nov 4, 2026, HEQQ moved less with the S&P 500 than HELO: correlation +0.88 against +0.95.

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Net assets on Nov 3, 2026: $4.9bn for JPMorgan Hedged Equity Laddered Overlay ETF and $30m for JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF.

HELO on its own →HEQQ on its own →

At a glance

+0.95

HELO correlation with the S&P 500

+0.88

HEQQ correlation with the S&P 500

60.7%

HELO down-week capture

96.6%

HEQQ down-week capture

HELO Fell 61% as much as the S&P 500

HELO in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HELO −0.65%.

HEQQ Fell with the S&P 500

HEQQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HEQQ −1.03%.

Pair scorecard

Both cost 0.50% a year; their one-year returns differ by 3.3 points; HELO is far larger, $4.9bn against $30m.

HELO vs HEQQ: Correlation to the S&P 500
Measure	HELO	HEQQ
Return
Measure	HELO	HEQQ
Total return, 1 year	+7.2%	+3.9%
Against its benchmark
Measure	HELO	HEQQ
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	HELO	HEQQ
Expense ratio	0.50%	0.50%
Net assets, as of Nov 3, 2026	$4.9bn	$30m
Holdings
Measure	HELO	HEQQ
Holdings in common	not published
Risk
Measure	HELO	HEQQ
Beta to the S&P 500	+0.59: about 0.59% for each 1%	+0.81: about 0.81% for each 1%
Its average week when the S&P 500 fell	fell 0.65%	fell 1.03%

ETFIQ Stock Diversification Score · HELO scores higher How much does it diversify a stock portfolio?

IQ Alternatives Score38.7HELO36.4HEQQ

How much it diversifies a stock portfolio, ranked against 22 equity hedged alternatives ETFs with a full year. 100 is best. How it is computed

HELO 38.7

HEQQ 36.4

4.5, the lowest in this set 95.5, the highest

One year of weekly moves against the S&P 500, within one strategy; it ignores what the fund returned. All alternatives ETFs ranked by it →

Method

Window by window

Window by window: HELO vs HEQQ: Correlation to the S&P 500
	Total return		vs its benchmark
Window	HELO	HEQQ	HELO	HEQQ
3 months	+0.2%	−1.5%	+0.3 pts vs VOO	−1.4 pts vs VOO
6 months	+3.1%	−1.8%	−1.9 pts vs VOO	−6.8 pts vs VOO
1 year	+7.2%	+3.9%	−7.6 pts vs VOO	−10.9 pts vs VOO
3 years	+40.1%	–	−43.2 pts vs VOO	–
Since launchNot the same days: HELO Sep 2023 · HEQQ Mar 2025	+42.5%	+20.7%	−43.9 pts vs VOO	−16.9 pts vs VOO

– means no data for this window. Open this comparison in the app →

Side by side

HELO JPMorgan Hedged Equity Laddered Overlay ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options HEQQ JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options

Issuer JPMorgan JPMorgan

Strategy Hedged equity Hedged equity

Correlation with the S&P 500 +0.95 +0.88

Beta to the S&P 500 +0.59 +0.81

Down-week capture 60.7% 96.6%

Average week when the S&P 500 fell −0.65% −1.03%

The S&P 500 in those weeks −1.07% −1.07%

Total return, same 52 weeks +7.0% +3.6%

Against T-bills, percentage points +3.4 pts −0.1 pts

Expense ratio 0.50% 0.50%

First traded Sep 29, 2023 Mar 27, 2025

Net assets, as of Nov 3, 2026 $4.9bn $30m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

HELO and HEQQ both run a hedged equity strategy. Over the same 52 weeks to Nov 4, 2026, HELO’s weekly returns had a correlation of +0.95 with the S&P 500 and HEQQ’s +0.88. In the 26 weeks the index fell, by 1.07% a week on average, HELO averaged −0.65% and HEQQ −1.03%. Over the same weeks, HELO finished 3.4 percentage points ahead of cash and HEQQ finished 0.1 points behind cash.

Alert

About each fund

HELO

HELO is a hedged equity fund. ETFIQ measures what every alternatives fund is sold on: whether it moves differently from the stock market. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.95 with the S&P 500’s and a beta of +0.59, so for each 1% the index moved it moved about 0.59% the same way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks HELO fell 0.65% on average, a down-week capture of 60.7%. Over the same 52 weeks HELO returned +7.0% and a Treasury bill fund +3.7%, so it finished 3.4 percentage points ahead of cash.

HEQQ

HEQQ is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.88 with the S&P 500’s and a beta of +0.81, so for each 1% the index moved it moved about 0.81% the same way. In the same weeks HEQQ fell 1.03% on average, a down-week capture of 96.6%. Over the same 52 weeks HEQQ returned +3.6% and a Treasury bill fund +3.7%, so it finished 0.1 percentage points behind cash.

Questions people ask

Which moved less with the S&P 500, HELO or HEQQ?: Over the 52 weeks to Nov 4, 2026, HELO’s weekly returns had a correlation of +0.95 with the S&P 500 and HEQQ’s +0.88, so HEQQ moved less with the index.
Which did better when the S&P 500 fell, HELO or HEQQ?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HELO averaged −0.65% and HEQQ −1.03%, so HELO returned more in those weeks.
Which earned more than cash, HELO or HEQQ?: Over the same weeks, HELO finished 3.4 percentage points ahead of cash and HEQQ finished 0.1 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, HELO or HEQQ?: HELO and HEQQ both charge 0.50% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

HELO vs QBUL HELO vs QTR HELO vs ZHDG HELO vs THEQ HEQQ vs HEQT HEQQ vs HOLA HEQQ vs PHEQ HEQQ vs KSPY

Where to next

BIL, the T-bill fund these are measured against →SPY, the S&P 500 fund these are measured against →HELO on its own →HEQQ on its own →HELO dividend history →HEQQ dividend history →Method →Standards and sources →

Sources and dates

HELO and HEQQ filings on SEC EDGAR ↗

HELO prospectus with the expense ratio (SEC) ↗

JPMorgan website ↗

HEQQ prospectus with the expense ratio (SEC) ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

It is a place in a set, not a rating or a recommendation.

Every number is an ETFIQ calculation with distributions reinvested.

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ETFIQ, HELO against HEQQ, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/helo-vs-heqq

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