Data as of .
HELO vs HEQQ: which moved less with stocks?
Over the year to Sep 18, 2026, HEQQ moved less with the S&P 500 than HELO: correlation +0.90 against +0.95.
ETFIQ Diversifier Score: HELO scores higher
How much does it diversify a stock portfolio?
A percentile among the 63 alternatives ETFs with a full year. It is a position in a set, not a rating, and neither end of it is a recommendation. All alternatives ETFs ranked by it · How it is computed
One strategy, two funds
HELO and HEQQ both run a hedged equity strategy. Over the same 52 weeks to Sep 18, 2026, HELO’s weekly returns had a correlation of +0.95 with the S&P 500 and HEQQ’s +0.90. In the 22 weeks the index fell, by 1.24% a week on average, HELO averaged −0.70% and HEQQ −0.89%. Over the same weeks, HELO finished 3.3 percentage points ahead of cash and HEQQ finished 4.7 points ahead of cash.
Performance, window by window
| Window | Total return | vs the S&P 500 | ||
|---|---|---|---|---|
| HELO | HEQQ | HELO | HEQQ | |
| 3 months | +1.9% | +0.6% | −0.4 pts | −1.7 pts |
| 6 months | +7.8% | +9.3% | −10.3 pts | −8.7 pts |
| 1 year | +7.1% | +8.6% | −9.5 pts | −7.9 pts |
| Since launch | +41.1% | +23.8% | −43.7 pts | −12.7 pts |
| 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 | +0.90 |
| Beta to the S&P 500 | +0.53 | +0.65 |
| Down-week capture | 56.2% | 71.5% |
| Average week when the S&P 500 fell | −0.70% | −0.89% |
| The S&P 500 in those weeks | −1.24% | −1.24% |
| Total return, same 52 weeks | +7.0% | +8.3% |
| Against T-bills, percentage points | +3.3 pts | +4.7 pts |
| Expense ratio | 0.50% | 0.50% |
| Listed | Sep 29, 2023 | Mar 27, 2025 |
| Net assets | $4.8bn | $31m |
HELO in plain words
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 Sep 18, 2026, its weekly returns had a correlation of +0.95 with the S&P 500’s and a beta of +0.53, so for each 1% the index moved it moved about 0.53% the same way. The S&P 500 fell in 22 of those 52 weeks, by 1.24% on average. In the same weeks HELO fell 0.70% on average, a down-week capture of 56.2%. Over the same 52 weeks HELO returned +7.0% and a Treasury bill fund +3.6%, so it finished 3.3 percentage points ahead of cash.
HEQQ in plain words
HEQQ is a hedged equity fund. Over the year to Sep 18, 2026, its weekly returns had a correlation of +0.90 with the S&P 500’s and a beta of +0.65, so for each 1% the index moved it moved about 0.65% the same way. In the same weeks HEQQ fell 0.89% on average, a down-week capture of 71.5%. Over the same 52 weeks HEQQ returned +8.3% and a Treasury bill fund +3.6%, so it finished 4.7 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, HELO or HEQQ?
- Over the 52 weeks to Sep 18, 2026, HELO’s weekly returns had a correlation of +0.95 with the S&P 500 and HEQQ’s +0.90, so HEQQ moved less with the index.
- Which did better when the S&P 500 fell, HELO or HEQQ?
- In the 22 weeks the S&P 500 fell, by 1.24% a week on average, HELO averaged −0.70% and HEQQ −0.89%, so HELO returned more in those weeks.
- Which earned more than cash, HELO or HEQQ?
- Over the same weeks, HELO finished 3.3 percentage points ahead of cash and HEQQ finished 4.7 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
- Which is cheaper, HELO or HEQQ?
- HELO charges 0.50% a year and HEQQ charges 0.50%, so HELO is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, HELO against HEQQ, data as of Sep 18, 2026. https://etfiq.com/compare/alternatives/helo-vs-heqq Free to use with attribution; the underlying files are at Open data.