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

In the 25 weeks the S&P 500 fell, by 1.10% a week on average, HELO averaged −0.61% and TOAK −0.02%, so TOAK returned more in those weeks.

Which earned more than cash, HELO or TOAK?

Over the same weeks, HELO finished 2.6 percentage points ahead of cash and TOAK finished 0.1 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, HELO or TOAK?

HELO charges 0.50% a year and TOAK charges 0.26%, so TOAK is cheaper. Fees come from each fund's prospectus.

Data as of Oct 27, 2026.

Alternative ETFs

HELO vs TOAK: Correlation to the S&P 500

Over the year to Oct 27, 2026, TOAK moved less with the S&P 500 than HELO: correlation +0.17 against +0.94.

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Net assets: $4.9bn on Oct 26, 2026 for JPMorgan Hedged Equity Laddered Overlay ETF, and $90m on May 31, 2026 for Manager Directed Portfolios Twin Oak Short Horizon Absolute Return ETF.

HELO on its own →TOAK on its own →

At a glance

+0.94

HELO correlation with the S&P 500

+0.17

TOAK correlation with the S&P 500

55.6%

HELO down-week capture

1.9%

TOAK down-week capture

HELO Fell 56% as much as the S&P 500

HELO in the 25 weeks SPY fell, year to Oct 27, 2026: SPY averaged −1.10%, HELO −0.61%.

TOAK Fell 2% as much as the S&P 500

TOAK in the 25 weeks SPY fell, year to Oct 27, 2026: SPY averaged −1.10%, TOAK −0.02%.

Pair scorecard

TOAK costs 0.24 points a year less; their one-year returns differ by 2.8 points.

HELO vs TOAK: Correlation to the S&P 500
Measure	HELO	TOAK
Return
Measure	HELO	TOAK
Total return, 1 year	+6.4%	+3.6%
Cost and size
Measure	HELO	TOAK
Expense ratio	0.50%	0.26%
Net assets, HELO as of Oct 26, 2026 and TOAK as of May 31, 2026	$4.9bn	$90m
Holdings
Measure	HELO	TOAK
Holdings in common	not published
Risk
Measure	HELO	TOAK
Beta to the S&P 500	+0.56: about 0.56% for each 1%	+0.04: about 0.04% for each 1%
Its average week when the S&P 500 fell	fell 0.61%	fell 0.02%

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

IQ Alternatives Score38.7HELO79.5TOAK

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

TOAK 79.5

8.0, the lowest in this set 97.7, the highest

A percentile among the 22 equity hedged alternatives ETFs with a full year. 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 TOAK: Correlation to the S&P 500
	Total return		vs its benchmark
Window	HELO	TOAK	HELO	TOAK
3 months	+2.8%	+0.9%	−1.4 pts vs VOO	not measured
6 months	+3.7%	+1.8%	−5.0 pts vs VOO	not measured
1 year	+6.4%	+3.6%	−7.2 pts vs VOO	not measured
3 years	+45.3%	–	−49.5 pts vs VOO	–
Since launchNot the same days: HELO Sep 2023 · TOAK Aug 2024	+42.1%	+8.9%	−45.1 pts vs VOO	not measured

Source: ETFIQ. – 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 TOAK Manager Directed Portfolios Twin Oak Short Horizon Absolute Return ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options

Issuer JPMorgan Manager Directed Portfolios

Strategy Hedged equity Hedged equity

Correlation with the S&P 500 +0.94 +0.17

Beta to the S&P 500 +0.56 +0.04

Down-week capture 55.6% 1.9%

Average week when the S&P 500 fell −0.61% −0.02%

The S&P 500 in those weeks −1.10% −1.10%

Total return, same 52 weeks +6.3% +3.6%

Against T-bills, percentage points +2.6 pts −0.1 pts

Expense ratio 0.50% 0.26%

First traded Sep 29, 2023 Aug 20, 2024

Net assets, HELO as of Oct 26, 2026 and TOAK as of May 31, 2026 $4.9bn $90m

As of Oct 27, 2026. Source: ETFIQ.

One strategy, two funds

HELO and TOAK both run a hedged equity strategy. Over the same 52 weeks to Oct 27, 2026, HELO’s weekly returns had a correlation of +0.94 with the S&P 500 and TOAK’s +0.17. In the 25 weeks the index fell, by 1.10% a week on average, HELO averaged −0.61% and TOAK −0.02%. Over the same weeks, HELO finished 2.6 percentage points ahead of cash and TOAK 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 Oct 27, 2026, its weekly returns had a correlation of +0.94 with the S&P 500’s and a beta of +0.56, so for each 1% the index moved it moved about 0.56% the same way. The S&P 500 fell in 25 of those 52 weeks, by 1.10% on average. In the same weeks HELO fell 0.61% on average, a down-week capture of 55.6%. Over the same 52 weeks HELO returned +6.3% and a Treasury bill fund +3.7%, so it finished 2.6 percentage points ahead of cash.

TOAK

TOAK is a hedged equity fund. Over the year to Oct 27, 2026, its weekly returns had a correlation of +0.17 with the S&P 500’s and a beta of +0.04, so for each 1% the index moved it moved about 0.04% the same way. In the same weeks TOAK fell 0.02% on average, a down-week capture of 1.9%. Over the same 52 weeks TOAK 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 TOAK?: Over the 52 weeks to Oct 27, 2026, HELO’s weekly returns had a correlation of +0.94 with the S&P 500 and TOAK’s +0.17, so TOAK moved less with the index.
Which did better when the S&P 500 fell, HELO or TOAK?: In the 25 weeks the S&P 500 fell, by 1.10% a week on average, HELO averaged −0.61% and TOAK −0.02%, so TOAK returned more in those weeks.
Which earned more than cash, HELO or TOAK?: Over the same weeks, HELO finished 2.6 percentage points ahead of cash and TOAK finished 0.1 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, HELO or TOAK?: HELO charges 0.50% a year and TOAK charges 0.26%, so TOAK is cheaper. Fees come from each fund's prospectus.

Other comparisons

HELO vs THEQ HELO vs FHEQ HELO vs ACIO HELO vs ATTR TOAK vs XTR TOAK vs ZHDG TOAK vs HEQQ TOAK vs QBUL

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 →TOAK on its own →HELO dividend history →Method →Standards and sources →

Sources and dates

HELO filings on SEC EDGAR ↗

HELO prospectus with the expense ratio (SEC) ↗

JPMorgan website ↗

TOAK filings on SEC EDGAR ↗

TOAK 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.

Cite this pageCitation, APA and Markdown

ETFIQ, HELO against TOAK, data as of Oct 27, 2026. https://etfiq.com/compare/alternatives/helo-vs-toak

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