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

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

Which earned more than cash, HELO or XTR?

Over the same weeks, HELO finished 3.4 percentage points ahead of cash and XTR finished 6.3 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, HELO or XTR?

HELO charges 0.50% a year and XTR charges 0.25%, so XTR is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

HELO vs XTR: Correlation to the S&P 500

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Over the year to Nov 4, 2026, HELO moved less with the S&P 500 than XTR: correlation +0.95 against +1.00.

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Net assets: $4.9bn on Nov 3, 2026 for JPMorgan Hedged Equity Laddered Overlay ETF, and $5.0m on Oct 12, 2026 for Global X S&P 500 Tail Risk ETF.

HELO on its own →XTR on its own →

At a glance

+0.95

HELO correlation with the S&P 500

+1.00

XTR correlation with the S&P 500

60.7%

HELO down-week capture

100.0%

XTR 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%.

XTR Fell with the S&P 500

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

Pair scorecard

XTR costs 0.25 points a year less; their one-year returns differ by 3.0 points; HELO is far larger, $4.9bn against $5.0m.

HELO vs XTR: Correlation to the S&P 500
Measure	HELO	XTR
Return
Measure	HELO	XTR
Total return, 1 year	+7.2%	+10.2%
Against its benchmark
Measure	HELO	XTR
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	HELO	XTR
Expense ratio	0.50%	0.25%
Net assets, as of Oct 12, 2026	$4.9bn	$5.0m
Holdings
Measure	HELO	XTR
Holdings in common	not published
Risk
Measure	HELO	XTR
Beta to the S&P 500	+0.59: about 0.59% for each 1%	+0.94: about 0.94% for each 1%
Its average week when the S&P 500 fell	fell 0.65%	fell 1.07%

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

IQ Alternatives Score38.7HELO4.5XTR

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

XTR 4.5

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 XTR: Correlation to the S&P 500
	Total return		vs its benchmark
Window	HELO	XTR	HELO	XTR
3 months	+0.2%	−1.0%	+0.3 pts vs VOO	−0.9 pts vs VOO
6 months	+3.1%	+3.4%	−1.9 pts vs VOO	−1.6 pts vs VOO
1 year	+7.2%	+10.2%	−7.6 pts vs VOO	−4.6 pts vs VOO
3 years	+40.1%	+65.7%	−43.2 pts vs VOO	−17.6 pts vs VOO
Since launchNot the same days: HELO Sep 2023 · XTR Aug 2021	+42.5%	+58.1%	−43.9 pts vs VOO	−26.8 pts vs VOO

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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 XTR Global X S&P 500 Tail Risk ETF · Hedged equity fund: owns stocks and pays for protection against a fall, most often with put options

Issuer JPMorgan Global X

Strategy Hedged equity Hedged equity

Correlation with the S&P 500 +0.95 +1.00

Beta to the S&P 500 +0.59 +0.94

Down-week capture 60.7% 100.0%

Average week when the S&P 500 fell −0.65% −1.07%

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

Total return, same 52 weeks +7.0% +9.9%

Against T-bills, percentage points +3.4 pts +6.3 pts

Expense ratio 0.50% 0.25%

First traded Sep 29, 2023 Aug 26, 2021

Net assets, HELO as of Nov 3, 2026 and XTR as of Oct 12, 2026 $4.9bn $5.0m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

HELO and XTR 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 XTR’s +1.00. In the 26 weeks the index fell, by 1.07% a week on average, HELO averaged −0.65% and XTR −1.07%. Over the same weeks, HELO finished 3.4 percentage points ahead of cash and XTR finished 6.3 points ahead of 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.

XTR

XTR is a hedged equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +1.00 with the S&P 500’s and a beta of +0.94, so for each 1% the index moved it moved about 0.94% the same way. In the same weeks XTR fell 1.07% on average, a down-week capture of 100.0%. Over the same 52 weeks XTR returned +9.9% and a Treasury bill fund +3.7%, so it finished 6.3 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, HELO or XTR?: Over the 52 weeks to Nov 4, 2026, HELO’s weekly returns had a correlation of +0.95 with the S&P 500 and XTR’s +1.00, so HELO moved less with the index.
Which did better when the S&P 500 fell, HELO or XTR?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HELO averaged −0.65% and XTR −1.07%, so HELO returned more in those weeks.
Which earned more than cash, HELO or XTR?: Over the same weeks, HELO finished 3.4 percentage points ahead of cash and XTR finished 6.3 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, HELO or XTR?: HELO charges 0.50% a year and XTR charges 0.25%, so XTR is cheaper. Fees come from each fund's prospectus.

Other comparisons

HELO vs QTR HELO vs QBUL HELO vs CCOR HELO vs HEQQ XTR vs ZHDG XTR vs HEQT XTR vs HOLA XTR vs PHEQ

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

Sources and dates

HELO filings on SEC EDGAR ↗

HELO prospectus with the expense ratio (SEC) ↗

JPMorgan website ↗

XTR filings on SEC EDGAR ↗

XTR prospectus with the expense ratio (SEC) ↗

Global X page for XTR ↗

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 XTR, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/helo-vs-xtr

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