HELO vs SPY
HELO vs SPY
JPMorgan Hedged Equity Laddered Overlay ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | HELO | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.50% | 0.09% | |
| AUM | $4.6B | $789.1B | |
| Dividend Yield | 0.71% | 1.01% | |
| Holdings | 161 | 505 | |
| YTD Return | +5.05% | +13.28% | |
| 1Y Return | +11.27% | +23.94% | |
| 3Y Return (annualized) | - | +21.07% | |
| 5Y Return (annualized) | - | +13.27% | |
| Volatility (annualized) | 7.4% | 15.3% | |
| Max Drawdown | -10.9% | -56.5% | |
| Fund Family | J.P. Morgan Asset Management | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Sep 28, 2023 | Jan 22, 1993 |
HELO vs SPY Performance
JPMorgan Hedged Equity Laddered Overlay ETF (HELO) is a ETF from J.P. Morgan Asset Management and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year HELO returned +11.27% while SPY returned +23.94%. Year to date, HELO is up 5.05% versus a gain of 13.28% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 7.4% for HELO. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -10.9% for HELO and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.95. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
HELO charges 0.50% per year while SPY charges 0.09%. On a $10,000 position that is $50 vs $9 annually, a gap of $41 per year that compounds over a long holding period. On income, HELO currently yields 0.71% against 1.01% for SPY.
Holdings Overlap
HELO and SPY share 140 holdings out of 516 unique holdings combined, representing a 64.4% weight overlap.
High overlap means holding both may not provide much additional diversification.
Top Shared Holdings
| Stock | Weight in HELO | Weight in SPY | Difference |
|---|---|---|---|
| NVDA | 7.81% | 7.31% | 0.50% |
| AAPL | 7.25% | 7.09% | 0.16% |
| MSFT | 4.94% | 4.43% | 0.51% |
| AMZN | Pro | Pro | Pro |
| GOOGL | Pro | Pro | Pro |
| AVGO | Pro | Pro | Pro |
| GOOG | Pro | Pro | Pro |
| META | Pro | Pro | Pro |
| MU | Pro | Pro | Pro |
| TSLA | Pro | Pro | Pro |
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Frequently Asked Questions
Which is cheaper, HELO or SPY?
HELO has an expense ratio of 0.50% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $41 per year of difference.
Which performed better, HELO or SPY?
Over the past year HELO returned +11.27% vs +23.94% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (3 years), HELO annualized +13.13% vs +8.84% for SPY. Past performance does not guarantee future results.
Which is riskier, HELO or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 7.4% for HELO. Worst drawdown: HELO -10.9% vs SPY -56.5%.
Should I hold both HELO and SPY?
HELO and SPY have a monthly-return correlation of 0.95, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between HELO and SPY?
HELO and SPY share 140 common holdings with a 64.4% weight overlap. Combined, they hold 516 unique securities.
Which pays a higher dividend, HELO or SPY?
HELO yields 0.71% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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