ETY vs HELO
Eaton Vance Tax-Managed Diversified Equity Income Fund vs JPMorgan Hedged Equity Laddered Overlay ETF
Which is better, ETY or HELO?
Each has led over a different period.
HELO has a lower expense ratio. ETY led over 3Y and the full window, HELO over 1Y. The two have moved almost in lockstep, correlation 0.93. HELO is less concentrated, with 40.1% of the fund in its ten largest positions against 50.5%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | ETY | HELO |
|---|---|---|
| Expense Ratio | 1.06% | 0.50%Best |
| AUM | $1.8B | $4.9B |
| Dividend Yield | 7.52% | 0.57% |
| Holdings | 61 | 156 |
| YTD Return | -2.20% | +4.91%Best |
| 1Y Return | -2.84% | +7.68%Best |
| 3Y Return (annualized) | +15.48%Best | +11.88% |
| 5Y Return (annualized) | +8.08% | - |
| Volatility (annualized) | 12.7% | 7.3%Best |
| Max Drawdown | -21.3% | -10.9%Best |
| $10,000 over 3 years | $15,336Best | $14,128 |
| Top 10 Weight | 50.5% | 40.1%Best |
| Fund Family | Eaton Vance | J.P. Morgan Asset Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Nov 27, 2006 | Sep 28, 2023 |
Volatility and max drawdown, and the $10,000 over 3 years row, are measured over the window both funds cover: Sep 29, 2023 to Oct 14, 2026 (3 years).
ETY vs HELO growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 3 years both funds cover.
ETY vs HELO Performance
Eaton Vance Tax-Managed Diversified Equity Income Fund (ETY) is an ETF from Eaton Vance and JPMorgan Hedged Equity Laddered Overlay ETF (HELO) is an ETF from J.P. Morgan Asset Management. Over the past year ETY returned -2.84% while HELO returned +7.68%. Year to date, ETY is down 2.20% versus a gain of 4.91% for HELO.
Over three years, ETY compounded at +15.48% per year against +11.88% for HELO.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
ETY has been the more volatile fund, with annualized monthly volatility of 12.7% compared with 7.3% 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 -21.3% for ETY and -10.9% for HELO. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.93. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
ETY charges 1.06% per year while HELO charges 0.50%. On a $10,000 position that is $106 vs $50 annually, a gap of $56 per year that compounds over a long holding period. On income, ETY currently yields 7.52% against 0.57% for HELO.
Holdings Overlap
70.3% of ETY's money is in holdings HELO also owns. 48.0% of HELO's money is in holdings ETY also owns.
Most of ETY is already inside HELO. Owning both mostly buys the same companies twice.
The two holdings books were reported 46 days apart, ETY as of Jul 31, 2026 and HELO as of Sep 15, 2026, so some of the difference between them is the time between the two reports rather than the funds.
28 positions in common, counted across the 58 positions we hold weights for in ETY and 146 in HELO, against full books of 61 and 156.
What only one of them owns
Our book lists 114 positions for HELO that do not appear in our book for ETY (50.4% of the fund), and 23 for ETY that do not appear in HELO (25.1%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in ETY | Weight in HELO | Difference |
|---|---|---|---|
| NVDANvidia Corp | 9.28% | 8.17% | 1.11% |
| AAPLApple, Inc | 7.05% | 7.01% | 0.04% |
| MSFTMicrosoft Corp | 6.19% | 6.29% | 0.10% |
| AMZNAmazon.Com Inc | 5.50% | 4.26% | 1.24% |
| GOOGAlphabet Inc. C | 7.02% | 2.26% | 4.76% |
| AVGOBroadcom Inc | 4.14% | 2.64% | 1.50% |
| METAMeta Platforms Inc | 2.35% | 2.31% | 0.04% |
| LLYEli Lilly & Co. | 2.66% | 1.14% | 1.52% |
| VVisa Inc Class A | 2.76% | 0.96% | 1.80% |
| MUMicron Technology, Inc. | 1.59% | 1.70% | 0.11% |
70.3% of ETY is already inside HELO.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, ETY or HELO?
ETY has an expense ratio of 1.06% while HELO charges 0.50%. HELO is the cheaper option, by $56 a year on a $10,000 investment.
Which performed better, ETY or HELO?
Over the past year ETY returned -2.84% vs +7.68% for HELO, so HELO leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, ETY or HELO?
ETY has been the more volatile fund at 12.7% annualized versus 7.3% for HELO. Worst drawdown: ETY -21.3% vs HELO -10.9%.
Should I hold both ETY and HELO?
ETY and HELO have a monthly-return correlation of 0.93, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between ETY and HELO?
70.3% of ETY's money is in holdings HELO also owns. 48.0% of HELO's is in holdings ETY also owns. They hold 28 positions in common, counted across the 58 positions we hold weights for in ETY and 146 in HELO.
Which pays a higher dividend, ETY or HELO?
ETY yields 7.52% while HELO yields 0.57%, so ETY currently pays the higher dividend yield.
Is HELO better than ETY?
HELO has a lower expense ratio. ETY led over 3Y and the full window, HELO over 1Y. The two have moved almost in lockstep, correlation 0.93. HELO is less concentrated, with 40.1% of the fund in its ten largest positions against 50.5%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.