FMCX vs HELO
FM Focus Equity ETF vs JPMorgan Hedged Equity Laddered Overlay ETF
Which is better, FMCX or HELO?
Each has led over a different period.
HELO has a lower expense ratio. FMCX led over 3Y and the full window, HELO over 1Y. HELO is less concentrated, with 40.1% of the fund in its ten largest positions against 54.3%.
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 | FMCX | HELO |
|---|---|---|
| Expense Ratio | 0.72% | 0.50%Best |
| AUM | $118M | $4.9B |
| Dividend Yield | 0.29% | 0.57% |
| Holdings | 32 | 156 |
| YTD Return | +5.03%Best | +4.91% |
| 1Y Return | +3.97% | +7.68%Best |
| 3Y Return (annualized) | +15.01%Best | +11.88% |
| Volatility (annualized) | 13.9% | 7.3%Best |
| Max Drawdown | -18.5% | -10.9%Best |
| $10,000 over 3 years | $15,288Best | $14,128 |
| Top 10 Weight | 54.3% | 40.1%Best |
| Fund Family | First Manhattan | J.P. Morgan Asset Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Apr 22, 2022 | Sep 28, 2023 |
Not shown on this pair: 5Y Return (annualized).
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).
FMCX 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.
FMCX vs HELO Performance
FM Focus Equity ETF (FMCX) is an ETF from First Manhattan and JPMorgan Hedged Equity Laddered Overlay ETF (HELO) is an ETF from J.P. Morgan Asset Management. Over the past year FMCX returned +3.97% while HELO returned +7.68%. Year to date, FMCX is up 5.03% versus a gain of 4.91% for HELO.
Over three years, FMCX compounded at +15.01% per year against +11.88% for HELO.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FMCX has been the more volatile fund, with annualized monthly volatility of 13.9% 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 -18.5% for FMCX 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 0.88. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
FMCX charges 0.72% per year while HELO charges 0.50%. On a $10,000 position that is $72 vs $50 annually, a gap of $22 per year that compounds over a long holding period. On income, FMCX currently yields 0.29% against 0.57% for HELO.
Holdings Overlap
52.1% of FMCX's money is in holdings HELO also owns. 34.9% of HELO's money is in holdings FMCX also owns.
The two portfolios partly overlap.
The two holdings books were reported 107 days apart, FMCX as of May 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.
18 positions in common, counted across the 32 positions we hold weights for in FMCX and 146 in HELO, against full books of 32 and 156.
What only one of them owns
Our book lists 124 positions for HELO that do not appear in our book for FMCX (63.5% of the fund), and 11 for FMCX that do not appear in HELO (41.5%).
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 FMCX | Weight in HELO | Difference |
|---|---|---|---|
| MSFTMicrosoft Corp | 6.63% | 6.29% | 0.34% |
| NVDANvidia Corp | 1.93% | 8.17% | 6.24% |
| AMZNAmazon.Com Inc | 4.87% | 4.26% | 0.61% |
| AVGOBroadcom Inc | 3.83% | 2.64% | 1.19% |
| INTCIntel Corporation | 5.38% | 0.49% | 4.89% |
| BRK.ABerkshire Hathaway Inc - Common Cl A | 4.22% | 1.23% | 2.99% |
| METAMeta Platforms Inc | 1.79% | 2.31% | 0.52% |
| GOOGAlphabet Inc. C | 1.61% | 2.26% | 0.65% |
| GOOGLAlphabet Inc | 0.53% | 3.16% | 2.63% |
| GEVGe Vernova, Inc. | 3.12% | 0.27% | 2.85% |
52.1% of FMCX 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, FMCX or HELO?
FMCX has an expense ratio of 0.72% while HELO charges 0.50%. HELO is the cheaper option, by $22 a year on a $10,000 investment.
Which performed better, FMCX or HELO?
Over the past year FMCX returned +3.97% 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, FMCX or HELO?
FMCX has been the more volatile fund at 13.9% annualized versus 7.3% for HELO. Worst drawdown: FMCX -18.5% vs HELO -10.9%.
Should I hold both FMCX and HELO?
FMCX and HELO have a monthly-return correlation of 0.88, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between FMCX and HELO?
52.1% of FMCX's money is in holdings HELO also owns. 34.9% of HELO's is in holdings FMCX also owns. They hold 18 positions in common, counted across the 32 positions we hold weights for in FMCX and 146 in HELO.
Which pays a higher dividend, FMCX or HELO?
FMCX yields 0.29% while HELO yields 0.57%, so HELO currently pays the higher dividend yield.
Is HELO better than FMCX?
HELO has a lower expense ratio. FMCX led over 3Y and the full window, HELO over 1Y. HELO is less concentrated, with 40.1% of the fund in its ten largest positions against 54.3%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.