HELO vs SPY
JPMorgan Hedged Equity Laddered Overlay ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, HELO or SPY?
Nearly the same fund. SPY costs less.
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window. The two have moved almost in lockstep, correlation 0.95. SPY is less concentrated, with 38.2% of the fund in its ten largest positions against 40.1%.
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 | HELO | SPY |
|---|---|---|
| Expense Ratio | 0.50% | 0.09%Best |
| AUM | $4.9B | $823.2B |
| Dividend Yield | 0.57% | 0.99% |
| Holdings | 156 | 1,515 |
| YTD Return | +4.91% | +13.53%Best |
| 1Y Return | +7.68% | +17.47%Best |
| 3Y Return (annualized) | +11.88% | +22.36%Best |
| 5Y Return (annualized) | - | +13.21% |
| Volatility (annualized) | 7.3%Best | 12.3% |
| Max Drawdown | -10.9%Best | -18.8% |
| $10,000 over 3 years | $14,128 | $18,509Best |
| Top 10 Weight | 40.1% | 38.2%Best |
| Fund Family | J.P. Morgan Asset Management | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Sep 28, 2023 | Jan 22, 1993 |
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).
HELO vs SPY 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.
HELO vs SPY Performance
JPMorgan Hedged Equity Laddered Overlay ETF (HELO) is an ETF from J.P. Morgan Asset Management and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year HELO returned +7.68% while SPY returned +17.47%. Year to date, HELO is up 4.91% versus a gain of 13.53% for SPY.
Over three years, HELO compounded at +11.88% per year against +22.36% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 12.3% 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 -10.9% for HELO and -18.8% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
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 0.57% against 0.99% for SPY.
Holdings Overlap
92.5% of HELO's money is in holdings SPY also owns. 66.4% of SPY's money is in holdings HELO also owns.
Most of HELO is already inside SPY. Owning both mostly buys the same companies twice.
130 positions in common, counted across the 146 positions we hold weights for in HELO and 504 in SPY, against full books of 156 and 1,515.
What only one of them owns
Our book lists 365 positions for SPY that do not appear in our book for HELO (32.7% of the fund), and 12 for HELO that do not appear in SPY (5.9%).
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 HELO | Weight in SPY | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 8.17% | 7.78% | 0.39% |
| AAPLApple Inc | 7.01% | 7.45% | 0.44% |
| MSFTMicrosoft Corp_None_0 | 6.29% | 5.71% | 0.58% |
| AMZNAmazon.Com Inc | 4.26% | 3.78% | 0.48% |
| GOOGLAlphabet Inc-cl A | 3.16% | 3.12% | 0.04% |
| AVGOBroadcom Inc | 2.64% | 2.48% | 0.16% |
| GOOGAlphabet, Inc.- Cl C | 2.26% | 2.49% | 0.23% |
| METAMeta Platforms, Inc. | 2.31% | 2.22% | 0.09% |
| MUMicron Technology, Inc. | 1.70% | 1.59% | 0.11% |
| TSLATesla Mtrs Inc | 1.22% | 1.54% | 0.32% |
92.5% of HELO is already inside SPY.
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, HELO or SPY?
HELO has an expense ratio of 0.50% while SPY charges 0.09%. SPY is the cheaper option, by $41 a year on a $10,000 investment.
Which performed better, HELO or SPY?
Over the past year HELO returned +7.68% vs +17.47% for SPY, so SPY leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, HELO or SPY?
SPY has been the more volatile fund at 12.3% annualized versus 7.3% for HELO. Worst drawdown: HELO -10.9% vs SPY -18.8%.
Should I hold both HELO and SPY?
HELO and SPY have a monthly-return correlation of 0.95, 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 HELO and SPY?
92.5% of HELO's money is in holdings SPY also owns. 66.4% of SPY's is in holdings HELO also owns. They hold 130 positions in common, counted across the 146 positions we hold weights for in HELO and 504 in SPY.
Which pays a higher dividend, HELO or SPY?
HELO yields 0.57% while SPY yields 0.99%, so SPY currently pays the higher dividend yield.
Is SPY better than HELO?
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window. The two have moved almost in lockstep, correlation 0.95. SPY is less concentrated, with 38.2% of the fund in its ten largest positions against 40.1%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.