Dividend comparison
HELO vs OVL: Which Is Better?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for JPMorgan Hedged Equity Laddered Overlay ETF and Overlay Shares Large Cap Equity ETF, side by side. Updated October 21, 2026.
HELO vs OVL: key differences
The short answer, from the latest data on this page.
- Fees. HELO is cheaper at 0.50% a year versus 0.79% for OVL. On $10,000 that is $29 a year less in fees.
- Income. OVL pays more income, yielding 8.31% over the last twelve months versus 0.57% for HELO. That is about $774 more a year on $10,000. Both pay quarterly.
- Performance. Over the last 3 years, OVL returned 84.0% versus 42.2% for HELO, with dividends reinvested. $10,000 would have grown to $18,395 in OVL and $14,218 in HELO.
- Risk. OVL has been the bumpier ride. Its worst peak-to-trough decline over the last 3 years was -29.2%, against -10.9% for HELO.
- Diversification. HELO holds 144 positions and OVL holds 11. The ten largest positions make up 39.6% of HELO and 99.9% of OVL.
- Overlap. HELO and OVL share no holdings, so they behave as separate building blocks.
- Size. HELO is the larger fund with $4.9 billion in assets, against $501 million for OVL.
Bottom line: HELO fits better if you care most about lower fees, smaller drawdowns and broader diversification. OVL fits better if you care most about more income today and stronger 3-year returns.
Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
| Metric | HELO JPMorgan Hedged Equity Laddered Overlay ETF | OVL Overlay Shares Large Cap Equity ETF |
|---|---|---|
| Dividend yield (TTM) | 0.57% | 8.31% |
| Dividend / share (TTM) | $0.39 | $4.72 |
| Payout frequency | Quarterly | Quarterly |
| Last dividend | $0.0907 on Sep 24, 2026 | $0.4935 on Sep 30, 2026 |
| Ex-dividend date | Sep 22, 2026 | Sep 29, 2026 |
| Dividend growth (CAGR) | — | 1.9% over 4 yrs |
| Price | $69.61 | $56.86 |
| Dividend growth streak | 1 year | 3 years |
| Beta | 0.56 | 1.13 |
| Max drawdown (5Y) | -10.9% | -29.2% |
| Market cap | $3.96B | $167.3M |
| Exchange | AMEX | CBOE |
| Expense ratio | 0.50% | 0.79% |
| Assets under management | $4.88B | $500.6M |
| Number of holdings | 144 | 11 |
| Top 10 concentration | 39.6% | 99.9% |
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.
HELO
$4.71/mo
$57 /yr at 0.57% yield
OVL
$69.24/mo
$831 /yr at 8.31% yield
Dividend history
Total dividends paid per share in each calendar year. HELO pays quarterly; OVL pays quarterly.
| Year | HELO | OVL |
|---|---|---|
| 2025 | $0.4422 | $1.5929 |
| 2024 | $0.3693 | $1.4448 |
| 2023 | — | $1.2552 |
| 2022 | — | $1.1749 |
| 2021 | — | $1.4750 |
Strategy: Sector and thematic
Funds that hold a single industry or theme, such as technology, semiconductors, healthcare or energy. Funds covering the same sector can still differ in concentration rules: some cap the largest positions while others let the biggest companies take a quarter of the fund. Sector funds are usually used to tilt a portfolio rather than as its core.
A single sector can fall far further than the broad market and stay down for years, and the largest names often dominate the fund.
Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Sep 29, 2023 would now be worth $14,151 in HELO and $18,039 in OVL.
| Period | HELO | OVL |
|---|---|---|
| 1 month | 0.77% | 0.00% |
| 3 months | 2.82% | 1.14% |
| Year to date | 4.79% | 6.86% |
| 1 year | 6.68% | 8.41% |
| 3 years | 42.18% | 83.95% |
| 5 years | — | 68.03% |
- HELO
- OVL
Both series indexed to 100 on 2023-09-29 using the adjusted closing price series. Past performance does not guarantee future results.
Sector allocation
Weight of each sector within the fund. Sectors are aligned on the same row so the two funds can be read against each other directly.
- HELO
- OVL
HELO vs OVL holdings overlap
0% overlap by weight, with 0 holdings in common. Overlap adds up the smaller of the two weights for every stock both funds own, so 100% would mean identical portfolios.
Top 10 holdings
Largest positions by portfolio weight.
HELO144 holdings total
| Name | Weight |
|---|---|
| NVDANVIDIA CORP COMMON STOCK | 8.27% |
| AAPLAPPLE INC COMMON STOCK | 7.18% |
| MSFTMICROSOFT CORP COMMON | 6.57% |
| AMZNAMAZON.COM INC COMMON | 4.19% |
| GOOGLALPHABET INC-CL A - | 3.07% |
| AVGOBROADCOM INC COMMON | 2.55% |
| METAMETA PLATFORMS INC | 2.45% |
| GOOGALPHABET INC-CL C - | 2.20% |
| MUMICRON TECHNOLOGY INC | 1.61% |
| XOMEXXONMOBIL HOLDINGS CORP | 1.47% |
Quick verdict
HELO fits better if you care most about lower fees, smaller drawdowns and broader diversification. OVL fits better if you care most about more income today and stronger 3-year returns. Model the holding inside your real portfolio before deciding.
Still deciding? Compare them in your portfolio
Forecast dividend income, track payouts, and see how HELO vs OVL fits with the rest of your holdings. Free to start — no credit card required for the trial.
Frequently asked questions
Is HELO or OVL better for dividend income?
It depends on your goals. HELO currently yields 0.57% Trailing Twelve Months (TTM) while OVL yields 8.31%. Higher yield means more current income per dollar invested, but may come with different risk, growth, or NAV characteristics. Compare total return and payout sustainability — not just the headline yield.
What is the difference between HELO and OVL?
JPMorgan Hedged Equity Laddered Overlay ETF (HELO) is an ETF listed on AMEX. Overlay Shares Large Cap Equity ETF (OVL) is an ETF listed on CBOE. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, HELO or OVL?
HELO has the lower expense ratio. HELO charges 0.50% a year and OVL charges 0.79%, a difference of $29 a year on a $10,000 investment.
Which has performed better, HELO or OVL?
Over the last 3 years, OVL has the higher total return with dividends reinvested: HELO returned 42.2% and OVL returned 84.0%. Past performance does not predict future returns.
Which is riskier, HELO or OVL?
Measured by the worst peak-to-trough decline over the last five years, OVL has been riskier: HELO fell as much as 10.9% and OVL as much as 29.2%. Their betas are 0.56 and 1.13.
How often do HELO and OVL pay dividends?
Both pay quarterly. The most recent payments were $0.0907 for HELO and $0.4935 for OVL.
How much income does $10,000 in HELO vs OVL generate?
At current TTM yields, $10,000 in HELO would generate roughly $4.71 per month ($57 annually). The same amount in OVL would produce about $69.24 per month ($831 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both HELO and OVL?
Yes. Many income investors hold both to diversify strategy or index exposure. Whether the combination actually diversifies depends on overlapping holdings and factor exposure. Model both inside Dividend Wealth to see combined income, sector mix, and forecast impact.
Where can I compare HELO vs OVL with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how HELO and OVL fit alongside the rest of your portfolio. A 14-day free trial of Standard is available with no credit card required; a limited Free plan is also available.
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For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.