HELO vs PZA

Comparison between JPMORGAN HEDGED EQUITY LADDERED OVERLAY ETF (HELO, ETF) and INVESCO NATIONAL AMT-FREE MUNICIPAL BOND ETF (PZA, ETF).

HELO vs PZA - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	HELO(ETF)	PZA(ETF)
Net Assets	$3.80B	$3.90B
Expense Ratio	0.50%	0.28%
Max Drawdown	11.02%	27.00%
Sharpe Ratio	1.47	0.66
5Y Beta	0.47	0.04
P/E Ratio	27.36	N/A
Forward P/E	21.18	N/A
PEG Ratio	0.60	N/A
5Y Dividends CAGR	N/A	5.46%
5Y EPS CAGR	26.61%	N/A
Debt to Equity	-7.04%	N/A
P/S Ratio	3.99	N/A
P/B Ratio	5.43	N/A

Net Assets

HELO

$3.80B

Winner

PZA

$3.90B

Expense Ratio

HELO

0.50%

Winner

PZA

0.28%

Max Drawdown

Winner

HELO

11.02%

PZA

27.00%

Sharpe Ratio

Winner

HELO

1.47

PZA

0.66

5Y Beta

HELO

0.47

Winner

PZA

0.04

P/E Ratio

HELO

27.36

PZA

N/A

Forward P/E

HELO

21.18

PZA

N/A

PEG Ratio

HELO

0.60

PZA

N/A

5Y Dividends CAGR

HELO

N/A

PZA

5.46%

5Y EPS CAGR

HELO

26.61%

PZA

N/A

Debt to Equity

HELO

-7.04%

PZA

N/A

P/S Ratio

HELO

3.99

PZA

N/A

P/B Ratio

HELO

5.43

PZA

N/A

HELO vs PZA - Historical Returns

Returns include dividend reinvestment.

Period	HELO	PZA
1 month	+3.93%	+0.70%
3 months	+0.72%	+0.69%
6 months	+4.00%	+2.02%
1 year	+13.81%	+6.73%
5 years(CAGR)	N/A	+0.03%
10 years(CAGR)	N/A	+1.88%
Max(CAGR)	+13.15%	+3.22%

Winner

HELO

+3.93%

PZA

+0.70%

Winner

HELO

+0.72%

PZA

+0.69%

Winner

HELO

+4.00%

PZA

+2.02%

Winner

HELO

+13.81%

PZA

+6.73%

5Y(CAGR)

HELO

N/A

PZA

+0.03%

10Y(CAGR)

HELO

N/A

PZA

+1.88%

Max(CAGR)

Winner

HELO

+13.15%

PZA

+3.22%

HELO vs PZA - Annual Returns (2007 - 2026)

Returns include dividend reinvestment.

Year	HELO	PZA
2026	+1.98%	+1.58%
2025	+8.10%	+1.38%
2024	+18.31%	+0.81%
2023	+6.30%	+7.75%
2022	N/A	-13.00%
2021	N/A	+2.26%
2020	N/A	+4.91%
2019	N/A	+8.48%
2018	N/A	+0.07%
2017	N/A	+6.78%
2016	N/A	+0.62%
2015	N/A	+3.65%
2014	N/A	+15.05%
2013	N/A	-6.96%
2012	N/A	+9.84%
2011	N/A	+13.58%
2010	N/A	-0.41%
2009	N/A	+17.92%
2008	N/A	-12.12%
2007	N/A	+0.75%

HELO vs PZA Drawdown Comparison

The maximum drawdown for HELO was -10.89%, occurring on Apr 8, 2025. Recovery took 120 trading sessions.

The maximum drawdown for PZA was -24.48%, occurring on Oct 15, 2008. Recovery took 416 trading sessions.

The current HELO drawdown is -0.12%. The current PZA drawdown is -1.70%.

Rank	HELO	PZA
#1	-10.89% Feb 19, 2025 - Aug 12, 2025	-24.48% Jan 17, 2008 - Sep 11, 2009
#2	-5.76% Feb 9, 2026 - Apr 22, 2026	-21.69% Mar 9, 2020 - Dec 7, 2020
#3	-4.16% Jul 16, 2024 - Aug 16, 2024	-18.55% Jul 19, 2021 - Oct 25, 2022
#4	-3.60% Oct 17, 2023 - Nov 3, 2023	-12.46% Nov 30, 2012 - Jul 14, 2014
#5	-2.93% Mar 28, 2024 - May 6, 2024	-11.77% May 10, 2010 - Aug 3, 2011
#6	-2.71% Aug 30, 2024 - Sep 19, 2024	-7.07% Jul 8, 2016 - Aug 29, 2017
#7	-2.56% Dec 26, 2024 - Jan 23, 2025	-4.07% Oct 1, 2009 - Apr 27, 2010
#8	-2.38% Nov 12, 2025 - Nov 25, 2025	-3.43% Feb 2, 2015 - Nov 19, 2015
#9	-2.21% Dec 5, 2024 - Dec 26, 2024	-3.00% Dec 29, 2017 - Jan 2, 2019
#10	-2.09% Jan 12, 2026 - Jan 27, 2026	-2.99% Oct 24, 2007 - Jan 2, 2008
#11	-1.81% Dec 11, 2025 - Dec 22, 2025	-2.80% Feb 10, 2021 - May 28, 2021
#12	-1.50% Oct 29, 2024 - Nov 6, 2024	-2.29% Sep 22, 2011 - Dec 14, 2011
#13	-1.45% Jan 23, 2025 - Feb 19, 2025	-1.72% Sep 3, 2019 - Jan 6, 2020
#14	-1.34% Oct 6, 2025 - Oct 20, 2025	-1.72% Oct 15, 2014 - Dec 12, 2014
#15	-1.32% Jan 28, 2026 - Feb 9, 2026	-1.58% Feb 2, 2012 - Apr 13, 2012

Correlation

Correlation between HELO and PZA is 0.75 which considered as a strong positive correlation - the stocks tend to move together.

0.75

-101

Dividend Comparison (2007 - 2026)

HELO vs PZA dividend yield comparison.

Year	HELO	PZA
2026	0.10%	1.22%
2025	0.67%	3.55%
2024	0.60%	3.22%
2023	0.19%	2.91%
2022	0.00%	2.68%
2021	0.00%	2.34%
2020	0.00%	2.44%
2019	0.00%	2.81%
2018	0.00%	3.19%
2017	0.00%	3.04%
2016	0.00%	3.23%
2015	0.00%	3.59%
2014	0.00%	3.96%
2013	0.00%	4.27%
2012	0.00%	4.11%
2011	0.00%	4.48%
2010	0.00%	4.90%
2009	0.00%	4.68%
2008	0.00%	5.07%
2007	0.00%	0.93%