- ISIN
- US26923Q7473
- CUSIP
- 26923Q747
- Issuer
- Hedgeye
- Inception Date
- Jun 30, 2025
- Category
- Global Allocation
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Domicile
- United States
- Distribution Policy
- Distributing
- Asset Class
- Multi-Asset
- Asset Class Size
- Mid-Cap
- Asset Class Style
- Blend
- Assets Under Management
- $94M
Share Price Chart
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Performance
HECA Performance Chart
Hedgeye Capital Allocation ETF (HECA) is down 1.1% since the beginning of the year. HECA is currently trading at $27 per share.
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Returns By Period
Hedgeye Capital Allocation ETF (HECA) has returned -1.05% so far this year and 11.08% over the past 12 months.
Hedgeye Capital Allocation ETF
- 1D
- 0.37%
- 1M
- 0.59%
- 6M
- -4.87%
- YTD
- -1.05%
- 1Y
- 11.08%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 0.38%
- 1M
- 1.51%
- 6M
- 8.33%
- YTD
- 10.20%
- 1Y
- 20.34%
- 3Y*
- 18.74%
- 5Y*
- 11.59%
- 10Y*
- 13.31%
HECA Monthly Returns History
Based on dividend-adjusted daily data since Jul 1, 2025, HECA's average daily return is +0.05%, while the average monthly return is +0.91%. At this rate, an investment would double in approximately 6.4 years.
Historically, 62% of months were positive and 38% were negative. The best month was Sep 2025 with a return of +7.0%, while the worst month was Mar 2026 at -5.3%. The longest winning streak lasted 4 consecutive months, and the longest losing streak was 2 months.
On a daily basis, HECA closed higher 51% of trading days. The best single day was Oct 13, 2025 with a return of +3.0%, while the worst single day was Jun 5, 2026 at -3.0%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 5.42% | 4.53% | -5.25% | -3.95% | 0.11% | -1.66% | 0.22% | -1.05% | |||||
| 2025 | 0.84% | 1.31% | 7.00% | 4.11% | -0.56% | -0.29% | 12.83% |
Benchmark Metrics
Hedgeye Capital Allocation ETF has an annualized alpha of 2.46%, beta of 0.46, and R2 of 0.21 versus S&P 500 Index. Calculated based on daily prices since July 01, 2025.
- This ETF participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (47.67%) than losses (43.22%) - typical of diversified or defensive assets.
- Beta of 0.46 may look defensive, but with R2 of 0.21 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.21 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 2.46%
- Beta
- 0.46
- R²
- 0.21
- Upside Capture
- 47.67%
- Downside Capture
- 43.22%
Expense Ratio
HECA has a high expense ratio of 1.02%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
HECA ranks 26 for risk / return — below 26% of ETFs on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Hedgeye Capital Allocation ETF (HECA) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| HECA | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.73 | ||
| Sortino ratioReturn per unit of downside risk | -0.93 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.30 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 0.87 | 2.25 | -1.38 |
| Martin ratioReturn relative to average drawdown | 1.85 | 9.74 | -7.90 |
Dividends
Dividend History
Hedgeye Capital Allocation ETF provided a 2.04% dividend yield over the last twelve months, with an annual payout of $0.56 per share.
| Period | TTM | 2025 |
|---|---|---|
| Dividend | $0.56 | $0.56 |
Dividend yield | 2.04% | 2.02% |
Monthly Dividends
The table displays the monthly dividend distributions for Hedgeye Capital Allocation ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |||||
| 2025 | $0.56 | $0.56 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Hedgeye Capital Allocation ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Hedgeye Capital Allocation ETF was 12.82%, occurring on Jun 18, 2026. The portfolio has not yet recovered.
The current Hedgeye Capital Allocation ETF drawdown is 11.23%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2026 correction2026 | -12.82%Jun 2026 | 3mo 22d | — | 4mo 19dFeb 2026 - now |
2025 pullback2025 | -5.01%Nov 2025 | 1mo 5d | 1mo 17d | 2mo 22dOct 2025 - Jan 2026 |
2026 pullback2026 | -3.39%Feb 2026 | 4d | 7d | 11dJan 2026 - Feb 2026 |
2025 pullback2025 | -3.35%Oct 2025 | 1d | 5d | 6dOct 2025 - Oct 2025 |
2025 pullback2025 | -2.34%Aug 2025 | 8d | 26d | 1mo 4dJul 2025 - Aug 2025 |
Drawdown Indicators
| HECA | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.82% | -56.78% | +43.96% |
Max Drawdown (1Y)Largest decline over 1 year | -12.82% | -9.10% | -3.72% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -11.23% | -0.87% | -10.36% |
Average DrawdownAverage peak-to-trough decline | -4.03% | -10.71% | +6.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.01% | 2.09% | +3.92% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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