ALVO vs. HECO
ALVO (Alvotech) is a stock, while HECO (State Street Galaxy Hedged Digital Asset Ecosystem ETF) is Blockchain fund actively managed by State Street. Over the past year, ALVO returned -60.33% vs 95.01% for HECO. At a 0.16 correlation, their price movements are largely independent.
Performance
ALVO vs. HECO - Performance Comparison
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Returns By Period
In the year-to-date period, ALVO achieves a -34.11% return, which is significantly lower than HECO's 63.35% return.
ALVO
- 1D
- 3.05%
- 1M
- -18.94%
- 6M
- -31.44%
- YTD
- -34.11%
- 1Y
- -60.33%
- 3Y*
- -29.53%
- 5Y*
- —
- 10Y*
- —
HECO
- 1D
- -1.17%
- 1M
- -2.94%
- 6M
- 42.32%
- YTD
- 63.35%
- 1Y
- 95.01%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ALVO vs. HECO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ALVO Alvotech | -34.11% | -61.22% | 19.19% |
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF | 63.35% | 26.23% | 28.95% |
Correlation
The correlation between ALVO and HECO is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Sep 10, 2024 | 0.16 |
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Return for Risk
ALVO vs. HECO — Risk / Return Rank
ALVO
HECO
ALVO vs. HECO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Alvotech (ALVO) and State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
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.
| ALVO | HECO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.43 | ||
| Sortino ratioReturn per unit of downside risk | -4.36 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.39 | -0.55 |
| Calmar ratioReturn relative to maximum drawdown | -0.87 | 4.54 | -5.41 |
| Martin ratioReturn relative to average drawdown | -1.26 | 12.86 | -14.12 |
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Drawdowns
ALVO vs. HECO - Drawdown Comparison
The maximum ALVO drawdown since its inception was -82.63%, which is greater than HECO's maximum drawdown of -44.59%. Use the drawdown chart below to compare losses from any high point for ALVO and HECO.
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Drawdown Indicators
| ALVO | HECO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -82.63% | -44.59% | -38.04% |
Max Drawdown (1Y)Largest decline over 1 year | -69.42% | -21.03% | -48.39% |
Max Drawdown (3Y)Largest decline over 3 years | -82.63% | — | — |
Current DrawdownCurrent decline from peak | -80.43% | -6.77% | -73.66% |
Average DrawdownAverage peak-to-trough decline | -38.12% | -11.34% | -26.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 48.02% | 7.41% | +40.61% |
Volatility
ALVO vs. HECO - Volatility Comparison
Alvotech (ALVO) has a higher volatility of 16.14% compared to State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO) at 7.24%. This indicates that ALVO's price experiences larger fluctuations and is considered to be riskier than HECO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ALVO | HECO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.14% | 7.24% | +8.90% |
Volatility (6M)Calculated over the trailing 6-month period | 48.36% | 27.82% | +20.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 72.53% | 36.85% | +35.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 61.40% | 44.20% | +17.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.40% | 44.20% | +17.20% |
Dividends
ALVO vs. HECO - Dividend Comparison
Neither ALVO nor HECO has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
ALVO Alvotech | 0.00% | 0.00% | 0.00% |
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF | 0.00% | 0.00% | 2.61% |
Frequently Asked Questions
ALVO and HECO have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ALVO has higher volatility (16.14%) compared to HECO (7.24%). In terms of maximum drawdown, ALVO dropped -82.63% vs HECO's -44.59%.
HECO currently has the higher Sharpe Ratio (2.60 vs -0.84), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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