BITQ vs. HECO

Last updated Jun 24, 2026

BITQ (Bitwise Crypto Industry Innovators ETF) and HECO (State Street Galaxy Hedged Digital Asset Ecosystem ETF) are both Blockchain funds. BITQ is passively managed, while HECO is actively managed. Over the past year, BITQ returned 49.39% vs 136.37% for HECO. Their correlation of 0.92 suggests significant overlap in exposure. BITQ charges 0.85%/yr vs 0.90%/yr for HECO.

Performance

BITQ vs. HECO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Crypto Industry Innovators ETF (BITQ) and State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BITQ achieves a 34.62% return, which is significantly lower than HECO's 72.76% return.

BITQ

• 1D: -2.61%
• 1M: 0.04%
• YTD: 34.62%
• 6M: 25.61%
• 1Y: 49.39%
• 3Y*: 53.03%
• 5Y*: 4.41%
• 10Y*: —

HECO

• 1D: -1.40%
• 1M: 12.83%
• YTD: 72.76%
• 6M: 65.53%
• 1Y: 136.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BITQ vs. HECO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITQ Bitwise Crypto Industry Innovators ETF	34.62%	18.00%	46.59%
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	72.76%	26.23%	28.95%

Correlation

The correlation between BITQ and HECO is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (All Time) Calculated using the full available price history since Sep 10, 2024	0.92

The correlation between BITQ and HECO has been stable across timeframes, ranging from 0.92 to 0.92 - a consistent structural relationship.

BITQ vs. HECO - Sectors Allocation Comparison

Sectors	BITQ	HECO
Financial Services	71.6%	39.5%
Technology	25.5%	55.4%
Consumer Cyclical	2.9%	-
Basic Materials	-	1.8%
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	5.1%
Real Estate	-	-
Utilities	-	-

Return for Risk

BITQ vs. HECO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BITQ

BITQ Risk / Return Rank: 25
BITQ Sharpe Ratio Rank: 25
BITQ Sortino Ratio Rank: 28
BITQ Omega Ratio Rank: 25
BITQ Calmar Ratio Rank: 24
BITQ Martin Ratio Rank: 20

HECO

HECO Risk / Return Rank: 92
HECO Sharpe Ratio Rank: 96
HECO Sortino Ratio Rank: 92
HECO Omega Ratio Rank: 88
HECO Calmar Ratio Rank: 94
HECO Martin Ratio Rank: 89

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BITQ vs. HECO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Crypto Industry Innovators ETF (BITQ) 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.

	BITQ	HECO	Difference
Sharpe ratio: Return per unit of total volatility	0.87	3.66	-2.79
Sortino ratio: Return per unit of downside risk	1.47	4.00	-2.54
Omega ratio: Gain probability vs. loss probability	1.17	1.51	-0.34
Calmar ratio: Return relative to maximum drawdown	1.10	6.52	-5.42
Martin ratio: Return relative to average drawdown	2.30	18.64	-16.33

BITQ vs. HECO - Sharpe Ratio Comparison

The current BITQ Sharpe Ratio is 0.87, which is lower than the HECO Sharpe Ratio of 3.66. The chart below compares the historical Sharpe Ratios of BITQ and HECO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BITQ vs. HECO - Drawdown Comparison

The maximum BITQ drawdown since its inception was -90.32%, which is greater than HECO's maximum drawdown of -44.59%. Use the drawdown chart below to compare losses from any high point for BITQ and HECO.

Drawdown Indicators

	BITQ	HECO	Difference
Max Drawdown Largest peak-to-trough decline	-90.32%	-44.59%	-45.73%
Max Drawdown (1Y) Largest decline over 1 year	-44.99%	-21.03%	-23.96%
Max Drawdown (3Y) Largest decline over 3 years	-51.22%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-90.32%	—	—
Current Drawdown Current decline from peak	-17.24%	-1.40%	-15.84%
Average Drawdown Average peak-to-trough decline	-52.52%	-11.53%	-40.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.50%	7.35%	+14.15%

Volatility

BITQ vs. HECO - Volatility Comparison

Bitwise Crypto Industry Innovators ETF (BITQ) has a higher volatility of 16.45% compared to State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO) at 10.26%. This indicates that BITQ'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.

Volatility by Period

	BITQ	HECO	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.45%	10.26%	+6.19%
Volatility (6M) Calculated over the trailing 6-month period	43.05%	28.99%	+14.06%
Volatility (1Y) Calculated over the trailing 1-year period	56.94%	37.49%	+19.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.32%	44.68%	+22.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	67.24%	44.68%	+22.56%

BITQ vs. HECO - Expense Ratio Comparison

BITQ has a 0.85% expense ratio, which is lower than HECO's 0.90% expense ratio.

Dividends

BITQ vs. HECO - Dividend Comparison

Neither BITQ nor HECO has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
BITQ Bitwise Crypto Industry Innovators ETF	0.00%	0.00%	0.90%	1.51%	0.00%	3.12%
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	0.00%	0.00%	2.61%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITQ and HECO in my portfolio?

With a correlation of 0.92, BITQ and HECO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BITQ or HECO?

BITQ has higher volatility (16.45%) compared to HECO (10.26%). In terms of maximum drawdown, BITQ dropped -90.32% vs HECO's -44.59%.

Which ETF is better, BITQ or HECO?

On 1-year performance, HECO leads with 136.37% vs 49.39% for BITQ. On fees, BITQ is cheaper at 0.85% per year. On volatility, HECO has been the lower-risk option at 10.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITQ or HECO?

Over the 1-year period, HECO has performed better with a 136.37% return vs 49.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITQ or HECO?

BITQ is cheaper with a 0.85% expense ratio, compared with 0.90% for HECO.

Which ETF pays a higher dividend yield, BITQ or HECO?

BITQ and HECO have nearly identical dividend yields, around 0.00%.

What is the main difference between BITQ and HECO?

They also come from different issuers: Bitwise and State Street. Their fees differ too: 0.85% for BITQ and 0.90% for HECO.

Which has better risk-adjusted returns?

HECO currently has the higher Sharpe Ratio (3.66 vs 0.87), 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.