CRCD vs. HECO

Last updated Jun 4, 2026

CRCD (T-REX 2X Inverse CRCL Daily Target ETF) and HECO (State Street Galaxy Hedged Digital Asset Ecosystem ETF) are both exchange-traded funds - CRCD is a Inverse Equities fund actively managed by T-Rex, while HECO is a Blockchain fund actively managed by State Street. Both are actively managed. At a correlation of -0.58, they often move in opposite directions. CRCD charges 1.50%/yr vs 0.90%/yr for HECO.

Performance

CRCD vs. HECO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T-REX 2X Inverse CRCL Daily Target ETF (CRCD) 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, CRCD achieves a -88.01% return, which is significantly lower than HECO's 71.77% return.

CRCD

• 1D: 20.12%
• 1M: 35.97%
• YTD: -88.01%
• 6M: -87.46%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

HECO

• 1D: -0.95%
• 1M: 33.22%
• YTD: 71.77%
• 6M: 57.04%
• 1Y: 136.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CRCD vs. HECO - Yearly Performance Comparison

	2026 (YTD)	2025
CRCD T-REX 2X Inverse CRCL Daily Target ETF	-88.01%	43.19%
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	71.77%	-0.91%

Correlation

The correlation between CRCD and HECO is -0.58, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 29, 2025	-0.58

Return for Risk

CRCD vs. HECO — Risk / Return Rank

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

HECO

HECO Risk / Return Rank: 89
HECO Sharpe Ratio Rank: 94
HECO Sortino Ratio Rank: 89
HECO Omega Ratio Rank: 84
HECO Calmar Ratio Rank: 93
HECO Martin Ratio Rank: 87

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.

CRCD vs. HECO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T-REX 2X Inverse CRCL Daily Target ETF (CRCD) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	CRCD	HECO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.68	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.45	1.80	-2.25

Drawdowns

CRCD vs. HECO - Drawdown Comparison

The maximum CRCD drawdown since its inception was -96.95%, which is greater than HECO's maximum drawdown of -44.59%. Use the drawdown chart below to compare losses from any high point for CRCD and HECO.

Drawdown Indicators

	CRCD	HECO	Difference
Max Drawdown Largest peak-to-trough decline	-96.95%	-44.59%	-52.36%
Max Drawdown (1Y) Largest decline over 1 year	—	-21.03%	—
Current Drawdown Current decline from peak	-94.31%	-1.18%	-93.13%
Average Drawdown Average peak-to-trough decline	-54.51%	-11.81%	-42.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	7.31%	—

Volatility

Volatility by Period

	CRCD	HECO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	10.30%	—
Volatility (6M) Calculated over the trailing 6-month period	—	29.36%	—
Volatility (1Y) Calculated over the trailing 1-year period	204.54%	37.32%	+167.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	204.54%	44.93%	+159.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	204.54%	44.93%	+159.61%

CRCD vs. HECO - Expense Ratio Comparison

CRCD has a 1.50% expense ratio, which is higher than HECO's 0.90% expense ratio.

Dividends

CRCD vs. HECO - Dividend Comparison

Neither CRCD nor HECO has paid dividends to shareholders.

Position	TTM	2025	2024
CRCD T-REX 2X Inverse CRCL Daily Target ETF	0.00%	0.00%	0.00%
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	0.00%	0.00%	2.61%

Frequently Asked Questions

Can I hold both CRCD and HECO in my portfolio?

CRCD and HECO have a correlation of -0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CRCD or HECO?

On fees, HECO is cheaper at 0.90% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CRCD or HECO?

HECO is cheaper with a 0.90% expense ratio, compared with 1.50% for CRCD.

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

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

What is the main difference between CRCD and HECO?

CRCD is categorized as Inverse Equities, while HECO is Blockchain. They also come from different issuers: T-Rex and State Street. Their fees differ too: 1.50% for CRCD and 0.90% for HECO.