DAPP vs. HECO

Last updated Aug 2, 2026

DAPP (VanEck Digital Transformation ETF) and HECO (State Street Galaxy Hedged Digital Asset Ecosystem ETF) are both Blockchain funds. DAPP is passively managed, while HECO is actively managed. Over the past year, DAPP returned 9.98% vs 94.69% for HECO. Their correlation of 0.91 means they have usually moved in the same direction. DAPP charges 0.52%/yr vs 0.90%/yr for HECO.

Performance

DAPP vs. HECO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Digital Transformation ETF (DAPP) 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, DAPP achieves a 6.65% return, which is significantly lower than HECO's 61.32% return.

DAPP

• 1D: -3.40%
• 1M: -4.60%
• 6M: -2.22%
• YTD: 6.65%
• 1Y: 9.98%
• 3Y*: 30.75%
• 5Y*: -3.48%
• 10Y*: —
• ALL TIME*: -11.19%

HECO

• 1D: -1.72%
• 1M: -2.15%
• 6M: 43.52%
• YTD: 61.32%
• 1Y: 94.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 66.82%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DAPP VanEck Digital Transformation ETF	$5.30M	$5.85M	$16.14M
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	$85.91K	$53.80K	$462.34K

DAPP vs. HECO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DAPP VanEck Digital Transformation ETF	6.65%	15.03%	44.87%
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	61.32%	26.23%	28.95%

Correlation

The correlation between DAPP and HECO is 0.92, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.92
Correlation (All Time) Calculated using the full available price history since Sep 10, 2024	0.91

The correlation between DAPP and HECO has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.

DAPP vs. HECO - Sectors Allocation Comparison

Sectors	DAPP	HECO
Financial Services	61.8%	51.5%
Technology	35.4%	44.1%
Consumer Cyclical	2.8%	-
Basic Materials	-	1.8%
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	4.4%
Real Estate	-	-
Utilities	-	-

Return for Risk

DAPP vs. HECO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DAPP

DAPP Risk / Return Rank: 13
DAPP Sharpe Ratio Rank: 11
DAPP Sortino Ratio Rank: 16
DAPP Omega Ratio Rank: 15
DAPP Calmar Ratio Rank: 11
DAPP Martin Ratio Rank: 11

HECO

HECO Risk / Return Rank: 85
HECO Sharpe Ratio Rank: 88
HECO Sortino Ratio Rank: 84
HECO Omega Ratio Rank: 80
HECO Calmar Ratio Rank: 91
HECO Martin Ratio Rank: 83

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DAPP vs. HECO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Digital Transformation ETF (DAPP) 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.

	DAPP	HECO	Difference
Sharpe ratio: Return per unit of total volatility	0.01	2.14	-2.12
Sortino ratio: Return per unit of downside risk	0.48	2.76	-2.27
Omega ratio: Gain probability vs. loss probability	1.05	1.34	-0.28
Calmar ratio: Return relative to maximum drawdown	0.02	4.10	-4.09
Martin ratio: Return relative to average drawdown	0.03	11.32	-11.30

DAPP vs. HECO - Sharpe Ratio Comparison

The current DAPP Sharpe Ratio is 0.01, which is lower than the HECO Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of DAPP 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

DAPP vs. HECO - Drawdown Comparison

The maximum DAPP drawdown since its inception was -92.61%, which is greater than HECO's maximum drawdown of -44.59%. Use the drawdown chart below to compare losses from any high point for DAPP and HECO.

Drawdown Indicators

	DAPP	HECO	Difference
Max Drawdown Largest peak-to-trough decline	-92.61%	-44.59%	-48.02%
Max Drawdown (1Y) Largest decline over 1 year	-48.21%	-21.03%	-27.18%
Max Drawdown (3Y) Largest decline over 3 years	-58.88%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-91.90%	—	—
Current Drawdown Current decline from peak	-46.67%	-7.93%	-38.74%
Average Drawdown Average peak-to-trough decline	-60.79%	-11.20%	-49.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.69%	7.61%	+19.08%

Volatility

DAPP vs. HECO - Volatility Comparison

VanEck Digital Transformation ETF (DAPP) has a higher volatility of 21.95% compared to State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO) at 17.46%. This indicates that DAPP'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

	DAPP	HECO	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.95%	17.46%	+4.49%
Volatility (6M) Calculated over the trailing 6-month period	47.95%	31.65%	+16.30%
Volatility (1Y) Calculated over the trailing 1-year period	64.80%	40.39%	+24.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.12%	45.29%	+27.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.72%	45.29%	+27.43%

DAPP vs. HECO - Expense Ratio Comparison

DAPP has a 0.52% expense ratio, which is lower than HECO's 0.90% expense ratio.

Dividends

DAPP vs. HECO - Dividend Comparison

Neither DAPP nor HECO has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
DAPP VanEck Digital Transformation ETF	0.00%	0.00%	4.04%	0.00%	0.00%	10.13%
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 DAPP and HECO in my portfolio?

With a correlation of 0.92, DAPP 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, DAPP or HECO?

DAPP has higher volatility (21.95%) compared to HECO (17.46%). In terms of maximum drawdown, DAPP dropped -92.61% vs HECO's -44.59%.

Which ETF is better, DAPP or HECO?

On 1-year performance, HECO leads with 94.69% vs 9.98% for DAPP. On fees, DAPP is cheaper at 0.52% per year. On volatility, HECO has been the lower-risk option at 17.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DAPP or HECO?

Over the 1-year period, HECO has performed better with a 94.69% return vs 9.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DAPP or HECO?

DAPP is cheaper with a 0.52% expense ratio, compared with 0.90% for HECO.

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

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

What is the main difference between DAPP and HECO?

They also come from different issuers: VanEck and State Street. Their fees differ too: 0.52% for DAPP and 0.90% for HECO.

Which has better risk-adjusted returns?

HECO currently has the higher Sharpe Ratio (2.14 vs 0.01), 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.