DECO vs. HECO

Last updated Jun 23, 2026

DECO (State Street Galaxy Digital Asset Ecosystem ETF) and HECO (State Street Galaxy Hedged Digital Asset Ecosystem ETF) are both Blockchain funds from State Street. Both are actively managed. Over the past year, DECO returned 168.39% vs 136.94% for HECO. With a 0.99 correlation, they move nearly in lockstep. DECO charges 0.65%/yr vs 0.90%/yr for HECO.

Performance

DECO vs. HECO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Galaxy Digital Asset Ecosystem ETF (DECO) 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, DECO achieves a 82.53% return, which is significantly higher than HECO's 75.21% return.

DECO

• 1D: 0.37%
• 1M: 16.71%
• YTD: 82.53%
• 6M: 72.36%
• 1Y: 168.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HECO

• 1D: 0.39%
• 1M: 14.43%
• YTD: 75.21%
• 6M: 65.97%
• 1Y: 136.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DECO vs. HECO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DECO State Street Galaxy Digital Asset Ecosystem ETF	82.53%	42.48%	31.48%
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	75.21%	26.23%	28.95%

Correlation

The correlation between DECO and HECO is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (All Time) Calculated using the full available price history since Sep 10, 2024	0.99

The correlation between DECO and HECO has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.

DECO vs. HECO - Sectors Allocation Comparison

Sectors	DECO	HECO
Technology	55.3%	55.4%
Financial Services	39.5%	39.5%
Industrials	5.2%	5.1%
Basic Materials	1.8%	1.8%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

DECO vs. HECO — Risk / Return Rank

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

DECO

DECO Risk / Return Rank: 90
DECO Sharpe Ratio Rank: 96
DECO Sortino Ratio Rank: 89
DECO Omega Ratio Rank: 85
DECO Calmar Ratio Rank: 94
DECO Martin Ratio Rank: 88

HECO

HECO Risk / Return Rank: 91
HECO Sharpe Ratio Rank: 95
HECO Sortino Ratio Rank: 90
HECO Omega Ratio Rank: 87
HECO Calmar Ratio Rank: 94
HECO Martin Ratio Rank: 88

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.

DECO vs. HECO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Galaxy Digital Asset Ecosystem ETF (DECO) 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.

	DECO	HECO	Difference
Sharpe ratio: Return per unit of total volatility	3.78	3.68	+0.10
Sortino ratio: Return per unit of downside risk	3.88	4.02	-0.14
Omega ratio: Gain probability vs. loss probability	1.49	1.51	-0.02
Calmar ratio: Return relative to maximum drawdown	6.62	6.55	+0.07
Martin ratio: Return relative to average drawdown	18.43	18.72	-0.28

DECO vs. HECO - Sharpe Ratio Comparison

The current DECO Sharpe Ratio is 3.78, which is comparable to the HECO Sharpe Ratio of 3.68. The chart below compares the historical Sharpe Ratios of DECO 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

DECO vs. HECO - Drawdown Comparison

The maximum DECO drawdown since its inception was -47.71%, which is greater than HECO's maximum drawdown of -44.59%. Use the drawdown chart below to compare losses from any high point for DECO and HECO.

Drawdown Indicators

	DECO	HECO	Difference
Max Drawdown Largest peak-to-trough decline	-47.71%	-44.59%	-3.12%
Max Drawdown (1Y) Largest decline over 1 year	-25.60%	-21.03%	-4.57%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-11.44%	-11.56%	+0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.18%	7.35%	+1.83%

Volatility

DECO vs. HECO - Volatility Comparison

State Street Galaxy Digital Asset Ecosystem ETF (DECO) has a higher volatility of 12.48% compared to State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO) at 10.31%. This indicates that DECO'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

	DECO	HECO	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.48%	10.31%	+2.17%
Volatility (6M) Calculated over the trailing 6-month period	33.97%	29.00%	+4.97%
Volatility (1Y) Calculated over the trailing 1-year period	44.90%	37.52%	+7.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.35%	44.71%	+6.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.35%	44.71%	+6.64%

DECO vs. HECO - Expense Ratio Comparison

DECO has a 0.65% expense ratio, which is lower than HECO's 0.90% expense ratio.

Dividends

DECO vs. HECO - Dividend Comparison

DECO's dividend yield for the trailing twelve months is around 0.63%, while HECO has not paid dividends to shareholders.

Position	TTM	2025	2024
DECO State Street Galaxy Digital Asset Ecosystem ETF	0.63%	1.16%	1.73%
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	0.00%	0.00%	2.61%

Frequently Asked Questions

Can I hold both DECO and HECO in my portfolio?

With a correlation of 0.99, DECO 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, DECO or HECO?

DECO has higher volatility (12.48%) compared to HECO (10.31%). In terms of maximum drawdown, DECO dropped -47.71% vs HECO's -44.59%.

Which ETF is better, DECO or HECO?

On 1-year performance, DECO leads with 168.39% vs 136.94% for HECO. On fees, DECO is cheaper at 0.65% per year. On volatility, HECO has been the lower-risk option at 10.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DECO or HECO?

Over the 1-year period, DECO has performed better with a 168.39% return vs 136.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DECO or HECO?

DECO is cheaper with a 0.65% expense ratio, compared with 0.90% for HECO.

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

DECO has the higher dividend yield at 0.63%, compared with 0.00% for HECO.

What is the main difference between DECO and HECO?

Their fees differ too: 0.65% for DECO and 0.90% for HECO.

Which has better risk-adjusted returns?

DECO currently has the higher Sharpe Ratio (3.78 vs 3.68), 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.