EZRO vs. HECA

Last updated Jul 17, 2026

EZRO (AlphaDroid Defensive Sector Rotation ETF) and HECA (Hedgeye Capital Allocation ETF) are both exchange-traded funds - EZRO is a Tactical Allocation fund actively managed by AlphaDroid, while HECA is a Global Allocation fund actively managed by Hedgeye. Both are actively managed. At a 0.42 correlation, their price movements are largely independent. EZRO charges 1.01%/yr vs 1.02%/yr for HECA.

Performance

EZRO vs. HECA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AlphaDroid Defensive Sector Rotation ETF (EZRO) and Hedgeye Capital Allocation ETF (HECA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EZRO achieves a -2.07% return, which is significantly lower than HECA's -1.19% return.

EZRO

• 1D: -2.64%
• 1M: -5.59%
• 6M: -5.47%
• YTD: -2.07%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

HECA

• 1D: 0.31%
• 1M: 1.11%
• 6M: -5.92%
• YTD: -1.19%
• 1Y: 11.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EZRO vs. HECA - Yearly Performance Comparison

	2026 (YTD)	2025
EZRO AlphaDroid Defensive Sector Rotation ETF	-2.07%	-3.19%
HECA Hedgeye Capital Allocation ETF	-1.19%	-2.60%

Correlation

The correlation between EZRO and HECA is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 16, 2025	0.42

Return for Risk

EZRO vs. HECA — Risk / Return Rank

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

EZRO

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

HECA

HECA Risk / Return Rank: 26
HECA Sharpe Ratio Rank: 29
HECA Sortino Ratio Rank: 28
HECA Omega Ratio Rank: 29
HECA Calmar Ratio Rank: 23
HECA Martin Ratio Rank: 20

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.

EZRO vs. HECA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AlphaDroid Defensive Sector Rotation ETF (EZRO) and Hedgeye Capital Allocation ETF (HECA). 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.

	EZRO	HECA	Difference
Sharpe ratio: Return per unit of total volatility	—	0.89	—
Sortino ratio: Return per unit of downside risk	—	1.31	—
Omega ratio: Gain probability vs. loss probability	—	1.17	—
Calmar ratio: Return relative to maximum drawdown	—	0.86	—
Martin ratio: Return relative to average drawdown	—	1.81	—

Drawdowns

EZRO vs. HECA - Drawdown Comparison

The maximum EZRO drawdown since its inception was -13.07%, roughly equal to the maximum HECA drawdown of -12.82%. Use the drawdown chart below to compare losses from any high point for EZRO and HECA.

Drawdown Indicators

	EZRO	HECA	Difference
Max Drawdown Largest peak-to-trough decline	-13.07%	-12.82%	-0.25%
Max Drawdown (1Y) Largest decline over 1 year	—	-12.82%	—
Current Drawdown Current decline from peak	-13.07%	-11.36%	-1.71%
Average Drawdown Average peak-to-trough decline	-4.45%	-4.08%	-0.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	6.10%	—

Volatility

Volatility by Period

	EZRO	HECA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.48%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.49%	—
Volatility (1Y) Calculated over the trailing 1-year period	21.69%	12.44%	+9.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.69%	12.25%	+9.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.69%	12.25%	+9.44%

EZRO vs. HECA - Expense Ratio Comparison

EZRO has a 1.01% expense ratio, which is lower than HECA's 1.02% expense ratio.

Dividends

EZRO vs. HECA - Dividend Comparison

EZRO has not paid dividends to shareholders, while HECA's dividend yield for the trailing twelve months is around 2.04%.

Position	TTM	2025
EZRO AlphaDroid Defensive Sector Rotation ETF	0.00%	0.00%
HECA Hedgeye Capital Allocation ETF	2.04%	2.02%

Frequently Asked Questions

Can I hold both EZRO and HECA in my portfolio?

EZRO and HECA have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EZRO or HECA?

On fees, EZRO is cheaper at 1.01% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EZRO or HECA?

EZRO is cheaper with a 1.01% expense ratio, compared with 1.02% for HECA.

Which ETF pays a higher dividend yield, EZRO or HECA?

HECA has the higher dividend yield at 2.04%, compared with 0.00% for EZRO.

What is the main difference between EZRO and HECA?

EZRO is categorized as Tactical Allocation, while HECA is Global Allocation. They also come from different issuers: AlphaDroid and Hedgeye. Their fees differ too: 1.01% for EZRO and 1.02% for HECA.