FARX vs. HECA

Last updated Jun 4, 2026

FARX (Frontier Asset Absolute Return ETF) and HECA (Hedgeye Capital Allocation ETF) are both exchange-traded funds - FARX is a Multistrategy fund actively managed by Frontier, while HECA is a Global Allocation fund actively managed by Hedgeye. Both are actively managed. A 0.63 correlation means they provide meaningful diversification when combined. FARX charges 1.00%/yr vs 1.02%/yr for HECA.

Performance

FARX vs. HECA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Frontier Asset Absolute Return ETF (FARX) 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, FARX achieves a 9.60% return, which is significantly higher than HECA's 0.22% return.

FARX

• 1D: -0.14%
• 1M: 1.27%
• YTD: 9.60%
• 6M: 10.73%
• 1Y: 20.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HECA

• 1D: -0.75%
• 1M: -0.29%
• YTD: 0.22%
• 6M: -0.08%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FARX vs. HECA - Yearly Performance Comparison

	2026 (YTD)	2025
FARX Frontier Asset Absolute Return ETF	9.60%	8.16%
HECA Hedgeye Capital Allocation ETF	0.22%	12.83%

Correlation

The correlation between FARX and HECA is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 2, 2025	0.63

Return for Risk

FARX vs. HECA — Risk / Return Rank

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

FARX

FARX Risk / Return Rank: 90
FARX Sharpe Ratio Rank: 87
FARX Sortino Ratio Rank: 87
FARX Omega Ratio Rank: 90
FARX Calmar Ratio Rank: 94
FARX Martin Ratio Rank: 93

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.

FARX vs. HECA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Frontier Asset Absolute Return ETF (FARX) 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.

	FARX	HECA	Difference
Sharpe ratio: Return per unit of total volatility	2.89	—	—
Sortino ratio: Return per unit of downside risk	3.94	—	—
Omega ratio: Gain probability vs. loss probability	1.58	—	—
Calmar ratio: Return relative to maximum drawdown	7.19	—	—
Martin ratio: Return relative to average drawdown	24.70	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	FARX	HECA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.89	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.12	1.15	+0.97

Drawdowns

FARX vs. HECA - Drawdown Comparison

The maximum FARX drawdown since its inception was -5.83%, smaller than the maximum HECA drawdown of -11.81%. Use the drawdown chart below to compare losses from any high point for FARX and HECA.

Drawdown Indicators

	FARX	HECA	Difference
Max Drawdown Largest peak-to-trough decline	-5.83%	-11.81%	+5.98%
Max Drawdown (1Y) Largest decline over 1 year	-2.80%	—	—
Current Drawdown Current decline from peak	-0.30%	-10.09%	+9.79%
Average Drawdown Average peak-to-trough decline	-1.02%	-3.15%	+2.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.81%	—	—

Volatility

Volatility by Period

	FARX	HECA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.42%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.49%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	6.96%	12.44%	-5.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.94%	12.44%	-5.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.94%	12.44%	-5.50%

FARX vs. HECA - Expense Ratio Comparison

FARX has a 1.00% expense ratio, which is lower than HECA's 1.02% expense ratio.

Dividends

FARX vs. HECA - Dividend Comparison

FARX's dividend yield for the trailing twelve months is around 2.89%, more than HECA's 2.01% yield.

Position	TTM	2025	2024
FARX Frontier Asset Absolute Return ETF	2.89%	3.25%	0.19%
HECA Hedgeye Capital Allocation ETF	2.01%	2.02%	0.00%

Frequently Asked Questions

Can I hold both FARX and HECA in my portfolio?

FARX and HECA have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FARX or HECA?

On fees, FARX is cheaper at 1.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FARX or HECA?

FARX is cheaper with a 1.00% expense ratio, compared with 1.02% for HECA.

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

FARX has the higher dividend yield at 2.89%, compared with 2.01% for HECA.

What is the main difference between FARX and HECA?

FARX is categorized as Multistrategy, while HECA is Global Allocation. They also come from different issuers: Frontier and Hedgeye. Their fees differ too: 1.00% for FARX and 1.02% for HECA.