FHEQ vs. HECO

Last updated Jun 24, 2026

FHEQ (Fidelity Hedged Equity ETF) and HECO (State Street Galaxy Hedged Digital Asset Ecosystem ETF) are both exchange-traded funds - FHEQ is a Equity Hedged fund actively managed by Fidelity, while HECO is a Blockchain fund actively managed by State Street. Both are actively managed. Over the past year, FHEQ returned 17.16% vs 136.37% for HECO. A 0.65 correlation means they provide meaningful diversification when combined. FHEQ charges 0.48%/yr vs 0.90%/yr for HECO.

Performance

FHEQ vs. HECO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Hedged Equity ETF (FHEQ) 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, FHEQ achieves a 6.23% return, which is significantly lower than HECO's 72.76% return.

FHEQ

• 1D: -1.15%
• 1M: -1.23%
• YTD: 6.23%
• 6M: 5.31%
• 1Y: 17.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HECO

• 1D: -1.40%
• 1M: 12.83%
• YTD: 72.76%
• 6M: 65.53%
• 1Y: 136.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FHEQ vs. HECO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FHEQ Fidelity Hedged Equity ETF	6.23%	13.34%	6.44%
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	72.76%	26.23%	28.95%

Correlation

The correlation between FHEQ and HECO is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (All Time) Calculated using the full available price history since Sep 10, 2024	0.65

The correlation between FHEQ and HECO has been stable across timeframes, ranging from 0.65 to 0.66 - a consistent structural relationship.

Return for Risk

FHEQ vs. HECO — Risk / Return Rank

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

FHEQ

FHEQ Risk / Return Rank: 52
FHEQ Sharpe Ratio Rank: 54
FHEQ Sortino Ratio Rank: 53
FHEQ Omega Ratio Rank: 52
FHEQ Calmar Ratio Rank: 47
FHEQ Martin Ratio Rank: 53

HECO

HECO Risk / Return Rank: 92
HECO Sharpe Ratio Rank: 96
HECO Sortino Ratio Rank: 92
HECO Omega Ratio Rank: 88
HECO Calmar Ratio Rank: 94
HECO Martin Ratio Rank: 89

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.

FHEQ vs. HECO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Hedged Equity ETF (FHEQ) 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.

	FHEQ	HECO	Difference
Sharpe ratio: Return per unit of total volatility	1.73	3.66	-1.93
Sortino ratio: Return per unit of downside risk	2.41	4.00	-1.59
Omega ratio: Gain probability vs. loss probability	1.31	1.51	-0.20
Calmar ratio: Return relative to maximum drawdown	2.22	6.52	-4.31
Martin ratio: Return relative to average drawdown	8.65	18.64	-9.99

FHEQ vs. HECO - Sharpe Ratio Comparison

The current FHEQ Sharpe Ratio is 1.73, which is lower than the HECO Sharpe Ratio of 3.66. The chart below compares the historical Sharpe Ratios of FHEQ 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

FHEQ vs. HECO - Drawdown Comparison

The maximum FHEQ drawdown since its inception was -11.12%, smaller than the maximum HECO drawdown of -44.59%. Use the drawdown chart below to compare losses from any high point for FHEQ and HECO.

Drawdown Indicators

	FHEQ	HECO	Difference
Max Drawdown Largest peak-to-trough decline	-11.12%	-44.59%	+33.47%
Max Drawdown (1Y) Largest decline over 1 year	-7.77%	-21.03%	+13.26%
Current Drawdown Current decline from peak	-2.84%	-1.40%	-1.44%
Average Drawdown Average peak-to-trough decline	-1.83%	-11.53%	+9.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	7.35%	-5.36%

Volatility

FHEQ vs. HECO - Volatility Comparison

The current volatility for Fidelity Hedged Equity ETF (FHEQ) is 4.02%, while State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO) has a volatility of 10.26%. This indicates that FHEQ experiences smaller price fluctuations and is considered to be less risky than HECO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHEQ	HECO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.02%	10.26%	-6.24%
Volatility (6M) Calculated over the trailing 6-month period	7.46%	28.99%	-21.53%
Volatility (1Y) Calculated over the trailing 1-year period	9.98%	37.49%	-27.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.57%	44.68%	-34.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.57%	44.68%	-34.11%

FHEQ vs. HECO - Expense Ratio Comparison

FHEQ has a 0.48% expense ratio, which is lower than HECO's 0.90% expense ratio.

Dividends

FHEQ vs. HECO - Dividend Comparison

FHEQ's dividend yield for the trailing twelve months is around 0.55%, while HECO has not paid dividends to shareholders.

Position	TTM	2025	2024
FHEQ Fidelity Hedged Equity ETF	0.55%	0.63%	0.50%
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	0.00%	0.00%	2.61%

Frequently Asked Questions

Can I hold both FHEQ and HECO in my portfolio?

FHEQ and HECO have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FHEQ or HECO?

HECO has higher volatility (10.26%) compared to FHEQ (4.02%). In terms of maximum drawdown, FHEQ dropped -11.12% vs HECO's -44.59%.

Which ETF is better, FHEQ or HECO?

On 1-year performance, HECO leads with 136.37% vs 17.16% for FHEQ. On fees, FHEQ is cheaper at 0.48% per year. On volatility, FHEQ has been the lower-risk option at 4.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FHEQ or HECO?

Over the 1-year period, HECO has performed better with a 136.37% return vs 17.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FHEQ or HECO?

FHEQ is cheaper with a 0.48% expense ratio, compared with 0.90% for HECO.

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

FHEQ has the higher dividend yield at 0.55%, compared with 0.00% for HECO.

What is the main difference between FHEQ and HECO?

FHEQ is categorized as Equity Hedged, while HECO is Blockchain. They also come from different issuers: Fidelity and State Street. Their fees differ too: 0.48% for FHEQ and 0.90% for HECO.

Which has better risk-adjusted returns?

HECO currently has the higher Sharpe Ratio (3.66 vs 1.73), 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.