GFOF vs. HECO

Last updated Aug 5, 2026

GFOF (Grayscale Future of Finance ETF) and HECO (State Street Galaxy Hedged Digital Asset Ecosystem ETF) are both Blockchain funds. GFOF is passively managed, while HECO is actively managed. Their 0.29 correlation means their historical movements had little consistent relationship. GFOF charges 0.70%/yr vs 0.90%/yr for HECO.

Performance

GFOF vs. HECO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Future of Finance ETF (GFOF) and State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

GFOF

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

HECO

• 1D: 0.24%
• 1M: 2.48%
• 6M: 51.83%
• YTD: 68.96%
• 1Y: 97.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 70.44%

*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)
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	$85.76K	$50.61K	$469.13K

GFOF vs. HECO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GFOF Grayscale Future of Finance ETF	0.00%	0.00%	69.13%
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	68.96%	26.23%	28.95%

Correlation

The correlation between GFOF and HECO is 0.29, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 10, 2024	0.29

GFOF vs. HECO - Sectors Allocation Comparison

Sectors	GFOF	HECO
Financial Services	49.1%	51.5%
Technology	31.0%	44.1%
Healthcare	8.5%	-
Industrials	3.4%	4.4%
Basic Materials	-	1.8%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

GFOF vs. HECO — Risk / Return Rank

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

GFOF

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

HECO

HECO Risk / Return Rank: 86
HECO Sharpe Ratio Rank: 90
HECO Sortino Ratio Rank: 84
HECO Omega Ratio Rank: 81
HECO Calmar Ratio Rank: 92
HECO Martin Ratio Rank: 84

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.

GFOF vs. HECO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Future of Finance ETF (GFOF) 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.

	GFOF	HECO	Difference
Sharpe ratio: Return per unit of total volatility	—	2.45	—
Sortino ratio: Return per unit of downside risk	—	3.06	—
Omega ratio: Gain probability vs. loss probability	—	1.38	—
Calmar ratio: Return relative to maximum drawdown	—	4.69	—
Martin ratio: Return relative to average drawdown	—	12.93	—

Drawdowns

Drawdown Indicators

	GFOF	HECO	Difference
Max Drawdown Largest peak-to-trough decline	—	-44.59%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-21.03%	—
Current Drawdown Current decline from peak	—	-3.57%	—
Average Drawdown Average peak-to-trough decline	—	-11.17%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	7.61%	—

Volatility

Volatility by Period

	GFOF	HECO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	17.86%	—
Volatility (6M) Calculated over the trailing 6-month period	—	31.68%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	40.31%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	45.29%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	45.29%	—

GFOF vs. HECO - Expense Ratio Comparison

GFOF has a 0.70% expense ratio, which is lower than HECO's 0.90% expense ratio.

Dividends

GFOF vs. HECO - Dividend Comparison

Neither GFOF nor HECO has paid dividends to shareholders.

Position	TTM	2025	2024	2023
GFOF Grayscale Future of Finance ETF	0.00%	0.00%	2.55%	4.08%
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	0.00%	0.00%	2.61%	0.00%

Frequently Asked Questions

Can I hold both GFOF and HECO in my portfolio?

GFOF and HECO have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GFOF or HECO?

On fees, GFOF is cheaper at 0.70% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GFOF or HECO?

GFOF is cheaper with a 0.70% expense ratio, compared with 0.90% for HECO.

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

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

What is the main difference between GFOF and HECO?

They also come from different issuers: Grayscale and State Street. Their fees differ too: 0.70% for GFOF and 0.90% for HECO.