GFOF vs. HECO

Last updated Jun 4, 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. At a 0.30 correlation, their price movements are largely independent. 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: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

HECO

• 1D: -0.95%
• 1M: 33.22%
• YTD: 71.77%
• 6M: 57.04%
• 1Y: 136.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GFOF vs. HECO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GFOF Grayscale Future of Finance ETF	0.00%	0.00%	65.28%
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	71.77%	26.23%	27.37%

Correlation

The correlation between GFOF and HECO is 0.30, 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 Sep 11, 2024	0.30

GFOF vs. HECO - Sectors Allocation Comparison

Sectors	GFOF	HECO
Financial Services	57.4%	45.1%
Technology	22.8%	48.3%
Healthcare	8.5%	-
Industrials	3.4%	5.1%
Basic Materials	-	1.8%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

GFOF vs. HECO — Risk / Return Rank

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

HECO

HECO Risk / Return Rank: 89
HECO Sharpe Ratio Rank: 94
HECO Sortino Ratio Rank: 89
HECO Omega Ratio Rank: 84
HECO Calmar Ratio Rank: 93
HECO Martin Ratio Rank: 87

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.

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.

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

Sharpe Ratios by Period

	GFOF	HECO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.68	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	1.80	—

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	—	-1.18%	—
Average Drawdown Average peak-to-trough decline	—	-11.81%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	7.31%	—

Volatility

Volatility by Period

	GFOF	HECO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	10.30%	—
Volatility (6M) Calculated over the trailing 6-month period	—	29.36%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	37.32%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	44.93%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	44.93%	—

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 0.30, 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.