GRNY vs. HECA

Last updated Jun 21, 2026

GRNY (Fundstrat Granny Shots U.S. Large Cap ETF) and HECA (Hedgeye Capital Allocation ETF) are both exchange-traded funds - GRNY is a Large Cap Blend Equities fund actively managed by Tidal ETFs, while HECA is a Global Allocation fund actively managed by Hedgeye. Both are actively managed. A 0.54 correlation means they provide meaningful diversification when combined. GRNY charges 0.75%/yr vs 1.02%/yr for HECA.

Performance

GRNY vs. HECA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fundstrat Granny Shots U.S. Large Cap ETF (GRNY) 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, GRNY achieves a 11.03% return, which is significantly higher than HECA's -2.82% return.

GRNY

• 1D: 0.70%
• 1M: 2.31%
• YTD: 11.03%
• 6M: 9.83%
• 1Y: 28.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HECA

• 1D: -0.04%
• 1M: -2.18%
• YTD: -2.82%
• 6M: -2.69%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GRNY vs. HECA - Yearly Performance Comparison

	2026 (YTD)	2025
GRNY Fundstrat Granny Shots U.S. Large Cap ETF	11.03%	9.17%
HECA Hedgeye Capital Allocation ETF	-2.82%	12.83%

Correlation

The correlation between GRNY and HECA is 0.54, 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 1, 2025	0.54

Return for Risk

GRNY vs. HECA — Risk / Return Rank

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

GRNY

GRNY Risk / Return Rank: 46
GRNY Sharpe Ratio Rank: 47
GRNY Sortino Ratio Rank: 44
GRNY Omega Ratio Rank: 42
GRNY Calmar Ratio Rank: 51
GRNY Martin Ratio Rank: 46

HECA

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

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.

GRNY vs. HECA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fundstrat Granny Shots U.S. Large Cap ETF (GRNY) 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.

	GRNY	HECA	Difference
Sharpe ratio: Return per unit of total volatility	1.56	—	—
Sortino ratio: Return per unit of downside risk	2.11	—	—
Omega ratio: Gain probability vs. loss probability	1.26	—	—
Calmar ratio: Return relative to maximum drawdown	2.42	—	—
Martin ratio: Return relative to average drawdown	7.32	—	—

Drawdowns

GRNY vs. HECA - Drawdown Comparison

The maximum GRNY drawdown since its inception was -24.18%, which is greater than HECA's maximum drawdown of -12.82%. Use the drawdown chart below to compare losses from any high point for GRNY and HECA.

Drawdown Indicators

	GRNY	HECA	Difference
Max Drawdown Largest peak-to-trough decline	-24.18%	-12.82%	-11.36%
Max Drawdown (1Y) Largest decline over 1 year	-11.63%	—	—
Current Drawdown Current decline from peak	-0.97%	-12.82%	+11.85%
Average Drawdown Average peak-to-trough decline	-3.96%	-3.54%	-0.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.83%	—	—

Volatility

Volatility by Period

	GRNY	HECA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.34%	—	—
Volatility (6M) Calculated over the trailing 6-month period	13.26%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	18.01%	12.62%	+5.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.15%	12.62%	+10.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.15%	12.62%	+10.53%

GRNY vs. HECA - Expense Ratio Comparison

GRNY has a 0.75% expense ratio, which is lower than HECA's 1.02% expense ratio.

Dividends

GRNY vs. HECA - Dividend Comparison

GRNY has not paid dividends to shareholders, while HECA's dividend yield for the trailing twelve months is around 2.08%.

Position	TTM	2025
GRNY Fundstrat Granny Shots U.S. Large Cap ETF	0.00%	0.00%
HECA Hedgeye Capital Allocation ETF	2.08%	2.02%

Frequently Asked Questions

Can I hold both GRNY and HECA in my portfolio?

GRNY and HECA have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GRNY or HECA?

On fees, GRNY is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GRNY or HECA?

GRNY is cheaper with a 0.75% expense ratio, compared with 1.02% for HECA.

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

HECA has the higher dividend yield at 2.08%, compared with 0.00% for GRNY.

What is the main difference between GRNY and HECA?

GRNY is categorized as Large Cap Blend Equities, while HECA is Global Allocation. They also come from different issuers: Tidal ETFs and Hedgeye. Their fees differ too: 0.75% for GRNY and 1.02% for HECA.