HECA vs. ADDS

Last updated Jul 15, 2026

HECA (Hedgeye Capital Allocation ETF) and ADDS (Hedgeye Index Adds ETF) are both exchange-traded funds - HECA is a Global Allocation fund actively managed by Hedgeye, while ADDS is a Multi-factor fund actively managed by Hedgeye. Both are actively managed. At a 0.18 correlation, their price movements are largely independent. HECA charges 1.02%/yr vs 0.70%/yr for ADDS.

Performance

HECA vs. ADDS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hedgeye Capital Allocation ETF (HECA) and Hedgeye Index Adds ETF (ADDS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

HECA

• 1D: 0.37%
• 1M: 0.59%
• 6M: -4.87%
• YTD: -1.05%
• 1Y: 11.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ADDS

• 1D: 1.39%
• 1M: -1.64%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HECA vs. ADDS - Yearly Performance Comparison

	2026 (YTD)
HECA Hedgeye Capital Allocation ETF	-1.23%
ADDS Hedgeye Index Adds ETF	3.74%

Correlation

The correlation between HECA and ADDS is 0.18, 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 May 28, 2026	0.18

Return for Risk

HECA vs. ADDS — Risk / Return Rank

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

HECA

HECA Risk / Return Rank: 26
HECA Sharpe Ratio Rank: 30
HECA Sortino Ratio Rank: 29
HECA Omega Ratio Rank: 29
HECA Calmar Ratio Rank: 22
HECA Martin Ratio Rank: 20

ADDS

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.

HECA vs. ADDS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hedgeye Capital Allocation ETF (HECA) and Hedgeye Index Adds ETF (ADDS). 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.

	HECA	ADDS	Difference
Sharpe ratio: Return per unit of total volatility	0.89	—	—
Sortino ratio: Return per unit of downside risk	1.32	—	—
Omega ratio: Gain probability vs. loss probability	1.17	—	—
Calmar ratio: Return relative to maximum drawdown	0.87	—	—
Martin ratio: Return relative to average drawdown	1.85	—	—

Drawdowns

HECA vs. ADDS - Drawdown Comparison

The maximum HECA drawdown since its inception was -12.82%, which is greater than ADDS's maximum drawdown of -10.64%. Use the drawdown chart below to compare losses from any high point for HECA and ADDS.

Drawdown Indicators

	HECA	ADDS	Difference
Max Drawdown Largest peak-to-trough decline	-12.82%	-10.64%	-2.18%
Max Drawdown (1Y) Largest decline over 1 year	-12.82%	—	—
Current Drawdown Current decline from peak	-11.23%	-6.03%	-5.20%
Average Drawdown Average peak-to-trough decline	-4.03%	-4.44%	+0.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.01%	—	—

Volatility

Volatility by Period

	HECA	ADDS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.57%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.52%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	12.44%	43.44%	-31.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.28%	43.44%	-31.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.28%	43.44%	-31.16%

HECA vs. ADDS - Expense Ratio Comparison

HECA has a 1.02% expense ratio, which is higher than ADDS's 0.70% expense ratio.

Dividends

HECA vs. ADDS - Dividend Comparison

HECA's dividend yield for the trailing twelve months is around 2.04%, while ADDS has not paid dividends to shareholders.

Position	TTM	2025
ADDS Hedgeye Index Adds ETF	0.00%	0.00%
HECA Hedgeye Capital Allocation ETF	2.04%	2.02%

Frequently Asked Questions

Can I hold both HECA and ADDS in my portfolio?

HECA and ADDS have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HECA or ADDS?

On fees, ADDS 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, HECA or ADDS?

ADDS is cheaper with a 0.70% expense ratio, compared with 1.02% for HECA.

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

HECA has the higher dividend yield at 2.04%, compared with 0.00% for ADDS.

What is the main difference between HECA and ADDS?

HECA is categorized as Global Allocation, while ADDS is Multi-factor. Their fees differ too: 1.02% for HECA and 0.70% for ADDS.