HECA vs. CPIEX

Last updated Apr 1, 2026

Compare and contrast key facts about Hedgeye Capital Allocation ETF (HECA) and Counterpoint Tactical Equity Fund (CPIEX).

HECA is an actively managed fund by Hedgeye. It was launched on Jun 30, 2025. CPIEX is managed by Counterpoint Mutual Funds. It was launched on Nov 29, 2015.

Performance

HECA vs. CPIEX - Performance Comparison

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

HECA vs. CPIEX - Yearly Performance Comparison

	2026 (YTD)	2025
HECA Hedgeye Capital Allocation ETF	4.41%	12.83%
CPIEX Counterpoint Tactical Equity Fund	-1.52%	5.30%

Returns By Period

In the year-to-date period, HECA achieves a 4.41% return, which is significantly higher than CPIEX's -1.52% return.

HECA

• 1D: -0.10%
• 1M: -5.25%
• YTD: 4.41%
• 6M: 7.77%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPIEX

• 1D: -0.61%
• 1M: -3.81%
• YTD: -1.52%
• 6M: -1.62%
• 1Y: 3.83%
• 3Y*: 17.99%
• 5Y*: 23.35%
• 10Y*: 7.66%

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

HECA vs. CPIEX - Expense Ratio Comparison

HECA has a 1.02% expense ratio, which is lower than CPIEX's 1.75% expense ratio.

CPIEX

Counterpoint Tactical Equity Fund

HECA

Hedgeye Capital Allocation ETF

Return for Risk

HECA vs. CPIEX — Risk / Return Rank

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

CPIEX

CPIEX Risk / Return Rank: 18
CPIEX Sharpe Ratio Rank: 16
CPIEX Sortino Ratio Rank: 15
CPIEX Omega Ratio Rank: 13
CPIEX Calmar Ratio Rank: 24
CPIEX Martin Ratio Rank: 21

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. CPIEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hedgeye Capital Allocation ETF (HECA) and Counterpoint Tactical Equity Fund (CPIEX). 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

	HECA	CPIEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.41	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.83	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.60	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.90	0.53	+1.37

Correlation

The correlation between HECA and CPIEX is 0.55, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

HECA vs. CPIEX - Dividend Comparison

HECA's dividend yield for the trailing twelve months is around 1.93%, less than CPIEX's 5.65% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
HECA Hedgeye Capital Allocation ETF	1.93%	2.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
CPIEX Counterpoint Tactical Equity Fund	5.65%	5.56%	2.16%	2.44%	3.05%	0.00%	0.00%	0.00%	3.40%	5.93%

Drawdowns

HECA vs. CPIEX - Drawdown Comparison

The maximum HECA drawdown since its inception was -6.33%, smaller than the maximum CPIEX drawdown of -48.20%. Use the drawdown chart below to compare losses from any high point for HECA and CPIEX.

Drawdown Indicators

	HECA	CPIEX	Difference
Max Drawdown Largest peak-to-trough decline	-6.33%	-48.20%	+41.87%
Max Drawdown (1Y) Largest decline over 1 year	—	-7.14%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-9.76%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-48.20%	—
Current Drawdown Current decline from peak	-6.33%	-5.06%	-1.27%
Average Drawdown Average peak-to-trough decline	-1.53%	-10.03%	+8.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.19%	—

Volatility

Volatility by Period

	HECA	CPIEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.93%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.05%	—
Volatility (1Y) Calculated over the trailing 1-year period	12.97%	11.08%	+1.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.97%	12.86%	+0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.97%	12.71%	+0.26%