HECA vs. CPIEX

Last updated Jun 4, 2026

HECA (Hedgeye Capital Allocation ETF) and CPIEX (Counterpoint Tactical Equity Fund) are both funds - HECA is a Global Allocation fund actively managed by Hedgeye, while CPIEX is a Long-Short fund managed by Counterpoint Mutual Funds. At a 0.49 correlation, their price movements are largely independent. HECA charges 1.02%/yr vs 1.75%/yr for CPIEX.

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.

Returns By Period

In the year-to-date period, HECA achieves a 0.22% return, which is significantly lower than CPIEX's 11.41% return.

HECA

• 1D: -0.75%
• 1M: -0.29%
• YTD: 0.22%
• 6M: -0.08%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPIEX

• 1D: 0.67%
• 1M: 6.12%
• YTD: 11.41%
• 6M: 12.50%
• 1Y: 16.81%
• 3Y*: 22.25%
• 5Y*: 23.61%
• 10Y*: 8.95%

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

HECA vs. CPIEX - Yearly Performance Comparison

	2026 (YTD)	2025
HECA Hedgeye Capital Allocation ETF	0.22%	12.83%
CPIEX Counterpoint Tactical Equity Fund	11.41%	5.30%

Correlation

The correlation between HECA and CPIEX is 0.49, 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 Jul 2, 2025	0.49

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: 30
CPIEX Sharpe Ratio Rank: 27
CPIEX Sortino Ratio Rank: 24
CPIEX Omega Ratio Rank: 25
CPIEX Calmar Ratio Rank: 39
CPIEX Martin Ratio Rank: 36

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	—	1.48	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.88	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.71	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.15	0.62	+0.53

Drawdowns

HECA vs. CPIEX - Drawdown Comparison

The maximum HECA drawdown since its inception was -11.81%, 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	-11.81%	-48.20%	+36.39%
Max Drawdown (1Y) Largest decline over 1 year	—	-7.14%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-7.30%	—
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	-10.09%	0.00%	-10.09%
Average Drawdown Average peak-to-trough decline	-3.15%	-9.88%	+6.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.10%	—

Volatility

Volatility by Period

	HECA	CPIEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.33%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.11%	—
Volatility (1Y) Calculated over the trailing 1-year period	12.44%	11.46%	+0.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.44%	12.60%	-0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.44%	12.72%	-0.28%

HECA vs. CPIEX - Expense Ratio Comparison

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

Dividends

HECA vs. CPIEX - Dividend Comparison

HECA's dividend yield for the trailing twelve months is around 2.01%, less than CPIEX's 4.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CPIEX Counterpoint Tactical Equity Fund	4.99%	5.56%	2.16%	2.44%	3.05%	0.00%	0.00%	0.00%	3.40%	5.93%
HECA Hedgeye Capital Allocation ETF	2.01%	2.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HECA and CPIEX in my portfolio?

HECA and CPIEX have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.