HECA vs. ELM

Last updated Jun 4, 2026

HECA (Hedgeye Capital Allocation ETF) and ELM (Elm Market Navigator ETF) are both exchange-traded funds - HECA is a Global Allocation fund actively managed by Hedgeye, while ELM is a Tactical Allocation fund actively managed by Elm. Both are actively managed. A 0.54 correlation means they provide meaningful diversification when combined. HECA charges 1.02%/yr vs 0.24%/yr for ELM.

Performance

HECA vs. ELM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hedgeye Capital Allocation ETF (HECA) and Elm Market Navigator ETF (ELM). 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 ELM's 7.56% return.

HECA

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

ELM

• 1D: -0.58%
• 1M: 2.88%
• YTD: 7.56%
• 6M: 8.51%
• 1Y: 19.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HECA vs. ELM - Yearly Performance Comparison

	2026 (YTD)	2025
HECA Hedgeye Capital Allocation ETF	0.22%	12.83%
ELM Elm Market Navigator ETF	7.56%	8.33%

Correlation

The correlation between HECA and ELM 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 2, 2025	0.54

Return for Risk

HECA vs. ELM — Risk / Return Rank

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

ELM

ELM Risk / Return Rank: 63
ELM Sharpe Ratio Rank: 64
ELM Sortino Ratio Rank: 66
ELM Omega Ratio Rank: 67
ELM Calmar Ratio Rank: 54
ELM Martin Ratio Rank: 62

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. ELM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hedgeye Capital Allocation ETF (HECA) and Elm Market Navigator ETF (ELM). 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	ELM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.13	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.15	1.49	-0.34

Drawdowns

HECA vs. ELM - Drawdown Comparison

The maximum HECA drawdown since its inception was -11.81%, which is greater than ELM's maximum drawdown of -9.02%. Use the drawdown chart below to compare losses from any high point for HECA and ELM.

Drawdown Indicators

	HECA	ELM	Difference
Max Drawdown Largest peak-to-trough decline	-11.81%	-9.02%	-2.79%
Max Drawdown (1Y) Largest decline over 1 year	—	-7.52%	—
Current Drawdown Current decline from peak	-10.09%	-0.58%	-9.51%
Average Drawdown Average peak-to-trough decline	-3.15%	-1.32%	-1.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.81%	—

Volatility

Volatility by Period

	HECA	ELM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.59%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.52%	—
Volatility (1Y) Calculated over the trailing 1-year period	12.44%	9.38%	+3.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.44%	10.27%	+2.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.44%	10.27%	+2.17%

HECA vs. ELM - Expense Ratio Comparison

HECA has a 1.02% expense ratio, which is higher than ELM's 0.24% expense ratio.

Dividends

HECA vs. ELM - Dividend Comparison

HECA's dividend yield for the trailing twelve months is around 2.01%, less than ELM's 2.52% yield.

Position	TTM	2025
ELM Elm Market Navigator ETF	2.52%	2.71%
HECA Hedgeye Capital Allocation ETF	2.01%	2.02%

Frequently Asked Questions

Can I hold both HECA and ELM in my portfolio?

HECA and ELM 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, HECA or ELM?

On fees, ELM is cheaper at 0.24% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HECA or ELM?

ELM is cheaper with a 0.24% expense ratio, compared with 1.02% for HECA.

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

ELM has the higher dividend yield at 2.52%, compared with 2.01% for HECA.

What is the main difference between HECA and ELM?

HECA is categorized as Global Allocation, while ELM is Tactical Allocation. They also come from different issuers: Hedgeye and Elm. Their fees differ too: 1.02% for HECA and 0.24% for ELM.