HECA vs. ENDW

Last updated Aug 4, 2026

HECA (Hedgeye Capital Allocation ETF) and ENDW (Cambria Endowment Style ETF) are both Global Allocation funds. Both are actively managed. Over the past year, HECA returned 12.07% vs 24.33% for ENDW. Their 0.60 correlation means they have sometimes moved together and sometimes differently. HECA charges 1.02%/yr vs 0.29%/yr for ENDW.

Performance

HECA vs. ENDW - Performance Comparison

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

Returns By Period

In the year-to-date period, HECA achieves a -0.78% return, which is significantly lower than ENDW's 12.07% return.

HECA

• 1D: 0.68%
• 1M: 0.20%
• 6M: -4.74%
• YTD: -0.78%
• 1Y: 12.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.91%

ENDW

• 1D: 0.33%
• 1M: 2.47%
• 6M: 7.66%
• YTD: 12.07%
• 1Y: 24.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 32.57%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ENDW Cambria Endowment Style ETF	$369.11K	$542.84K	$398.41K
HECA Hedgeye Capital Allocation ETF	$1.58M	$1.84M	$3.67M

HECA vs. ENDW - Yearly Performance Comparison

	2026 (YTD)	2025
HECA Hedgeye Capital Allocation ETF	-0.78%	12.83%
ENDW Cambria Endowment Style ETF	12.07%	12.39%

Correlation

The correlation between HECA and ENDW is 0.58, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.58
Correlation (All Time) Calculated using the full available price history since Jul 1, 2025	0.60

The correlation between HECA and ENDW has been stable across timeframes, ranging from 0.58 to 0.60 - a consistent structural relationship.

Return for Risk

HECA vs. ENDW — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HECA

HECA Risk / Return Rank: 33
HECA Sharpe Ratio Rank: 38
HECA Sortino Ratio Rank: 37
HECA Omega Ratio Rank: 38
HECA Calmar Ratio Rank: 29
HECA Martin Ratio Rank: 24

ENDW

ENDW Risk / Return Rank: 89
ENDW Sharpe Ratio Rank: 90
ENDW Sortino Ratio Rank: 89
ENDW Omega Ratio Rank: 90
ENDW Calmar Ratio Rank: 88
ENDW Martin Ratio Rank: 90

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HECA vs. ENDW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hedgeye Capital Allocation ETF (HECA) and Cambria Endowment Style ETF (ENDW). 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	ENDW	Difference
Sharpe ratio: Return per unit of total volatility	0.98	2.35	-1.37
Sortino ratio: Return per unit of downside risk	1.43	3.17	-1.74
Omega ratio: Gain probability vs. loss probability	1.18	1.43	-0.24
Calmar ratio: Return relative to maximum drawdown	0.95	3.80	-2.85
Martin ratio: Return relative to average drawdown	1.84	14.68	-12.84

HECA vs. ENDW - Sharpe Ratio Comparison

The current HECA Sharpe Ratio is 0.98, which is lower than the ENDW Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of HECA and ENDW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HECA vs. ENDW - Drawdown Comparison

The maximum HECA drawdown since its inception was -12.82%, which is greater than ENDW's maximum drawdown of -6.44%. Use the drawdown chart below to compare losses from any high point for HECA and ENDW.

Drawdown Indicators

	HECA	ENDW	Difference
Max Drawdown Largest peak-to-trough decline	-12.82%	-6.44%	-6.38%
Max Drawdown (1Y) Largest decline over 1 year	-12.82%	-6.44%	-6.38%
Current Drawdown Current decline from peak	-10.99%	0.00%	-10.99%
Average Drawdown Average peak-to-trough decline	-4.40%	-0.86%	-3.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.58%	1.66%	+4.92%

Volatility

HECA vs. ENDW - Volatility Comparison

The current volatility for Hedgeye Capital Allocation ETF (HECA) is 1.60%, while Cambria Endowment Style ETF (ENDW) has a volatility of 2.44%. This indicates that HECA experiences smaller price fluctuations and is considered to be less risky than ENDW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HECA	ENDW	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.60%	2.44%	-0.84%
Volatility (6M) Calculated over the trailing 6-month period	8.05%	7.95%	+0.10%
Volatility (1Y) Calculated over the trailing 1-year period	12.42%	10.43%	+1.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.03%	11.01%	+1.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.03%	11.01%	+1.02%

HECA vs. ENDW - Expense Ratio Comparison

HECA has a 1.02% expense ratio, which is higher than ENDW's 0.29% expense ratio.

Dividends

HECA vs. ENDW - Dividend Comparison

HECA's dividend yield for the trailing twelve months is around 2.03%, less than ENDW's 2.43% yield.

Position	TTM	2025
ENDW Cambria Endowment Style ETF	2.43%	1.91%
HECA Hedgeye Capital Allocation ETF	2.03%	2.02%

Frequently Asked Questions

Can I hold both HECA and ENDW in my portfolio?

HECA and ENDW have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HECA or ENDW?

ENDW has higher volatility (2.44%) compared to HECA (1.60%). In terms of maximum drawdown, HECA dropped -12.82% vs ENDW's -6.44%.

Which ETF is better, HECA or ENDW?

On 1-year performance, ENDW leads with 24.33% vs 12.07% for HECA. On fees, ENDW is cheaper at 0.29% per year. On volatility, HECA has been the lower-risk option at 1.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HECA or ENDW?

Over the 1-year period, ENDW has performed better with a 24.33% return vs 12.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HECA or ENDW?

ENDW is cheaper with a 0.29% expense ratio, compared with 1.02% for HECA.

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

ENDW has the higher dividend yield at 2.43%, compared with 2.03% for HECA.

What is the main difference between HECA and ENDW?

They also come from different issuers: Hedgeye and Cambria. Their fees differ too: 1.02% for HECA and 0.29% for ENDW.

Which has better risk-adjusted returns?

ENDW currently has the higher Sharpe Ratio (2.35 vs 0.98), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.