HECA vs. EZRO

Last updated Jun 21, 2026

HECA (Hedgeye Capital Allocation ETF) and EZRO (AlphaDroid Defensive Sector Rotation ETF) are both exchange-traded funds - HECA is a Global Allocation fund actively managed by Hedgeye, while EZRO is a Tactical Allocation fund actively managed by AlphaDroid. Both are actively managed. At a 0.48 correlation, their price movements are largely independent. HECA charges 1.02%/yr vs 1.01%/yr for EZRO.

Performance

HECA vs. EZRO - Performance Comparison

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

Returns By Period

In the year-to-date period, HECA achieves a -2.82% return, which is significantly lower than EZRO's 4.97% return.

HECA

• 1D: -0.04%
• 1M: -2.18%
• YTD: -2.82%
• 6M: -2.69%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

EZRO

• 1D: 2.13%
• 1M: -5.00%
• YTD: 4.97%
• 6M: 5.11%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HECA vs. EZRO - Yearly Performance Comparison

	2026 (YTD)	2025
HECA Hedgeye Capital Allocation ETF	-2.82%	-2.60%
EZRO AlphaDroid Defensive Sector Rotation ETF	4.97%	-3.19%

Correlation

The correlation between HECA and EZRO is 0.48, 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 Oct 16, 2025	0.48

Return for Risk

HECA vs. EZRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hedgeye Capital Allocation ETF (HECA) and AlphaDroid Defensive Sector Rotation ETF (EZRO). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Drawdowns

HECA vs. EZRO - Drawdown Comparison

The maximum HECA drawdown since its inception was -12.82%, which is greater than EZRO's maximum drawdown of -12.08%. Use the drawdown chart below to compare losses from any high point for HECA and EZRO.

Drawdown Indicators

	HECA	EZRO	Difference
Max Drawdown Largest peak-to-trough decline	-12.82%	-12.08%	-0.74%
Current Drawdown Current decline from peak	-12.82%	-6.82%	-6.00%
Average Drawdown Average peak-to-trough decline	-3.54%	-3.88%	+0.34%

Volatility

Volatility by Period

	HECA	EZRO	Difference
Volatility (1Y) Calculated over the trailing 1-year period	12.62%	20.68%	-8.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.62%	20.68%	-8.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.62%	20.68%	-8.06%

HECA vs. EZRO - Expense Ratio Comparison

HECA has a 1.02% expense ratio, which is higher than EZRO's 1.01% expense ratio.

Dividends

HECA vs. EZRO - Dividend Comparison

HECA's dividend yield for the trailing twelve months is around 2.08%, while EZRO has not paid dividends to shareholders.

Position	TTM	2025
EZRO AlphaDroid Defensive Sector Rotation ETF	0.00%	0.00%
HECA Hedgeye Capital Allocation ETF	2.08%	2.02%

Frequently Asked Questions

Can I hold both HECA and EZRO in my portfolio?

HECA and EZRO have a correlation of 0.48, 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 EZRO?

On fees, EZRO is cheaper at 1.01% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HECA or EZRO?

EZRO is cheaper with a 1.01% expense ratio, compared with 1.02% for HECA.

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

HECA has the higher dividend yield at 2.08%, compared with 0.00% for EZRO.

What is the main difference between HECA and EZRO?

HECA is categorized as Global Allocation, while EZRO is Tactical Allocation. They also come from different issuers: Hedgeye and AlphaDroid. Their fees differ too: 1.02% for HECA and 1.01% for EZRO.