HECA vs. GDMA

Last updated Aug 4, 2026

HECA (Hedgeye Capital Allocation ETF) and GDMA (Gadsden Dynamic Multi-Asset ETF) are both Global Allocation funds. Both are actively managed. Over the past year, HECA returned 12.07% vs 25.45% for GDMA. Their 0.52 correlation means they have sometimes moved together and sometimes differently. HECA charges 1.02%/yr vs 0.77%/yr for GDMA.

Performance

HECA vs. GDMA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hedgeye Capital Allocation ETF (HECA) and Gadsden Dynamic Multi-Asset ETF (GDMA). 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 GDMA's 10.81% return.

HECA

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

GDMA

• 1D: 0.23%
• 1M: 2.62%
• 6M: 2.76%
• YTD: 10.81%
• 1Y: 25.45%
• 3Y*: 16.35%
• 5Y*: 8.64%
• 10Y*: —
• ALL TIME*: 9.47%

*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)
GDMA Gadsden Dynamic Multi-Asset ETF	$1.65M	$977.89K	$702.65K
HECA Hedgeye Capital Allocation ETF	$1.58M	$1.84M	$3.67M

HECA vs. GDMA - Yearly Performance Comparison

	2026 (YTD)	2025
HECA Hedgeye Capital Allocation ETF	-0.78%	12.83%
GDMA Gadsden Dynamic Multi-Asset ETF	10.81%	13.95%

Correlation

The correlation between HECA and GDMA is 0.51, 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.	0.51
Correlation (All Time) Calculated using the full available price history since Jul 1, 2025	0.52

The correlation between HECA and GDMA has been stable across timeframes, ranging from 0.51 to 0.52 - a consistent structural relationship.

Return for Risk

HECA vs. GDMA — 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

GDMA

GDMA Risk / Return Rank: 70
GDMA Sharpe Ratio Rank: 68
GDMA Sortino Ratio Rank: 61
GDMA Omega Ratio Rank: 72
GDMA Calmar Ratio Rank: 85
GDMA Martin Ratio Rank: 63

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. GDMA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hedgeye Capital Allocation ETF (HECA) and Gadsden Dynamic Multi-Asset ETF (GDMA). 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	GDMA	Difference
Sharpe ratio: Return per unit of total volatility	0.98	1.63	-0.65
Sortino ratio: Return per unit of downside risk	1.43	2.13	-0.70
Omega ratio: Gain probability vs. loss probability	1.18	1.31	-0.13
Calmar ratio: Return relative to maximum drawdown	0.95	3.39	-2.45
Martin ratio: Return relative to average drawdown	1.84	7.87	-6.04

HECA vs. GDMA - Sharpe Ratio Comparison

The current HECA Sharpe Ratio is 0.98, which is lower than the GDMA Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of HECA and GDMA, 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. GDMA - Drawdown Comparison

The maximum HECA drawdown since its inception was -12.82%, smaller than the maximum GDMA drawdown of -16.66%. Use the drawdown chart below to compare losses from any high point for HECA and GDMA.

Drawdown Indicators

	HECA	GDMA	Difference
Max Drawdown Largest peak-to-trough decline	-12.82%	-16.66%	+3.84%
Max Drawdown (1Y) Largest decline over 1 year	-12.82%	-7.53%	-5.29%
Max Drawdown (3Y) Largest decline over 3 years	—	-7.53%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-12.74%	—
Current Drawdown Current decline from peak	-10.99%	-2.99%	-8.00%
Average Drawdown Average peak-to-trough decline	-4.40%	-3.79%	-0.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.58%	3.24%	+3.34%

Volatility

HECA vs. GDMA - Volatility Comparison

The current volatility for Hedgeye Capital Allocation ETF (HECA) is 1.60%, while Gadsden Dynamic Multi-Asset ETF (GDMA) has a volatility of 2.55%. This indicates that HECA experiences smaller price fluctuations and is considered to be less risky than GDMA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HECA	GDMA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.60%	2.55%	-0.95%
Volatility (6M) Calculated over the trailing 6-month period	8.05%	13.16%	-5.11%
Volatility (1Y) Calculated over the trailing 1-year period	12.42%	15.76%	-3.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.03%	10.24%	+1.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.03%	11.39%	+0.64%

HECA vs. GDMA - Expense Ratio Comparison

HECA has a 1.02% expense ratio, which is higher than GDMA's 0.77% expense ratio.

Dividends

HECA vs. GDMA - Dividend Comparison

HECA's dividend yield for the trailing twelve months is around 2.03%, less than GDMA's 2.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
GDMA Gadsden Dynamic Multi-Asset ETF	2.52%	2.79%	2.32%	4.14%	1.18%	2.10%	0.62%	3.17%
HECA Hedgeye Capital Allocation ETF	2.03%	2.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HECA and GDMA in my portfolio?

HECA and GDMA have a correlation of 0.51, 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 GDMA?

GDMA has higher volatility (2.55%) compared to HECA (1.60%). In terms of maximum drawdown, HECA dropped -12.82% vs GDMA's -16.66%.

Which ETF is better, HECA or GDMA?

On 1-year performance, GDMA leads with 25.45% vs 12.07% for HECA. On fees, GDMA is cheaper at 0.77% 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 GDMA?

Over the 1-year period, GDMA has performed better with a 25.45% 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 GDMA?

GDMA is cheaper with a 0.77% expense ratio, compared with 1.02% for HECA.

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

GDMA has the higher dividend yield at 2.52%, compared with 2.03% for HECA.

What is the main difference between HECA and GDMA?

They also come from different issuers: Hedgeye and Gadsden. Their fees differ too: 1.02% for HECA and 0.77% for GDMA.

Which has better risk-adjusted returns?

GDMA currently has the higher Sharpe Ratio (1.63 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.