HECA vs. GOLY

Last updated Jul 15, 2026

HECA (Hedgeye Capital Allocation ETF) and GOLY (Strategy Shares Gold-Hedged Bond ETF) are both exchange-traded funds - HECA is a Global Allocation fund actively managed by Hedgeye, while GOLY is a Nontraditional Bonds fund tracking the Solactive Gold-Backed Bond Index. HECA is actively managed, while GOLY is passively managed. Over the past year, HECA returned 11.08% vs -8.83% for GOLY. At a 0.24 correlation, their price movements are largely independent. HECA charges 1.02%/yr vs 0.79%/yr for GOLY.

Performance

HECA vs. GOLY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hedgeye Capital Allocation ETF (HECA) and Strategy Shares Gold-Hedged Bond ETF (GOLY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HECA achieves a -1.05% return, which is significantly higher than GOLY's -26.72% return.

HECA

• 1D: 0.37%
• 1M: 0.59%
• 6M: -4.87%
• YTD: -1.05%
• 1Y: 11.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GOLY

• 1D: 1.08%
• 1M: -4.85%
• 6M: -30.19%
• YTD: -26.72%
• 1Y: -8.83%
• 3Y*: 13.49%
• 5Y*: 4.12%
• 10Y*: —

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

HECA vs. GOLY - Yearly Performance Comparison

	2026 (YTD)	2025
HECA Hedgeye Capital Allocation ETF	-1.05%	12.83%
GOLY Strategy Shares Gold-Hedged Bond ETF	-26.72%	25.25%

Correlation

The correlation between HECA and GOLY is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (All Time) Calculated using the full available price history since Jul 1, 2025	0.24

Return for Risk

HECA vs. GOLY — Risk / Return Rank

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

HECA

HECA Risk / Return Rank: 26
HECA Sharpe Ratio Rank: 30
HECA Sortino Ratio Rank: 29
HECA Omega Ratio Rank: 29
HECA Calmar Ratio Rank: 22
HECA Martin Ratio Rank: 20

GOLY

GOLY Risk / Return Rank: 7
GOLY Sharpe Ratio Rank: 7
GOLY Sortino Ratio Rank: 7
GOLY Omega Ratio Rank: 7
GOLY Calmar Ratio Rank: 7
GOLY Martin Ratio Rank: 7

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. GOLY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hedgeye Capital Allocation ETF (HECA) and Strategy Shares Gold-Hedged Bond ETF (GOLY). 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	GOLY	Difference
Sharpe ratio: Return per unit of total volatility	0.89	-0.26	+1.16
Sortino ratio: Return per unit of downside risk	1.32	-0.13	+1.45
Omega ratio: Gain probability vs. loss probability	1.17	0.98	+0.19
Calmar ratio: Return relative to maximum drawdown	0.87	-0.24	+1.10
Martin ratio: Return relative to average drawdown	1.85	-0.51	+2.36

HECA vs. GOLY - Sharpe Ratio Comparison

The current HECA Sharpe Ratio is 0.89, which is higher than the GOLY Sharpe Ratio of -0.26. The chart below compares the historical Sharpe Ratios of HECA and GOLY, 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. GOLY - Drawdown Comparison

The maximum HECA drawdown since its inception was -12.82%, smaller than the maximum GOLY drawdown of -37.45%. Use the drawdown chart below to compare losses from any high point for HECA and GOLY.

Drawdown Indicators

	HECA	GOLY	Difference
Max Drawdown Largest peak-to-trough decline	-12.82%	-37.45%	+24.63%
Max Drawdown (1Y) Largest decline over 1 year	-12.82%	-37.45%	+24.63%
Max Drawdown (3Y) Largest decline over 3 years	—	-37.45%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-37.45%	—
Current Drawdown Current decline from peak	-11.23%	-36.77%	+25.54%
Average Drawdown Average peak-to-trough decline	-4.03%	-12.32%	+8.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.01%	17.20%	-11.19%

Volatility

HECA vs. GOLY - Volatility Comparison

The current volatility for Hedgeye Capital Allocation ETF (HECA) is 1.57%, while Strategy Shares Gold-Hedged Bond ETF (GOLY) has a volatility of 7.50%. This indicates that HECA experiences smaller price fluctuations and is considered to be less risky than GOLY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HECA	GOLY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.57%	7.50%	-5.93%
Volatility (6M) Calculated over the trailing 6-month period	8.52%	30.40%	-21.88%
Volatility (1Y) Calculated over the trailing 1-year period	12.44%	33.95%	-21.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.28%	22.70%	-10.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.28%	22.45%	-10.17%

HECA vs. GOLY - Expense Ratio Comparison

HECA has a 1.02% expense ratio, which is higher than GOLY's 0.79% expense ratio.

Dividends

HECA vs. GOLY - Dividend Comparison

HECA's dividend yield for the trailing twelve months is around 2.04%, less than GOLY's 9.43% yield.

Position	TTM	2025	2024	2023	2022	2021
GOLY Strategy Shares Gold-Hedged Bond ETF	9.43%	7.22%	3.85%	2.94%	2.57%	1.11%
HECA Hedgeye Capital Allocation ETF	2.04%	2.02%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HECA and GOLY in my portfolio?

HECA and GOLY have a correlation of 0.24, 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 GOLY?

GOLY has higher volatility (7.50%) compared to HECA (1.57%). In terms of maximum drawdown, HECA dropped -12.82% vs GOLY's -37.45%.

Which ETF is better, HECA or GOLY?

On 1-year performance, HECA leads with 11.08% vs -8.83% for GOLY. On fees, GOLY is cheaper at 0.79% per year. On volatility, HECA has been the lower-risk option at 1.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HECA or GOLY?

Over the 1-year period, HECA has performed better with a 11.08% return vs -8.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HECA or GOLY?

GOLY is cheaper with a 0.79% expense ratio, compared with 1.02% for HECA.

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

GOLY has the higher dividend yield at 9.43%, compared with 2.04% for HECA.

What is the main difference between HECA and GOLY?

HECA is categorized as Global Allocation, while GOLY is Nontraditional Bonds. They also come from different issuers: Hedgeye and Strategy Shares. Their fees differ too: 1.02% for HECA and 0.79% for GOLY.

Which has better risk-adjusted returns?

HECA currently has the higher Sharpe Ratio (0.89 vs -0.26), 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.