HECA vs. GRNY

Last updated Jun 21, 2026

HECA (Hedgeye Capital Allocation ETF) and GRNY (Fundstrat Granny Shots U.S. Large Cap ETF) are both exchange-traded funds - HECA is a Global Allocation fund actively managed by Hedgeye, while GRNY is a Large Cap Blend Equities fund actively managed by Tidal ETFs. Both are actively managed. A 0.54 correlation means they provide meaningful diversification when combined. HECA charges 1.02%/yr vs 0.75%/yr for GRNY.

Performance

HECA vs. GRNY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hedgeye Capital Allocation ETF (HECA) and Fundstrat Granny Shots U.S. Large Cap ETF (GRNY). 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 GRNY's 11.03% return.

HECA

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

GRNY

• 1D: 0.70%
• 1M: 2.31%
• YTD: 11.03%
• 6M: 9.83%
• 1Y: 28.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HECA vs. GRNY - Yearly Performance Comparison

	2026 (YTD)	2025
HECA Hedgeye Capital Allocation ETF	-2.82%	12.83%
GRNY Fundstrat Granny Shots U.S. Large Cap ETF	11.03%	9.17%

Correlation

The correlation between HECA and GRNY 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 1, 2025	0.54

Return for Risk

HECA vs. GRNY — Risk / Return Rank

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

HECA

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

GRNY

GRNY Risk / Return Rank: 46
GRNY Sharpe Ratio Rank: 47
GRNY Sortino Ratio Rank: 44
GRNY Omega Ratio Rank: 42
GRNY Calmar Ratio Rank: 51
GRNY Martin Ratio Rank: 46

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. GRNY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hedgeye Capital Allocation ETF (HECA) and Fundstrat Granny Shots U.S. Large Cap ETF (GRNY). 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	GRNY	Difference
Sharpe ratio: Return per unit of total volatility	—	1.56	—
Sortino ratio: Return per unit of downside risk	—	2.11	—
Omega ratio: Gain probability vs. loss probability	—	1.26	—
Calmar ratio: Return relative to maximum drawdown	—	2.42	—
Martin ratio: Return relative to average drawdown	—	7.32	—

Drawdowns

HECA vs. GRNY - Drawdown Comparison

The maximum HECA drawdown since its inception was -12.82%, smaller than the maximum GRNY drawdown of -24.18%. Use the drawdown chart below to compare losses from any high point for HECA and GRNY.

Drawdown Indicators

	HECA	GRNY	Difference
Max Drawdown Largest peak-to-trough decline	-12.82%	-24.18%	+11.36%
Max Drawdown (1Y) Largest decline over 1 year	—	-11.63%	—
Current Drawdown Current decline from peak	-12.82%	-0.97%	-11.85%
Average Drawdown Average peak-to-trough decline	-3.54%	-3.96%	+0.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.83%	—

Volatility

Volatility by Period

	HECA	GRNY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.34%	—
Volatility (6M) Calculated over the trailing 6-month period	—	13.26%	—
Volatility (1Y) Calculated over the trailing 1-year period	12.62%	18.01%	-5.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.62%	23.15%	-10.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.62%	23.15%	-10.53%

HECA vs. GRNY - Expense Ratio Comparison

HECA has a 1.02% expense ratio, which is higher than GRNY's 0.75% expense ratio.

Dividends

HECA vs. GRNY - Dividend Comparison

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

Position	TTM	2025
GRNY Fundstrat Granny Shots U.S. Large Cap ETF	0.00%	0.00%
HECA Hedgeye Capital Allocation ETF	2.08%	2.02%

Frequently Asked Questions

Can I hold both HECA and GRNY in my portfolio?

HECA and GRNY 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 GRNY?

On fees, GRNY is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HECA or GRNY?

GRNY is cheaper with a 0.75% expense ratio, compared with 1.02% for HECA.

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

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

What is the main difference between HECA and GRNY?

HECA is categorized as Global Allocation, while GRNY is Large Cap Blend Equities. They also come from different issuers: Hedgeye and Tidal ETFs. Their fees differ too: 1.02% for HECA and 0.75% for GRNY.