HECA vs. HEFT

Last updated Jun 24, 2026

HECA (Hedgeye Capital Allocation ETF) and HEFT (Hedgeye Fourth Turning ETF) are both exchange-traded funds - HECA is a Global Allocation fund actively managed by Hedgeye, while HEFT is a Long-Short fund actively managed by Hedgeye. Both are actively managed. A 0.56 correlation means they provide meaningful diversification when combined. HECA charges 1.02%/yr vs 0.70%/yr for HEFT.

Performance

HECA vs. HEFT - Performance Comparison

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

Returns By Period

In the year-to-date period, HECA achieves a -1.95% return, which is significantly lower than HEFT's 4.04% return.

HECA

• 1D: 0.22%
• 1M: -1.60%
• YTD: -1.95%
• 6M: -2.38%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

HEFT

• 1D: -1.29%
• 1M: -2.35%
• YTD: 4.04%
• 6M: 2.58%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HECA vs. HEFT - Yearly Performance Comparison

	2026 (YTD)	2025
HECA Hedgeye Capital Allocation ETF	-1.95%	2.53%
HEFT Hedgeye Fourth Turning ETF	4.04%	1.10%

Correlation

The correlation between HECA and HEFT is 0.56, 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 Nov 21, 2025	0.56

Return for Risk

HECA vs. HEFT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hedgeye Capital Allocation ETF (HECA) and Hedgeye Fourth Turning ETF (HEFT). 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. HEFT - Drawdown Comparison

The maximum HECA drawdown since its inception was -12.82%, which is greater than HEFT's maximum drawdown of -9.17%. Use the drawdown chart below to compare losses from any high point for HECA and HEFT.

Drawdown Indicators

	HECA	HEFT	Difference
Max Drawdown Largest peak-to-trough decline	-12.82%	-9.17%	-3.65%
Current Drawdown Current decline from peak	-12.04%	-6.13%	-5.91%
Average Drawdown Average peak-to-trough decline	-3.61%	-3.32%	-0.29%

Volatility

Volatility by Period

	HECA	HEFT	Difference
Volatility (1Y) Calculated over the trailing 1-year period	12.59%	13.50%	-0.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.59%	13.50%	-0.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.59%	13.50%	-0.91%

HECA vs. HEFT - Expense Ratio Comparison

HECA has a 1.02% expense ratio, which is higher than HEFT's 0.70% expense ratio.

Dividends

HECA vs. HEFT - Dividend Comparison

HECA's dividend yield for the trailing twelve months is around 2.06%, more than HEFT's 0.02% yield.

Position	TTM	2025
HECA Hedgeye Capital Allocation ETF	2.06%	2.02%
HEFT Hedgeye Fourth Turning ETF	0.02%	0.02%

Frequently Asked Questions

Can I hold both HECA and HEFT in my portfolio?

HECA and HEFT have a correlation of 0.56, 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 HEFT?

On fees, HEFT is cheaper at 0.70% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HECA or HEFT?

HEFT is cheaper with a 0.70% expense ratio, compared with 1.02% for HECA.

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

HECA has the higher dividend yield at 2.06%, compared with 0.02% for HEFT.

What is the main difference between HECA and HEFT?

HECA is categorized as Global Allocation, while HEFT is Long-Short. Their fees differ too: 1.02% for HECA and 0.70% for HEFT.