HECA vs. HFGM

Last updated Apr 2, 2026

Compare and contrast key facts about Hedgeye Capital Allocation ETF (HECA) and Unlimited HFGM Global Macro ETF (HFGM).

HECA and HFGM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HECA is an actively managed fund by Hedgeye. It was launched on Jun 30, 2025. HFGM is an actively managed fund by Unlimited. It was launched on Apr 14, 2025.

Performance

HECA vs. HFGM - Performance Comparison

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

HECA vs. HFGM - Yearly Performance Comparison

	2026 (YTD)	2025
HECA Hedgeye Capital Allocation ETF	3.58%	12.83%
HFGM Unlimited HFGM Global Macro ETF	12.76%	19.38%

Returns By Period

In the year-to-date period, HECA achieves a 3.58% return, which is significantly lower than HFGM's 12.76% return.

HECA

• 1D: -0.80%
• 1M: -5.76%
• YTD: 3.58%
• 6M: 5.63%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

HFGM

• 1D: 1.43%
• 1M: -4.15%
• YTD: 12.76%
• 6M: 12.50%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HECA vs. HFGM - Expense Ratio Comparison

HECA has a 1.02% expense ratio, which is higher than HFGM's 0.95% expense ratio.

HECA

Hedgeye Capital Allocation ETF

HFGM

Unlimited HFGM Global Macro ETF

Return for Risk

HECA vs. HFGM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hedgeye Capital Allocation ETF (HECA) and Unlimited HFGM Global Macro ETF (HFGM). 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.

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

Sharpe Ratios by Period

	HECA	HFGM	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.78	1.96	-0.18

Correlation

The correlation between HECA and HFGM is 0.64, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

HECA vs. HFGM - Dividend Comparison

HECA's dividend yield for the trailing twelve months is around 1.95%, less than HFGM's 9.96% yield.

	TTM	2025
HECA Hedgeye Capital Allocation ETF	1.95%	2.02%
HFGM Unlimited HFGM Global Macro ETF	9.96%	11.23%

Drawdowns

HECA vs. HFGM - Drawdown Comparison

The maximum HECA drawdown since its inception was -7.07%, smaller than the maximum HFGM drawdown of -10.66%. Use the drawdown chart below to compare losses from any high point for HECA and HFGM.

Drawdown Indicators

	HECA	HFGM	Difference
Max Drawdown Largest peak-to-trough decline	-7.07%	-10.66%	+3.59%
Current Drawdown Current decline from peak	-7.07%	-7.09%	+0.02%
Average Drawdown Average peak-to-trough decline	-1.56%	-2.34%	+0.78%

Volatility

Volatility by Period

	HECA	HFGM	Difference
Volatility (1Y) Calculated over the trailing 1-year period	12.98%	23.05%	-10.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.98%	23.05%	-10.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.98%	23.05%	-10.07%