HECA vs. KEAT

Last updated Jun 4, 2026

HECA (Hedgeye Capital Allocation ETF) and KEAT (Keating Active ETF) are both Global Allocation funds. Both are actively managed. At a 0.47 correlation, their price movements are largely independent. HECA charges 1.02%/yr vs 0.85%/yr for KEAT.

Performance

HECA vs. KEAT - Performance Comparison

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

Returns By Period

In the year-to-date period, HECA achieves a 0.22% return, which is significantly lower than KEAT's 9.05% return.

HECA

• 1D: -0.75%
• 1M: -0.29%
• YTD: 0.22%
• 6M: -0.08%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

KEAT

• 1D: -0.72%
• 1M: -1.47%
• YTD: 9.05%
• 6M: 9.91%
• 1Y: 24.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HECA vs. KEAT - Yearly Performance Comparison

	2026 (YTD)	2025
HECA Hedgeye Capital Allocation ETF	0.22%	12.83%
KEAT Keating Active ETF	9.05%	13.54%

Correlation

The correlation between HECA and KEAT is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 2, 2025	0.47

Return for Risk

HECA vs. KEAT — Risk / Return Rank

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

KEAT

KEAT Risk / Return Rank: 73
KEAT Sharpe Ratio Rank: 75
KEAT Sortino Ratio Rank: 73
KEAT Omega Ratio Rank: 73
KEAT Calmar Ratio Rank: 80
KEAT Martin Ratio Rank: 63

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. KEAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hedgeye Capital Allocation ETF (HECA) and Keating Active ETF (KEAT). 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	KEAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.44	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.15	1.52	-0.37

Drawdowns

HECA vs. KEAT - Drawdown Comparison

The maximum HECA drawdown since its inception was -11.81%, which is greater than KEAT's maximum drawdown of -7.45%. Use the drawdown chart below to compare losses from any high point for HECA and KEAT.

Drawdown Indicators

	HECA	KEAT	Difference
Max Drawdown Largest peak-to-trough decline	-11.81%	-7.45%	-4.36%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.04%	—
Current Drawdown Current decline from peak	-10.09%	-5.92%	-4.17%
Average Drawdown Average peak-to-trough decline	-3.15%	-1.57%	-1.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.20%	—

Volatility

Volatility by Period

	HECA	KEAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.55%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.32%	—
Volatility (1Y) Calculated over the trailing 1-year period	12.44%	10.25%	+2.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.44%	10.27%	+2.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.44%	10.27%	+2.17%

HECA vs. KEAT - Expense Ratio Comparison

HECA has a 1.02% expense ratio, which is higher than KEAT's 0.85% expense ratio.

Dividends

HECA vs. KEAT - Dividend Comparison

HECA's dividend yield for the trailing twelve months is around 2.01%, less than KEAT's 2.25% yield.

Position	TTM	2025	2024
HECA Hedgeye Capital Allocation ETF	2.01%	2.02%	0.00%
KEAT Keating Active ETF	2.25%	2.48%	1.72%

Frequently Asked Questions

Can I hold both HECA and KEAT in my portfolio?

HECA and KEAT have a correlation of 0.47, 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 KEAT?

On fees, KEAT is cheaper at 0.85% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HECA or KEAT?

KEAT is cheaper with a 0.85% expense ratio, compared with 1.02% for HECA.

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

KEAT has the higher dividend yield at 2.25%, compared with 2.01% for HECA.

What is the main difference between HECA and KEAT?

They also come from different issuers: Hedgeye and Keating. Their fees differ too: 1.02% for HECA and 0.85% for KEAT.