HECA vs. MMKT

Last updated Jun 25, 2026

HECA (Hedgeye Capital Allocation ETF) and MMKT (Texas Capital Government Money Market ETF) are both exchange-traded funds - HECA is a Global Allocation fund actively managed by Hedgeye, while MMKT is a Money Market fund actively managed by Texas Capital. Both are actively managed. At a correlation of -0.02, they often move in opposite directions. HECA charges 1.02%/yr vs 0.20%/yr for MMKT.

Performance

HECA vs. MMKT - Performance Comparison

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

Returns By Period

In the year-to-date period, HECA achieves a -1.37% return, which is significantly lower than MMKT's 1.65% return.

HECA

• 1D: 0.59%
• 1M: -1.02%
• YTD: -1.37%
• 6M: -2.15%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MMKT

• 1D: 0.01%
• 1M: 0.28%
• YTD: 1.65%
• 6M: 1.74%
• 1Y: 3.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HECA vs. MMKT - Yearly Performance Comparison

	2026 (YTD)	2025
HECA Hedgeye Capital Allocation ETF	-1.37%	12.83%
MMKT Texas Capital Government Money Market ETF	1.65%	2.03%

Correlation

The correlation between HECA and MMKT is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 1, 2025	-0.02

Return for Risk

HECA vs. MMKT — 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.

MMKT

MMKT Risk / Return Rank: 100
MMKT Sharpe Ratio Rank: 100
MMKT Sortino Ratio Rank: 100
MMKT Omega Ratio Rank: 100
MMKT Calmar Ratio Rank: 100
MMKT Martin Ratio Rank: 100

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. MMKT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hedgeye Capital Allocation ETF (HECA) and Texas Capital Government Money Market ETF (MMKT). 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	MMKT	Difference
Sharpe ratio: Return per unit of total volatility	—	16.88	—
Sortino ratio: Return per unit of downside risk	—	63.16	—
Omega ratio: Gain probability vs. loss probability	—	15.82	—
Calmar ratio: Return relative to maximum drawdown	—	152.75	—
Martin ratio: Return relative to average drawdown	—	916.29	—

Drawdowns

HECA vs. MMKT - Drawdown Comparison

The maximum HECA drawdown since its inception was -12.82%, which is greater than MMKT's maximum drawdown of -0.04%. Use the drawdown chart below to compare losses from any high point for HECA and MMKT.

Drawdown Indicators

	HECA	MMKT	Difference
Max Drawdown Largest peak-to-trough decline	-12.82%	-0.04%	-12.78%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.02%	—
Current Drawdown Current decline from peak	-11.52%	0.00%	-11.52%
Average Drawdown Average peak-to-trough decline	-3.64%	-0.00%	-3.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.00%	—

Volatility

Volatility by Period

	HECA	MMKT	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.04%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.13%	—
Volatility (1Y) Calculated over the trailing 1-year period	12.57%	0.23%	+12.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.57%	0.23%	+12.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.57%	0.23%	+12.34%

HECA vs. MMKT - Expense Ratio Comparison

HECA has a 1.02% expense ratio, which is higher than MMKT's 0.20% expense ratio.

Dividends

HECA vs. MMKT - Dividend Comparison

HECA's dividend yield for the trailing twelve months is around 2.05%, less than MMKT's 3.71% yield.

Position	TTM	2025	2024
HECA Hedgeye Capital Allocation ETF	2.05%	2.02%	0.00%
MMKT Texas Capital Government Money Market ETF	3.71%	3.98%	1.07%

Frequently Asked Questions

Can I hold both HECA and MMKT in my portfolio?

HECA and MMKT have a correlation of -0.02, 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 MMKT?

On fees, MMKT is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HECA or MMKT?

MMKT is cheaper with a 0.20% expense ratio, compared with 1.02% for HECA.

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

MMKT has the higher dividend yield at 3.71%, compared with 2.05% for HECA.

What is the main difference between HECA and MMKT?

HECA is categorized as Global Allocation, while MMKT is Money Market. They also come from different issuers: Hedgeye and Texas Capital. Their fees differ too: 1.02% for HECA and 0.20% for MMKT.