HECA vs. ORR
Compare and contrast key facts about Hedgeye Capital Allocation ETF (HECA) and Militia Long/Short Equity ETF (ORR).
HECA and ORR 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. ORR is an actively managed fund by Militia Investments. It was launched on Jan 14, 2025.
Performance
HECA vs. ORR - Performance Comparison
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HECA vs. ORR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
HECA Hedgeye Capital Allocation ETF | 4.41% | 12.83% |
ORR Militia Long/Short Equity ETF | 6.70% | 16.99% |
Returns By Period
In the year-to-date period, HECA achieves a 4.41% return, which is significantly lower than ORR's 6.70% return.
HECA
- 1D
- -0.10%
- 1M
- -5.25%
- YTD
- 4.41%
- 6M
- 7.77%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ORR
- 1D
- 1.42%
- 1M
- -6.73%
- YTD
- 6.70%
- 6M
- 15.81%
- 1Y
- 30.93%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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HECA vs. ORR - Expense Ratio Comparison
HECA has a 1.02% expense ratio, which is lower than ORR's 14.19% expense ratio.
Return for Risk
HECA vs. ORR — Risk / Return Rank
HECA
ORR
HECA vs. ORR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hedgeye Capital Allocation ETF (HECA) and Militia Long/Short Equity ETF (ORR). 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.
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Sharpe Ratios by Period
| HECA | ORR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 2.01 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.90 | 2.22 | -0.32 |
Correlation
The correlation between HECA and ORR is 0.26, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
HECA vs. ORR - Dividend Comparison
HECA's dividend yield for the trailing twelve months is around 1.93%, while ORR has not paid dividends to shareholders.
| TTM | 2025 | |
|---|---|---|
HECA Hedgeye Capital Allocation ETF | 1.93% | 2.02% |
ORR Militia Long/Short Equity ETF | 0.00% | 0.00% |
Drawdowns
HECA vs. ORR - Drawdown Comparison
The maximum HECA drawdown since its inception was -6.33%, smaller than the maximum ORR drawdown of -8.64%. Use the drawdown chart below to compare losses from any high point for HECA and ORR.
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Drawdown Indicators
| HECA | ORR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.33% | -8.64% | +2.31% |
Max Drawdown (1Y)Largest decline over 1 year | — | -8.42% | — |
Current DrawdownCurrent decline from peak | -6.33% | -6.73% | +0.40% |
Average DrawdownAverage peak-to-trough decline | -1.53% | -1.52% | -0.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 2.43% | — |
Volatility
HECA vs. ORR - Volatility Comparison
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Volatility by Period
| HECA | ORR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 5.51% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 9.77% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 12.97% | 15.45% | -2.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.97% | 15.01% | -2.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.97% | 15.01% | -2.04% |