HECA vs. ORR

Last updated Jun 23, 2026

HECA (Hedgeye Capital Allocation ETF) and ORR (Militia Long/Short Equity ETF) are both exchange-traded funds - HECA is a Global Allocation fund actively managed by Hedgeye, while ORR is a Long-Short fund actively managed by Militia Investments. Both are actively managed. At a 0.22 correlation, their price movements are largely independent. HECA charges 1.02%/yr vs 14.19%/yr for ORR.

Performance

HECA vs. ORR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hedgeye Capital Allocation ETF (HECA) and Militia Long/Short Equity ETF (ORR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HECA achieves a -2.17% return, which is significantly lower than ORR's 7.03% return.

HECA

• 1D: 0.67%
• 1M: -1.81%
• YTD: -2.17%
• 6M: -2.56%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ORR

• 1D: -1.38%
• 1M: 0.94%
• YTD: 7.03%
• 6M: 7.80%
• 1Y: 27.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HECA vs. ORR - Yearly Performance Comparison

	2026 (YTD)	2025
HECA Hedgeye Capital Allocation ETF	-2.17%	12.83%
ORR Militia Long/Short Equity ETF	7.03%	16.67%

Correlation

The correlation between HECA and ORR is 0.22, 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 1, 2025	0.22

Return for Risk

HECA vs. ORR — 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.

ORR

ORR Risk / Return Rank: 56
ORR Sharpe Ratio Rank: 62
ORR Sortino Ratio Rank: 61
ORR Omega Ratio Rank: 56
ORR Calmar Ratio Rank: 58
ORR Martin Ratio Rank: 43

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. 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.

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	ORR	Difference
Sharpe ratio: Return per unit of total volatility	—	1.99	—
Sortino ratio: Return per unit of downside risk	—	2.77	—
Omega ratio: Gain probability vs. loss probability	—	1.34	—
Calmar ratio: Return relative to maximum drawdown	—	2.80	—
Martin ratio: Return relative to average drawdown	—	6.88	—

Drawdowns

HECA vs. ORR - Drawdown Comparison

The maximum HECA drawdown since its inception was -12.82%, which is greater than ORR's maximum drawdown of -9.90%. Use the drawdown chart below to compare losses from any high point for HECA and ORR.

Drawdown Indicators

	HECA	ORR	Difference
Max Drawdown Largest peak-to-trough decline	-12.82%	-9.90%	-2.92%
Max Drawdown (1Y) Largest decline over 1 year	—	-9.90%	—
Current Drawdown Current decline from peak	-12.23%	-6.45%	-5.78%
Average Drawdown Average peak-to-trough decline	-3.57%	-2.36%	-1.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.02%	—

Volatility

Volatility by Period

	HECA	ORR	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.59%	—
Volatility (6M) Calculated over the trailing 6-month period	—	11.26%	—
Volatility (1Y) Calculated over the trailing 1-year period	12.61%	13.98%	-1.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.61%	15.38%	-2.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.61%	15.38%	-2.77%

HECA vs. ORR - Expense Ratio Comparison

HECA has a 1.02% expense ratio, which is lower than ORR's 14.19% expense ratio.

Dividends

HECA vs. ORR - Dividend Comparison

HECA's dividend yield for the trailing twelve months is around 2.06%, while ORR has not paid dividends to shareholders.

Position	TTM	2025
HECA Hedgeye Capital Allocation ETF	2.06%	2.02%
ORR Militia Long/Short Equity ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both HECA and ORR in my portfolio?

HECA and ORR have a correlation of 0.22, 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 ORR?

On fees, HECA is cheaper at 1.02% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HECA or ORR?

HECA is cheaper with a 1.02% expense ratio, compared with 14.19% for ORR.

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

HECA has the higher dividend yield at 2.06%, compared with 0.00% for ORR.

What is the main difference between HECA and ORR?

HECA is categorized as Global Allocation, while ORR is Long-Short. They also come from different issuers: Hedgeye and Militia Investments. Their fees differ too: 1.02% for HECA and 14.19% for ORR.