HECA vs. PPI
HECA (Hedgeye Capital Allocation ETF) and PPI (Astoria Real Assets ETF) are both Global Allocation funds. Both are actively managed. A 0.61 correlation means they provide meaningful diversification when combined. HECA charges 1.02%/yr vs 0.58%/yr for PPI.
Performance
HECA vs. PPI - Performance Comparison
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Returns By Period
In the year-to-date period, HECA achieves a 0.54% return, which is significantly lower than PPI's 16.96% return.
HECA
- 1D
- 0.32%
- 1M
- -0.14%
- YTD
- 0.54%
- 6M
- -0.07%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PPI
- 1D
- 0.37%
- 1M
- -1.96%
- YTD
- 16.96%
- 6M
- 17.54%
- 1Y
- 38.82%
- 3Y*
- 22.77%
- 5Y*
- —
- 10Y*
- —
HECA vs. PPI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
HECA Hedgeye Capital Allocation ETF | 0.54% | 12.83% |
PPI Astoria Real Assets ETF | 16.96% | 15.04% |
Correlation
The correlation between HECA and PPI is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Jul 2, 2025 | 0.61 |
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Return for Risk
HECA vs. PPI — Risk / Return Rank
HECA
PPI
HECA vs. PPI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hedgeye Capital Allocation ETF (HECA) and Astoria Real Assets ETF (PPI). 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 | PPI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 2.48 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.18 | 0.81 | +0.37 |
Drawdowns
HECA vs. PPI - Drawdown Comparison
The maximum HECA drawdown since its inception was -11.81%, smaller than the maximum PPI drawdown of -24.54%. Use the drawdown chart below to compare losses from any high point for HECA and PPI.
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Drawdown Indicators
| HECA | PPI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.81% | -24.54% | +12.73% |
Max Drawdown (1Y)Largest decline over 1 year | — | -7.98% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -20.70% | — |
Current DrawdownCurrent decline from peak | -9.80% | -2.90% | -6.90% |
Average DrawdownAverage peak-to-trough decline | -3.18% | -6.49% | +3.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 2.45% | — |
Volatility
HECA vs. PPI - Volatility Comparison
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Volatility by Period
| HECA | PPI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 4.09% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 12.56% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 12.41% | 15.72% | -3.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.41% | 19.03% | -6.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.41% | 19.03% | -6.62% |
HECA vs. PPI - Expense Ratio Comparison
HECA has a 1.02% expense ratio, which is higher than PPI's 0.58% expense ratio.
Dividends
HECA vs. PPI - Dividend Comparison
HECA's dividend yield for the trailing twelve months is around 2.01%, more than PPI's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
HECA Hedgeye Capital Allocation ETF | 2.01% | 2.02% | 0.00% | 0.00% | 0.00% |
PPI Astoria Real Assets ETF | 1.01% | 1.06% | 0.60% | 2.87% | 2.40% |
Frequently Asked Questions
HECA and PPI have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PPI is cheaper at 0.58% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PPI is cheaper with a 0.58% expense ratio, compared with 1.02% for HECA.
HECA has the higher dividend yield at 2.01%, compared with 1.01% for PPI.
They also come from different issuers: Hedgeye and AXS. Their fees differ too: 1.02% for HECA and 0.58% for PPI.
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