HECA vs. QQQ

Last updated Jun 4, 2026

HECA (Hedgeye Capital Allocation ETF) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - HECA is a Global Allocation fund actively managed by Hedgeye, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. HECA is actively managed, while QQQ is passively managed. At a 0.49 correlation, their price movements are largely independent. HECA charges 1.02%/yr vs 0.18%/yr for QQQ.

Performance

HECA vs. QQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hedgeye Capital Allocation ETF (HECA) and Invesco QQQ ETF (QQQ). 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 QQQ's 21.30% return.

HECA

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

QQQ

• 1D: -0.26%
• 1M: 10.60%
• YTD: 21.30%
• 6M: 19.66%
• 1Y: 41.82%
• 3Y*: 28.78%
• 5Y*: 17.97%
• 10Y*: 21.94%

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

HECA vs. QQQ - Yearly Performance Comparison

	2026 (YTD)	2025
HECA Hedgeye Capital Allocation ETF	0.22%	12.83%
QQQ Invesco QQQ ETF	21.30%	12.58%

Correlation

The correlation between HECA and QQQ is 0.49, 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	0.49

Return for Risk

HECA vs. QQQ — Risk / Return Rank

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

QQQ

QQQ Risk / Return Rank: 73
QQQ Sharpe Ratio Rank: 79
QQQ Sortino Ratio Rank: 75
QQQ Omega Ratio Rank: 74
QQQ Calmar Ratio Rank: 69
QQQ Martin Ratio Rank: 71

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. QQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hedgeye Capital Allocation ETF (HECA) and Invesco QQQ ETF (QQQ). 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	QQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.64	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.81	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.99	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.15	0.41	+0.74

Drawdowns

HECA vs. QQQ - Drawdown Comparison

The maximum HECA drawdown since its inception was -11.81%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for HECA and QQQ.

Drawdown Indicators

	HECA	QQQ	Difference
Max Drawdown Largest peak-to-trough decline	-11.81%	-82.97%	+71.16%
Max Drawdown (1Y) Largest decline over 1 year	—	-11.96%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-22.77%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-35.12%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.12%	—
Current Drawdown Current decline from peak	-10.09%	-0.26%	-9.83%
Average Drawdown Average peak-to-trough decline	-3.15%	-32.79%	+29.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.11%	—

Volatility

Volatility by Period

	HECA	QQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.49%	—
Volatility (6M) Calculated over the trailing 6-month period	—	12.10%	—
Volatility (1Y) Calculated over the trailing 1-year period	12.44%	15.94%	-3.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.44%	22.38%	-9.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.44%	22.29%	-9.85%

HECA vs. QQQ - Expense Ratio Comparison

HECA has a 1.02% expense ratio, which is higher than QQQ's 0.18% expense ratio.

Dividends

HECA vs. QQQ - Dividend Comparison

HECA's dividend yield for the trailing twelve months is around 2.01%, more than QQQ's 0.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HECA Hedgeye Capital Allocation ETF	2.01%	2.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QQQ Invesco QQQ ETF	0.38%	0.45%	0.56%	0.62%	0.80%	0.43%	0.55%	0.74%	0.91%	0.84%	1.06%	0.99%

Frequently Asked Questions

Can I hold both HECA and QQQ in my portfolio?

HECA and QQQ have a correlation of 0.49, 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 QQQ?

On fees, QQQ is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HECA or QQQ?

QQQ is cheaper with a 0.18% expense ratio, compared with 1.02% for HECA.

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

HECA has the higher dividend yield at 2.01%, compared with 0.38% for QQQ.

What is the main difference between HECA and QQQ?

HECA is categorized as Global Allocation, while QQQ is Nasdaq-100. They also come from different issuers: Hedgeye and Invesco. Their fees differ too: 1.02% for HECA and 0.18% for QQQ.