HECA vs. SHV

Last updated Jun 24, 2026

HECA (Hedgeye Capital Allocation ETF) and SHV (iShares 0-1 Year Treasury Bond ETF) are both exchange-traded funds - HECA is a Global Allocation fund actively managed by Hedgeye, while SHV is a Government Bonds fund tracking the ICE Short US Treasury Securities Index. HECA is actively managed, while SHV is passively managed. At a correlation of -0.06, they often move in opposite directions. HECA charges 1.02%/yr vs 0.15%/yr for SHV.

Performance

HECA vs. SHV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hedgeye Capital Allocation ETF (HECA) and iShares 0-1 Year Treasury Bond ETF (SHV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HECA achieves a -1.95% return, which is significantly lower than SHV's 1.60% return.

HECA

• 1D: 0.22%
• 1M: -1.60%
• YTD: -1.95%
• 6M: -2.38%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SHV

• 1D: 0.02%
• 1M: 0.26%
• YTD: 1.60%
• 6M: 1.70%
• 1Y: 3.83%
• 3Y*: 4.61%
• 5Y*: 3.35%
• 10Y*: 2.23%

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

HECA vs. SHV - Yearly Performance Comparison

	2026 (YTD)	2025
HECA Hedgeye Capital Allocation ETF	-1.95%	12.83%
SHV iShares 0-1 Year Treasury Bond ETF	1.60%	2.13%

Correlation

The correlation between HECA and SHV is -0.06, 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	-0.06

Return for Risk

HECA vs. SHV — 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.

SHV

SHV Risk / Return Rank: 100
SHV Sharpe Ratio Rank: 100
SHV Sortino Ratio Rank: 100
SHV Omega Ratio Rank: 100
SHV Calmar Ratio Rank: 100
SHV 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. SHV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hedgeye Capital Allocation ETF (HECA) and iShares 0-1 Year Treasury Bond ETF (SHV). 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	SHV	Difference
Sharpe ratio: Return per unit of total volatility	—	18.56	—
Sortino ratio: Return per unit of downside risk	—	98.01	—
Omega ratio: Gain probability vs. loss probability	—	35.59	—
Calmar ratio: Return relative to maximum drawdown	—	141.48	—
Martin ratio: Return relative to average drawdown	—	1,585.41	—

Drawdowns

HECA vs. SHV - Drawdown Comparison

The maximum HECA drawdown since its inception was -12.82%, which is greater than SHV's maximum drawdown of -0.45%. Use the drawdown chart below to compare losses from any high point for HECA and SHV.

Drawdown Indicators

	HECA	SHV	Difference
Max Drawdown Largest peak-to-trough decline	-12.82%	-0.45%	-12.37%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.03%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-0.03%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.38%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-0.45%	—
Current Drawdown Current decline from peak	-12.04%	0.00%	-12.04%
Average Drawdown Average peak-to-trough decline	-3.61%	-0.03%	-3.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.00%	—

Volatility

Volatility by Period

	HECA	SHV	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.07%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.13%	—
Volatility (1Y) Calculated over the trailing 1-year period	12.59%	0.21%	+12.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.59%	0.29%	+12.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.59%	0.28%	+12.31%

HECA vs. SHV - Expense Ratio Comparison

HECA has a 1.02% expense ratio, which is higher than SHV's 0.15% expense ratio.

Dividends

HECA vs. SHV - Dividend Comparison

HECA's dividend yield for the trailing twelve months is around 2.06%, less than SHV's 3.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HECA Hedgeye Capital Allocation ETF	2.06%	2.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SHV iShares 0-1 Year Treasury Bond ETF	3.83%	4.09%	5.02%	4.73%	1.39%	0.00%	0.74%	2.19%	1.66%	0.72%	0.34%	0.03%

Frequently Asked Questions

Can I hold both HECA and SHV in my portfolio?

HECA and SHV have a correlation of -0.06, 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 SHV?

On fees, SHV is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HECA or SHV?

SHV is cheaper with a 0.15% expense ratio, compared with 1.02% for HECA.

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

SHV has the higher dividend yield at 3.83%, compared with 2.06% for HECA.

What is the main difference between HECA and SHV?

HECA is categorized as Global Allocation, while SHV is Government Bonds. They also come from different issuers: Hedgeye and iShares. Their fees differ too: 1.02% for HECA and 0.15% for SHV.