HECA vs. VGUS

Last updated Jun 3, 2026

HECA (Hedgeye Capital Allocation ETF) and VGUS (Vanguard Ultra-Short Treasury ETF) are both exchange-traded funds - HECA is a Global Allocation fund actively managed by Hedgeye, while VGUS is a Ultrashort Bond fund tracking the Bloomberg Short Treasury Index. HECA is actively managed, while VGUS is passively managed. At a correlation of -0.09, they often move in opposite directions. HECA charges 1.02%/yr vs 0.07%/yr for VGUS.

Performance

HECA vs. VGUS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hedgeye Capital Allocation ETF (HECA) and Vanguard Ultra-Short Treasury ETF (VGUS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HECA achieves a 0.98% return, which is significantly lower than VGUS's 1.43% return.

HECA

• 1D: 0.50%
• 1M: 0.76%
• YTD: 0.98%
• 6M: 1.22%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

VGUS

• 1D: 0.00%
• 1M: 0.29%
• YTD: 1.43%
• 6M: 1.75%
• 1Y: 3.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HECA vs. VGUS - Yearly Performance Comparison

	2026 (YTD)	2025
HECA Hedgeye Capital Allocation ETF	0.98%	12.83%
VGUS Vanguard Ultra-Short Treasury ETF	1.43%	2.13%

Correlation

The correlation between HECA and VGUS is -0.09, 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 2, 2025	-0.09

Return for Risk

HECA vs. VGUS — Risk / Return Rank

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

VGUS

VGUS Risk / Return Rank: 100
VGUS Sharpe Ratio Rank: 100
VGUS Sortino Ratio Rank: 100
VGUS Omega Ratio Rank: 100
VGUS Calmar Ratio Rank: 99
VGUS 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. VGUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hedgeye Capital Allocation ETF (HECA) and Vanguard Ultra-Short Treasury ETF (VGUS). 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	VGUS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	11.97	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.23	11.71	-10.48

Drawdowns

HECA vs. VGUS - Drawdown Comparison

The maximum HECA drawdown since its inception was -11.81%, which is greater than VGUS's maximum drawdown of -0.07%. Use the drawdown chart below to compare losses from any high point for HECA and VGUS.

Drawdown Indicators

	HECA	VGUS	Difference
Max Drawdown Largest peak-to-trough decline	-11.81%	-0.07%	-11.74%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.07%	—
Current Drawdown Current decline from peak	-9.41%	0.00%	-9.41%
Average Drawdown Average peak-to-trough decline	-3.12%	-0.00%	-3.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.01%	—

Volatility

Volatility by Period

	HECA	VGUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.11%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.18%	—
Volatility (1Y) Calculated over the trailing 1-year period	12.44%	0.33%	+12.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.44%	0.34%	+12.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.44%	0.34%	+12.10%

HECA vs. VGUS - Expense Ratio Comparison

HECA has a 1.02% expense ratio, which is higher than VGUS's 0.07% expense ratio.

Dividends

HECA vs. VGUS - Dividend Comparison

HECA's dividend yield for the trailing twelve months is around 2.00%, less than VGUS's 3.61% yield.

Position	TTM	2025
HECA Hedgeye Capital Allocation ETF	2.00%	2.02%
VGUS Vanguard Ultra-Short Treasury ETF	3.61%	3.12%

Frequently Asked Questions

Can I hold both HECA and VGUS in my portfolio?

HECA and VGUS have a correlation of -0.09, 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 VGUS?

On fees, VGUS is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HECA or VGUS?

VGUS is cheaper with a 0.07% expense ratio, compared with 1.02% for HECA.

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

VGUS has the higher dividend yield at 3.61%, compared with 2.00% for HECA.

What is the main difference between HECA and VGUS?

HECA is categorized as Global Allocation, while VGUS is Ultrashort Bond. They also come from different issuers: Hedgeye and Vanguard. Their fees differ too: 1.02% for HECA and 0.07% for VGUS.