HECO vs. BCOR

Last updated Aug 2, 2026

HECO (State Street Galaxy Hedged Digital Asset Ecosystem ETF) and BCOR (Grayscale Bitcoin Adopters ETF) are both Blockchain funds. HECO is actively managed, while BCOR is passively managed. Over the past year, HECO returned 94.69% vs -30.47% for BCOR. Their 0.79 correlation means they have sometimes moved together and sometimes differently. HECO charges 0.90%/yr vs 0.59%/yr for BCOR.

Performance

HECO vs. BCOR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO) and Grayscale Bitcoin Adopters ETF (BCOR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HECO achieves a 61.32% return, which is significantly higher than BCOR's -16.45% return.

HECO

• 1D: -1.72%
• 1M: -2.15%
• 6M: 43.52%
• YTD: 61.32%
• 1Y: 94.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 66.82%

BCOR

• 1D: -2.60%
• 1M: -7.05%
• 6M: -17.04%
• YTD: -16.45%
• 1Y: -30.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -9.47%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BCOR Grayscale Bitcoin Adopters ETF	$6.33K	$9.47K	$14.95K
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	$85.91K	$53.80K	$462.34K

HECO vs. BCOR - Yearly Performance Comparison

	2026 (YTD)	2025
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	61.32%	55.13%
BCOR Grayscale Bitcoin Adopters ETF	-16.45%	5.68%

Correlation

The correlation between HECO and BCOR is 0.83, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.83
Correlation (All Time) Calculated using the full available price history since Apr 30, 2025	0.79

The correlation between HECO and BCOR has been stable across timeframes, ranging from 0.79 to 0.83 - a consistent structural relationship.

HECO vs. BCOR - Sectors Allocation Comparison

Sectors	HECO	BCOR
Financial Services	51.5%	29.0%
Technology	44.1%	25.5%
Industrials	4.4%	1.0%
Basic Materials	1.8%	-
Communication Services	-	7.7%
Consumer Cyclical	-	36.0%
Consumer Defensive	-	0.2%
Energy	-	0.5%
Healthcare	-	0.2%
Real Estate	-	-
Utilities	-	0.2%

Return for Risk

HECO vs. BCOR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HECO

HECO Risk / Return Rank: 85
HECO Sharpe Ratio Rank: 88
HECO Sortino Ratio Rank: 84
HECO Omega Ratio Rank: 80
HECO Calmar Ratio Rank: 91
HECO Martin Ratio Rank: 83

BCOR

BCOR Risk / Return Rank: 3
BCOR Sharpe Ratio Rank: 3
BCOR Sortino Ratio Rank: 3
BCOR Omega Ratio Rank: 4
BCOR Calmar Ratio Rank: 3
BCOR Martin Ratio Rank: 3

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HECO vs. BCOR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO) and Grayscale Bitcoin Adopters ETF (BCOR). 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.

	HECO	BCOR	Difference
Sharpe ratio: Return per unit of total volatility	2.14	-0.79	+2.92
Sortino ratio: Return per unit of downside risk	2.76	-1.03	+3.78
Omega ratio: Gain probability vs. loss probability	1.34	0.89	+0.45
Calmar ratio: Return relative to maximum drawdown	4.10	-0.79	+4.89
Martin ratio: Return relative to average drawdown	11.32	-1.25	+12.58

HECO vs. BCOR - Sharpe Ratio Comparison

The current HECO Sharpe Ratio is 2.14, which is higher than the BCOR Sharpe Ratio of -0.79. The chart below compares the historical Sharpe Ratios of HECO and BCOR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HECO vs. BCOR - Drawdown Comparison

The maximum HECO drawdown since its inception was -44.59%, roughly equal to the maximum BCOR drawdown of -42.99%. Use the drawdown chart below to compare losses from any high point for HECO and BCOR.

Drawdown Indicators

	HECO	BCOR	Difference
Max Drawdown Largest peak-to-trough decline	-44.59%	-42.99%	-1.60%
Max Drawdown (1Y) Largest decline over 1 year	-21.03%	-42.99%	+21.96%
Current Drawdown Current decline from peak	-7.93%	-40.90%	+32.97%
Average Drawdown Average peak-to-trough decline	-11.20%	-20.38%	+9.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.61%	27.14%	-19.53%

Volatility

HECO vs. BCOR - Volatility Comparison

State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO) has a higher volatility of 17.46% compared to Grayscale Bitcoin Adopters ETF (BCOR) at 12.98%. This indicates that HECO's price experiences larger fluctuations and is considered to be riskier than BCOR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HECO	BCOR	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.46%	12.98%	+4.48%
Volatility (6M) Calculated over the trailing 6-month period	31.65%	34.02%	-2.37%
Volatility (1Y) Calculated over the trailing 1-year period	40.39%	43.11%	-2.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.29%	43.51%	+1.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	45.29%	43.51%	+1.78%

HECO vs. BCOR - Expense Ratio Comparison

HECO has a 0.90% expense ratio, which is higher than BCOR's 0.59% expense ratio.

Dividends

HECO vs. BCOR - Dividend Comparison

HECO has not paid dividends to shareholders, while BCOR's dividend yield for the trailing twelve months is around 3.77%.

Position	TTM	2025	2024
BCOR Grayscale Bitcoin Adopters ETF	3.77%	3.10%	0.00%
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	0.00%	0.00%	2.61%

Frequently Asked Questions

Can I hold both HECO and BCOR in my portfolio?

HECO and BCOR have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HECO or BCOR?

HECO has higher volatility (17.46%) compared to BCOR (12.98%). In terms of maximum drawdown, HECO dropped -44.59% vs BCOR's -42.99%.

Which ETF is better, HECO or BCOR?

On 1-year performance, HECO leads with 94.69% vs -30.47% for BCOR. On fees, BCOR is cheaper at 0.59% per year. On volatility, BCOR has been the lower-risk option at 12.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HECO or BCOR?

Over the 1-year period, HECO has performed better with a 94.69% return vs -30.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HECO or BCOR?

BCOR is cheaper with a 0.59% expense ratio, compared with 0.90% for HECO.

Which ETF pays a higher dividend yield, HECO or BCOR?

BCOR has the higher dividend yield at 3.77%, compared with 0.00% for HECO.

What is the main difference between HECO and BCOR?

They also come from different issuers: State Street and Grayscale. Their fees differ too: 0.90% for HECO and 0.59% for BCOR.

Which has better risk-adjusted returns?

HECO currently has the higher Sharpe Ratio (2.14 vs -0.79), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.