HECO vs. ETHD

Last updated Jun 24, 2026

HECO (State Street Galaxy Hedged Digital Asset Ecosystem ETF) and ETHD (ProShares UltraShort Ether ETF) are both exchange-traded funds - HECO is a Blockchain fund actively managed by State Street, while ETHD is a Cryptocurrency fund actively managed by ProShares. Both are actively managed. Over the past year, HECO returned 136.37% vs -49.20% for ETHD. At a correlation of -0.63, they often move in opposite directions. HECO charges 0.90%/yr vs 1.01%/yr for ETHD.

Performance

HECO vs. ETHD - 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 ProShares UltraShort Ether ETF (ETHD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with HECO having a 72.76% return and ETHD slightly higher at 75.32%.

HECO

• 1D: -1.40%
• 1M: 12.83%
• YTD: 72.76%
• 6M: 65.53%
• 1Y: 136.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ETHD

• 1D: 8.45%
• 1M: 38.06%
• YTD: 75.32%
• 6M: 75.17%
• 1Y: -49.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HECO vs. ETHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	72.76%	26.23%	28.95%
ETHD ProShares UltraShort Ether ETF	75.32%	-72.49%	-67.83%

Correlation

The correlation between HECO and ETHD is -0.62, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.62
Correlation (All Time) Calculated using the full available price history since Sep 10, 2024	-0.63

The correlation between HECO and ETHD has been stable across timeframes, ranging from -0.63 to -0.62 - a consistent structural relationship.

Return for Risk

HECO vs. ETHD — Risk / Return Rank

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

HECO

HECO Risk / Return Rank: 92
HECO Sharpe Ratio Rank: 96
HECO Sortino Ratio Rank: 92
HECO Omega Ratio Rank: 88
HECO Calmar Ratio Rank: 94
HECO Martin Ratio Rank: 89

ETHD

ETHD Risk / Return Rank: 7
ETHD Sharpe Ratio Rank: 6
ETHD Sortino Ratio Rank: 10
ETHD Omega Ratio Rank: 10
ETHD Calmar Ratio Rank: 4
ETHD Martin Ratio Rank: 6

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.

HECO vs. ETHD - 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 ProShares UltraShort Ether ETF (ETHD). 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	ETHD	Difference
Sharpe ratio: Return per unit of total volatility	3.66	-0.36	+4.02
Sortino ratio: Return per unit of downside risk	4.00	0.29	+3.72
Omega ratio: Gain probability vs. loss probability	1.51	1.03	+0.48
Calmar ratio: Return relative to maximum drawdown	6.52	-0.60	+7.12
Martin ratio: Return relative to average drawdown	18.64	-0.77	+19.41

HECO vs. ETHD - Sharpe Ratio Comparison

The current HECO Sharpe Ratio is 3.66, which is higher than the ETHD Sharpe Ratio of -0.36. The chart below compares the historical Sharpe Ratios of HECO and ETHD, 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. ETHD - Drawdown Comparison

The maximum HECO drawdown since its inception was -44.59%, smaller than the maximum ETHD drawdown of -95.59%. Use the drawdown chart below to compare losses from any high point for HECO and ETHD.

Drawdown Indicators

	HECO	ETHD	Difference
Max Drawdown Largest peak-to-trough decline	-44.59%	-95.59%	+51.00%
Max Drawdown (1Y) Largest decline over 1 year	-21.03%	-82.01%	+60.98%
Current Drawdown Current decline from peak	-1.40%	-86.30%	+84.90%
Average Drawdown Average peak-to-trough decline	-11.53%	-66.40%	+54.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.35%	66.92%	-59.57%

Volatility

HECO vs. ETHD - Volatility Comparison

The current volatility for State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO) is 10.26%, while ProShares UltraShort Ether ETF (ETHD) has a volatility of 39.39%. This indicates that HECO experiences smaller price fluctuations and is considered to be less risky than ETHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HECO	ETHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.26%	39.39%	-29.13%
Volatility (6M) Calculated over the trailing 6-month period	28.99%	93.71%	-64.72%
Volatility (1Y) Calculated over the trailing 1-year period	37.49%	137.55%	-100.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.68%	142.54%	-97.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.68%	142.54%	-97.86%

HECO vs. ETHD - Expense Ratio Comparison

HECO has a 0.90% expense ratio, which is lower than ETHD's 1.01% expense ratio.

Dividends

HECO vs. ETHD - Dividend Comparison

HECO has not paid dividends to shareholders, while ETHD's dividend yield for the trailing twelve months is around 9.98%.

Position	TTM	2025	2024
ETHD ProShares UltraShort Ether ETF	9.98%	156.62%	19.15%
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	0.00%	0.00%	2.61%

Frequently Asked Questions

Can I hold both HECO and ETHD in my portfolio?

HECO and ETHD have a correlation of -0.62, 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 ETHD?

ETHD has higher volatility (39.39%) compared to HECO (10.26%). In terms of maximum drawdown, HECO dropped -44.59% vs ETHD's -95.59%.

Which ETF is better, HECO or ETHD?

On 1-year performance, HECO leads with 136.37% vs -49.20% for ETHD. On fees, HECO is cheaper at 0.90% per year. On volatility, HECO has been the lower-risk option at 10.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HECO or ETHD?

Over the 1-year period, HECO has performed better with a 136.37% return vs -49.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HECO or ETHD?

HECO is cheaper with a 0.90% expense ratio, compared with 1.01% for ETHD.

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

ETHD has the higher dividend yield at 9.98%, compared with 0.00% for HECO.

What is the main difference between HECO and ETHD?

HECO is categorized as Blockchain, while ETHD is Cryptocurrency. They also come from different issuers: State Street and ProShares. Their fees differ too: 0.90% for HECO and 1.01% for ETHD.

Which has better risk-adjusted returns?

HECO currently has the higher Sharpe Ratio (3.66 vs -0.36), 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.