HECO vs. GLDM

Last updated Jun 4, 2026

HECO (State Street Galaxy Hedged Digital Asset Ecosystem ETF) and GLDM (SPDR Gold MiniShares Trust) are both exchange-traded funds - HECO is a Blockchain fund actively managed by State Street, while GLDM is a Gold fund tracking the LBMA Gold Price PM. HECO is actively managed, while GLDM is passively managed. Over the past year, HECO returned 136.32% vs 32.42% for GLDM. At a 0.13 correlation, their price movements are largely independent. HECO charges 0.90%/yr vs 0.10%/yr for GLDM.

Performance

HECO vs. GLDM - 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 SPDR Gold MiniShares Trust (GLDM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HECO achieves a 71.77% return, which is significantly higher than GLDM's 3.00% return.

HECO

• 1D: -0.95%
• 1M: 33.22%
• YTD: 71.77%
• 6M: 57.04%
• 1Y: 136.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GLDM

• 1D: -0.96%
• 1M: -1.62%
• YTD: 3.00%
• 6M: 5.60%
• 1Y: 32.42%
• 3Y*: 31.49%
• 5Y*: 18.49%
• 10Y*: —

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

HECO vs. GLDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	71.77%	26.23%	27.37%
GLDM SPDR Gold MiniShares Trust	3.00%	64.20%	4.23%

Correlation

The correlation between HECO and GLDM is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (All Time) Calculated using the full available price history since Sep 11, 2024	0.13

HECO vs. GLDM - Sectors Allocation Comparison

Sectors	HECO	GLDM
Technology	48.3%	-
Financial Services	45.1%	-
Industrials	5.1%	-
Basic Materials	1.8%	100.0%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

HECO vs. GLDM — Risk / Return Rank

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

HECO

HECO Risk / Return Rank: 89
HECO Sharpe Ratio Rank: 94
HECO Sortino Ratio Rank: 89
HECO Omega Ratio Rank: 84
HECO Calmar Ratio Rank: 93
HECO Martin Ratio Rank: 87

GLDM

GLDM Risk / Return Rank: 32
GLDM Sharpe Ratio Rank: 33
GLDM Sortino Ratio Rank: 29
GLDM Omega Ratio Rank: 36
GLDM Calmar Ratio Rank: 34
GLDM Martin Ratio Rank: 29

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. GLDM - 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 SPDR Gold MiniShares Trust (GLDM). 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.

	HECO	GLDM	Difference
Sharpe ratio Return per unit of total volatility	3.68	1.24	+2.45
Sortino ratio Return per unit of downside risk	4.07	1.63	+2.44
Omega ratio Gain probability vs. loss probability	1.51	1.25	+0.26
Calmar ratio Return relative to maximum drawdown	6.52	1.70	+4.82
Martin ratio Return relative to average drawdown	18.71	4.23	+14.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HECO vs. GLDM - Sharpe Ratio Comparison

The current HECO Sharpe Ratio is 3.68, which is higher than the GLDM Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of HECO and GLDM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HECO	GLDM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.68	1.24	+2.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.04	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.80	1.02	+0.78

Drawdowns

HECO vs. GLDM - Drawdown Comparison

The maximum HECO drawdown since its inception was -44.59%, which is greater than GLDM's maximum drawdown of -21.63%. Use the drawdown chart below to compare losses from any high point for HECO and GLDM.

Drawdown Indicators

	HECO	GLDM	Difference
Max Drawdown Largest peak-to-trough decline	-44.59%	-21.63%	-22.96%
Max Drawdown (1Y) Largest decline over 1 year	-21.03%	-19.14%	-1.89%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.14%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-20.92%	—
Current Drawdown Current decline from peak	-1.18%	-17.65%	+16.47%
Average Drawdown Average peak-to-trough decline	-11.81%	-6.22%	-5.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.31%	7.69%	-0.38%

Volatility

HECO vs. GLDM - Volatility Comparison

State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO) has a higher volatility of 10.30% compared to SPDR Gold MiniShares Trust (GLDM) at 5.47%. This indicates that HECO's price experiences larger fluctuations and is considered to be riskier than GLDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HECO	GLDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.30%	5.47%	+4.83%
Volatility (6M) Calculated over the trailing 6-month period	29.36%	22.99%	+6.37%
Volatility (1Y) Calculated over the trailing 1-year period	37.32%	26.39%	+10.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.93%	17.91%	+27.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.93%	16.85%	+28.08%

HECO vs. GLDM - Expense Ratio Comparison

HECO has a 0.90% expense ratio, which is higher than GLDM's 0.10% expense ratio.

Dividends

HECO vs. GLDM - Dividend Comparison

Neither HECO nor GLDM has paid dividends to shareholders.

Position	TTM	2025	2024
GLDM SPDR Gold MiniShares Trust	0.00%	0.00%	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 GLDM in my portfolio?

HECO and GLDM have a correlation of 0.21, 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 GLDM?

HECO has higher volatility (10.30%) compared to GLDM (5.47%). In terms of maximum drawdown, HECO dropped -44.59% vs GLDM's -21.63%.

Which ETF is better, HECO or GLDM?

On 1-year performance, HECO leads with 136.32% vs 32.42% for GLDM. On fees, GLDM is cheaper at 0.10% per year. On volatility, GLDM has been the lower-risk option at 5.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HECO or GLDM?

Over the 1-year period, HECO has performed better with a 136.32% return vs 32.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HECO or GLDM?

GLDM is cheaper with a 0.10% expense ratio, compared with 0.90% for HECO.

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

HECO and GLDM have nearly identical dividend yields, around 0.00%.

What is the main difference between HECO and GLDM?

HECO is categorized as Blockchain, while GLDM is Gold. Their fees differ too: 0.90% for HECO and 0.10% for GLDM.

Which has better risk-adjusted returns?

HECO currently has the higher Sharpe Ratio (3.68 vs 1.24), 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.