HECO vs. HEDG

Last updated Aug 2, 2026

HECO (State Street Galaxy Hedged Digital Asset Ecosystem ETF) and HEDG (Equable Shares Hedged Equity ETF) are both exchange-traded funds - HECO is a Blockchain fund actively managed by State Street, while HEDG is a Equity Hedged fund tracking the Actively Managed. HECO is actively managed, while HEDG is passively managed. Their 0.56 correlation means they have sometimes moved together and sometimes differently. HECO charges 0.90%/yr vs 0.96%/yr for HEDG.

Performance

HECO vs. HEDG - 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 Equable Shares Hedged Equity ETF (HEDG). 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 HEDG's 4.12% return.

HECO

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

HEDG

• 1D: 0.33%
• 1M: 0.80%
• 6M: 3.33%
• YTD: 4.12%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	$85.91K	$53.80K	$462.34K
HEDG Equable Shares Hedged Equity ETF	$1.17M	$841.57K	$1.20M

HECO vs. HEDG - Yearly Performance Comparison

	2026 (YTD)	2025
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	61.32%	-11.05%
HEDG Equable Shares Hedged Equity ETF	4.12%	3.20%

Correlation

The correlation between HECO and HEDG is 0.56, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 13, 2025	0.56

HECO vs. HEDG - Sectors Allocation Comparison

Sectors	HECO	HEDG
Financial Services	51.5%	11.6%
Technology	44.1%	38.5%
Industrials	4.4%	8.4%
Basic Materials	1.8%	1.7%
Communication Services	-	9.9%
Consumer Cyclical	-	9.5%
Consumer Defensive	-	4.5%
Energy	-	3.0%
Healthcare	-	8.9%
Real Estate	-	1.8%
Utilities	-	2.2%

Return for Risk

HECO vs. HEDG — 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

HEDG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. HEDG - 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 Equable Shares Hedged Equity ETF (HEDG). 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	HEDG	Difference
Sharpe ratio: Return per unit of total volatility	2.14	—	—
Sortino ratio: Return per unit of downside risk	2.76	—	—
Omega ratio: Gain probability vs. loss probability	1.34	—	—
Calmar ratio: Return relative to maximum drawdown	4.10	—	—
Martin ratio: Return relative to average drawdown	11.32	—	—

Drawdowns

HECO vs. HEDG - Drawdown Comparison

The maximum HECO drawdown since its inception was -44.59%, which is greater than HEDG's maximum drawdown of -3.85%. Use the drawdown chart below to compare losses from any high point for HECO and HEDG.

Drawdown Indicators

	HECO	HEDG	Difference
Max Drawdown Largest peak-to-trough decline	-44.59%	-3.85%	-40.74%
Max Drawdown (1Y) Largest decline over 1 year	-21.03%	—	—
Current Drawdown Current decline from peak	-7.93%	0.00%	-7.93%
Average Drawdown Average peak-to-trough decline	-11.20%	-0.38%	-10.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.61%	—	—

Volatility

Volatility by Period

	HECO	HEDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.46%	—	—
Volatility (6M) Calculated over the trailing 6-month period	31.65%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	40.39%	5.79%	+34.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.29%	5.79%	+39.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	45.29%	5.79%	+39.50%

HECO vs. HEDG - Expense Ratio Comparison

HECO has a 0.90% expense ratio, which is lower than HEDG's 0.96% expense ratio.

Dividends

HECO vs. HEDG - Dividend Comparison

HECO has not paid dividends to shareholders, while HEDG's dividend yield for the trailing twelve months is around 2.31%.

Position	TTM	2025	2024
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	0.00%	0.00%	2.61%
HEDG Equable Shares Hedged Equity ETF	2.31%	1.38%	0.00%

Frequently Asked Questions

Can I hold both HECO and HEDG in my portfolio?

HECO and HEDG have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HECO or HEDG?

On fees, HECO is cheaper at 0.90% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HECO or HEDG?

HECO is cheaper with a 0.90% expense ratio, compared with 0.96% for HEDG.

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

HEDG has the higher dividend yield at 2.31%, compared with 0.00% for HECO.

What is the main difference between HECO and HEDG?

HECO is categorized as Blockchain, while HEDG is Equity Hedged. They also come from different issuers: State Street and Equable Shares. Their fees differ too: 0.90% for HECO and 0.96% for HEDG.