HECO vs. HEGD

Last updated Jun 3, 2026

HECO (State Street Galaxy Hedged Digital Asset Ecosystem ETF) and HEGD (Swan Hedged Equity US Large Cap ETF) are both exchange-traded funds - HECO is a Blockchain fund actively managed by State Street, while HEGD is a Equity Hedged fund tracking the S&P 500. HECO is actively managed, while HEGD is passively managed. Over the past year, HECO returned 145.75% vs 17.89% for HEGD. A 0.66 correlation means they provide meaningful diversification when combined. HECO charges 0.90%/yr vs 0.88%/yr for HEGD.

Performance

HECO vs. HEGD - 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 Swan Hedged Equity US Large Cap ETF (HEGD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HECO achieves a 73.41% return, which is significantly higher than HEGD's 6.84% return.

HECO

• 1D: -0.23%
• 1M: 37.18%
• YTD: 73.41%
• 6M: 61.98%
• 1Y: 145.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HEGD

• 1D: -0.63%
• 1M: 3.52%
• YTD: 6.84%
• 6M: 6.23%
• 1Y: 17.89%
• 3Y*: 14.64%
• 5Y*: 9.03%
• 10Y*: —

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

HECO vs. HEGD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	73.41%	26.23%	27.37%
HEGD Swan Hedged Equity US Large Cap ETF	6.84%	12.95%	4.53%

Correlation

The correlation between HECO and HEGD is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (All Time) Calculated using the full available price history since Sep 11, 2024	0.66

The correlation between HECO and HEGD has been stable across timeframes, ranging from 0.66 to 0.68 - a consistent structural relationship.

HECO vs. HEGD - Sectors Allocation Comparison

Sectors	HECO	HEGD
Technology	48.3%	36.1%
Financial Services	45.1%	11.8%
Industrials	5.1%	8.2%
Basic Materials	1.8%	1.8%
Communication Services	-	11.0%
Consumer Cyclical	-	10.1%
Consumer Defensive	-	4.9%
Energy	-	3.5%
Healthcare	-	8.4%
Real Estate	-	1.9%
Utilities	-	2.3%

Return for Risk

HECO vs. HEGD — Risk / Return Rank

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

HECO

HECO Risk / Return Rank: 90
HECO Sharpe Ratio Rank: 95
HECO Sortino Ratio Rank: 90
HECO Omega Ratio Rank: 85
HECO Calmar Ratio Rank: 93
HECO Martin Ratio Rank: 89

HEGD

HEGD Risk / Return Rank: 79
HEGD Sharpe Ratio Rank: 78
HEGD Sortino Ratio Rank: 81
HEGD Omega Ratio Rank: 78
HEGD Calmar Ratio Rank: 79
HEGD Martin Ratio Rank: 81

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. HEGD - 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 Swan Hedged Equity US Large Cap ETF (HEGD). 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	HEGD	Difference
Sharpe ratio Return per unit of total volatility	3.93	2.59	+1.34
Sortino ratio Return per unit of downside risk	4.24	3.70	+0.54
Omega ratio Gain probability vs. loss probability	1.53	1.47	+0.06
Calmar ratio Return relative to maximum drawdown	7.04	4.10	+2.94
Martin ratio Return relative to average drawdown	20.23	16.25	+3.98
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. HEGD - Sharpe Ratio Comparison

The current HECO Sharpe Ratio is 3.93, which is higher than the HEGD Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of HECO and HEGD, 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	HEGD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.93	2.59	+1.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.97	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.82	1.06	+0.76

Drawdowns

HECO vs. HEGD - Drawdown Comparison

The maximum HECO drawdown since its inception was -44.59%, which is greater than HEGD's maximum drawdown of -14.56%. Use the drawdown chart below to compare losses from any high point for HECO and HEGD.

Drawdown Indicators

	HECO	HEGD	Difference
Max Drawdown Largest peak-to-trough decline	-44.59%	-14.56%	-30.03%
Max Drawdown (1Y) Largest decline over 1 year	-21.03%	-4.39%	-16.64%
Max Drawdown (3Y) Largest decline over 3 years	—	-8.14%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-14.56%	—
Current Drawdown Current decline from peak	-0.23%	-0.63%	+0.40%
Average Drawdown Average peak-to-trough decline	-11.84%	-3.66%	-8.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.31%	1.10%	+6.21%

Volatility

HECO vs. HEGD - Volatility Comparison

State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO) has a higher volatility of 10.02% compared to Swan Hedged Equity US Large Cap ETF (HEGD) at 2.34%. This indicates that HECO's price experiences larger fluctuations and is considered to be riskier than HEGD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HECO	HEGD	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.02%	2.34%	+7.68%
Volatility (6M) Calculated over the trailing 6-month period	29.50%	4.95%	+24.55%
Volatility (1Y) Calculated over the trailing 1-year period	37.30%	6.96%	+30.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.98%	9.40%	+35.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.98%	9.35%	+35.63%

HECO vs. HEGD - Expense Ratio Comparison

HECO has a 0.90% expense ratio, which is higher than HEGD's 0.88% expense ratio.

Dividends

HECO vs. HEGD - Dividend Comparison

HECO has not paid dividends to shareholders, while HEGD's dividend yield for the trailing twelve months is around 0.34%.

Position	TTM	2025	2024	2023	2022	2021
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	0.00%	0.00%	2.61%	0.00%	0.00%	0.00%
HEGD Swan Hedged Equity US Large Cap ETF	0.34%	0.36%	0.43%	0.39%	0.87%	0.31%

Frequently Asked Questions

Can I hold both HECO and HEGD in my portfolio?

HECO and HEGD have a correlation of 0.68, 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 HEGD?

HECO has higher volatility (10.02%) compared to HEGD (2.34%). In terms of maximum drawdown, HECO dropped -44.59% vs HEGD's -14.56%.

Which ETF is better, HECO or HEGD?

On 1-year performance, HECO leads with 145.75% vs 17.89% for HEGD. On fees, HEGD is cheaper at 0.88% per year. On volatility, HEGD has been the lower-risk option at 2.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HECO or HEGD?

Over the 1-year period, HECO has performed better with a 145.75% return vs 17.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HECO or HEGD?

HEGD is cheaper with a 0.88% expense ratio, compared with 0.90% for HECO.

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

HEGD has the higher dividend yield at 0.34%, compared with 0.00% for HECO.

What is the main difference between HECO and HEGD?

HECO is categorized as Blockchain, while HEGD is Equity Hedged. They also come from different issuers: State Street and Swan. Their fees differ too: 0.90% for HECO and 0.88% for HEGD.

Which has better risk-adjusted returns?

HECO currently has the higher Sharpe Ratio (3.93 vs 2.59), 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.