HECO vs. OBTC

Last updated Aug 2, 2026

HECO (State Street Galaxy Hedged Digital Asset Ecosystem ETF) and OBTC (Osprey Bitcoin Trust) are both exchange-traded funds - HECO is a Blockchain fund actively managed by State Street, while OBTC is a Cryptocurrency fund tracking the Bitcoin (BTC). HECO is actively managed, while OBTC is passively managed. Over the past year, HECO returned 94.69% vs -37.03% for OBTC. Their 0.62 correlation means they have sometimes moved together and sometimes differently. HECO charges 0.90%/yr vs 0.49%/yr for OBTC.

Performance

HECO vs. OBTC - 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 Osprey Bitcoin Trust (OBTC). 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 OBTC's -28.23% return.

HECO

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

OBTC

• 1D: -2.78%
• 1M: 2.57%
• 6M: -24.94%
• YTD: -28.23%
• 1Y: -37.03%
• 3Y*: 41.66%
• 5Y*: 3.08%
• 10Y*: —
• ALL TIME*: -7.03%

*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
OBTC Osprey Bitcoin Trust	$101.95K	$226.42K	$219.00K

HECO vs. OBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	61.32%	26.23%	28.95%
OBTC Osprey Bitcoin Trust	-28.23%	-1.87%	55.14%

Correlation

The correlation between HECO and OBTC is 0.62, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.62
Correlation (All Time) Calculated using the full available price history since Sep 10, 2024	0.62

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

Return for Risk

HECO vs. OBTC — 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

OBTC

OBTC Risk / Return Rank: 3
OBTC Sharpe Ratio Rank: 2
OBTC Sortino Ratio Rank: 3
OBTC Omega Ratio Rank: 3
OBTC Calmar Ratio Rank: 3
OBTC 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. OBTC - 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 Osprey Bitcoin Trust (OBTC). 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	OBTC	Difference
Sharpe ratio: Return per unit of total volatility	2.14	-0.87	+3.01
Sortino ratio: Return per unit of downside risk	2.76	-1.21	+3.97
Omega ratio: Gain probability vs. loss probability	1.34	0.87	+0.47
Calmar ratio: Return relative to maximum drawdown	4.10	-0.79	+4.89
Martin ratio: Return relative to average drawdown	11.32	-1.27	+12.59

HECO vs. OBTC - Sharpe Ratio Comparison

The current HECO Sharpe Ratio is 2.14, which is higher than the OBTC Sharpe Ratio of -0.87. The chart below compares the historical Sharpe Ratios of HECO and OBTC, 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. OBTC - Drawdown Comparison

The maximum HECO drawdown since its inception was -44.59%, smaller than the maximum OBTC drawdown of -94.50%. Use the drawdown chart below to compare losses from any high point for HECO and OBTC.

Drawdown Indicators

	HECO	OBTC	Difference
Max Drawdown Largest peak-to-trough decline	-44.59%	-94.50%	+49.91%
Max Drawdown (1Y) Largest decline over 1 year	-21.03%	-49.62%	+28.59%
Max Drawdown (3Y) Largest decline over 3 years	—	-49.62%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-83.76%	—
Current Drawdown Current decline from peak	-7.93%	-64.15%	+56.22%
Average Drawdown Average peak-to-trough decline	-11.20%	-69.42%	+58.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.61%	30.96%	-23.35%

Volatility

HECO vs. OBTC - Volatility Comparison

State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO) has a higher volatility of 17.46% compared to Osprey Bitcoin Trust (OBTC) at 9.07%. This indicates that HECO's price experiences larger fluctuations and is considered to be riskier than OBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HECO	OBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.46%	9.07%	+8.39%
Volatility (6M) Calculated over the trailing 6-month period	31.65%	34.09%	-2.44%
Volatility (1Y) Calculated over the trailing 1-year period	40.39%	45.00%	-4.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.29%	56.40%	-11.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	45.29%	76.23%	-30.94%

HECO vs. OBTC - Expense Ratio Comparison

HECO has a 0.90% expense ratio, which is higher than OBTC's 0.49% expense ratio.

Dividends

HECO vs. OBTC - Dividend Comparison

Neither HECO nor OBTC has paid dividends to shareholders.

Position	TTM	2025	2024
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	0.00%	0.00%	2.61%
OBTC Osprey Bitcoin Trust	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HECO and OBTC in my portfolio?

HECO and OBTC 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 OBTC?

HECO has higher volatility (17.46%) compared to OBTC (9.07%). In terms of maximum drawdown, HECO dropped -44.59% vs OBTC's -94.50%.

Which ETF is better, HECO or OBTC?

On 1-year performance, HECO leads with 94.69% vs -37.03% for OBTC. On fees, OBTC is cheaper at 0.49% per year. On volatility, OBTC has been the lower-risk option at 9.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HECO or OBTC?

Over the 1-year period, HECO has performed better with a 94.69% return vs -37.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HECO or OBTC?

OBTC is cheaper with a 0.49% expense ratio, compared with 0.90% for HECO.

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

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

What is the main difference between HECO and OBTC?

HECO is categorized as Blockchain, while OBTC is Cryptocurrency. They also come from different issuers: State Street and Osprey. Their fees differ too: 0.90% for HECO and 0.49% for OBTC.

Which has better risk-adjusted returns?

HECO currently has the higher Sharpe Ratio (2.14 vs -0.87), 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.