HECO vs. QGRD

Last updated Jun 3, 2026

HECO (State Street Galaxy Hedged Digital Asset Ecosystem ETF) and QGRD (Horizon NASDAQ-100 Defined Risk ETF) are both exchange-traded funds - HECO is a Blockchain fund actively managed by State Street, while QGRD is a Equity Hedged fund actively managed by Horizon. Both are actively managed. A 0.67 correlation means they provide meaningful diversification when combined. HECO charges 0.90%/yr vs 0.85%/yr for QGRD.

Performance

HECO vs. QGRD - 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 Horizon NASDAQ-100 Defined Risk ETF (QGRD). 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 QGRD's 15.23% return.

HECO

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

QGRD

• 1D: 0.47%
• 1M: 8.54%
• YTD: 15.23%
• 6M: 13.56%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HECO vs. QGRD - Yearly Performance Comparison

	2026 (YTD)	2025
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	73.41%	18.57%
QGRD Horizon NASDAQ-100 Defined Risk ETF	15.23%	8.34%

Correlation

The correlation between HECO and QGRD is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 11, 2025	0.67

Return for Risk

HECO vs. QGRD — 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

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. QGRD - 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 Horizon NASDAQ-100 Defined Risk ETF (QGRD). 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	QGRD	Difference
Sharpe ratio Return per unit of total volatility	3.93	—	—
Sortino ratio Return per unit of downside risk	4.24	—	—
Omega ratio Gain probability vs. loss probability	1.53	—	—
Calmar ratio Return relative to maximum drawdown	7.04	—	—
Martin ratio Return relative to average drawdown	20.23	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	HECO	QGRD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.93	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.82	2.18	-0.36

Drawdowns

HECO vs. QGRD - Drawdown Comparison

The maximum HECO drawdown since its inception was -44.59%, which is greater than QGRD's maximum drawdown of -9.41%. Use the drawdown chart below to compare losses from any high point for HECO and QGRD.

Drawdown Indicators

	HECO	QGRD	Difference
Max Drawdown Largest peak-to-trough decline	-44.59%	-9.41%	-35.18%
Max Drawdown (1Y) Largest decline over 1 year	-21.03%	—	—
Current Drawdown Current decline from peak	-0.23%	0.00%	-0.23%
Average Drawdown Average peak-to-trough decline	-11.84%	-2.20%	-9.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.31%	—	—

Volatility

Volatility by Period

	HECO	QGRD	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.02%	—	—
Volatility (6M) Calculated over the trailing 6-month period	29.50%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	37.30%	12.95%	+24.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.98%	12.95%	+32.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.98%	12.95%	+32.03%

HECO vs. QGRD - Expense Ratio Comparison

HECO has a 0.90% expense ratio, which is higher than QGRD's 0.85% expense ratio.

Dividends

HECO vs. QGRD - Dividend Comparison

HECO has not paid dividends to shareholders, while QGRD's dividend yield for the trailing twelve months is around 1.36%.

Position	TTM	2025	2024
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	0.00%	0.00%	2.61%
QGRD Horizon NASDAQ-100 Defined Risk ETF	1.36%	1.57%	0.00%

Frequently Asked Questions

Can I hold both HECO and QGRD in my portfolio?

HECO and QGRD have a correlation of 0.67, 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 QGRD?

On fees, QGRD is cheaper at 0.85% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HECO or QGRD?

QGRD is cheaper with a 0.85% expense ratio, compared with 0.90% for HECO.

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

QGRD has the higher dividend yield at 1.36%, compared with 0.00% for HECO.

What is the main difference between HECO and QGRD?

HECO is categorized as Blockchain, while QGRD is Equity Hedged. They also come from different issuers: State Street and Horizon. Their fees differ too: 0.90% for HECO and 0.85% for QGRD.