HECO vs. QGRD

Last updated Jul 17, 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. Over the past year, HECO returned 89.21% vs 19.20% for QGRD. A 0.68 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 62.29% return, which is significantly higher than QGRD's 10.23% return.

HECO

• 1D: -2.44%
• 1M: -6.04%
• 6M: 40.34%
• YTD: 62.29%
• 1Y: 89.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QGRD

• 1D: -1.30%
• 1M: -2.77%
• 6M: 9.01%
• YTD: 10.23%
• 1Y: 19.20%
• 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	62.29%	18.85%
QGRD Horizon NASDAQ-100 Defined Risk ETF	10.23%	8.15%

Correlation

The correlation between HECO and QGRD 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 Jul 10, 2025	0.68

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

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: 84
HECO Sharpe Ratio Rank: 90
HECO Sortino Ratio Rank: 83
HECO Omega Ratio Rank: 79
HECO Calmar Ratio Rank: 89
HECO Martin Ratio Rank: 80

QGRD

QGRD Risk / Return Rank: 45
QGRD Sharpe Ratio Rank: 45
QGRD Sortino Ratio Rank: 42
QGRD Omega Ratio Rank: 43
QGRD Calmar Ratio Rank: 50
QGRD Martin Ratio Rank: 47

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.

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	QGRD	Difference
Sharpe ratio: Return per unit of total volatility	2.43	1.31	+1.12
Sortino ratio: Return per unit of downside risk	3.00	1.79	+1.21
Omega ratio: Gain probability vs. loss probability	1.37	1.23	+0.14
Calmar ratio: Return relative to maximum drawdown	4.26	2.05	+2.22
Martin ratio: Return relative to average drawdown	12.02	6.18	+5.84

HECO vs. QGRD - Sharpe Ratio Comparison

The current HECO Sharpe Ratio is 2.43, which is higher than the QGRD Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of HECO and QGRD, 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. 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%	-9.41%	-11.62%
Current Drawdown Current decline from peak	-7.38%	-4.34%	-3.04%
Average Drawdown Average peak-to-trough decline	-11.30%	-2.25%	-9.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.45%	3.11%	+4.34%

Volatility

HECO vs. QGRD - Volatility Comparison

State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO) and Horizon NASDAQ-100 Defined Risk ETF (QGRD) have volatilities of 5.85% and 5.86%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HECO	QGRD	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.85%	5.86%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	27.86%	11.69%	+16.17%
Volatility (1Y) Calculated over the trailing 1-year period	36.85%	14.72%	+22.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.11%	14.61%	+29.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.11%	14.61%	+29.50%

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 1.42%.

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	1.42%	1.57%	0.00%

Frequently Asked Questions

Can I hold both HECO and QGRD in my portfolio?

HECO and QGRD have a correlation of 0.68, 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 QGRD?

QGRD has higher volatility (5.86%) compared to HECO (5.85%). In terms of maximum drawdown, HECO dropped -44.59% vs QGRD's -9.41%.

Which ETF is better, HECO or QGRD?

On 1-year performance, HECO leads with 89.21% vs 19.20% for QGRD. On fees, QGRD is cheaper at 0.85% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HECO or QGRD?

Over the 1-year period, HECO has performed better with a 89.21% return vs 19.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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 1.42%, 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.

Which has better risk-adjusted returns?

HECO currently has the higher Sharpe Ratio (2.43 vs 1.31), 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.