HECO vs. SPYA

Last updated Jun 24, 2026

HECO (State Street Galaxy Hedged Digital Asset Ecosystem ETF) and SPYA (Twin Oak Endure ETF) are both exchange-traded funds - HECO is a Blockchain fund actively managed by State Street, while SPYA is a Equity Hedged fund actively managed by Twin Oak. Both are actively managed. Over the past year, HECO returned 136.37% vs 16.21% for SPYA. A 0.68 correlation means they provide meaningful diversification when combined. HECO charges 0.90%/yr vs 0.49%/yr for SPYA.

Performance

HECO vs. SPYA - 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 Twin Oak Endure ETF (SPYA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HECO achieves a 72.76% return, which is significantly higher than SPYA's 5.36% return.

HECO

• 1D: -1.40%
• 1M: 12.83%
• YTD: 72.76%
• 6M: 65.53%
• 1Y: 136.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPYA

• 1D: -1.22%
• 1M: -1.58%
• YTD: 5.36%
• 6M: 4.44%
• 1Y: 16.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HECO vs. SPYA - Yearly Performance Comparison

	2026 (YTD)	2025
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	72.76%	41.71%
SPYA Twin Oak Endure ETF	5.36%	12.65%

Correlation

The correlation between HECO and SPYA is 0.69, 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	0.69
Correlation (All Time) Calculated using the full available price history since Jun 3, 2025	0.68

The correlation between HECO and SPYA has been stable across timeframes, ranging from 0.68 to 0.69 - a consistent structural relationship.

Return for Risk

HECO vs. SPYA — Risk / Return Rank

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

HECO

HECO Risk / Return Rank: 92
HECO Sharpe Ratio Rank: 96
HECO Sortino Ratio Rank: 92
HECO Omega Ratio Rank: 88
HECO Calmar Ratio Rank: 94
HECO Martin Ratio Rank: 89

SPYA

SPYA Risk / Return Rank: 41
SPYA Sharpe Ratio Rank: 43
SPYA Sortino Ratio Rank: 41
SPYA Omega Ratio Rank: 41
SPYA Calmar Ratio Rank: 37
SPYA Martin Ratio Rank: 44

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. SPYA - 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 Twin Oak Endure ETF (SPYA). 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	SPYA	Difference
Sharpe ratio: Return per unit of total volatility	3.66	1.38	+2.28
Sortino ratio: Return per unit of downside risk	4.00	1.93	+2.07
Omega ratio: Gain probability vs. loss probability	1.51	1.24	+0.27
Calmar ratio: Return relative to maximum drawdown	6.52	1.71	+4.81
Martin ratio: Return relative to average drawdown	18.64	6.57	+12.07

HECO vs. SPYA - Sharpe Ratio Comparison

The current HECO Sharpe Ratio is 3.66, which is higher than the SPYA Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of HECO and SPYA, 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. SPYA - Drawdown Comparison

The maximum HECO drawdown since its inception was -44.59%, which is greater than SPYA's maximum drawdown of -9.51%. Use the drawdown chart below to compare losses from any high point for HECO and SPYA.

Drawdown Indicators

	HECO	SPYA	Difference
Max Drawdown Largest peak-to-trough decline	-44.59%	-9.51%	-35.08%
Max Drawdown (1Y) Largest decline over 1 year	-21.03%	-9.51%	-11.52%
Current Drawdown Current decline from peak	-1.40%	-3.13%	+1.73%
Average Drawdown Average peak-to-trough decline	-11.53%	-1.48%	-10.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.35%	2.47%	+4.88%

Volatility

HECO vs. SPYA - Volatility Comparison

State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO) has a higher volatility of 10.26% compared to Twin Oak Endure ETF (SPYA) at 4.49%. This indicates that HECO's price experiences larger fluctuations and is considered to be riskier than SPYA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HECO	SPYA	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.26%	4.49%	+5.77%
Volatility (6M) Calculated over the trailing 6-month period	28.99%	9.29%	+19.70%
Volatility (1Y) Calculated over the trailing 1-year period	37.49%	11.82%	+25.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.68%	11.64%	+33.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.68%	11.64%	+33.04%

HECO vs. SPYA - Expense Ratio Comparison

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

Dividends

HECO vs. SPYA - Dividend Comparison

HECO has not paid dividends to shareholders, while SPYA's dividend yield for the trailing twelve months is around 0.36%.

Position	TTM	2025	2024
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	0.00%	0.00%	2.61%
SPYA Twin Oak Endure ETF	0.36%	0.37%	0.00%

Frequently Asked Questions

Can I hold both HECO and SPYA in my portfolio?

HECO and SPYA have a correlation of 0.69, 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 SPYA?

HECO has higher volatility (10.26%) compared to SPYA (4.49%). In terms of maximum drawdown, HECO dropped -44.59% vs SPYA's -9.51%.

Which ETF is better, HECO or SPYA?

On 1-year performance, HECO leads with 136.37% vs 16.21% for SPYA. On fees, SPYA is cheaper at 0.49% per year. On volatility, SPYA has been the lower-risk option at 4.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HECO or SPYA?

Over the 1-year period, HECO has performed better with a 136.37% return vs 16.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HECO or SPYA?

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

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

SPYA has the higher dividend yield at 0.36%, compared with 0.00% for HECO.

What is the main difference between HECO and SPYA?

HECO is categorized as Blockchain, while SPYA is Equity Hedged. They also come from different issuers: State Street and Twin Oak. Their fees differ too: 0.90% for HECO and 0.49% for SPYA.

Which has better risk-adjusted returns?

HECO currently has the higher Sharpe Ratio (3.66 vs 1.38), 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.