HECO vs. STCE

Last updated Jun 4, 2026

HECO (State Street Galaxy Hedged Digital Asset Ecosystem ETF) and STCE (Schwab Crypto Thematic ETF) are both Blockchain funds. HECO is actively managed, while STCE is passively managed. Over the past year, HECO returned 136.32% vs 84.98% for STCE. Their correlation of 0.93 suggests significant overlap in exposure. HECO charges 0.90%/yr vs 0.30%/yr for STCE.

Performance

HECO vs. STCE - 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 Schwab Crypto Thematic ETF (STCE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HECO achieves a 71.77% return, which is significantly higher than STCE's 32.00% return.

HECO

• 1D: -0.95%
• 1M: 33.22%
• YTD: 71.77%
• 6M: 57.04%
• 1Y: 136.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

STCE

• 1D: -1.96%
• 1M: 16.12%
• YTD: 32.00%
• 6M: 10.29%
• 1Y: 84.98%
• 3Y*: 58.04%
• 5Y*: —
• 10Y*: —

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

HECO vs. STCE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	71.77%	26.23%	27.37%
STCE Schwab Crypto Thematic ETF	32.00%	36.12%	41.53%

Correlation

The correlation between HECO and STCE is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (All Time) Calculated using the full available price history since Sep 11, 2024	0.93

The correlation between HECO and STCE has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

HECO vs. STCE - Sectors Allocation Comparison

Sectors	HECO	STCE
Technology	48.3%	30.9%
Financial Services	45.1%	62.9%
Industrials	5.1%	-
Basic Materials	1.8%	-
Communication Services	-	6.2%
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	0.0%
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

HECO vs. STCE — Risk / Return Rank

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

HECO

HECO Risk / Return Rank: 89
HECO Sharpe Ratio Rank: 94
HECO Sortino Ratio Rank: 89
HECO Omega Ratio Rank: 84
HECO Calmar Ratio Rank: 93
HECO Martin Ratio Rank: 87

STCE

STCE Risk / Return Rank: 33
STCE Sharpe Ratio Rank: 38
STCE Sortino Ratio Rank: 38
STCE Omega Ratio Rank: 34
STCE Calmar Ratio Rank: 32
STCE Martin Ratio Rank: 22

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. STCE - 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 Schwab Crypto Thematic ETF (STCE). 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	STCE	Difference
Sharpe ratio: Return per unit of total volatility	3.68	1.40	+2.28
Sortino ratio: Return per unit of downside risk	4.07	1.99	+2.08
Omega ratio: Gain probability vs. loss probability	1.51	1.24	+0.27
Calmar ratio: Return relative to maximum drawdown	6.52	1.58	+4.94
Martin ratio: Return relative to average drawdown	18.71	2.85	+15.86
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. STCE - Sharpe Ratio Comparison

The current HECO Sharpe Ratio is 3.68, which is higher than the STCE Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of HECO and STCE, 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	STCE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.68	1.40	+2.28
Sharpe Ratio (All Time) Calculated using the full available price history	1.80	0.65	+1.15

Drawdowns

HECO vs. STCE - Drawdown Comparison

The maximum HECO drawdown since its inception was -44.59%, smaller than the maximum STCE drawdown of -54.11%. Use the drawdown chart below to compare losses from any high point for HECO and STCE.

Drawdown Indicators

	HECO	STCE	Difference
Max Drawdown Largest peak-to-trough decline	-44.59%	-54.11%	+9.52%
Max Drawdown (1Y) Largest decline over 1 year	-21.03%	-54.11%	+33.08%
Max Drawdown (3Y) Largest decline over 3 years	—	-54.11%	—
Current Drawdown Current decline from peak	-1.18%	-25.63%	+24.45%
Average Drawdown Average peak-to-trough decline	-11.81%	-21.98%	+10.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.31%	29.87%	-22.56%

Volatility

HECO vs. STCE - Volatility Comparison

The current volatility for State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO) is 10.30%, while Schwab Crypto Thematic ETF (STCE) has a volatility of 14.89%. This indicates that HECO experiences smaller price fluctuations and is considered to be less risky than STCE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HECO	STCE	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.30%	14.89%	-4.59%
Volatility (6M) Calculated over the trailing 6-month period	29.36%	42.80%	-13.44%
Volatility (1Y) Calculated over the trailing 1-year period	37.32%	61.14%	-23.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.93%	55.86%	-10.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.93%	55.86%	-10.93%

HECO vs. STCE - Expense Ratio Comparison

HECO has a 0.90% expense ratio, which is higher than STCE's 0.30% expense ratio.

Dividends

HECO vs. STCE - Dividend Comparison

HECO has not paid dividends to shareholders, while STCE's dividend yield for the trailing twelve months is around 1.49%.

Position	TTM	2025	2024	2023	2022
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	0.00%	0.00%	2.61%	0.00%	0.00%
STCE Schwab Crypto Thematic ETF	1.49%	1.96%	0.64%	0.31%	1.46%

Frequently Asked Questions

Can I hold both HECO and STCE in my portfolio?

With a correlation of 0.91, HECO and STCE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, HECO or STCE?

STCE has higher volatility (14.89%) compared to HECO (10.30%). In terms of maximum drawdown, HECO dropped -44.59% vs STCE's -54.11%.

Which ETF is better, HECO or STCE?

On 1-year performance, HECO leads with 136.32% vs 84.98% for STCE. On fees, STCE is cheaper at 0.30% per year. On volatility, HECO has been the lower-risk option at 10.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HECO or STCE?

Over the 1-year period, HECO has performed better with a 136.32% return vs 84.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HECO or STCE?

STCE is cheaper with a 0.30% expense ratio, compared with 0.90% for HECO.

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

STCE has the higher dividend yield at 1.49%, compared with 0.00% for HECO.

What is the main difference between HECO and STCE?

They also come from different issuers: State Street and Charles Schwab. Their fees differ too: 0.90% for HECO and 0.30% for STCE.

Which has better risk-adjusted returns?

HECO currently has the higher Sharpe Ratio (3.68 vs 1.40), 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.