HEFT vs. HECA

Last updated Apr 1, 2026

Compare and contrast key facts about Hedgeye Fourth Turning ETF (HEFT) and Hedgeye Capital Allocation ETF (HECA).

HEFT and HECA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HEFT is an actively managed fund by Hedgeye. It was launched on Nov 20, 2025. HECA is an actively managed fund by Hedgeye. It was launched on Jun 30, 2025.

Performance

HEFT vs. HECA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hedgeye Fourth Turning ETF (HEFT) and Hedgeye Capital Allocation ETF (HECA). The values are adjusted to include any dividend payments, if applicable.

HEFT vs. HECA - Yearly Performance Comparison

	2026 (YTD)	2025
HEFT Hedgeye Fourth Turning ETF	5.30%	0.98%
HECA Hedgeye Capital Allocation ETF	4.41%	1.57%

Returns By Period

In the year-to-date period, HEFT achieves a 5.30% return, which is significantly higher than HECA's 4.41% return.

HEFT

• 1D: -0.30%
• 1M: -3.18%
• YTD: 5.30%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

HECA

• 1D: -0.10%
• 1M: -5.25%
• YTD: 4.41%
• 6M: 7.77%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HEFT vs. HECA - Expense Ratio Comparison

HEFT has a 0.70% expense ratio, which is lower than HECA's 1.02% expense ratio.

HECA

Hedgeye Capital Allocation ETF

HEFT

Hedgeye Fourth Turning ETF

Return for Risk

HEFT vs. HECA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hedgeye Fourth Turning ETF (HEFT) and Hedgeye Capital Allocation ETF (HECA). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	HEFT	HECA	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.46	1.90	-0.44

Correlation

The correlation between HEFT and HECA is 0.56, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

HEFT vs. HECA - Dividend Comparison

HEFT's dividend yield for the trailing twelve months is around 0.02%, less than HECA's 1.93% yield.

	TTM	2025
HEFT Hedgeye Fourth Turning ETF	0.02%	0.02%
HECA Hedgeye Capital Allocation ETF	1.93%	2.02%

Drawdowns

HEFT vs. HECA - Drawdown Comparison

The maximum HEFT drawdown since its inception was -6.57%, roughly equal to the maximum HECA drawdown of -6.33%. Use the drawdown chart below to compare losses from any high point for HEFT and HECA.

Drawdown Indicators

	HEFT	HECA	Difference
Max Drawdown Largest peak-to-trough decline	-6.57%	-6.33%	-0.24%
Current Drawdown Current decline from peak	-5.00%	-6.33%	+1.33%
Average Drawdown Average peak-to-trough decline	-1.97%	-1.53%	-0.44%

Volatility

Volatility by Period

	HEFT	HECA	Difference
Volatility (1Y) Calculated over the trailing 1-year period	13.44%	12.97%	+0.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.44%	12.97%	+0.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.44%	12.97%	+0.47%