HEFT vs. HECA
HEFT (Hedgeye Fourth Turning ETF) and HECA (Hedgeye Capital Allocation ETF) are both exchange-traded funds - HEFT is a Long-Short fund actively managed by Hedgeye, while HECA is a Global Allocation fund actively managed by Hedgeye. Both are actively managed. Their 0.52 correlation means they have sometimes moved together and sometimes differently. HEFT charges 0.70%/yr vs 1.02%/yr for HECA.
Performance
HEFT vs. HECA - Performance Comparison
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Returns By Period
In the year-to-date period, HEFT achieves a 3.28% return, which is significantly higher than HECA's -1.45% return.
HEFT
- 1D
- -0.04%
- 1M
- -0.42%
- 6M
- -3.62%
- YTD
- 3.28%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
HECA
- 1D
- -0.33%
- 1M
- -0.47%
- 6M
- -6.52%
- YTD
- -1.45%
- 1Y
- 11.32%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 10.31%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.59M | $1.93M | $3.89M | |
| $283.91K | $525.47K | $801.16K |
HEFT vs. HECA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
HEFT Hedgeye Fourth Turning ETF | 3.28% | 1.10% |
HECA Hedgeye Capital Allocation ETF | -1.45% | 2.53% |
Correlation
The correlation between HEFT and HECA is 0.52, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 21, 2025 | 0.52 |
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Return for Risk
HEFT vs. HECA — Risk / Return Rank
HEFT
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
HECA
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.
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.
| HEFT | HECA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.16 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 0.80 | — |
| Martin ratioReturn relative to average drawdown | — | 1.57 | — |
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Drawdowns
HEFT vs. HECA - Drawdown Comparison
The maximum HEFT drawdown since its inception was -9.17%, smaller than the maximum HECA drawdown of -12.82%. Use the drawdown chart below to compare losses from any high point for HEFT and HECA.
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Drawdown Indicators
| HEFT | HECA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.17% | -12.82% | +3.65% |
Max Drawdown (1Y)Largest decline over 1 year | — | -12.82% | — |
Current DrawdownCurrent decline from peak | -6.82% | -11.58% | +4.76% |
Average DrawdownAverage peak-to-trough decline | -3.79% | -4.38% | +0.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 6.55% | — |
Volatility
HEFT vs. HECA - Volatility Comparison
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Volatility by Period
| HEFT | HECA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 1.46% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 8.24% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 12.66% | 12.43% | +0.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.66% | 12.04% | +0.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.66% | 12.04% | +0.62% |
HEFT vs. HECA - Expense Ratio Comparison
HEFT has a 0.70% expense ratio, which is lower than HECA's 1.02% expense ratio.
Dividends
HEFT vs. HECA - Dividend Comparison
HEFT's dividend yield for the trailing twelve months is around 0.02%, less than HECA's 2.05% yield.
| Position | TTM | 2025 |
|---|---|---|
HECA Hedgeye Capital Allocation ETF | 2.05% | 2.02% |
HEFT Hedgeye Fourth Turning ETF | 0.02% | 0.02% |
Frequently Asked Questions
HEFT and HECA have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HEFT is cheaper at 0.70% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HEFT is cheaper with a 0.70% expense ratio, compared with 1.02% for HECA.
HECA has the higher dividend yield at 2.05%, compared with 0.02% for HEFT.
HEFT is categorized as Long-Short, while HECA is Global Allocation. Their fees differ too: 0.70% for HEFT and 1.02% for HECA.
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