HELS vs. HECA

Last updated Jun 6, 2026

HELS (Hedgeye 130/30 Equity ETF) and HECA (Hedgeye Capital Allocation ETF) are both exchange-traded funds - HELS is a Long-Short fund actively managed by Hedgeye, while HECA is a Global Allocation fund actively managed by Hedgeye. Both are actively managed. A 0.53 correlation means they provide meaningful diversification when combined. HELS charges 0.70%/yr vs 1.02%/yr for HECA.

Performance

HELS vs. HECA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hedgeye 130/30 Equity ETF (HELS) and Hedgeye Capital Allocation ETF (HECA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with HELS having a -2.32% return and HECA slightly lower at -2.42%.

HELS

• 1D: -3.38%
• 1M: -2.04%
• YTD: -2.32%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

HECA

• 1D: -2.95%
• 1M: -2.35%
• YTD: -2.42%
• 6M: -2.71%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HELS vs. HECA - Yearly Performance Comparison

	2026 (YTD)	2025
HELS Hedgeye 130/30 Equity ETF	-2.32%	-2.83%
HECA Hedgeye Capital Allocation ETF	-2.42%	-1.63%

Correlation

The correlation between HELS and HECA is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 12, 2025	0.53

Return for Risk

HELS vs. HECA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hedgeye 130/30 Equity ETF (HELS) 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

	HELS	HECA	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-0.63	0.86	-1.48

Drawdowns

HELS vs. HECA - Drawdown Comparison

The maximum HELS drawdown since its inception was -13.60%, which is greater than HECA's maximum drawdown of -12.46%. Use the drawdown chart below to compare losses from any high point for HELS and HECA.

Drawdown Indicators

	HELS	HECA	Difference
Max Drawdown Largest peak-to-trough decline	-13.60%	-12.46%	-1.14%
Current Drawdown Current decline from peak	-8.47%	-12.46%	+3.99%
Average Drawdown Average peak-to-trough decline	-5.58%	-3.22%	-2.36%

Volatility

Volatility by Period

	HELS	HECA	Difference
Volatility (1Y) Calculated over the trailing 1-year period	16.66%	12.77%	+3.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.66%	12.77%	+3.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.66%	12.77%	+3.89%

HELS vs. HECA - Expense Ratio Comparison

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

Dividends

HELS vs. HECA - Dividend Comparison

HELS's dividend yield for the trailing twelve months is around 0.02%, less than HECA's 2.07% yield.

Position	TTM	2025
HECA Hedgeye Capital Allocation ETF	2.07%	2.02%
HELS Hedgeye 130/30 Equity ETF	0.02%	0.02%

Frequently Asked Questions

Can I hold both HELS and HECA in my portfolio?

HELS and HECA have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HELS or HECA?

On fees, HELS is cheaper at 0.70% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HELS or HECA?

HELS is cheaper with a 0.70% expense ratio, compared with 1.02% for HECA.

Which ETF pays a higher dividend yield, HELS or HECA?

HECA has the higher dividend yield at 2.07%, compared with 0.02% for HELS.

What is the main difference between HELS and HECA?

HELS is categorized as Long-Short, while HECA is Global Allocation. Their fees differ too: 0.70% for HELS and 1.02% for HECA.