HFEQ vs. HECA

Last updated Jun 24, 2026

HFEQ (Unlimited HFEQ Equity Long/Short ETF) and HECA (Hedgeye Capital Allocation ETF) are both exchange-traded funds - HFEQ is a Long-Short fund actively managed by Unlimited, while HECA is a Global Allocation fund actively managed by Hedgeye. Both are actively managed. A 0.60 correlation means they provide meaningful diversification when combined. HFEQ charges 1.00%/yr vs 1.02%/yr for HECA.

Performance

HFEQ vs. HECA - Performance Comparison

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

Returns By Period

In the year-to-date period, HFEQ achieves a 9.98% return, which is significantly higher than HECA's -1.95% return.

HFEQ

• 1D: -3.97%
• 1M: -1.18%
• YTD: 9.98%
• 6M: 8.55%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

HECA

• 1D: 0.22%
• 1M: -1.60%
• YTD: -1.95%
• 6M: -2.38%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HFEQ vs. HECA - Yearly Performance Comparison

	2026 (YTD)	2025
HFEQ Unlimited HFEQ Equity Long/Short ETF	9.98%	14.35%
HECA Hedgeye Capital Allocation ETF	-1.95%	12.26%

Correlation

The correlation between HFEQ and HECA is 0.60, 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 Jul 15, 2025	0.60

Return for Risk

HFEQ vs. HECA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Unlimited HFEQ Equity Long/Short ETF (HFEQ) 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.

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

Drawdowns

HFEQ vs. HECA - Drawdown Comparison

The maximum HFEQ drawdown since its inception was -12.46%, roughly equal to the maximum HECA drawdown of -12.82%. Use the drawdown chart below to compare losses from any high point for HFEQ and HECA.

Drawdown Indicators

	HFEQ	HECA	Difference
Max Drawdown Largest peak-to-trough decline	-12.46%	-12.82%	+0.36%
Current Drawdown Current decline from peak	-3.97%	-12.04%	+8.07%
Average Drawdown Average peak-to-trough decline	-2.44%	-3.61%	+1.17%

Volatility

Volatility by Period

	HFEQ	HECA	Difference
Volatility (1Y) Calculated over the trailing 1-year period	21.90%	12.59%	+9.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.90%	12.59%	+9.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.90%	12.59%	+9.31%

HFEQ vs. HECA - Expense Ratio Comparison

HFEQ has a 1.00% expense ratio, which is lower than HECA's 1.02% expense ratio.

Dividends

HFEQ vs. HECA - Dividend Comparison

HFEQ has not paid dividends to shareholders, while HECA's dividend yield for the trailing twelve months is around 2.06%.

Position	TTM	2025
HECA Hedgeye Capital Allocation ETF	2.06%	2.02%
HFEQ Unlimited HFEQ Equity Long/Short ETF	9.59%	10.55%

Frequently Asked Questions

Can I hold both HFEQ and HECA in my portfolio?

HFEQ and HECA have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HFEQ or HECA?

On fees, HFEQ is cheaper at 1.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HFEQ or HECA?

HFEQ is cheaper with a 1.00% expense ratio, compared with 1.02% for HECA.

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

HFEQ has the higher dividend yield at 9.59%, compared with 2.06% for HECA.

What is the main difference between HFEQ and HECA?

HFEQ is categorized as Long-Short, while HECA is Global Allocation. They also come from different issuers: Unlimited and Hedgeye. Their fees differ too: 1.00% for HFEQ and 1.02% for HECA.