JFLI vs. HECA

Last updated Jun 4, 2026

JFLI (JPMorgan Flexible Income ETF) and HECA (Hedgeye Capital Allocation ETF) are both Global Allocation funds. Both are actively managed. A 0.51 correlation means they provide meaningful diversification when combined. JFLI charges 0.35%/yr vs 1.02%/yr for HECA.

Performance

JFLI vs. HECA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Flexible Income ETF (JFLI) 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, JFLI achieves a 9.90% return, which is significantly higher than HECA's 0.22% return.

JFLI

• 1D: -0.32%
• 1M: 3.80%
• YTD: 9.90%
• 6M: 9.51%
• 1Y: 21.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HECA

• 1D: -0.75%
• 1M: -0.29%
• YTD: 0.22%
• 6M: -0.08%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JFLI vs. HECA - Yearly Performance Comparison

	2026 (YTD)	2025
JFLI JPMorgan Flexible Income ETF	9.90%	7.18%
HECA Hedgeye Capital Allocation ETF	0.22%	12.83%

Correlation

The correlation between JFLI and HECA is 0.51, 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 2, 2025	0.51

Return for Risk

JFLI vs. HECA — Risk / Return Rank

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

JFLI

JFLI Risk / Return Rank: 76
JFLI Sharpe Ratio Rank: 77
JFLI Sortino Ratio Rank: 79
JFLI Omega Ratio Rank: 80
JFLI Calmar Ratio Rank: 64
JFLI Martin Ratio Rank: 79

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.

JFLI vs. HECA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Flexible Income ETF (JFLI) 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.

	JFLI	HECA	Difference
Sharpe ratio: Return per unit of total volatility	2.53	—	—
Sortino ratio: Return per unit of downside risk	3.58	—	—
Omega ratio: Gain probability vs. loss probability	1.48	—	—
Calmar ratio: Return relative to maximum drawdown	3.17	—	—
Martin ratio: Return relative to average drawdown	15.34	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	JFLI	HECA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.53	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.29	1.15	+0.14

Drawdowns

JFLI vs. HECA - Drawdown Comparison

The maximum JFLI drawdown since its inception was -12.87%, which is greater than HECA's maximum drawdown of -11.81%. Use the drawdown chart below to compare losses from any high point for JFLI and HECA.

Drawdown Indicators

	JFLI	HECA	Difference
Max Drawdown Largest peak-to-trough decline	-12.87%	-11.81%	-1.06%
Max Drawdown (1Y) Largest decline over 1 year	-6.67%	—	—
Current Drawdown Current decline from peak	-0.32%	-10.09%	+9.77%
Average Drawdown Average peak-to-trough decline	-1.44%	-3.15%	+1.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.38%	—	—

Volatility

Volatility by Period

	JFLI	HECA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.35%	—	—
Volatility (6M) Calculated over the trailing 6-month period	6.93%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	8.39%	12.44%	-4.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.90%	12.44%	-0.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.90%	12.44%	-0.54%

JFLI vs. HECA - Expense Ratio Comparison

JFLI has a 0.35% expense ratio, which is lower than HECA's 1.02% expense ratio.

Dividends

JFLI vs. HECA - Dividend Comparison

JFLI's dividend yield for the trailing twelve months is around 7.18%, more than HECA's 2.01% yield.

Position	TTM	2025
HECA Hedgeye Capital Allocation ETF	2.01%	2.02%
JFLI JPMorgan Flexible Income ETF	7.18%	6.81%

Frequently Asked Questions

Can I hold both JFLI and HECA in my portfolio?

JFLI and HECA have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, JFLI or HECA?

On fees, JFLI is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, JFLI or HECA?

JFLI is cheaper with a 0.35% expense ratio, compared with 1.02% for HECA.

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

JFLI has the higher dividend yield at 7.18%, compared with 2.01% for HECA.

What is the main difference between JFLI and HECA?

They also come from different issuers: JPMorgan and Hedgeye. Their fees differ too: 0.35% for JFLI and 1.02% for HECA.