MAPP vs. HECA

Last updated Apr 1, 2026

Compare and contrast key facts about Harbor Multi-Asset Explorer ETF (MAPP) and Hedgeye Capital Allocation ETF (HECA).

MAPP and HECA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MAPP is an actively managed fund by Harbor. It was launched on Sep 13, 2023. HECA is an actively managed fund by Hedgeye. It was launched on Jun 30, 2025.

Performance

MAPP vs. HECA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor Multi-Asset Explorer ETF (MAPP) and Hedgeye Capital Allocation ETF (HECA). The values are adjusted to include any dividend payments, if applicable.

MAPP vs. HECA - Yearly Performance Comparison

	2026 (YTD)	2025
MAPP Harbor Multi-Asset Explorer ETF	-0.04%	9.73%
HECA Hedgeye Capital Allocation ETF	4.41%	12.83%

Returns By Period

In the year-to-date period, MAPP achieves a -0.04% return, which is significantly lower than HECA's 4.41% return.

MAPP

• 1D: 1.46%
• 1M: -4.59%
• YTD: -0.04%
• 6M: 2.72%
• 1Y: 17.17%
• 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)

MAPP vs. HECA - Expense Ratio Comparison

MAPP has a 0.92% expense ratio, which is lower than HECA's 1.02% expense ratio.

HECA

Hedgeye Capital Allocation ETF

MAPP

Harbor Multi-Asset Explorer ETF

Return for Risk

MAPP vs. HECA — Risk / Return Rank

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

MAPP

MAPP Risk / Return Rank: 77
MAPP Sharpe Ratio Rank: 76
MAPP Sortino Ratio Rank: 78
MAPP Omega Ratio Rank: 79
MAPP Calmar Ratio Rank: 69
MAPP Martin Ratio Rank: 82

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.

MAPP vs. HECA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Multi-Asset Explorer ETF (MAPP) 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.

	MAPP	HECA	Difference
Sharpe ratio Return per unit of total volatility	1.41	—	—
Sortino ratio Return per unit of downside risk	2.02	—	—
Omega ratio Gain probability vs. loss probability	1.31	—	—
Calmar ratio Return relative to maximum drawdown	1.80	—	—
Martin ratio Return relative to average drawdown	9.36	—	—
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

	MAPP	HECA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.41	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.34	1.90	-0.56

Correlation

The correlation between MAPP and HECA is 0.67, 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

MAPP vs. HECA - Dividend Comparison

MAPP's dividend yield for the trailing twelve months is around 2.96%, more than HECA's 1.93% yield.

	TTM	2025	2024	2023
MAPP Harbor Multi-Asset Explorer ETF	2.96%	2.96%	2.41%	2.78%
HECA Hedgeye Capital Allocation ETF	1.93%	2.02%	0.00%	0.00%

Drawdowns

MAPP vs. HECA - Drawdown Comparison

The maximum MAPP drawdown since its inception was -12.92%, which is greater than HECA's maximum drawdown of -6.33%. Use the drawdown chart below to compare losses from any high point for MAPP and HECA.

Drawdown Indicators

	MAPP	HECA	Difference
Max Drawdown Largest peak-to-trough decline	-12.92%	-6.33%	-6.59%
Max Drawdown (1Y) Largest decline over 1 year	-9.70%	—	—
Current Drawdown Current decline from peak	-4.80%	-6.33%	+1.53%
Average Drawdown Average peak-to-trough decline	-1.39%	-1.53%	+0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.87%	—	—

Volatility

Volatility by Period

	MAPP	HECA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.65%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.05%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	12.26%	12.97%	-0.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.83%	12.97%	-2.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.83%	12.97%	-2.14%