MAPP vs. HECA

Last updated Jun 23, 2026

MAPP (Harbor Multi-Asset Explorer ETF) and HECA (Hedgeye Capital Allocation ETF) are both Global Allocation funds. Both are actively managed. A 0.57 correlation means they provide meaningful diversification when combined. MAPP charges 0.92%/yr vs 1.02%/yr for HECA.

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.

Returns By Period

In the year-to-date period, MAPP achieves a 7.14% return, which is significantly higher than HECA's -2.17% return.

MAPP

• 1D: -0.02%
• 1M: 0.91%
• YTD: 7.14%
• 6M: 6.86%
• 1Y: 20.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HECA

• 1D: 0.67%
• 1M: -1.81%
• YTD: -2.17%
• 6M: -2.56%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MAPP vs. HECA - Yearly Performance Comparison

	2026 (YTD)	2025
MAPP Harbor Multi-Asset Explorer ETF	7.14%	9.73%
HECA Hedgeye Capital Allocation ETF	-2.17%	12.83%

Correlation

The correlation between MAPP and HECA is 0.57, 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 1, 2025	0.57

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: 70
MAPP Sharpe Ratio Rank: 69
MAPP Sortino Ratio Rank: 69
MAPP Omega Ratio Rank: 70
MAPP Calmar Ratio Rank: 70
MAPP Martin Ratio Rank: 72

HECA

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

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.

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.

	MAPP	HECA	Difference
Sharpe ratio: Return per unit of total volatility	2.17	—	—
Sortino ratio: Return per unit of downside risk	3.01	—	—
Omega ratio: Gain probability vs. loss probability	1.40	—	—
Calmar ratio: Return relative to maximum drawdown	3.41	—	—
Martin ratio: Return relative to average drawdown	12.97	—	—

Drawdowns

MAPP vs. HECA - Drawdown Comparison

The maximum MAPP drawdown since its inception was -12.92%, roughly equal to the maximum HECA drawdown of -12.82%. 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%	-12.82%	-0.10%
Max Drawdown (1Y) Largest decline over 1 year	-6.17%	—	—
Current Drawdown Current decline from peak	-0.76%	-12.23%	+11.47%
Average Drawdown Average peak-to-trough decline	-1.39%	-3.57%	+2.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.62%	—	—

Volatility

Volatility by Period

	MAPP	HECA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.29%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.05%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	9.74%	12.61%	-2.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.92%	12.61%	-1.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.92%	12.61%	-1.69%

MAPP vs. HECA - Expense Ratio Comparison

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

Dividends

MAPP vs. HECA - Dividend Comparison

MAPP's dividend yield for the trailing twelve months is around 2.76%, more than HECA's 2.06% yield.

Position	TTM	2025	2024	2023
HECA Hedgeye Capital Allocation ETF	2.06%	2.02%	0.00%	0.00%
MAPP Harbor Multi-Asset Explorer ETF	2.76%	2.96%	2.41%	2.78%

Frequently Asked Questions

Can I hold both MAPP and HECA in my portfolio?

MAPP and HECA have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MAPP or HECA?

On fees, MAPP is cheaper at 0.92% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MAPP or HECA?

MAPP is cheaper with a 0.92% expense ratio, compared with 1.02% for HECA.

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

MAPP has the higher dividend yield at 2.76%, compared with 2.06% for HECA.

What is the main difference between MAPP and HECA?

They also come from different issuers: Harbor and Hedgeye. Their fees differ too: 0.92% for MAPP and 1.02% for HECA.