MAXJ vs. HECO

Last updated Jun 24, 2026

MAXJ (iShares Large Cap Max Buffer Jun ETF) and HECO (State Street Galaxy Hedged Digital Asset Ecosystem ETF) are both exchange-traded funds - MAXJ is a Equity Hedged fund actively managed by iShares, while HECO is a Blockchain fund actively managed by State Street. Both are actively managed. Over the past year, MAXJ returned 8.35% vs 136.37% for HECO. A 0.59 correlation means they provide meaningful diversification when combined. MAXJ charges 0.50%/yr vs 0.90%/yr for HECO.

Performance

MAXJ vs. HECO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Large Cap Max Buffer Jun ETF (MAXJ) and State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MAXJ achieves a 3.14% return, which is significantly lower than HECO's 72.76% return.

MAXJ

• 1D: -0.03%
• 1M: 0.48%
• YTD: 3.14%
• 6M: 3.08%
• 1Y: 8.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HECO

• 1D: -1.40%
• 1M: 12.83%
• YTD: 72.76%
• 6M: 65.53%
• 1Y: 136.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MAXJ vs. HECO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MAXJ iShares Large Cap Max Buffer Jun ETF	3.14%	8.97%	3.32%
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	72.76%	26.23%	28.95%

Correlation

The correlation between MAXJ and HECO 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 (1Y) Calculated over the trailing 1-year period	0.57
Correlation (All Time) Calculated using the full available price history since Sep 10, 2024	0.59

The correlation between MAXJ and HECO has been stable across timeframes, ranging from 0.57 to 0.59 - a consistent structural relationship.

Return for Risk

MAXJ vs. HECO — Risk / Return Rank

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

MAXJ

MAXJ Risk / Return Rank: 94
MAXJ Sharpe Ratio Rank: 95
MAXJ Sortino Ratio Rank: 97
MAXJ Omega Ratio Rank: 96
MAXJ Calmar Ratio Rank: 88
MAXJ Martin Ratio Rank: 95

HECO

HECO Risk / Return Rank: 92
HECO Sharpe Ratio Rank: 96
HECO Sortino Ratio Rank: 92
HECO Omega Ratio Rank: 88
HECO Calmar Ratio Rank: 94
HECO Martin Ratio Rank: 89

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.

MAXJ vs. HECO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap Max Buffer Jun ETF (MAXJ) and State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO). 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.

	MAXJ	HECO	Difference
Sharpe ratio: Return per unit of total volatility	3.46	3.66	-0.20
Sortino ratio: Return per unit of downside risk	5.74	4.00	+1.74
Omega ratio: Gain probability vs. loss probability	1.79	1.51	+0.28
Calmar ratio: Return relative to maximum drawdown	4.92	6.52	-1.60
Martin ratio: Return relative to average drawdown	28.96	18.64	+10.32

MAXJ vs. HECO - Sharpe Ratio Comparison

The current MAXJ Sharpe Ratio is 3.46, which is comparable to the HECO Sharpe Ratio of 3.66. The chart below compares the historical Sharpe Ratios of MAXJ and HECO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MAXJ vs. HECO - Drawdown Comparison

The maximum MAXJ drawdown since its inception was -6.35%, smaller than the maximum HECO drawdown of -44.59%. Use the drawdown chart below to compare losses from any high point for MAXJ and HECO.

Drawdown Indicators

	MAXJ	HECO	Difference
Max Drawdown Largest peak-to-trough decline	-6.35%	-44.59%	+38.24%
Max Drawdown (1Y) Largest decline over 1 year	-1.70%	-21.03%	+19.33%
Current Drawdown Current decline from peak	-0.03%	-1.40%	+1.37%
Average Drawdown Average peak-to-trough decline	-0.55%	-11.53%	+10.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.29%	7.35%	-7.06%

Volatility

MAXJ vs. HECO - Volatility Comparison

The current volatility for iShares Large Cap Max Buffer Jun ETF (MAXJ) is 0.30%, while State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO) has a volatility of 10.26%. This indicates that MAXJ experiences smaller price fluctuations and is considered to be less risky than HECO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MAXJ	HECO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.30%	10.26%	-9.96%
Volatility (6M) Calculated over the trailing 6-month period	1.89%	28.99%	-27.10%
Volatility (1Y) Calculated over the trailing 1-year period	2.51%	37.49%	-34.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.21%	44.68%	-39.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.21%	44.68%	-39.47%

MAXJ vs. HECO - Expense Ratio Comparison

MAXJ has a 0.50% expense ratio, which is lower than HECO's 0.90% expense ratio.

Dividends

MAXJ vs. HECO - Dividend Comparison

MAXJ's dividend yield for the trailing twelve months is around 0.98%, while HECO has not paid dividends to shareholders.

Position	TTM	2025	2024
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	0.00%	0.00%	2.61%
MAXJ iShares Large Cap Max Buffer Jun ETF	0.98%	1.01%	0.81%

Frequently Asked Questions

Can I hold both MAXJ and HECO in my portfolio?

MAXJ and HECO 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 is riskier, MAXJ or HECO?

HECO has higher volatility (10.26%) compared to MAXJ (0.30%). In terms of maximum drawdown, MAXJ dropped -6.35% vs HECO's -44.59%.

Which ETF is better, MAXJ or HECO?

On 1-year performance, HECO leads with 136.37% vs 8.35% for MAXJ. On fees, MAXJ is cheaper at 0.50% per year. On volatility, MAXJ has been the lower-risk option at 0.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MAXJ or HECO?

Over the 1-year period, HECO has performed better with a 136.37% return vs 8.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MAXJ or HECO?

MAXJ is cheaper with a 0.50% expense ratio, compared with 0.90% for HECO.

Which ETF pays a higher dividend yield, MAXJ or HECO?

MAXJ has the higher dividend yield at 0.98%, compared with 0.00% for HECO.

What is the main difference between MAXJ and HECO?

MAXJ is categorized as Equity Hedged, while HECO is Blockchain. They also come from different issuers: iShares and State Street. Their fees differ too: 0.50% for MAXJ and 0.90% for HECO.

Which has better risk-adjusted returns?

HECO currently has the higher Sharpe Ratio (3.66 vs 3.46), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.