MSDD vs. HECO

Last updated Jun 25, 2026

MSDD (GraniteShares 2x Short MSTR Daily ETF) and HECO (State Street Galaxy Hedged Digital Asset Ecosystem ETF) are both exchange-traded funds - MSDD is a Inverse Equities fund actively managed by GraniteShares, while HECO is a Blockchain fund actively managed by State Street. Both are actively managed. Over the past year, MSDD returned 77.74% vs 123.44% for HECO. At a correlation of -0.63, they often move in opposite directions. MSDD charges 1.50%/yr vs 0.90%/yr for HECO.

Performance

MSDD vs. HECO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Short MSTR Daily ETF (MSDD) 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, MSDD achieves a -48.72% return, which is significantly lower than HECO's 69.04% return.

MSDD

• 1D: 0.00%
• 1M: 44.94%
• YTD: -48.72%
• 6M: -44.83%
• 1Y: 77.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HECO

• 1D: -2.16%
• 1M: 10.40%
• YTD: 69.04%
• 6M: 60.94%
• 1Y: 123.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSDD vs. HECO - Yearly Performance Comparison

	2026 (YTD)	2025
MSDD GraniteShares 2x Short MSTR Daily ETF	-48.72%	274.52%
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	69.04%	30.21%

Correlation

The correlation between MSDD and HECO is -0.64, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.64
Correlation (All Time) Calculated using the full available price history since Jun 10, 2025	-0.63

The correlation between MSDD and HECO has been stable across timeframes, ranging from -0.64 to -0.63 - a consistent structural relationship.

MSDD vs. HECO - Sectors Allocation Comparison

Sectors	MSDD	HECO
Technology	200.1%	55.4%
Basic Materials	-	1.8%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	39.5%
Healthcare	-	-
Industrials	-	5.1%
Real Estate	-	-
Utilities	-	-

Return for Risk

MSDD vs. HECO — Risk / Return Rank

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

MSDD

MSDD Risk / Return Rank: 26
MSDD Sharpe Ratio Rank: 18
MSDD Sortino Ratio Rank: 34
MSDD Omega Ratio Rank: 36
MSDD Calmar Ratio Rank: 22
MSDD Martin Ratio Rank: 18

HECO

HECO Risk / Return Rank: 91
HECO Sharpe Ratio Rank: 95
HECO Sortino Ratio Rank: 91
HECO Omega Ratio Rank: 88
HECO Calmar Ratio Rank: 93
HECO Martin Ratio Rank: 88

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.

MSDD vs. HECO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Short MSTR Daily ETF (MSDD) 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.

	MSDD	HECO	Difference
Sharpe ratio: Return per unit of total volatility	0.55	3.32	-2.76
Sortino ratio: Return per unit of downside risk	1.66	3.74	-2.08
Omega ratio: Gain probability vs. loss probability	1.22	1.47	-0.26
Calmar ratio: Return relative to maximum drawdown	0.92	5.90	-4.98
Martin ratio: Return relative to average drawdown	1.81	16.86	-15.05

MSDD vs. HECO - Sharpe Ratio Comparison

The current MSDD Sharpe Ratio is 0.55, which is lower than the HECO Sharpe Ratio of 3.32. The chart below compares the historical Sharpe Ratios of MSDD 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

MSDD vs. HECO - Drawdown Comparison

The maximum MSDD drawdown since its inception was -84.91%, which is greater than HECO's maximum drawdown of -44.59%. Use the drawdown chart below to compare losses from any high point for MSDD and HECO.

Drawdown Indicators

	MSDD	HECO	Difference
Max Drawdown Largest peak-to-trough decline	-84.91%	-44.59%	-40.32%
Max Drawdown (1Y) Largest decline over 1 year	-84.91%	-21.03%	-63.88%
Current Drawdown Current decline from peak	-68.63%	-3.52%	-65.11%
Average Drawdown Average peak-to-trough decline	-31.40%	-11.51%	-19.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	43.10%	7.35%	+35.75%

Volatility

MSDD vs. HECO - Volatility Comparison

GraniteShares 2x Short MSTR Daily ETF (MSDD) has a higher volatility of 32.11% compared to State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO) at 10.63%. This indicates that MSDD's price experiences larger fluctuations and is considered to be riskier than HECO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSDD	HECO	Difference
Volatility (1M) Calculated over the trailing 1-month period	32.11%	10.63%	+21.48%
Volatility (6M) Calculated over the trailing 6-month period	124.37%	28.73%	+95.64%
Volatility (1Y) Calculated over the trailing 1-year period	140.94%	37.54%	+103.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	138.59%	44.67%	+93.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	138.59%	44.67%	+93.92%

MSDD vs. HECO - Expense Ratio Comparison

MSDD has a 1.50% expense ratio, which is higher than HECO's 0.90% expense ratio.

Dividends

MSDD vs. HECO - Dividend Comparison

Neither MSDD nor HECO has paid dividends to shareholders.

Position	TTM	2025	2024
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	0.00%	0.00%	2.61%
MSDD GraniteShares 2x Short MSTR Daily ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSDD and HECO in my portfolio?

MSDD and HECO have a correlation of -0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSDD or HECO?

MSDD has higher volatility (32.11%) compared to HECO (10.63%). In terms of maximum drawdown, MSDD dropped -84.91% vs HECO's -44.59%.

Which ETF is better, MSDD or HECO?

On 1-year performance, HECO leads with 123.44% vs 77.74% for MSDD. On fees, HECO is cheaper at 0.90% per year. On volatility, HECO has been the lower-risk option at 10.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSDD or HECO?

Over the 1-year period, HECO has performed better with a 123.44% return vs 77.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSDD or HECO?

HECO is cheaper with a 0.90% expense ratio, compared with 1.50% for MSDD.

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

MSDD and HECO have nearly identical dividend yields, around 0.00%.

What is the main difference between MSDD and HECO?

MSDD is categorized as Inverse Equities, while HECO is Blockchain. They also come from different issuers: GraniteShares and State Street. Their fees differ too: 1.50% for MSDD and 0.90% for HECO.

Which has better risk-adjusted returns?

HECO currently has the higher Sharpe Ratio (3.32 vs 0.55), 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.