NODE vs. HECO

Last updated Jun 4, 2026

NODE (VanEck Onchain Economy ETF) and HECO (State Street Galaxy Hedged Digital Asset Ecosystem ETF) are both Blockchain funds. Both are actively managed. Over the past year, NODE returned 71.73% vs 136.32% for HECO. Their correlation of 0.91 suggests significant overlap in exposure. NODE charges 0.69%/yr vs 0.90%/yr for HECO.

Performance

NODE vs. HECO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Onchain Economy ETF (NODE) 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, NODE achieves a 33.28% return, which is significantly lower than HECO's 71.77% return.

NODE

• 1D: -1.79%
• 1M: 10.04%
• YTD: 33.28%
• 6M: 21.22%
• 1Y: 71.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HECO

• 1D: -0.95%
• 1M: 33.22%
• YTD: 71.77%
• 6M: 57.04%
• 1Y: 136.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NODE vs. HECO - Yearly Performance Comparison

	2026 (YTD)	2025
NODE VanEck Onchain Economy ETF	33.28%	32.44%
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	71.77%	41.31%

Correlation

The correlation between NODE and HECO is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (All Time) Calculated using the full available price history since May 15, 2025	0.91

The correlation between NODE and HECO has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.

Return for Risk

NODE vs. HECO — Risk / Return Rank

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

NODE

NODE Risk / Return Rank: 41
NODE Sharpe Ratio Rank: 46
NODE Sortino Ratio Rank: 43
NODE Omega Ratio Rank: 41
NODE Calmar Ratio Rank: 42
NODE Martin Ratio Rank: 31

HECO

HECO Risk / Return Rank: 89
HECO Sharpe Ratio Rank: 94
HECO Sortino Ratio Rank: 89
HECO Omega Ratio Rank: 84
HECO Calmar Ratio Rank: 93
HECO Martin Ratio Rank: 87

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.

NODE vs. HECO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Onchain Economy ETF (NODE) 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.

	NODE	HECO	Difference
Sharpe ratio: Return per unit of total volatility	1.59	3.68	-2.09
Sortino ratio: Return per unit of downside risk	2.12	4.07	-1.95
Omega ratio: Gain probability vs. loss probability	1.26	1.51	-0.25
Calmar ratio: Return relative to maximum drawdown	2.04	6.52	-4.48
Martin ratio: Return relative to average drawdown	4.50	18.71	-14.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NODE vs. HECO - Sharpe Ratio Comparison

The current NODE Sharpe Ratio is 1.59, which is lower than the HECO Sharpe Ratio of 3.68. The chart below compares the historical Sharpe Ratios of NODE 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.

Sharpe Ratios by Period

	NODE	HECO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.59	3.68	-2.09
Sharpe Ratio (All Time) Calculated using the full available price history	1.62	1.80	-0.18

Drawdowns

NODE vs. HECO - Drawdown Comparison

The maximum NODE drawdown since its inception was -35.35%, smaller than the maximum HECO drawdown of -44.59%. Use the drawdown chart below to compare losses from any high point for NODE and HECO.

Drawdown Indicators

	NODE	HECO	Difference
Max Drawdown Largest peak-to-trough decline	-35.35%	-44.59%	+9.24%
Max Drawdown (1Y) Largest decline over 1 year	-35.35%	-21.03%	-14.32%
Current Drawdown Current decline from peak	-2.42%	-1.18%	-1.24%
Average Drawdown Average peak-to-trough decline	-11.30%	-11.81%	+0.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.00%	7.31%	+8.69%

Volatility

NODE vs. HECO - Volatility Comparison

VanEck Onchain Economy ETF (NODE) has a higher volatility of 12.39% compared to State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO) at 10.30%. This indicates that NODE'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

	NODE	HECO	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.39%	10.30%	+2.09%
Volatility (6M) Calculated over the trailing 6-month period	34.83%	29.36%	+5.47%
Volatility (1Y) Calculated over the trailing 1-year period	45.44%	37.32%	+8.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.59%	44.93%	-0.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.59%	44.93%	-0.34%

NODE vs. HECO - Expense Ratio Comparison

NODE has a 0.69% expense ratio, which is lower than HECO's 0.90% expense ratio.

Dividends

NODE vs. HECO - Dividend Comparison

NODE's dividend yield for the trailing twelve months is around 0.84%, 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%
NODE VanEck Onchain Economy ETF	0.84%	1.12%	0.00%

Frequently Asked Questions

Can I hold both NODE and HECO in my portfolio?

With a correlation of 0.92, NODE and HECO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, NODE or HECO?

NODE has higher volatility (12.39%) compared to HECO (10.30%). In terms of maximum drawdown, NODE dropped -35.35% vs HECO's -44.59%.

Which ETF is better, NODE or HECO?

On 1-year performance, HECO leads with 136.32% vs 71.73% for NODE. On fees, NODE is cheaper at 0.69% per year. On volatility, HECO has been the lower-risk option at 10.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NODE or HECO?

Over the 1-year period, HECO has performed better with a 136.32% return vs 71.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NODE or HECO?

NODE is cheaper with a 0.69% expense ratio, compared with 0.90% for HECO.

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

NODE has the higher dividend yield at 0.84%, compared with 0.00% for HECO.

What is the main difference between NODE and HECO?

They also come from different issuers: VanEck and State Street. Their fees differ too: 0.69% for NODE and 0.90% for HECO.

Which has better risk-adjusted returns?

HECO currently has the higher Sharpe Ratio (3.68 vs 1.59), 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.