ORR vs. HECA

Last updated Jun 23, 2026

ORR (Militia Long/Short Equity ETF) and HECA (Hedgeye Capital Allocation ETF) are both exchange-traded funds - ORR is a Long-Short fund actively managed by Militia Investments, while HECA is a Global Allocation fund actively managed by Hedgeye. Both are actively managed. At a 0.22 correlation, their price movements are largely independent. ORR charges 14.19%/yr vs 1.02%/yr for HECA.

Performance

ORR vs. HECA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Militia Long/Short Equity ETF (ORR) 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, ORR achieves a 7.03% return, which is significantly higher than HECA's -2.17% return.

ORR

• 1D: -1.38%
• 1M: 0.94%
• YTD: 7.03%
• 6M: 7.80%
• 1Y: 27.61%
• 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)

ORR vs. HECA - Yearly Performance Comparison

	2026 (YTD)	2025
ORR Militia Long/Short Equity ETF	7.03%	16.67%
HECA Hedgeye Capital Allocation ETF	-2.17%	12.83%

Correlation

The correlation between ORR and HECA is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 1, 2025	0.22

Return for Risk

ORR vs. HECA — Risk / Return Rank

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

ORR

ORR Risk / Return Rank: 56
ORR Sharpe Ratio Rank: 62
ORR Sortino Ratio Rank: 61
ORR Omega Ratio Rank: 56
ORR Calmar Ratio Rank: 58
ORR Martin Ratio Rank: 43

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.

ORR vs. HECA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Militia Long/Short Equity ETF (ORR) 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.

	ORR	HECA	Difference
Sharpe ratio: Return per unit of total volatility	1.99	—	—
Sortino ratio: Return per unit of downside risk	2.77	—	—
Omega ratio: Gain probability vs. loss probability	1.34	—	—
Calmar ratio: Return relative to maximum drawdown	2.80	—	—
Martin ratio: Return relative to average drawdown	6.88	—	—

Drawdowns

ORR vs. HECA - Drawdown Comparison

The maximum ORR drawdown since its inception was -9.90%, smaller than the maximum HECA drawdown of -12.82%. Use the drawdown chart below to compare losses from any high point for ORR and HECA.

Drawdown Indicators

	ORR	HECA	Difference
Max Drawdown Largest peak-to-trough decline	-9.90%	-12.82%	+2.92%
Max Drawdown (1Y) Largest decline over 1 year	-9.90%	—	—
Current Drawdown Current decline from peak	-6.45%	-12.23%	+5.78%
Average Drawdown Average peak-to-trough decline	-2.36%	-3.57%	+1.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.02%	—	—

Volatility

Volatility by Period

	ORR	HECA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.59%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.26%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	13.98%	12.61%	+1.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.38%	12.61%	+2.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.38%	12.61%	+2.77%

ORR vs. HECA - Expense Ratio Comparison

ORR has a 14.19% expense ratio, which is higher than HECA's 1.02% expense ratio.

Dividends

ORR vs. HECA - Dividend Comparison

ORR has not paid dividends to shareholders, while HECA's dividend yield for the trailing twelve months is around 2.06%.

Position	TTM	2025
HECA Hedgeye Capital Allocation ETF	2.06%	2.02%
ORR Militia Long/Short Equity ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both ORR and HECA in my portfolio?

ORR and HECA have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ORR or HECA?

On fees, HECA is cheaper at 1.02% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ORR or HECA?

HECA is cheaper with a 1.02% expense ratio, compared with 14.19% for ORR.

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

HECA has the higher dividend yield at 2.06%, compared with 0.00% for ORR.

What is the main difference between ORR and HECA?

ORR is categorized as Long-Short, while HECA is Global Allocation. They also come from different issuers: Militia Investments and Hedgeye. Their fees differ too: 14.19% for ORR and 1.02% for HECA.