OWNB vs. HECO

Last updated Jun 4, 2026

OWNB (Bitwise Bitcoin Standard Corporations ETF) and HECO (State Street Galaxy Hedged Digital Asset Ecosystem ETF) are both Blockchain funds. OWNB is passively managed, while HECO is actively managed. Over the past year, OWNB returned -28.07% vs 136.32% for HECO. Their correlation of 0.84 suggests significant overlap in exposure. OWNB charges 0.85%/yr vs 0.90%/yr for HECO.

Performance

OWNB vs. HECO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Bitcoin Standard Corporations ETF (OWNB) 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, OWNB achieves a -1.56% return, which is significantly lower than HECO's 71.77% return.

OWNB

• 1D: -1.95%
• 1M: -2.79%
• YTD: -1.56%
• 6M: -18.67%
• 1Y: -28.07%
• 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)

OWNB vs. HECO - Yearly Performance Comparison

	2026 (YTD)	2025
OWNB Bitwise Bitcoin Standard Corporations ETF	-1.56%	-3.56%
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	71.77%	51.11%

Correlation

The correlation between OWNB and HECO is 0.85, 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	0.85
Correlation (All Time) Calculated using the full available price history since Mar 12, 2025	0.84

The correlation between OWNB and HECO has been stable across timeframes, ranging from 0.84 to 0.85 - a consistent structural relationship.

OWNB vs. HECO - Sectors Allocation Comparison

Sectors	OWNB	HECO
Financial Services	43.5%	45.1%
Technology	38.0%	48.3%
Consumer Cyclical	10.1%	-
Communication Services	6.3%	-
Utilities	2.1%	-
Basic Materials	-	1.8%
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	5.1%
Real Estate	-	-

Return for Risk

OWNB vs. HECO — Risk / Return Rank

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

OWNB

OWNB Risk / Return Rank: 5
OWNB Sharpe Ratio Rank: 5
OWNB Sortino Ratio Rank: 5
OWNB Omega Ratio Rank: 5
OWNB Calmar Ratio Rank: 5
OWNB Martin Ratio Rank: 5

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.

OWNB vs. HECO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Bitcoin Standard Corporations ETF (OWNB) 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.

	OWNB	HECO	Difference
Sharpe ratio: Return per unit of total volatility	-0.49	3.68	-4.17
Sortino ratio: Return per unit of downside risk	-0.41	4.07	-4.48
Omega ratio: Gain probability vs. loss probability	0.96	1.51	-0.55
Calmar ratio: Return relative to maximum drawdown	-0.47	6.52	-6.99
Martin ratio: Return relative to average drawdown	-0.83	18.71	-19.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OWNB vs. HECO - Sharpe Ratio Comparison

The current OWNB Sharpe Ratio is -0.49, which is lower than the HECO Sharpe Ratio of 3.68. The chart below compares the historical Sharpe Ratios of OWNB 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

	OWNB	HECO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.49	3.68	-4.17
Sharpe Ratio (All Time) Calculated using the full available price history	-0.07	1.80	-1.86

Drawdowns

OWNB vs. HECO - Drawdown Comparison

The maximum OWNB drawdown since its inception was -59.47%, which is greater than HECO's maximum drawdown of -44.59%. Use the drawdown chart below to compare losses from any high point for OWNB and HECO.

Drawdown Indicators

	OWNB	HECO	Difference
Max Drawdown Largest peak-to-trough decline	-59.47%	-44.59%	-14.88%
Max Drawdown (1Y) Largest decline over 1 year	-59.47%	-21.03%	-38.44%
Current Drawdown Current decline from peak	-44.54%	-1.18%	-43.36%
Average Drawdown Average peak-to-trough decline	-24.89%	-11.81%	-13.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.96%	7.31%	+26.65%

Volatility

OWNB vs. HECO - Volatility Comparison

Bitwise Bitcoin Standard Corporations ETF (OWNB) has a higher volatility of 13.15% compared to State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO) at 10.30%. This indicates that OWNB'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

	OWNB	HECO	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.15%	10.30%	+2.85%
Volatility (6M) Calculated over the trailing 6-month period	42.52%	29.36%	+13.16%
Volatility (1Y) Calculated over the trailing 1-year period	57.85%	37.32%	+20.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.36%	44.93%	+17.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	62.36%	44.93%	+17.43%

OWNB vs. HECO - Expense Ratio Comparison

OWNB has a 0.85% expense ratio, which is lower than HECO's 0.90% expense ratio.

Dividends

OWNB vs. HECO - Dividend Comparison

OWNB's dividend yield for the trailing twelve months is around 0.88%, 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%
OWNB Bitwise Bitcoin Standard Corporations ETF	0.88%	0.87%	0.00%

Frequently Asked Questions

Can I hold both OWNB and HECO in my portfolio?

OWNB and HECO have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OWNB or HECO?

OWNB has higher volatility (13.15%) compared to HECO (10.30%). In terms of maximum drawdown, OWNB dropped -59.47% vs HECO's -44.59%.

Which ETF is better, OWNB or HECO?

On 1-year performance, HECO leads with 136.32% vs -28.07% for OWNB. On fees, OWNB is cheaper at 0.85% 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, OWNB or HECO?

Over the 1-year period, HECO has performed better with a 136.32% return vs -28.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OWNB or HECO?

OWNB is cheaper with a 0.85% expense ratio, compared with 0.90% for HECO.

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

OWNB has the higher dividend yield at 0.88%, compared with 0.00% for HECO.

What is the main difference between OWNB and HECO?

They also come from different issuers: Bitwise and State Street. Their fees differ too: 0.85% for OWNB and 0.90% for HECO.

Which has better risk-adjusted returns?

HECO currently has the higher Sharpe Ratio (3.68 vs -0.49), 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.