PPI vs. HECA
PPI (Astoria Real Assets ETF) and HECA (Hedgeye Capital Allocation ETF) are both Global Allocation funds. Both are actively managed. A 0.61 correlation means they provide meaningful diversification when combined. PPI charges 0.58%/yr vs 1.02%/yr for HECA.
Performance
PPI vs. HECA - Performance Comparison
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Returns By Period
In the year-to-date period, PPI achieves a 16.52% return, which is significantly higher than HECA's 0.22% return.
PPI
- 1D
- -0.13%
- 1M
- -0.86%
- YTD
- 16.52%
- 6M
- 17.66%
- 1Y
- 38.26%
- 3Y*
- 22.47%
- 5Y*
- —
- 10Y*
- —
HECA
- 1D
- -0.75%
- 1M
- -0.29%
- YTD
- 0.22%
- 6M
- -0.08%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PPI vs. HECA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PPI Astoria Real Assets ETF | 16.52% | 15.04% |
HECA Hedgeye Capital Allocation ETF | 0.22% | 12.83% |
Correlation
The correlation between PPI and HECA is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Jul 2, 2025 | 0.61 |
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Return for Risk
PPI vs. HECA — Risk / Return Rank
PPI
HECA
PPI vs. HECA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Astoria Real Assets ETF (PPI) 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.
| PPI | HECA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.43 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 4.82 | — | — |
| Martin ratioReturn relative to average drawdown | 15.72 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PPI | HECA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.45 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.80 | 1.15 | -0.35 |
Drawdowns
PPI vs. HECA - Drawdown Comparison
The maximum PPI drawdown since its inception was -24.54%, which is greater than HECA's maximum drawdown of -11.81%. Use the drawdown chart below to compare losses from any high point for PPI and HECA.
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Drawdown Indicators
| PPI | HECA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.54% | -11.81% | -12.73% |
Max Drawdown (1Y)Largest decline over 1 year | -7.98% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -20.70% | — | — |
Current DrawdownCurrent decline from peak | -3.26% | -10.09% | +6.83% |
Average DrawdownAverage peak-to-trough decline | -6.50% | -3.15% | -3.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.44% | — | — |
Volatility
PPI vs. HECA - Volatility Comparison
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Volatility by Period
| PPI | HECA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.37% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 12.56% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 15.73% | 12.44% | +3.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.04% | 12.44% | +6.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.04% | 12.44% | +6.60% |
PPI vs. HECA - Expense Ratio Comparison
PPI has a 0.58% expense ratio, which is lower than HECA's 1.02% expense ratio.
Dividends
PPI vs. HECA - Dividend Comparison
PPI's dividend yield for the trailing twelve months is around 1.01%, less than HECA's 2.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
HECA Hedgeye Capital Allocation ETF | 2.01% | 2.02% | 0.00% | 0.00% | 0.00% |
PPI Astoria Real Assets ETF | 1.01% | 1.06% | 0.60% | 2.87% | 2.40% |
Frequently Asked Questions
PPI and HECA have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PPI is cheaper at 0.58% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PPI is cheaper with a 0.58% expense ratio, compared with 1.02% for HECA.
HECA has the higher dividend yield at 2.01%, compared with 1.01% for PPI.
They also come from different issuers: AXS and Hedgeye. Their fees differ too: 0.58% for PPI and 1.02% for HECA.
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