SPYA vs. HECO

Last updated Jun 24, 2026

SPYA (Twin Oak Endure ETF) and HECO (State Street Galaxy Hedged Digital Asset Ecosystem ETF) are both exchange-traded funds - SPYA is a Equity Hedged fund actively managed by Twin Oak, while HECO is a Blockchain fund actively managed by State Street. Both are actively managed. Over the past year, SPYA returned 16.21% vs 136.37% for HECO. A 0.68 correlation means they provide meaningful diversification when combined. SPYA charges 0.49%/yr vs 0.90%/yr for HECO.

Performance

SPYA vs. HECO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Twin Oak Endure ETF (SPYA) 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, SPYA achieves a 5.36% return, which is significantly lower than HECO's 72.76% return.

SPYA

• 1D: -1.22%
• 1M: -1.58%
• YTD: 5.36%
• 6M: 4.44%
• 1Y: 16.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HECO

• 1D: -1.40%
• 1M: 12.83%
• YTD: 72.76%
• 6M: 65.53%
• 1Y: 136.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPYA vs. HECO - Yearly Performance Comparison

	2026 (YTD)	2025
SPYA Twin Oak Endure ETF	5.36%	12.65%
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	72.76%	41.71%

Correlation

The correlation between SPYA and HECO is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (All Time) Calculated using the full available price history since Jun 3, 2025	0.68

The correlation between SPYA and HECO has been stable across timeframes, ranging from 0.68 to 0.69 - a consistent structural relationship.

Return for Risk

SPYA vs. HECO — Risk / Return Rank

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

SPYA

SPYA Risk / Return Rank: 41
SPYA Sharpe Ratio Rank: 43
SPYA Sortino Ratio Rank: 41
SPYA Omega Ratio Rank: 41
SPYA Calmar Ratio Rank: 37
SPYA Martin Ratio Rank: 44

HECO

HECO Risk / Return Rank: 92
HECO Sharpe Ratio Rank: 96
HECO Sortino Ratio Rank: 92
HECO Omega Ratio Rank: 88
HECO Calmar Ratio Rank: 94
HECO Martin Ratio Rank: 89

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.

SPYA vs. HECO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Twin Oak Endure ETF (SPYA) 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.

	SPYA	HECO	Difference
Sharpe ratio: Return per unit of total volatility	1.38	3.66	-2.28
Sortino ratio: Return per unit of downside risk	1.93	4.00	-2.07
Omega ratio: Gain probability vs. loss probability	1.24	1.51	-0.27
Calmar ratio: Return relative to maximum drawdown	1.71	6.52	-4.81
Martin ratio: Return relative to average drawdown	6.57	18.64	-12.07

SPYA vs. HECO - Sharpe Ratio Comparison

The current SPYA Sharpe Ratio is 1.38, which is lower than the HECO Sharpe Ratio of 3.66. The chart below compares the historical Sharpe Ratios of SPYA 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

SPYA vs. HECO - Drawdown Comparison

The maximum SPYA drawdown since its inception was -9.51%, smaller than the maximum HECO drawdown of -44.59%. Use the drawdown chart below to compare losses from any high point for SPYA and HECO.

Drawdown Indicators

	SPYA	HECO	Difference
Max Drawdown Largest peak-to-trough decline	-9.51%	-44.59%	+35.08%
Max Drawdown (1Y) Largest decline over 1 year	-9.51%	-21.03%	+11.52%
Current Drawdown Current decline from peak	-3.13%	-1.40%	-1.73%
Average Drawdown Average peak-to-trough decline	-1.48%	-11.53%	+10.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.47%	7.35%	-4.88%

Volatility

SPYA vs. HECO - Volatility Comparison

The current volatility for Twin Oak Endure ETF (SPYA) is 4.49%, while State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO) has a volatility of 10.26%. This indicates that SPYA experiences smaller price fluctuations and is considered to be less risky than HECO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYA	HECO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.49%	10.26%	-5.77%
Volatility (6M) Calculated over the trailing 6-month period	9.29%	28.99%	-19.70%
Volatility (1Y) Calculated over the trailing 1-year period	11.82%	37.49%	-25.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.64%	44.68%	-33.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.64%	44.68%	-33.04%

SPYA vs. HECO - Expense Ratio Comparison

SPYA has a 0.49% expense ratio, which is lower than HECO's 0.90% expense ratio.

Dividends

SPYA vs. HECO - Dividend Comparison

SPYA's dividend yield for the trailing twelve months is around 0.36%, 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%
SPYA Twin Oak Endure ETF	0.36%	0.37%	0.00%

Frequently Asked Questions

Can I hold both SPYA and HECO in my portfolio?

SPYA and HECO have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYA or HECO?

HECO has higher volatility (10.26%) compared to SPYA (4.49%). In terms of maximum drawdown, SPYA dropped -9.51% vs HECO's -44.59%.

Which ETF is better, SPYA or HECO?

On 1-year performance, HECO leads with 136.37% vs 16.21% for SPYA. On fees, SPYA is cheaper at 0.49% per year. On volatility, SPYA has been the lower-risk option at 4.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYA or HECO?

Over the 1-year period, HECO has performed better with a 136.37% return vs 16.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYA or HECO?

SPYA is cheaper with a 0.49% expense ratio, compared with 0.90% for HECO.

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

SPYA has the higher dividend yield at 0.36%, compared with 0.00% for HECO.

What is the main difference between SPYA and HECO?

SPYA is categorized as Equity Hedged, while HECO is Blockchain. They also come from different issuers: Twin Oak and State Street. Their fees differ too: 0.49% for SPYA and 0.90% for HECO.

Which has better risk-adjusted returns?

HECO currently has the higher Sharpe Ratio (3.66 vs 1.38), 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.