SPYA vs. HECO

Last updated Jun 4, 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 20.68% vs 136.32% for HECO. A 0.67 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 8.05% return, which is significantly lower than HECO's 71.77% return.

SPYA

• 1D: -0.66%
• 1M: 5.09%
• YTD: 8.05%
• 6M: 7.32%
• 1Y: 20.68%
• 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)

SPYA vs. HECO - Yearly Performance Comparison

	2026 (YTD)	2025
SPYA Twin Oak Endure ETF	8.05%	11.69%
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	71.77%	37.58%

Correlation

The correlation between SPYA and HECO is 0.67, 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 Jun 4, 2025	0.67

Return for Risk

SPYA vs. HECO — Risk / Return Rank

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

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.

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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	SPYA	HECO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.68	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.87	1.80	+0.07

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	-0.66%	-1.18%	+0.52%
Average Drawdown Average peak-to-trough decline	-1.45%	-11.81%	+10.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	7.31%	—

Volatility

Volatility by Period

	SPYA	HECO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	10.30%	—
Volatility (6M) Calculated over the trailing 6-month period	—	29.36%	—
Volatility (1Y) Calculated over the trailing 1-year period	11.15%	37.32%	-26.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.15%	44.93%	-33.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.15%	44.93%	-33.78%

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 0.35%, 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	0.35%	0.37%	0.00%

Frequently Asked Questions

Can I hold both SPYA and HECO in my portfolio?

SPYA and HECO have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPYA or HECO?

On 1-year performance, HECO leads with 136.32% vs 20.68% for SPYA. On fees, SPYA is cheaper at 0.49% per year. 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 136.32% return vs 20.68%. 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 0.35%, 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.