THEQ vs. HECO

Last updated Jun 25, 2026

THEQ (T. Rowe Price Hedged Equity ETF) and HECO (State Street Galaxy Hedged Digital Asset Ecosystem ETF) are both exchange-traded funds - THEQ is a Equity Hedged fund actively managed by T. Rowe Price, while HECO is a Blockchain fund actively managed by State Street. Both are actively managed. Over the past year, THEQ returned 14.28% vs 123.44% for HECO. A 0.68 correlation means they provide meaningful diversification when combined. THEQ charges 0.46%/yr vs 0.90%/yr for HECO.

Performance

THEQ vs. HECO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Hedged Equity ETF (THEQ) 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, THEQ achieves a 5.11% return, which is significantly lower than HECO's 69.04% return.

THEQ

• 1D: -0.16%
• 1M: -1.22%
• YTD: 5.11%
• 6M: 4.59%
• 1Y: 14.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HECO

• 1D: -2.16%
• 1M: 10.40%
• YTD: 69.04%
• 6M: 60.94%
• 1Y: 123.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

THEQ vs. HECO - Yearly Performance Comparison

	2026 (YTD)	2025
THEQ T. Rowe Price Hedged Equity ETF	5.11%	12.72%
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	69.04%	52.06%

Correlation

The correlation between THEQ and HECO is 0.66, 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	0.66
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	0.68

The correlation between THEQ and HECO has been stable across timeframes, ranging from 0.66 to 0.68 - a consistent structural relationship.

THEQ vs. HECO - Sectors Allocation Comparison

Sectors	THEQ	HECO
Technology	35.6%	55.4%
Financial Services	12.2%	39.5%
Communication Services	10.8%	-
Consumer Cyclical	9.5%	-
Healthcare	9.2%	-
Industrials	7.7%	5.1%
Consumer Defensive	5.1%	-
Energy	3.6%	-
Utilities	2.9%	-
Basic Materials	1.7%	1.8%
Real Estate	1.6%	-

Return for Risk

THEQ vs. HECO — Risk / Return Rank

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

THEQ

THEQ Risk / Return Rank: 55
THEQ Sharpe Ratio Rank: 54
THEQ Sortino Ratio Rank: 52
THEQ Omega Ratio Rank: 52
THEQ Calmar Ratio Rank: 54
THEQ Martin Ratio Rank: 63

HECO

HECO Risk / Return Rank: 91
HECO Sharpe Ratio Rank: 95
HECO Sortino Ratio Rank: 91
HECO Omega Ratio Rank: 88
HECO Calmar Ratio Rank: 93
HECO Martin Ratio Rank: 88

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.

THEQ vs. HECO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Hedged Equity ETF (THEQ) 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.

	THEQ	HECO	Difference
Sharpe ratio: Return per unit of total volatility	1.59	3.32	-1.73
Sortino ratio: Return per unit of downside risk	2.23	3.74	-1.52
Omega ratio: Gain probability vs. loss probability	1.29	1.47	-0.19
Calmar ratio: Return relative to maximum drawdown	2.32	5.90	-3.58
Martin ratio: Return relative to average drawdown	9.78	16.86	-7.08

THEQ vs. HECO - Sharpe Ratio Comparison

The current THEQ Sharpe Ratio is 1.59, which is lower than the HECO Sharpe Ratio of 3.32. The chart below compares the historical Sharpe Ratios of THEQ 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

THEQ vs. HECO - Drawdown Comparison

The maximum THEQ drawdown since its inception was -8.20%, smaller than the maximum HECO drawdown of -44.59%. Use the drawdown chart below to compare losses from any high point for THEQ and HECO.

Drawdown Indicators

	THEQ	HECO	Difference
Max Drawdown Largest peak-to-trough decline	-8.20%	-44.59%	+36.39%
Max Drawdown (1Y) Largest decline over 1 year	-6.17%	-21.03%	+14.86%
Current Drawdown Current decline from peak	-2.40%	-3.52%	+1.12%
Average Drawdown Average peak-to-trough decline	-1.05%	-11.51%	+10.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.46%	7.35%	-5.89%

Volatility

THEQ vs. HECO - Volatility Comparison

The current volatility for T. Rowe Price Hedged Equity ETF (THEQ) is 3.32%, while State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO) has a volatility of 10.63%. This indicates that THEQ 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

	THEQ	HECO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.32%	10.63%	-7.31%
Volatility (6M) Calculated over the trailing 6-month period	7.04%	28.73%	-21.69%
Volatility (1Y) Calculated over the trailing 1-year period	9.06%	37.54%	-28.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.64%	44.67%	-33.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.64%	44.67%	-33.03%

THEQ vs. HECO - Expense Ratio Comparison

THEQ has a 0.46% expense ratio, which is lower than HECO's 0.90% expense ratio.

Dividends

THEQ vs. HECO - Dividend Comparison

THEQ's dividend yield for the trailing twelve months is around 0.76%, 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%
THEQ T. Rowe Price Hedged Equity ETF	0.76%	0.79%	0.00%

Frequently Asked Questions

Can I hold both THEQ and HECO in my portfolio?

THEQ and HECO have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, THEQ or HECO?

HECO has higher volatility (10.63%) compared to THEQ (3.32%). In terms of maximum drawdown, THEQ dropped -8.20% vs HECO's -44.59%.

Which ETF is better, THEQ or HECO?

On 1-year performance, HECO leads with 123.44% vs 14.28% for THEQ. On fees, THEQ is cheaper at 0.46% per year. On volatility, THEQ has been the lower-risk option at 3.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, THEQ or HECO?

Over the 1-year period, HECO has performed better with a 123.44% return vs 14.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, THEQ or HECO?

THEQ is cheaper with a 0.46% expense ratio, compared with 0.90% for HECO.

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

THEQ has the higher dividend yield at 0.76%, compared with 0.00% for HECO.

What is the main difference between THEQ and HECO?

THEQ is categorized as Equity Hedged, while HECO is Blockchain. They also come from different issuers: T. Rowe Price and State Street. Their fees differ too: 0.46% for THEQ and 0.90% for HECO.

Which has better risk-adjusted returns?

HECO currently has the higher Sharpe Ratio (3.32 vs 1.59), 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.