TSOL vs. HECO

Last updated Jun 4, 2026

TSOL (21Shares Solana ETF) and HECO (State Street Galaxy Hedged Digital Asset Ecosystem ETF) are both exchange-traded funds - TSOL is a Cryptocurrency fund actively managed by 21Shares, while HECO is a Blockchain fund actively managed by State Street. Both are actively managed. A 0.60 correlation means they provide meaningful diversification when combined. TSOL charges 0.21%/yr vs 0.90%/yr for HECO.

Performance

TSOL vs. HECO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 21Shares Solana ETF (TSOL) 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, TSOL achieves a -41.49% return, which is significantly lower than HECO's 71.77% return.

TSOL

• 1D: -4.53%
• 1M: -14.54%
• YTD: -41.49%
• 6M: -48.57%
• 1Y: —
• 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)

TSOL vs. HECO - Yearly Performance Comparison

	2026 (YTD)	2025
TSOL 21Shares Solana ETF	-41.49%	-6.28%
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	71.77%	-0.73%

Correlation

The correlation between TSOL and HECO is 0.60, 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 Nov 20, 2025	0.60

Return for Risk

TSOL 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.

TSOL vs. HECO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 21Shares Solana ETF (TSOL) 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

	TSOL	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	-0.95	1.80	-2.75

Drawdowns

TSOL vs. HECO - Drawdown Comparison

The maximum TSOL drawdown since its inception was -50.75%, which is greater than HECO's maximum drawdown of -44.59%. Use the drawdown chart below to compare losses from any high point for TSOL and HECO.

Drawdown Indicators

	TSOL	HECO	Difference
Max Drawdown Largest peak-to-trough decline	-50.75%	-44.59%	-6.16%
Max Drawdown (1Y) Largest decline over 1 year	—	-21.03%	—
Current Drawdown Current decline from peak	-50.75%	-1.18%	-49.57%
Average Drawdown Average peak-to-trough decline	-29.35%	-11.81%	-17.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	7.31%	—

Volatility

Volatility by Period

	TSOL	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	71.70%	37.32%	+34.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.70%	44.93%	+26.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.70%	44.93%	+26.77%

TSOL vs. HECO - Expense Ratio Comparison

TSOL has a 0.21% expense ratio, which is lower than HECO's 0.90% expense ratio.

Dividends

TSOL vs. HECO - Dividend Comparison

TSOL's dividend yield for the trailing twelve months is around 4.78%, 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%
TSOL 21Shares Solana ETF	4.78%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSOL and HECO in my portfolio?

TSOL and HECO have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TSOL or HECO?

On fees, TSOL is cheaper at 0.21% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TSOL or HECO?

TSOL is cheaper with a 0.21% expense ratio, compared with 0.90% for HECO.

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

TSOL has the higher dividend yield at 4.78%, compared with 0.00% for HECO.

What is the main difference between TSOL and HECO?

TSOL is categorized as Cryptocurrency, while HECO is Blockchain. They also come from different issuers: 21Shares and State Street. Their fees differ too: 0.21% for TSOL and 0.90% for HECO.