VSLU vs. HECA

Last updated Apr 1, 2026

Compare and contrast key facts about Applied Finance Valuation Large Cap US ETF (VSLU) and Hedgeye Capital Allocation ETF (HECA).

VSLU and HECA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. VSLU is an actively managed fund by Applied Finance. It was launched on Apr 29, 2021. HECA is an actively managed fund by Hedgeye. It was launched on Jun 30, 2025.

Performance

VSLU vs. HECA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Applied Finance Valuation Large Cap US ETF (VSLU) and Hedgeye Capital Allocation ETF (HECA). The values are adjusted to include any dividend payments, if applicable.

VSLU vs. HECA - Yearly Performance Comparison

	2026 (YTD)	2025
VSLU Applied Finance Valuation Large Cap US ETF	-5.54%	13.62%
HECA Hedgeye Capital Allocation ETF	4.41%	12.83%

Returns By Period

In the year-to-date period, VSLU achieves a -5.54% return, which is significantly lower than HECA's 4.41% return.

VSLU

• 1D: 2.78%
• 1M: -5.26%
• YTD: -5.54%
• 6M: -1.61%
• 1Y: 19.94%
• 3Y*: 18.86%
• 5Y*: —
• 10Y*: —

HECA

• 1D: -0.10%
• 1M: -5.25%
• YTD: 4.41%
• 6M: 7.77%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

VSLU vs. HECA - Expense Ratio Comparison

VSLU has a 0.49% expense ratio, which is lower than HECA's 1.02% expense ratio.

HECA

Hedgeye Capital Allocation ETF

VSLU

Applied Finance Valuation Large Cap US ETF

Return for Risk

VSLU vs. HECA — Risk / Return Rank

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

VSLU

VSLU Risk / Return Rank: 69
VSLU Sharpe Ratio Rank: 64
VSLU Sortino Ratio Rank: 67
VSLU Omega Ratio Rank: 67
VSLU Calmar Ratio Rank: 72
VSLU Martin Ratio Rank: 77

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.

VSLU vs. HECA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Applied Finance Valuation Large Cap US ETF (VSLU) 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.

	VSLU	HECA	Difference
Sharpe ratio Return per unit of total volatility	1.12	—	—
Sortino ratio Return per unit of downside risk	1.69	—	—
Omega ratio Gain probability vs. loss probability	1.24	—	—
Calmar ratio Return relative to maximum drawdown	1.85	—	—
Martin ratio Return relative to average drawdown	8.15	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	VSLU	HECA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.12	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	1.90	-1.17

Correlation

The correlation between VSLU and HECA is 0.51, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

VSLU vs. HECA - Dividend Comparison

VSLU's dividend yield for the trailing twelve months is around 0.49%, less than HECA's 1.93% yield.

	TTM	2025	2024	2023	2022	2021
VSLU Applied Finance Valuation Large Cap US ETF	0.49%	0.46%	0.60%	0.60%	0.99%	0.57%
HECA Hedgeye Capital Allocation ETF	1.93%	2.02%	0.00%	0.00%	0.00%	0.00%

Drawdowns

VSLU vs. HECA - Drawdown Comparison

The maximum VSLU drawdown since its inception was -23.86%, which is greater than HECA's maximum drawdown of -6.33%. Use the drawdown chart below to compare losses from any high point for VSLU and HECA.

Drawdown Indicators

	VSLU	HECA	Difference
Max Drawdown Largest peak-to-trough decline	-23.86%	-6.33%	-17.53%
Max Drawdown (1Y) Largest decline over 1 year	-11.14%	—	—
Current Drawdown Current decline from peak	-6.63%	-6.33%	-0.30%
Average Drawdown Average peak-to-trough decline	-5.02%	-1.53%	-3.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.53%	—	—

Volatility

Volatility by Period

	VSLU	HECA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.31%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.96%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	17.92%	12.97%	+4.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.26%	12.97%	+3.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.26%	12.97%	+3.29%