HECO vs NORW
Comparison between SPDR GALAXY HEDGED DIGITAL ASSET ECOSYSTEM ETF (HECO, ETF) and GLOBAL X MSCI NORWAY ETF (NORW, ETF).
HECO vs NORW - Performance Comparison
Key Characteristics
Financial metrics and valuation ratios
Net Assets
HECO
$86M
Winner
NORW
$87M
Expense Ratio
HECO
0.90%
Winner
NORW
0.50%
Max Drawdown
HECO
45.90%
Winner
NORW
42.58%
Sharpe Ratio
Winner
HECO
1.93
NORW
1.33
5Y Beta
HECO
1.81
Winner
NORW
0.66
P/E Ratio
HECO
-426.15
NORW
N/A
Forward P/E
HECO
24.21
NORW
N/A
PEG Ratio
HECO
-0.19
NORW
N/A
5Y Dividends CAGR
HECO
N/A
NORW
32.53%
5Y EPS CAGR
HECO
32.57%
NORW
N/A
P/S Ratio
HECO
6.40
NORW
N/A
P/B Ratio
HECO
5.42
NORW
N/A
HECO vs NORW - Holdings Comparison
HECO and NORW have 1 common holdings. Overlap is -0.32%
HECO's top 25 holdings weight is 92.99%. NORW's top 25 holdings weight is 84.27%.
| Rank | HECO | NORW |
|---|---|---|
| #1 | RIOT PLATFORMS INC (RIOT) - 6.53% | EQUINOR ASA (n/a) - 11.81% |
| #2 | CIPHER DIGITAL INC (CIFR) - 5.94% | DNB BANK ASA (n/a) - 11.52% |
| #3 | KEEL INFRASTRUCTURE CORP (n/a) - 5.09% | KONGSBERG GRUPPEN ASA (n/a) - 5.59% |
| #4 | CME GROUP INC CLASS A (CME) - 4.92% | NORSK HYDRO ASA (n/a) - 5.48% |
| #5 | JPMORGAN CHASE & CO (JPM) - 4.85% | AKER BP ASA (n/a) - 4.91% |
| #6 | NVIDIA CORP (NVDA) - 4.73% | TELENOR ASA (n/a) - 4.34% |
| #7 | PALO ALTO NETWORKS INC (PANW) - 4.66% | MOWI ASA (n/a) - 3.92% |
| #8 | CROWDSTRIKE HOLDINGS INC CLASS A (CRWD) - 4.49% | ORKLA ASA (n/a) - 3.67% |
| #9 | ROBINHOOD MARKETS INC CLASS A (HOOD) - 4.38% | STOREBRAND ASA (n/a) - 3.64% |
| #10 | MICROSOFT CORP (MSFT) - 4.31% | YARA INTERNATIONAL ASA (n/a) - 3.57% |
| #11 | CLEANSPARK INC (CLSK) - 4.23% | SUBSEA 7 SA (n/a) - 3.53% |
| #12 | CITIGROUP INC (C) - 4.14% | GJENSIDIGE FORSIKRING ASA (n/a) - 2.70% |
| #13 | STATE STREET INSTL US GOVT MMKT PREMIER (GVMXX) - 4.13% | FRONTLINE PLC (FRO) - 2.61% |
| #14 | MASTERCARD INC CLASS A (MA) - 4.09% | SPAREBANK 1 SOR NORGE ASA (n/a) - 2.00% |
| #15 | VISA INC CLASS A (V) - 4.07% | VAR ENERGI ASA (n/a) - 1.97% |
| #16 | BANK OF NEW YORK MELLON CORP (BNY) - 4.07% | VEND MARKETPLACES ASA ORDINARY SHARES (n/a) - 1.93% |
| #17 | BLACKROCK INC (BLK) - 3.04% | SALMAR ASA (n/a) - 1.54% |
| #18 | DATADOG INC CLASS A (DDOG) - 3.04% | NORDIC SEMICONDUCTOR ASA (n/a) - 1.41% |
| #19 | MICRON TECHNOLOGY INC (MU) - 2.48% | AKER ASA CLASS A (n/a) - 1.36% |
| #20 | MORGAN STANLEY (MS) - 2.00% | TGS ASA (n/a) - 1.26% |
| #21 | HYPERLIQUID STRATEGIES INC (PURR) - 1.79% | PROTECTOR FORSIKRING ASA (n/a) - 1.20% |
| #22 | n/a (TSM) - 1.78% | SPAREBANK 1 SMN DEPOSITORY RECEIPTS (n/a) - 1.13% |
| #23 | TERAWULF INC (WULF) - 1.63% | KONGSBERG MARITIME ASA (n/a) - 1.12% |
| #24 | AMPHENOL CORP CLASS A (APH) - 1.36% | TOMRA SYSTEMS ASA (n/a) - 1.03% |
| #25 | LAM RESEARCH CORP (LRCX) - 1.24% | BAKKAFROST P/F (n/a) - 1.03% |
| Total Holdings | 65 | 63 |
HECO vs NORW - Historical Returns
Returns include dividend reinvestment.
1M
HECO
-2.76%
Winner
NORW
+1.70%
3M
Winner
HECO
+39.26%
NORW
-3.84%
6M
Winner
HECO
+46.78%
NORW
+14.85%
1Y
Winner
HECO
+97.78%
NORW
+28.13%
5Y(CAGR)
HECO
N/A
NORW
+7.00%
10Y(CAGR)
HECO
N/A
NORW
+9.43%
Max(CAGR)
Winner
HECO
+72.04%
NORW
+8.62%
HECO vs NORW - Annual Returns (2009 - 2026)
Returns include dividend reinvestment.
| Year | HECO | NORW |
|---|---|---|
| 2026 | +59.45% | +19.15% |
| 2025 | +23.32% | +30.87% |
| 2024 | +27.48% | -0.60% |
| 2023 | N/A | +7.95% |
| 2022 | N/A | -13.23% |
| 2021 | N/A | +11.44% |
| 2020 | N/A | +24.91% |
| 2019 | N/A | +14.86% |
| 2018 | N/A | -11.15% |
| 2017 | N/A | +23.44% |
| 2016 | N/A | -6.19% |
| 2015 | N/A | +0.12% |
| 2014 | N/A | -3.61% |
| 2013 | N/A | +25.62% |
| 2012 | N/A | +23.24% |
| 2011 | N/A | -20.61% |
| 2010 | N/A | +21.10% |
| 2009 | N/A | +7.52% |
HECO vs NORW Drawdown Comparison
The maximum drawdown for HECO was -44.54%, occurring on Apr 8, 2025. Recovery took 185 trading sessions.
The maximum drawdown for NORW was -35.62%, occurring on Sep 23, 2011. Recovery took 442 trading sessions.
The current HECO drawdown is -2.76%. The current NORW drawdown is -7.89%.
| Rank | HECO | NORW |
|---|---|---|
| #1 | -44.54% Dec 16, 2024 - Sep 15, 2025 | -35.62% Apr 29, 2011 - Feb 1, 2013 |
| #2 | -21.03% Jan 16, 2026 - Apr 15, 2026 | -33.89% Jan 24, 2018 - Jul 15, 2020 |
| #3 | -19.38% Oct 15, 2025 - Jan 16, 2026 | -32.77% Aug 16, 2021 - May 21, 2025 |
| #4 | -9.16% Nov 11, 2024 - Dec 4, 2024 | -25.23% Jun 6, 2014 - Sep 7, 2017 |
| #5 | -8.57% Dec 6, 2024 - Dec 16, 2024 | -19.56% Apr 20, 2010 - Sep 20, 2010 |
| #6 | -8.45% Jun 22, 2026 - Jul 17, 2026 | -14.49% May 21, 2026 - Jun 26, 2026 |
| #7 | -8.13% Jun 1, 2026 - Jun 18, 2026 | -11.87% Jan 11, 2010 - Apr 1, 2010 |
| #8 | -7.93% Oct 29, 2024 - Nov 6, 2024 | -11.38% May 21, 2013 - Jul 25, 2013 |
| #9 | -5.53% Apr 24, 2026 - May 4, 2026 | -9.63% Oct 12, 2020 - Nov 10, 2020 |
| #10 | -5.32% Sep 26, 2024 - Oct 11, 2024 | -9.61% Nov 4, 2010 - Dec 30, 2010 |
| #11 | -5.27% May 14, 2026 - May 21, 2026 | -9.18% Sep 16, 2025 - Jan 2, 2026 |
| #12 | -3.38% Sep 22, 2025 - Sep 29, 2025 | -8.99% Nov 11, 2009 - Jan 11, 2010 |
| #13 | -2.22% Oct 22, 2024 - Oct 28, 2024 | -8.87% Feb 1, 2011 - Mar 30, 2011 |
| #14 | -2.12% Apr 20, 2026 - Apr 22, 2026 | -7.95% Sep 22, 2009 - Oct 20, 2009 |
| #15 | -1.98% Oct 9, 2025 - Oct 13, 2025 | -7.16% Oct 11, 2017 - Jan 12, 2018 |
Correlation
Correlation between HECO and NORW is 0.74 which considered as a strong positive correlation - the stocks tend to move together.
0.74
-101
Dividend Comparison (2009 - 2026)
HECO vs NORW dividend yield comparison.
| Year | HECO | NORW |
|---|---|---|
| 2026 | 0.00% | 6.19% |
| 2025 | 0.00% | 3.44% |
| 2024 | 2.61% | 6.02% |
| 2023 | 0.00% | 5.27% |
| 2022 | 0.00% | 4.01% |
| 2021 | 0.00% | 1.51% |
| 2020 | 0.00% | 1.13% |
| 2019 | 0.00% | 2.47% |
| 2018 | 0.00% | 3.53% |
| 2017 | 0.00% | 3.64% |
| 2016 | 0.00% | 3.79% |
| 2015 | 0.00% | 2.95% |
| 2014 | 0.00% | 3.85% |
| 2013 | 0.00% | 2.58% |
| 2012 | 0.00% | 2.53% |
| 2011 | 0.00% | 3.78% |
| 2010 | 0.00% | 0.82% |
| 2009 | 0.00% | 0.06% |
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