Helical piles are utilized worldwide as foundations for onshore infrastructure, providing fast installation and high capacity. Their unique advantages have led to their potential as an alternative to monopile foundations for offshore wind turbines. One challenge in their service life is dealing with combined loading caused by wind, waves, current, and the weight of the structure itself. While research has focused on helical piles’ capacity for uniaxial tensile loads, there is limited knowledge regarding their performance under combined loads. This study used FEM analysis to investigate the impact of aspects such as helix-to-shaft diameter ratios and helix position on the capacity and failure mechanisms of hollow shaft single-plate helical piles in clay. With 561 analysis cases under both uniaxial and combined loading, failure envelopes were evaluated for various helix-to-shaft diameter ratios and positions. The study revealed a linear positive correlation between helix-to-shaft diameter aspect ratios and load-bearing ability, while the effect of helix positioning on failure envelopes was more complex and nonlinear. The outcomes from this comprehensive analysis enabled the development of a formula to predict the bearing capacity of helical anchors under combined loading.