Hedgeye Fourth Turning ETF (HEFT) belongs to the Long-Short category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with HEFT. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to HEFT
HEFT charges 0.70% annually. There are 7 ETFs in the Long-Short category with lower expense ratios, going as low as 0.40%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| iShares Flexible Equity Active ETF | 0.40% | 1.61B | May 2026 | HEFT vs BFLX | |
| Proshares Large Cap Core Plus | 0.45% | 515.52M | Jul 2009 | HEFT vs CSM | |
| Aptus International Enhanced Yield ETF | 0.45% | 490.37M | Jul 2021 | HEFT vs IDUB | |
| Arin Tactical Tail Risk ETF | 0.63% | — | Oct 2025 | HEFT vs ATTR | |
| ProShares Long Online/Short Stores ETF | 0.65% | 7.48M | Nov 2017 | HEFT vs CLIX |
Best Risk-Adjusted Alternatives to HEFT
Among 22 ETFs in the Long-Short category with risk / return rank data, the top risk-adjusted alternatives shown here go as high as 96.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| Convergence Long/Short Equity ETF | 96 | 447.61M | Dec 2009 | HEFT vs CLSE | |
| Franklin Liberty Systematic Style Premia ETF | 88 | 1.04B | Dec 2019 | HEFT vs FLSP | |
| NYLI Hedge Multi-Strategy Tracker ETF | 83 | 1.02B | Mar 2009 | HEFT vs QAI | |
| ProShares Hedge Replication | 80 | 22.00M | Jul 2011 | HEFT vs HDG | |
| Aptus International Enhanced Yield ETF | 78 | 490.37M | Jul 2021 | HEFT vs IDUB |
Top Performing HEFT Alternatives (YTD)
HEFT is at 3.28% YTD. There are 21 ETFs in the Long-Short category with higher YTD returns, going as high as 24.37%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| Convergence Long/Short Equity ETF | 24.37% | 447.61M | Dec 2009 | HEFT vs CLSE | |
| Harbor Long-Short Equity ETF | 23.37% | 15.30M | Dec 2023 | HEFT vs LSEQ | |
| Aptus International Enhanced Yield ETF | 15.21% | 490.37M | Jul 2021 | HEFT vs IDUB | |
| Efficient Market Portfolio Plus ETF | 14.62% | — | Dec 2024 | HEFT vs EMPB | |
| Militia Long/Short Equity ETF | 13.55% | 138.61M | Jan 2025 | HEFT vs ORR |
Lowest Volatility Alternatives to HEFT
HEFT has 12.66% 1-year volatility. There are 10 ETFs in the Long-Short category with lower 1-year volatility, going as low as 3.30%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| Arin Tactical Tail Risk ETF | 3.30% | — | Oct 2025 | HEFT vs ATTR | |
| ProShares Hedge Replication | 6.41% | 22.00M | Jul 2011 | HEFT vs HDG | |
| Federated Hermes MDT Market Neutral ETF | 6.65% | 106.80M | Sep 2025 | HEFT vs MKTN | |
| NYLI Hedge Multi-Strategy Tracker ETF | 6.85% | 1.02B | Mar 2009 | HEFT vs QAI | |
| AltShares Event-Driven ETF | 7.57% | 8.62M | Dec 2014 | HEFT vs EVNT |
Lowest Drawdown Alternatives to HEFT
Among 22 ETFs in the Long-Short category with 1-year drawdown data, the lowest-drawdown alternatives shown here go as shallow as -3.35%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| AltShares Event-Driven ETF | -3.35% | 8.62M | Dec 2014 | HEFT vs EVNT | |
| NYLI Hedge Multi-Strategy Tracker ETF | -3.71% | 1.02B | Mar 2009 | HEFT vs QAI | |
| First Trust Long/Short Equity ETF | -3.79% | 2.49B | Sep 2014 | HEFT vs FTLS | |
| ProShares Hedge Replication | -3.97% | 22.00M | Jul 2011 | HEFT vs HDG | |
| Franklin Liberty Systematic Style Premia ETF | -4.03% | 1.04B | Dec 2019 | HEFT vs FLSP |
Other ETFs from Hedgeye
The 4 most viewed Hedgeye ETFs shown here include HECA, HGRO, HELS and span 5 categories. AUM among these funds goes as high as $94M.
| Symbol | Name | Category | Risk / Return Rank | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|---|---|
| Hedgeye Capital Allocation ETF | Global Allocation | 29 | -1.45% | 94.32M | Jun 2025 | HEFT vs HECA | |
| Hedgeye Quality Growth ETF | Quality Factor, Large Cap Growth Equities | 42 | 6.57% | 42.39M | Jun 2025 | HEFT vs HGRO | |
| Hedgeye 130/30 Equity ETF | Long-Short | — | -1.53% | 39.77M | Dec 2025 | HEFT vs HELS | |
| Hedgeye Index Adds ETF | Multi-factor | — | — | 250.46K | May 2026 | HEFT vs ADDS |
Often Compared With HEFT
Investors most often compare HEFT with HFMF, JAKVX, CAOS. These 20 comparison targets span 12 categories, based on PortfoliosLab usage data.
Compare HEFT with Any Fund or Stock
Compare HEFT with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair HEFT with funds that move differently
Hedgeye Fourth Turning ETF alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to HEFT.
Explore HEFT Diversifiers