CSM vs. HEFT

Last updated Apr 1, 2026

Compare and contrast key facts about Proshares Large Cap Core Plus (CSM) and Hedgeye Fourth Turning ETF (HEFT).

CSM and HEFT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CSM is a passively managed fund by ProShares that tracks the performance of the Credit Suisse 130/30 Large-Cap Index. It was launched on Jul 13, 2009. HEFT is an actively managed fund by Hedgeye. It was launched on Nov 20, 2025.

Performance

CSM vs. HEFT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares Large Cap Core Plus (CSM) and Hedgeye Fourth Turning ETF (HEFT). The values are adjusted to include any dividend payments, if applicable.

CSM vs. HEFT - Yearly Performance Comparison

	2026 (YTD)	2025
CSM Proshares Large Cap Core Plus	-5.83%	5.00%
HEFT Hedgeye Fourth Turning ETF	5.30%	0.98%

Returns By Period

In the year-to-date period, CSM achieves a -5.83% return, which is significantly lower than HEFT's 5.30% return.

CSM

• 1D: 2.46%
• 1M: -4.91%
• YTD: -5.83%
• 6M: -1.69%
• 1Y: 18.78%
• 3Y*: 17.57%
• 5Y*: 11.42%
• 10Y*: 12.84%

HEFT

• 1D: -0.30%
• 1M: -3.18%
• YTD: 5.30%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CSM vs. HEFT - Expense Ratio Comparison

CSM has a 0.45% expense ratio, which is lower than HEFT's 0.70% expense ratio.

HEFT

Hedgeye Fourth Turning ETF

CSM

Proshares Large Cap Core Plus

Return for Risk

CSM vs. HEFT — Risk / Return Rank

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

CSM

CSM Risk / Return Rank: 63
CSM Sharpe Ratio Rank: 58
CSM Sortino Ratio Rank: 62
CSM Omega Ratio Rank: 65
CSM Calmar Ratio Rank: 61
CSM Martin Ratio Rank: 70

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.

CSM vs. HEFT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Large Cap Core Plus (CSM) and Hedgeye Fourth Turning ETF (HEFT). 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.

	CSM	HEFT	Difference
Sharpe ratio Return per unit of total volatility	0.99	—	—
Sortino ratio Return per unit of downside risk	1.53	—	—
Omega ratio Gain probability vs. loss probability	1.23	—	—
Calmar ratio Return relative to maximum drawdown	1.49	—	—
Martin ratio Return relative to average drawdown	6.81	—	—
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

	CSM	HEFT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.99	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	1.46	-0.65

Correlation

The correlation between CSM and HEFT is 0.30, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

CSM vs. HEFT - Dividend Comparison

CSM's dividend yield for the trailing twelve months is around 1.16%, more than HEFT's 0.02% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSM Proshares Large Cap Core Plus	1.16%	1.04%	1.06%	1.17%	1.37%	0.78%	1.21%	1.41%	1.54%	1.28%	1.49%	1.67%
HEFT Hedgeye Fourth Turning ETF	0.02%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

CSM vs. HEFT - Drawdown Comparison

The maximum CSM drawdown since its inception was -36.11%, which is greater than HEFT's maximum drawdown of -6.57%. Use the drawdown chart below to compare losses from any high point for CSM and HEFT.

Drawdown Indicators

	CSM	HEFT	Difference
Max Drawdown Largest peak-to-trough decline	-36.11%	-6.57%	-29.54%
Max Drawdown (1Y) Largest decline over 1 year	-12.92%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-23.82%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-36.11%	—	—
Current Drawdown Current decline from peak	-7.17%	-5.00%	-2.17%
Average Drawdown Average peak-to-trough decline	-4.07%	-1.97%	-2.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.82%	—	—

Volatility

Volatility by Period

	CSM	HEFT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.79%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.49%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	18.97%	13.44%	+5.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.12%	13.44%	+3.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.37%	13.44%	+4.93%