EHLS vs. HEFT

Last updated Jun 24, 2026

EHLS (Even Herd Long Short ETF) and HEFT (Hedgeye Fourth Turning ETF) are both Long-Short funds. Both are actively managed. A 0.57 correlation means they provide meaningful diversification when combined. EHLS charges 1.58%/yr vs 0.70%/yr for HEFT.

Performance

EHLS vs. HEFT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Even Herd Long Short ETF (EHLS) and Hedgeye Fourth Turning ETF (HEFT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EHLS achieves a 14.25% return, which is significantly higher than HEFT's 4.04% return.

EHLS

• 1D: -0.63%
• 1M: -1.19%
• YTD: 14.25%
• 6M: 12.13%
• 1Y: 22.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HEFT

• 1D: -1.29%
• 1M: -2.35%
• YTD: 4.04%
• 6M: 2.58%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EHLS vs. HEFT - Yearly Performance Comparison

	2026 (YTD)	2025
EHLS Even Herd Long Short ETF	14.25%	5.05%
HEFT Hedgeye Fourth Turning ETF	4.04%	1.10%

Correlation

The correlation between EHLS and HEFT is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 21, 2025	0.57

Return for Risk

EHLS vs. HEFT — Risk / Return Rank

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

EHLS

EHLS Risk / Return Rank: 40
EHLS Sharpe Ratio Rank: 35
EHLS Sortino Ratio Rank: 32
EHLS Omega Ratio Rank: 34
EHLS Calmar Ratio Rank: 53
EHLS Martin Ratio Rank: 46

HEFT

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

EHLS vs. HEFT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Even Herd Long Short ETF (EHLS) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	EHLS	HEFT	Difference
Sharpe ratio: Return per unit of total volatility	1.17	—	—
Sortino ratio: Return per unit of downside risk	1.60	—	—
Omega ratio: Gain probability vs. loss probability	1.22	—	—
Calmar ratio: Return relative to maximum drawdown	2.45	—	—
Martin ratio: Return relative to average drawdown	7.06	—	—

Drawdowns

EHLS vs. HEFT - Drawdown Comparison

The maximum EHLS drawdown since its inception was -18.96%, which is greater than HEFT's maximum drawdown of -9.17%. Use the drawdown chart below to compare losses from any high point for EHLS and HEFT.

Drawdown Indicators

	EHLS	HEFT	Difference
Max Drawdown Largest peak-to-trough decline	-18.96%	-9.17%	-9.79%
Max Drawdown (1Y) Largest decline over 1 year	-9.06%	—	—
Current Drawdown Current decline from peak	-2.68%	-6.13%	+3.45%
Average Drawdown Average peak-to-trough decline	-4.39%	-3.32%	-1.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.14%	—	—

Volatility

Volatility by Period

	EHLS	HEFT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.57%	—	—
Volatility (6M) Calculated over the trailing 6-month period	14.56%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	18.94%	13.50%	+5.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.68%	13.50%	+6.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.68%	13.50%	+6.18%

EHLS vs. HEFT - Expense Ratio Comparison

EHLS has a 1.58% expense ratio, which is higher than HEFT's 0.70% expense ratio.

Dividends

EHLS vs. HEFT - Dividend Comparison

EHLS has not paid dividends to shareholders, while HEFT's dividend yield for the trailing twelve months is around 0.02%.

Position	TTM	2025	2024
EHLS Even Herd Long Short ETF	0.00%	0.00%	1.03%
HEFT Hedgeye Fourth Turning ETF	0.02%	0.02%	0.00%

Frequently Asked Questions

Can I hold both EHLS and HEFT in my portfolio?

EHLS and HEFT have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EHLS or HEFT?

On fees, HEFT is cheaper at 0.70% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EHLS or HEFT?

HEFT is cheaper with a 0.70% expense ratio, compared with 1.58% for EHLS.

Which ETF pays a higher dividend yield, EHLS or HEFT?

HEFT has the higher dividend yield at 0.02%, compared with 0.00% for EHLS.

What is the main difference between EHLS and HEFT?

They also come from different issuers: N/A and Hedgeye. Their fees differ too: 1.58% for EHLS and 0.70% for HEFT.