EHLS vs. WEEL

Last updated Aug 2, 2026

EHLS (Even Herd Long Short ETF) and WEEL (Peerless Option Income Wheel ETF) are both exchange-traded funds - EHLS is a Long-Short fund actively managed by Tidal, while WEEL is a Derivative Income fund actively managed by Tidal. Both are actively managed. Over the past year, EHLS returned 16.88% vs 16.25% for WEEL. Their 0.50 correlation means their historical movements had little consistent relationship. EHLS charges 1.58%/yr vs 0.99%/yr for WEEL.

Performance

EHLS vs. WEEL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Even Herd Long Short ETF (EHLS) and Peerless Option Income Wheel ETF (WEEL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EHLS achieves a 10.15% return, which is significantly higher than WEEL's 6.19% return.

EHLS

• 1D: 0.55%
• 1M: -2.28%
• 6M: 2.88%
• YTD: 10.15%
• 1Y: 16.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.66%

WEEL

• 1D: -0.20%
• 1M: 1.29%
• 6M: 5.52%
• YTD: 6.19%
• 1Y: 16.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.19%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EHLS Even Herd Long Short ETF	$13.47K	$14.20K	$68.98K
WEEL Peerless Option Income Wheel ETF	$406.88K	$319.91K	$357.06K

EHLS vs. WEEL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EHLS Even Herd Long Short ETF	10.15%	6.67%	5.62%
WEEL Peerless Option Income Wheel ETF	6.19%	17.73%	3.10%

Correlation

The correlation between EHLS and WEEL is 0.55, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.55
Correlation (All Time) Calculated using the full available price history since May 16, 2024	0.50

The correlation between EHLS and WEEL has been stable across timeframes, ranging from 0.50 to 0.55 - a consistent structural relationship.

EHLS vs. WEEL - Sectors Allocation Comparison

Sectors	EHLS	WEEL
Financial Services	16.3%	4.8%
Technology	13.8%	27.1%
Industrials	12.9%	3.7%
Healthcare	11.1%	7.7%
Energy	9.3%	9.9%
Real Estate	7.8%	0.6%
Basic Materials	7.1%	10.9%
Utilities	6.4%	11.1%
Communication Services	5.6%	9.9%
Consumer Cyclical	5.1%	12.7%
Consumer Defensive	4.7%	1.6%

Return for Risk

EHLS vs. WEEL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EHLS

EHLS Risk / Return Rank: 37
EHLS Sharpe Ratio Rank: 33
EHLS Sortino Ratio Rank: 32
EHLS Omega Ratio Rank: 32
EHLS Calmar Ratio Rank: 48
EHLS Martin Ratio Rank: 41

WEEL

WEEL Risk / Return Rank: 84
WEEL Sharpe Ratio Rank: 78
WEEL Sortino Ratio Rank: 83
WEEL Omega Ratio Rank: 82
WEEL Calmar Ratio Rank: 86
WEEL Martin Ratio Rank: 91

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EHLS vs. WEEL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Even Herd Long Short ETF (EHLS) and Peerless Option Income Wheel ETF (WEEL). 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	WEEL	Difference
Sharpe ratio: Return per unit of total volatility	0.81	1.78	-0.97
Sortino ratio: Return per unit of downside risk	1.19	2.74	-1.54
Omega ratio: Gain probability vs. loss probability	1.15	1.35	-0.19
Calmar ratio: Return relative to maximum drawdown	1.72	3.32	-1.60
Martin ratio: Return relative to average drawdown	4.40	15.04	-10.64

EHLS vs. WEEL - Sharpe Ratio Comparison

The current EHLS Sharpe Ratio is 0.81, which is lower than the WEEL Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of EHLS and WEEL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EHLS vs. WEEL - Drawdown Comparison

The maximum EHLS drawdown since its inception was -18.96%, which is greater than WEEL's maximum drawdown of -17.45%. Use the drawdown chart below to compare losses from any high point for EHLS and WEEL.

Drawdown Indicators

	EHLS	WEEL	Difference
Max Drawdown Largest peak-to-trough decline	-18.96%	-17.45%	-1.51%
Max Drawdown (1Y) Largest decline over 1 year	-9.06%	-4.60%	-4.46%
Current Drawdown Current decline from peak	-6.17%	-0.40%	-5.77%
Average Drawdown Average peak-to-trough decline	-4.42%	-1.41%	-3.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.54%	1.02%	+2.52%

Volatility

EHLS vs. WEEL - Volatility Comparison

Even Herd Long Short ETF (EHLS) has a higher volatility of 5.04% compared to Peerless Option Income Wheel ETF (WEEL) at 2.91%. This indicates that EHLS's price experiences larger fluctuations and is considered to be riskier than WEEL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EHLS	WEEL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.04%	2.91%	+2.13%
Volatility (6M) Calculated over the trailing 6-month period	14.84%	6.93%	+7.91%
Volatility (1Y) Calculated over the trailing 1-year period	19.19%	8.59%	+10.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.56%	12.65%	+6.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.56%	12.65%	+6.91%

EHLS vs. WEEL - Expense Ratio Comparison

EHLS has a 1.58% expense ratio, which is higher than WEEL's 0.99% expense ratio.

Dividends

EHLS vs. WEEL - Dividend Comparison

EHLS has not paid dividends to shareholders, while WEEL's dividend yield for the trailing twelve months is around 12.72%.

Position	TTM	2025	2024
EHLS Even Herd Long Short ETF	0.00%	0.00%	1.03%
WEEL Peerless Option Income Wheel ETF	12.72%	12.72%	6.88%

Frequently Asked Questions

Can I hold both EHLS and WEEL in my portfolio?

EHLS and WEEL have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EHLS or WEEL?

EHLS has higher volatility (5.04%) compared to WEEL (2.91%). In terms of maximum drawdown, EHLS dropped -18.96% vs WEEL's -17.45%.

Which ETF is better, EHLS or WEEL?

On 1-year performance, EHLS leads with 16.88% vs 16.25% for WEEL. On fees, WEEL is cheaper at 0.99% per year. On volatility, WEEL has been the lower-risk option at 2.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EHLS or WEEL?

Over the 1-year period, EHLS has performed better with a 16.88% return vs 16.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EHLS or WEEL?

WEEL is cheaper with a 0.99% expense ratio, compared with 1.58% for EHLS.

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

WEEL has the higher dividend yield at 12.72%, compared with 0.00% for EHLS.

What is the main difference between EHLS and WEEL?

EHLS is categorized as Long-Short, while WEEL is Derivative Income. Their fees differ too: 1.58% for EHLS and 0.99% for WEEL.

Which has better risk-adjusted returns?

WEEL currently has the higher Sharpe Ratio (1.78 vs 0.81), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.