EMPB vs. HEFT

Last updated Jun 24, 2026

EMPB (Efficient Market Portfolio Plus ETF) and HEFT (Hedgeye Fourth Turning ETF) are both Long-Short funds. Both are actively managed. At a 0.19 correlation, their price movements are largely independent. EMPB charges 1.82%/yr vs 0.70%/yr for HEFT.

Performance

EMPB vs. HEFT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Efficient Market Portfolio Plus ETF (EMPB) 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, EMPB achieves a 12.86% return, which is significantly higher than HEFT's 4.04% return.

EMPB

• 1D: -0.47%
• 1M: 1.21%
• YTD: 12.86%
• 6M: 12.85%
• 1Y: 18.84%
• 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)

EMPB vs. HEFT - Yearly Performance Comparison

	2026 (YTD)	2025
EMPB Efficient Market Portfolio Plus ETF	12.86%	2.24%
HEFT Hedgeye Fourth Turning ETF	4.04%	1.10%

Correlation

The correlation between EMPB and HEFT is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 21, 2025	0.19

Return for Risk

EMPB vs. HEFT — Risk / Return Rank

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

EMPB

EMPB Risk / Return Rank: 57
EMPB Sharpe Ratio Rank: 53
EMPB Sortino Ratio Rank: 53
EMPB Omega Ratio Rank: 55
EMPB Calmar Ratio Rank: 67
EMPB Martin Ratio Rank: 57

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.

EMPB vs. HEFT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Efficient Market Portfolio Plus ETF (EMPB) 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.

	EMPB	HEFT	Difference
Sharpe ratio: Return per unit of total volatility	1.69	—	—
Sortino ratio: Return per unit of downside risk	2.39	—	—
Omega ratio: Gain probability vs. loss probability	1.32	—	—
Calmar ratio: Return relative to maximum drawdown	3.16	—	—
Martin ratio: Return relative to average drawdown	9.30	—	—

Drawdowns

EMPB vs. HEFT - Drawdown Comparison

The maximum EMPB drawdown since its inception was -7.55%, smaller than the maximum HEFT drawdown of -9.17%. Use the drawdown chart below to compare losses from any high point for EMPB and HEFT.

Drawdown Indicators

	EMPB	HEFT	Difference
Max Drawdown Largest peak-to-trough decline	-7.55%	-9.17%	+1.62%
Max Drawdown (1Y) Largest decline over 1 year	-5.98%	—	—
Current Drawdown Current decline from peak	-1.15%	-6.13%	+4.98%
Average Drawdown Average peak-to-trough decline	-1.46%	-3.32%	+1.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.03%	—	—

Volatility

Volatility by Period

	EMPB	HEFT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.29%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.51%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	11.27%	13.50%	-2.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.70%	13.50%	-1.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.70%	13.50%	-1.80%

EMPB vs. HEFT - Expense Ratio Comparison

EMPB has a 1.82% expense ratio, which is higher than HEFT's 0.70% expense ratio.

Dividends

EMPB vs. HEFT - Dividend Comparison

EMPB's dividend yield for the trailing twelve months is around 0.78%, more than HEFT's 0.02% yield.

Position	TTM	2025	2024
EMPB Efficient Market Portfolio Plus ETF	0.78%	0.88%	0.28%
HEFT Hedgeye Fourth Turning ETF	0.02%	0.02%	0.00%

Frequently Asked Questions

Can I hold both EMPB and HEFT in my portfolio?

EMPB and HEFT have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EMPB 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, EMPB or HEFT?

HEFT is cheaper with a 0.70% expense ratio, compared with 1.82% for EMPB.

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

EMPB has the higher dividend yield at 0.78%, compared with 0.02% for HEFT.

What is the main difference between EMPB and HEFT?

They also come from different issuers: Empowered Funds and Hedgeye. Their fees differ too: 1.82% for EMPB and 0.70% for HEFT.