EMPB vs. HFEQ

Last updated Jun 3, 2026

EMPB (Efficient Market Portfolio Plus ETF) and HFEQ (Unlimited HFEQ Equity Long/Short ETF) are both Long-Short funds. Both are actively managed. A 0.63 correlation means they provide meaningful diversification when combined. EMPB charges 1.82%/yr vs 1.00%/yr for HFEQ.

Performance

EMPB vs. HFEQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Efficient Market Portfolio Plus ETF (EMPB) and Unlimited HFEQ Equity Long/Short ETF (HFEQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EMPB achieves a 13.08% return, which is significantly lower than HFEQ's 14.42% return.

EMPB

• 1D: 0.04%
• 1M: 5.31%
• YTD: 13.08%
• 6M: 12.18%
• 1Y: 21.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HFEQ

• 1D: 0.87%
• 1M: 4.56%
• YTD: 14.42%
• 6M: 15.11%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EMPB vs. HFEQ - Yearly Performance Comparison

	2026 (YTD)	2025
EMPB Efficient Market Portfolio Plus ETF	13.08%	2.02%
HFEQ Unlimited HFEQ Equity Long/Short ETF	14.42%	14.92%

Correlation

The correlation between EMPB and HFEQ is 0.63, 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 Jul 16, 2025	0.63

Return for Risk

EMPB vs. HFEQ — Risk / Return Rank

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

EMPB

EMPB Risk / Return Rank: 58
EMPB Sharpe Ratio Rank: 55
EMPB Sortino Ratio Rank: 54
EMPB Omega Ratio Rank: 56
EMPB Calmar Ratio Rank: 69
EMPB Martin Ratio Rank: 58

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. HFEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Efficient Market Portfolio Plus ETF (EMPB) and Unlimited HFEQ Equity Long/Short ETF (HFEQ). 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.

	EMPB	HFEQ	Difference
Sharpe ratio Return per unit of total volatility	1.89	—	—
Sortino ratio Return per unit of downside risk	2.65	—	—
Omega ratio Gain probability vs. loss probability	1.35	—	—
Calmar ratio Return relative to maximum drawdown	3.52	—	—
Martin ratio Return relative to average drawdown	10.38	—	—
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

	EMPB	HFEQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.73	1.69	+0.04

Drawdowns

EMPB vs. HFEQ - Drawdown Comparison

The maximum EMPB drawdown since its inception was -7.55%, smaller than the maximum HFEQ drawdown of -12.46%. Use the drawdown chart below to compare losses from any high point for EMPB and HFEQ.

Drawdown Indicators

	EMPB	HFEQ	Difference
Max Drawdown Largest peak-to-trough decline	-7.55%	-12.46%	+4.91%
Max Drawdown (1Y) Largest decline over 1 year	-5.98%	—	—
Current Drawdown Current decline from peak	-0.50%	0.00%	-0.50%
Average Drawdown Average peak-to-trough decline	-1.50%	-2.46%	+0.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.03%	—	—

Volatility

Volatility by Period

	EMPB	HFEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.57%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.47%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	11.39%	21.65%	-10.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.83%	21.65%	-9.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.83%	21.65%	-9.82%

EMPB vs. HFEQ - Expense Ratio Comparison

EMPB has a 1.82% expense ratio, which is higher than HFEQ's 1.00% expense ratio.

Dividends

EMPB vs. HFEQ - Dividend Comparison

EMPB's dividend yield for the trailing twelve months is around 0.78%, less than HFEQ's 9.22% yield.

Position	TTM	2025	2024
EMPB Efficient Market Portfolio Plus ETF	0.78%	0.88%	0.28%
HFEQ Unlimited HFEQ Equity Long/Short ETF	9.22%	10.55%	0.00%

Frequently Asked Questions

Can I hold both EMPB and HFEQ in my portfolio?

EMPB and HFEQ have a correlation of 0.63, 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 HFEQ?

On fees, HFEQ is cheaper at 1.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EMPB or HFEQ?

HFEQ is cheaper with a 1.00% expense ratio, compared with 1.82% for EMPB.

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

HFEQ has the higher dividend yield at 9.22%, compared with 0.78% for EMPB.

What is the main difference between EMPB and HFEQ?

They also come from different issuers: Empowered Funds and Unlimited. Their fees differ too: 1.82% for EMPB and 1.00% for HFEQ.