EQLS vs. EHLS

Last updated Jun 4, 2026

EQLS (Simplify Market Neutral Equity Long/Short ETF) and EHLS (Even Herd Long Short ETF) are both Long-Short funds. Both are actively managed. At a 0.21 correlation, their price movements are largely independent. EQLS charges 1.00%/yr vs 1.58%/yr for EHLS.

Performance

EQLS vs. EHLS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Market Neutral Equity Long/Short ETF (EQLS) and Even Herd Long Short ETF (EHLS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

EQLS

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

EHLS

• 1D: -0.28%
• 1M: 2.51%
• YTD: 15.59%
• 6M: 16.66%
• 1Y: 23.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EQLS vs. EHLS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EQLS Simplify Market Neutral Equity Long/Short ETF	0.00%	6.82%	-10.07%
EHLS Even Herd Long Short ETF	15.59%	6.67%	11.57%

Correlation

The correlation between EQLS and EHLS is 0.21, 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 Apr 3, 2024	0.21

Return for Risk

EQLS vs. EHLS — Risk / Return Rank

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

EHLS

EHLS Risk / Return Rank: 41
EHLS Sharpe Ratio Rank: 36
EHLS Sortino Ratio Rank: 32
EHLS Omega Ratio Rank: 35
EHLS Calmar Ratio Rank: 53
EHLS Martin Ratio Rank: 47

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.

EQLS vs. EHLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Market Neutral Equity Long/Short ETF (EQLS) and Even Herd Long Short ETF (EHLS). 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.

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

Sharpe Ratios by Period

	EQLS	EHLS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.27	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.81	—

Drawdowns

Drawdown Indicators

	EQLS	EHLS	Difference
Max Drawdown Largest peak-to-trough decline	—	-18.96%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-9.06%	—
Current Drawdown Current decline from peak	—	-1.54%	—
Average Drawdown Average peak-to-trough decline	—	-4.43%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.08%	—

Volatility

Volatility by Period

	EQLS	EHLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.41%	—
Volatility (6M) Calculated over the trailing 6-month period	—	14.54%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	18.71%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	19.76%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	19.76%	—

EQLS vs. EHLS - Expense Ratio Comparison

EQLS has a 1.00% expense ratio, which is lower than EHLS's 1.58% expense ratio.

Dividends

EQLS vs. EHLS - Dividend Comparison

Neither EQLS nor EHLS has paid dividends to shareholders.

Position	TTM	2025	2024	2023
EHLS Even Herd Long Short ETF	0.00%	0.00%	1.03%	0.00%
EQLS Simplify Market Neutral Equity Long/Short ETF	0.00%	0.45%	0.95%	8.50%

Frequently Asked Questions

Can I hold both EQLS and EHLS in my portfolio?

EQLS and EHLS have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EQLS or EHLS?

On fees, EQLS 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, EQLS or EHLS?

EQLS is cheaper with a 1.00% expense ratio, compared with 1.58% for EHLS.

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

EQLS and EHLS have nearly identical dividend yields, around 0.00%.

What is the main difference between EQLS and EHLS?

They also come from different issuers: Simplify and N/A. Their fees differ too: 1.00% for EQLS and 1.58% for EHLS.