ESBG vs. HEFT

Last updated Jun 5, 2026

ESBG (First Trust Enhanced Stocks, Bonds & Gold ETF) and HEFT (Hedgeye Fourth Turning ETF) are both exchange-traded funds - ESBG is a Tactical Allocation fund actively managed by First Trust, while HEFT is a Long-Short fund actively managed by Hedgeye. Both are actively managed. A 0.55 correlation means they provide meaningful diversification when combined. ESBG charges 0.95%/yr vs 0.70%/yr for HEFT.

Performance

ESBG vs. HEFT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Enhanced Stocks, Bonds & Gold ETF (ESBG) 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, ESBG achieves a 5.96% return, which is significantly lower than HEFT's 7.87% return.

ESBG

• 1D: 0.79%
• 1M: 1.11%
• YTD: 5.96%
• 6M: 7.17%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

HEFT

• 1D: -0.04%
• 1M: 2.98%
• YTD: 7.87%
• 6M: 7.09%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ESBG vs. HEFT - Yearly Performance Comparison

	2026 (YTD)	2025
ESBG First Trust Enhanced Stocks, Bonds & Gold ETF	5.96%	6.45%
HEFT Hedgeye Fourth Turning ETF	7.87%	0.98%

Correlation

The correlation between ESBG and HEFT is 0.55, 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 24, 2025	0.55

Return for Risk

ESBG vs. HEFT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Enhanced Stocks, Bonds & Gold ETF (ESBG) 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.

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

Sharpe Ratios by Period

	ESBG	HEFT	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	0.95	1.43	-0.48

Drawdowns

ESBG vs. HEFT - Drawdown Comparison

The maximum ESBG drawdown since its inception was -18.84%, which is greater than HEFT's maximum drawdown of -9.17%. Use the drawdown chart below to compare losses from any high point for ESBG and HEFT.

Drawdown Indicators

	ESBG	HEFT	Difference
Max Drawdown Largest peak-to-trough decline	-18.84%	-9.17%	-9.67%
Current Drawdown Current decline from peak	-10.14%	-2.68%	-7.46%
Average Drawdown Average peak-to-trough decline	-6.27%	-3.12%	-3.15%

Volatility

Volatility by Period

	ESBG	HEFT	Difference
Volatility (1Y) Calculated over the trailing 1-year period	25.19%	12.48%	+12.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.19%	12.48%	+12.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.19%	12.48%	+12.71%

ESBG vs. HEFT - Expense Ratio Comparison

ESBG has a 0.95% expense ratio, which is higher than HEFT's 0.70% expense ratio.

Dividends

ESBG vs. HEFT - Dividend Comparison

ESBG's dividend yield for the trailing twelve months is around 0.57%, more than HEFT's 0.02% yield.

Position	TTM	2025
ESBG First Trust Enhanced Stocks, Bonds & Gold ETF	0.57%	0.24%
HEFT Hedgeye Fourth Turning ETF	0.02%	0.02%

Frequently Asked Questions

Can I hold both ESBG and HEFT in my portfolio?

ESBG and HEFT 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 ETF is better, ESBG 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, ESBG or HEFT?

HEFT is cheaper with a 0.70% expense ratio, compared with 0.95% for ESBG.

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

ESBG has the higher dividend yield at 0.57%, compared with 0.02% for HEFT.

What is the main difference between ESBG and HEFT?

ESBG is categorized as Tactical Allocation, while HEFT is Long-Short. They also come from different issuers: First Trust and Hedgeye. Their fees differ too: 0.95% for ESBG and 0.70% for HEFT.