EVNT vs. EQLS

Last updated Aug 2, 2026

EVNT (AltShares Event-Driven ETF) and EQLS (Simplify Market Neutral Equity Long/Short ETF) are both Long-Short funds. Both are actively managed. Their -0.14 correlation means they have often moved in opposite directions in the past. EVNT charges 1.30%/yr vs 1.00%/yr for EQLS.

Performance

EVNT vs. EQLS - Performance Comparison

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

Returns By Period

EVNT

• 1D: 0.24%
• 1M: 0.45%
• 6M: 5.89%
• YTD: 6.02%
• 1Y: 11.18%
• 3Y*: 9.71%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.00%

EQLS

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

*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)
EVNT AltShares Event-Driven ETF	$70.44K	$49.74K	$49.38K

EVNT vs. EQLS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EVNT AltShares Event-Driven ETF	6.02%	13.72%	5.13%	7.57%
EQLS Simplify Market Neutral Equity Long/Short ETF	0.00%	6.82%	-4.82%	-3.67%

Correlation

The correlation between EVNT and EQLS is -0.14, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (3Y) Balances recent behavior with more history.	-0.13
Correlation (All Time) Calculated using the full available price history since Jun 14, 2023	-0.14

Return for Risk

EVNT vs. EQLS — Risk / Return Rank

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

EVNT

EVNT Risk / Return Rank: 71
EVNT Sharpe Ratio Rank: 58
EVNT Sortino Ratio Rank: 62
EVNT Omega Ratio Rank: 70
EVNT Calmar Ratio Rank: 83
EVNT Martin Ratio Rank: 79

EQLS

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

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.

EVNT vs. EQLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AltShares Event-Driven ETF (EVNT) and Simplify Market Neutral Equity Long/Short ETF (EQLS). 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.

	EVNT	EQLS	Difference
Sharpe ratio: Return per unit of total volatility	1.38	—	—
Sortino ratio: Return per unit of downside risk	2.07	—	—
Omega ratio: Gain probability vs. loss probability	1.29	—	—
Calmar ratio: Return relative to maximum drawdown	3.11	—	—
Martin ratio: Return relative to average drawdown	10.21	—	—

Drawdowns

Drawdown Indicators

	EVNT	EQLS	Difference
Max Drawdown Largest peak-to-trough decline	-13.85%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-3.35%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-5.15%	—	—
Current Drawdown Current decline from peak	-0.09%	—	—
Average Drawdown Average peak-to-trough decline	-3.68%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.02%	—	—

Volatility

Volatility by Period

	EVNT	EQLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.47%	—	—
Volatility (6M) Calculated over the trailing 6-month period	3.92%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	7.57%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.16%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.16%	—	—

EVNT vs. EQLS - Expense Ratio Comparison

EVNT has a 1.30% expense ratio, which is higher than EQLS's 1.00% expense ratio.

Dividends

EVNT vs. EQLS - Dividend Comparison

EVNT's dividend yield for the trailing twelve months is around 4.51%, while EQLS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
EQLS Simplify Market Neutral Equity Long/Short ETF	0.00%	0.45%	0.95%	8.50%	0.00%
EVNT AltShares Event-Driven ETF	4.51%	4.78%	0.66%	0.59%	2.61%

Frequently Asked Questions

Can I hold both EVNT and EQLS in my portfolio?

EVNT and EQLS have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EVNT or EQLS?

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, EVNT or EQLS?

EQLS is cheaper with a 1.00% expense ratio, compared with 1.30% for EVNT.

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

EVNT has the higher dividend yield at 4.51%, compared with 0.00% for EQLS.

What is the main difference between EVNT and EQLS?

They also come from different issuers: Water Island and Simplify. Their fees differ too: 1.30% for EVNT and 1.00% for EQLS.