EVNT vs. FFLS

Last updated Aug 2, 2026

EVNT (AltShares Event-Driven ETF) and FFLS (Future Fund Long/Short ETF) are both Long-Short funds. Both are actively managed. Over the past 3 years, EVNT returned 9.71%/yr vs 8.99%/yr for FFLS. Their 0.34 correlation means their historical movements had little consistent relationship. EVNT charges 1.30%/yr vs 1.75%/yr for FFLS.

Performance

EVNT vs. FFLS - Performance Comparison

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

Returns By Period

In the year-to-date period, EVNT achieves a 6.02% return, which is significantly higher than FFLS's -1.36% return.

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%

FFLS

• 1D: 2.13%
• 1M: -1.93%
• 6M: -2.39%
• YTD: -1.36%
• 1Y: -3.56%
• 3Y*: 8.99%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.66%

*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
FFLS Future Fund Long/Short ETF	$154.37K	$125.96K	$156.23K

EVNT vs. FFLS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EVNT AltShares Event-Driven ETF	6.02%	13.72%	5.13%	6.29%
FFLS Future Fund Long/Short ETF	-1.36%	7.49%	17.71%	0.79%

Correlation

The correlation between EVNT and FFLS is 0.15, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.15
Correlation (3Y) Balances recent behavior with more history.	0.34
Correlation (All Time) Calculated using the full available price history since Jun 21, 2023	0.34

The correlation between EVNT and FFLS shifts across timeframes, from 0.15 (1 year) to 0.34 (3 years), reflecting how their relationship changes across market environments.

EVNT vs. FFLS - Sectors Allocation Comparison

Sectors	EVNT	FFLS
Healthcare	25.8%	13.8%
Industrials	19.2%	13.3%
Financial Services	16.6%	-8.2%
Communication Services	13.2%	5.2%
Consumer Cyclical	8.2%	1.9%
Utilities	5.6%	-
Technology	5.5%	15.8%
Real Estate	5.1%	2.7%
Basic Materials	4.0%	-
Consumer Defensive	2.1%	1.5%
Energy	0.8%	4.8%

Return for Risk

EVNT vs. FFLS — 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

FFLS

FFLS Risk / Return Rank: 6
FFLS Sharpe Ratio Rank: 6
FFLS Sortino Ratio Rank: 5
FFLS Omega Ratio Rank: 5
FFLS Calmar Ratio Rank: 6
FFLS Martin Ratio Rank: 6

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. FFLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AltShares Event-Driven ETF (EVNT) and Future Fund Long/Short ETF (FFLS). 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	FFLS	Difference
Sharpe ratio: Return per unit of total volatility	1.38	-0.43	+1.81
Sortino ratio: Return per unit of downside risk	2.07	-0.55	+2.62
Omega ratio: Gain probability vs. loss probability	1.29	0.94	+0.36
Calmar ratio: Return relative to maximum drawdown	3.11	-0.41	+3.51
Martin ratio: Return relative to average drawdown	10.21	-0.79	+11.00

EVNT vs. FFLS - Sharpe Ratio Comparison

The current EVNT Sharpe Ratio is 1.38, which is higher than the FFLS Sharpe Ratio of -0.43. The chart below compares the historical Sharpe Ratios of EVNT and FFLS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EVNT vs. FFLS - Drawdown Comparison

The maximum EVNT drawdown since its inception was -13.85%, which is greater than FFLS's maximum drawdown of -11.05%. Use the drawdown chart below to compare losses from any high point for EVNT and FFLS.

Drawdown Indicators

	EVNT	FFLS	Difference
Max Drawdown Largest peak-to-trough decline	-13.85%	-11.05%	-2.80%
Max Drawdown (1Y) Largest decline over 1 year	-3.35%	-11.05%	+7.70%
Max Drawdown (3Y) Largest decline over 3 years	-5.15%	-11.05%	+5.90%
Current Drawdown Current decline from peak	-0.09%	-6.00%	+5.91%
Average Drawdown Average peak-to-trough decline	-3.68%	-3.27%	-0.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.02%	5.67%	-4.65%

Volatility

EVNT vs. FFLS - Volatility Comparison

The current volatility for AltShares Event-Driven ETF (EVNT) is 1.47%, while Future Fund Long/Short ETF (FFLS) has a volatility of 4.13%. This indicates that EVNT experiences smaller price fluctuations and is considered to be less risky than FFLS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EVNT	FFLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.47%	4.13%	-2.66%
Volatility (6M) Calculated over the trailing 6-month period	3.92%	8.76%	-4.84%
Volatility (1Y) Calculated over the trailing 1-year period	7.57%	10.38%	-2.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.16%	11.47%	-2.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.16%	11.47%	-2.31%

EVNT vs. FFLS - Expense Ratio Comparison

EVNT has a 1.30% expense ratio, which is lower than FFLS's 1.75% expense ratio.

Dividends

EVNT vs. FFLS - Dividend Comparison

EVNT's dividend yield for the trailing twelve months is around 4.51%, less than FFLS's 6.67% yield.

Position	TTM	2025	2024	2023	2022
EVNT AltShares Event-Driven ETF	4.51%	4.78%	0.66%	0.59%	2.61%
FFLS Future Fund Long/Short ETF	6.67%	6.58%	3.34%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EVNT and FFLS in my portfolio?

EVNT and FFLS have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EVNT or FFLS?

FFLS has higher volatility (4.13%) compared to EVNT (1.47%). In terms of maximum drawdown, EVNT dropped -13.85% vs FFLS's -11.05%.

Which ETF is better, EVNT or FFLS?

On 3-year performance, EVNT leads with 9.71% vs 8.99% for FFLS. On fees, EVNT is cheaper at 1.30% per year. On volatility, EVNT has been the lower-risk option at 1.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EVNT or FFLS?

Over the 3-year period, EVNT has performed better with a 9.71% return vs 8.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EVNT or FFLS?

EVNT is cheaper with a 1.30% expense ratio, compared with 1.75% for FFLS.

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

FFLS has the higher dividend yield at 6.67%, compared with 4.51% for EVNT.

What is the main difference between EVNT and FFLS?

They also come from different issuers: Water Island and Future Fund. Their fees differ too: 1.30% for EVNT and 1.75% for FFLS.

Which has better risk-adjusted returns?

EVNT currently has the higher Sharpe Ratio (1.38 vs -0.43), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.