EVNT vs. HEFT

Last updated Aug 2, 2026

EVNT (AltShares Event-Driven ETF) and HEFT (Hedgeye Fourth Turning ETF) are both Long-Short funds. Both are actively managed. Their 0.03 correlation means their historical movements had little consistent relationship. EVNT charges 1.30%/yr vs 0.70%/yr for HEFT.

Performance

EVNT vs. HEFT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AltShares Event-Driven ETF (EVNT) 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, EVNT achieves a 6.02% return, which is significantly higher than HEFT's 3.28% 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%

HEFT

• 1D: -0.04%
• 1M: -0.42%
• 6M: -3.62%
• YTD: 3.28%
• 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
HEFT Hedgeye Fourth Turning ETF	$283.91K	$525.47K	$801.16K

EVNT vs. HEFT - Yearly Performance Comparison

	2026 (YTD)	2025
EVNT AltShares Event-Driven ETF	6.02%	1.68%
HEFT Hedgeye Fourth Turning ETF	3.28%	1.10%

Correlation

The correlation between EVNT and HEFT is 0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 21, 2025	0.03

Return for Risk

EVNT vs. HEFT — 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

HEFT

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. HEFT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AltShares Event-Driven ETF (EVNT) 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.

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	HEFT	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

EVNT vs. HEFT - Drawdown Comparison

The maximum EVNT drawdown since its inception was -13.85%, which is greater than HEFT's maximum drawdown of -9.17%. Use the drawdown chart below to compare losses from any high point for EVNT and HEFT.

Drawdown Indicators

	EVNT	HEFT	Difference
Max Drawdown Largest peak-to-trough decline	-13.85%	-9.17%	-4.68%
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%	-6.82%	+6.73%
Average Drawdown Average peak-to-trough decline	-3.68%	-3.79%	+0.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.02%	—	—

Volatility

Volatility by Period

	EVNT	HEFT	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%	12.66%	-5.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.16%	12.66%	-3.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.16%	12.66%	-3.50%

EVNT vs. HEFT - Expense Ratio Comparison

EVNT has a 1.30% expense ratio, which is higher than HEFT's 0.70% expense ratio.

Dividends

EVNT vs. HEFT - Dividend Comparison

EVNT's dividend yield for the trailing twelve months is around 4.51%, more than HEFT's 0.02% yield.

Position	TTM	2025	2024	2023	2022
EVNT AltShares Event-Driven ETF	4.51%	4.78%	0.66%	0.59%	2.61%
HEFT Hedgeye Fourth Turning ETF	0.02%	0.02%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EVNT and HEFT in my portfolio?

EVNT and HEFT have a correlation of 0.03, 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 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, EVNT or HEFT?

HEFT is cheaper with a 0.70% expense ratio, compared with 1.30% for EVNT.

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

EVNT has the higher dividend yield at 4.51%, compared with 0.02% for HEFT.

What is the main difference between EVNT and HEFT?

They also come from different issuers: Water Island and Hedgeye. Their fees differ too: 1.30% for EVNT and 0.70% for HEFT.