FFLS vs. HEFT

Last updated Apr 2, 2026

Compare and contrast key facts about The Future Fund Long/Short ETF (FFLS) and Hedgeye Fourth Turning ETF (HEFT).

FFLS and HEFT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FFLS is an actively managed fund by The Future Fund. It was launched on Jun 20, 2023. HEFT is an actively managed fund by Hedgeye. It was launched on Nov 20, 2025.

Performance

FFLS vs. HEFT - Performance Comparison

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

FFLS vs. HEFT - Yearly Performance Comparison

	2026 (YTD)	2025
FFLS The Future Fund Long/Short ETF	-5.02%	0.95%
HEFT Hedgeye Fourth Turning ETF	5.26%	0.98%

Returns By Period

In the year-to-date period, FFLS achieves a -5.02% return, which is significantly lower than HEFT's 5.26% return.

FFLS

• 1D: 0.67%
• 1M: -1.80%
• YTD: -5.02%
• 6M: -7.49%
• 1Y: 0.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HEFT

• 1D: -0.04%
• 1M: -3.48%
• YTD: 5.26%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FFLS vs. HEFT - Expense Ratio Comparison

FFLS has a 1.75% expense ratio, which is higher than HEFT's 0.70% expense ratio.

FFLS

The Future Fund Long/Short ETF

HEFT

Hedgeye Fourth Turning ETF

Return for Risk

FFLS vs. HEFT — Risk / Return Rank

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

FFLS

FFLS Risk / Return Rank: 13
FFLS Sharpe Ratio Rank: 13
FFLS Sortino Ratio Rank: 12
FFLS Omega Ratio Rank: 12
FFLS Calmar Ratio Rank: 13
FFLS Martin Ratio Rank: 13

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.

FFLS vs. HEFT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The Future Fund Long/Short ETF (FFLS) 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.

	FFLS	HEFT	Difference
Sharpe ratio Return per unit of total volatility	0.09	—	—
Sortino ratio Return per unit of downside risk	0.18	—	—
Omega ratio Gain probability vs. loss probability	1.02	—	—
Calmar ratio Return relative to maximum drawdown	0.06	—	—
Martin ratio Return relative to average drawdown	0.16	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	FFLS	HEFT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.09	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	1.44	-0.75

Correlation

The correlation between FFLS and HEFT is 0.10, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

FFLS vs. HEFT - Dividend Comparison

FFLS's dividend yield for the trailing twelve months is around 6.92%, more than HEFT's 0.02% yield.

	TTM	2025	2024
FFLS The Future Fund Long/Short ETF	6.92%	6.58%	3.34%
HEFT Hedgeye Fourth Turning ETF	0.02%	0.02%	0.00%

Drawdowns

FFLS vs. HEFT - Drawdown Comparison

The maximum FFLS drawdown since its inception was -11.05%, which is greater than HEFT's maximum drawdown of -6.57%. Use the drawdown chart below to compare losses from any high point for FFLS and HEFT.

Drawdown Indicators

	FFLS	HEFT	Difference
Max Drawdown Largest peak-to-trough decline	-11.05%	-6.57%	-4.48%
Max Drawdown (1Y) Largest decline over 1 year	-11.05%	—	—
Current Drawdown Current decline from peak	-9.49%	-5.03%	-4.46%
Average Drawdown Average peak-to-trough decline	-2.87%	-2.00%	-0.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.22%	—	—

Volatility

Volatility by Period

	FFLS	HEFT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.13%	—	—
Volatility (6M) Calculated over the trailing 6-month period	6.29%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	9.26%	13.37%	-4.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.19%	13.37%	-2.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.19%	13.37%	-2.18%