FFLS vs. HEFT

Last updated Jun 23, 2026

FFLS (The Future Fund Long/Short ETF) and HEFT (Hedgeye Fourth Turning ETF) are both Long-Short funds. Both are actively managed. At a 0.18 correlation, their price movements are largely independent. FFLS charges 1.75%/yr vs 0.70%/yr for HEFT.

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.

Returns By Period

In the year-to-date period, FFLS achieves a -1.61% return, which is significantly lower than HEFT's 5.40% return.

FFLS

• 1D: -0.67%
• 1M: 0.15%
• YTD: -1.61%
• 6M: -1.34%
• 1Y: -1.79%
• 3Y*: 8.51%
• 5Y*: —
• 10Y*: —

HEFT

• 1D: 0.59%
• 1M: -1.08%
• YTD: 5.40%
• 6M: 4.41%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FFLS vs. HEFT - Yearly Performance Comparison

	2026 (YTD)	2025
FFLS The Future Fund Long/Short ETF	-1.61%	0.86%
HEFT Hedgeye Fourth Turning ETF	5.40%	1.10%

Correlation

The correlation between FFLS and HEFT is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 21, 2025	0.18

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: 7
FFLS Sharpe Ratio Rank: 7
FFLS Sortino Ratio Rank: 6
FFLS Omega Ratio Rank: 6
FFLS Calmar Ratio Rank: 7
FFLS Martin Ratio Rank: 7

HEFT

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

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.

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.

	FFLS	HEFT	Difference
Sharpe ratio: Return per unit of total volatility	-0.19	—	—
Sortino ratio: Return per unit of downside risk	-0.20	—	—
Omega ratio: Gain probability vs. loss probability	0.98	—	—
Calmar ratio: Return relative to maximum drawdown	-0.16	—	—
Martin ratio: Return relative to average drawdown	-0.34	—	—

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 -9.17%. 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%	-9.17%	-1.88%
Max Drawdown (1Y) Largest decline over 1 year	-11.05%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-11.05%	—	—
Current Drawdown Current decline from peak	-6.25%	-4.91%	-1.34%
Average Drawdown Average peak-to-trough decline	-3.16%	-3.30%	+0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.28%	—	—

Volatility

Volatility by Period

	FFLS	HEFT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.35%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.88%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	9.67%	13.43%	-3.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.40%	13.43%	-2.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.40%	13.43%	-2.03%

FFLS vs. HEFT - Expense Ratio Comparison

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

Dividends

FFLS vs. HEFT - Dividend Comparison

FFLS's dividend yield for the trailing twelve months is around 6.68%, more than HEFT's 0.02% yield.

Position	TTM	2025	2024
FFLS The Future Fund Long/Short ETF	6.68%	6.58%	3.34%
HEFT Hedgeye Fourth Turning ETF	0.02%	0.02%	0.00%

Frequently Asked Questions

Can I hold both FFLS and HEFT in my portfolio?

FFLS and HEFT have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FFLS 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, FFLS or HEFT?

HEFT is cheaper with a 0.70% expense ratio, compared with 1.75% for FFLS.

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

FFLS has the higher dividend yield at 6.68%, compared with 0.02% for HEFT.

What is the main difference between FFLS and HEFT?

They also come from different issuers: The Future Fund and Hedgeye. Their fees differ too: 1.75% for FFLS and 0.70% for HEFT.