GOLY vs. HEFT

Last updated Jun 26, 2026

GOLY (Strategy Shares Gold-Hedged Bond ETF) and HEFT (Hedgeye Fourth Turning ETF) are both exchange-traded funds - GOLY is a Nontraditional Bonds fund tracking the Solactive Gold-Backed Bond Index, while HEFT is a Long-Short fund actively managed by Hedgeye. GOLY is passively managed, while HEFT is actively managed. At a 0.44 correlation, their price movements are largely independent. GOLY charges 0.79%/yr vs 0.70%/yr for HEFT.

Performance

GOLY vs. HEFT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Strategy Shares Gold-Hedged Bond ETF (GOLY) 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, GOLY achieves a -26.33% return, which is significantly lower than HEFT's 4.79% return.

GOLY

• 1D: 0.84%
• 1M: -10.09%
• YTD: -26.33%
• 6M: -28.77%
• 1Y: -7.98%
• 3Y*: 14.36%
• 5Y*: 5.25%
• 10Y*: —

HEFT

• 1D: 1.20%
• 1M: -2.61%
• YTD: 4.79%
• 6M: 3.58%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GOLY vs. HEFT - Yearly Performance Comparison

	2026 (YTD)	2025
GOLY Strategy Shares Gold-Hedged Bond ETF	-26.33%	5.67%
HEFT Hedgeye Fourth Turning ETF	4.79%	1.10%

Correlation

The correlation between GOLY and HEFT is 0.44, 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	0.44

Return for Risk

GOLY vs. HEFT — Risk / Return Rank

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

GOLY

GOLY Risk / Return Rank: 7
GOLY Sharpe Ratio Rank: 7
GOLY Sortino Ratio Rank: 7
GOLY Omega Ratio Rank: 7
GOLY Calmar Ratio Rank: 7
GOLY 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.

GOLY vs. HEFT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Strategy Shares Gold-Hedged Bond ETF (GOLY) 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.

	GOLY	HEFT	Difference
Sharpe ratio: Return per unit of total volatility	-0.24	—	—
Sortino ratio: Return per unit of downside risk	-0.09	—	—
Omega ratio: Gain probability vs. loss probability	0.99	—	—
Calmar ratio: Return relative to maximum drawdown	-0.22	—	—
Martin ratio: Return relative to average drawdown	-0.52	—	—

Drawdowns

GOLY vs. HEFT - Drawdown Comparison

The maximum GOLY drawdown since its inception was -36.97%, which is greater than HEFT's maximum drawdown of -9.17%. Use the drawdown chart below to compare losses from any high point for GOLY and HEFT.

Drawdown Indicators

	GOLY	HEFT	Difference
Max Drawdown Largest peak-to-trough decline	-36.97%	-9.17%	-27.80%
Max Drawdown (1Y) Largest decline over 1 year	-36.97%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-36.97%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-36.97%	—	—
Current Drawdown Current decline from peak	-36.44%	-5.46%	-30.98%
Average Drawdown Average peak-to-trough decline	-12.10%	-3.35%	-8.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.33%	—	—

Volatility

Volatility by Period

	GOLY	HEFT	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.74%	—	—
Volatility (6M) Calculated over the trailing 6-month period	30.59%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	33.84%	13.51%	+20.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.61%	13.51%	+9.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.44%	13.51%	+8.93%

GOLY vs. HEFT - Expense Ratio Comparison

GOLY has a 0.79% expense ratio, which is higher than HEFT's 0.70% expense ratio.

Dividends

GOLY vs. HEFT - Dividend Comparison

GOLY's dividend yield for the trailing twelve months is around 9.99%, more than HEFT's 0.02% yield.

Position	TTM	2025	2024	2023	2022	2021
GOLY Strategy Shares Gold-Hedged Bond ETF	9.99%	7.22%	3.85%	2.94%	2.57%	1.11%
HEFT Hedgeye Fourth Turning ETF	0.02%	0.02%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GOLY and HEFT in my portfolio?

GOLY and HEFT have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GOLY 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, GOLY or HEFT?

HEFT is cheaper with a 0.70% expense ratio, compared with 0.79% for GOLY.

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

GOLY has the higher dividend yield at 9.99%, compared with 0.02% for HEFT.

What is the main difference between GOLY and HEFT?

GOLY is categorized as Nontraditional Bonds, while HEFT is Long-Short. They also come from different issuers: Strategy Shares and Hedgeye. Their fees differ too: 0.79% for GOLY and 0.70% for HEFT.