HEFT vs. AVALX

Last updated Jun 23, 2026

HEFT (Hedgeye Fourth Turning ETF) and AVALX (Aegis Value Fund) are both funds - HEFT is a Long-Short fund actively managed by Hedgeye, while AVALX is a Small Cap Value Equities fund managed by Aegis. A 0.64 correlation means they provide meaningful diversification when combined. HEFT charges 0.70%/yr vs 1.50%/yr for AVALX.

Performance

HEFT vs. AVALX - Performance Comparison

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

Returns By Period

In the year-to-date period, HEFT achieves a 5.40% return, which is significantly lower than AVALX's 14.52% return.

HEFT

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

AVALX

• 1D: -1.08%
• 1M: -4.84%
• YTD: 14.52%
• 6M: 14.42%
• 1Y: 48.95%
• 3Y*: 30.71%
• 5Y*: 21.59%
• 10Y*: 19.81%

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

HEFT vs. AVALX - Yearly Performance Comparison

	2026 (YTD)	2025
HEFT Hedgeye Fourth Turning ETF	5.40%	1.10%
AVALX Aegis Value Fund	14.52%	9.42%

Correlation

The correlation between HEFT and AVALX is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 21, 2025	0.64

Return for Risk

HEFT vs. AVALX — Risk / Return Rank

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

HEFT

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

AVALX

AVALX Risk / Return Rank: 87
AVALX Sharpe Ratio Rank: 89
AVALX Sortino Ratio Rank: 77
AVALX Omega Ratio Rank: 78
AVALX Calmar Ratio Rank: 96
AVALX Martin Ratio Rank: 94

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.

HEFT vs. AVALX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hedgeye Fourth Turning ETF (HEFT) and Aegis Value Fund (AVALX). 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.

	HEFT	AVALX	Difference
Sharpe ratio: Return per unit of total volatility	—	2.71	—
Sortino ratio: Return per unit of downside risk	—	3.35	—
Omega ratio: Gain probability vs. loss probability	—	1.46	—
Calmar ratio: Return relative to maximum drawdown	—	5.66	—
Martin ratio: Return relative to average drawdown	—	19.05	—

Drawdowns

HEFT vs. AVALX - Drawdown Comparison

The maximum HEFT drawdown since its inception was -9.17%, smaller than the maximum AVALX drawdown of -73.72%. Use the drawdown chart below to compare losses from any high point for HEFT and AVALX.

Drawdown Indicators

	HEFT	AVALX	Difference
Max Drawdown Largest peak-to-trough decline	-9.17%	-73.72%	+64.55%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.32%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-13.59%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-32.00%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-48.34%	—
Current Drawdown Current decline from peak	-4.91%	-6.67%	+1.76%
Average Drawdown Average peak-to-trough decline	-3.30%	-10.94%	+7.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.50%	—

Volatility

Volatility by Period

	HEFT	AVALX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.49%	—
Volatility (6M) Calculated over the trailing 6-month period	—	13.30%	—
Volatility (1Y) Calculated over the trailing 1-year period	13.43%	17.44%	-4.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.43%	22.28%	-8.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.43%	22.17%	-8.74%

HEFT vs. AVALX - Expense Ratio Comparison

HEFT has a 0.70% expense ratio, which is lower than AVALX's 1.50% expense ratio.

Dividends

HEFT vs. AVALX - Dividend Comparison

HEFT's dividend yield for the trailing twelve months is around 0.02%, less than AVALX's 2.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVALX Aegis Value Fund	2.04%	2.34%	7.07%	2.23%	0.16%	0.00%	6.62%	2.36%	6.18%	0.00%	1.45%	0.04%
HEFT Hedgeye Fourth Turning ETF	0.02%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HEFT and AVALX in my portfolio?

HEFT and AVALX have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.