HEFT vs. BFLX

Last updated Jul 14, 2026

HEFT (Hedgeye Fourth Turning ETF) and BFLX (iShares Flexible Equity Active ETF) are both Long-Short funds. Both are actively managed. A 0.71 correlation means they provide meaningful diversification when combined. HEFT charges 0.70%/yr vs 0.40%/yr for BFLX.

Performance

HEFT vs. BFLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hedgeye Fourth Turning ETF (HEFT) and iShares Flexible Equity Active ETF (BFLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

HEFT

• 1D: -0.11%
• 1M: -1.12%
• 6M: -1.24%
• YTD: 3.68%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BFLX

• 1D: -1.12%
• 1M: -0.58%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HEFT vs. BFLX - Yearly Performance Comparison

	2026 (YTD)
HEFT Hedgeye Fourth Turning ETF	-2.49%
BFLX iShares Flexible Equity Active ETF	0.28%

Correlation

The correlation between HEFT and BFLX is 0.71, 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 May 20, 2026	0.71

Return for Risk

HEFT vs. BFLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hedgeye Fourth Turning ETF (HEFT) and iShares Flexible Equity Active ETF (BFLX). 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.

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

Drawdowns

HEFT vs. BFLX - Drawdown Comparison

The maximum HEFT drawdown since its inception was -9.17%, which is greater than BFLX's maximum drawdown of -3.85%. Use the drawdown chart below to compare losses from any high point for HEFT and BFLX.

Drawdown Indicators

	HEFT	BFLX	Difference
Max Drawdown Largest peak-to-trough decline	-9.17%	-3.85%	-5.32%
Current Drawdown Current decline from peak	-6.46%	-2.47%	-3.99%
Average Drawdown Average peak-to-trough decline	-3.55%	-1.32%	-2.23%

Volatility

Volatility by Period

	HEFT	BFLX	Difference
Volatility (1Y) Calculated over the trailing 1-year period	13.16%	14.58%	-1.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.16%	14.58%	-1.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.16%	14.58%	-1.42%

HEFT vs. BFLX - Expense Ratio Comparison

HEFT has a 0.70% expense ratio, which is higher than BFLX's 0.40% expense ratio.

Dividends

HEFT vs. BFLX - Dividend Comparison

HEFT's dividend yield for the trailing twelve months is around 0.02%, while BFLX has not paid dividends to shareholders.

Position	TTM	2025
BFLX iShares Flexible Equity Active ETF	0.00%	0.00%
HEFT Hedgeye Fourth Turning ETF	0.02%	0.02%

Frequently Asked Questions

Can I hold both HEFT and BFLX in my portfolio?

HEFT and BFLX have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HEFT or BFLX?

On fees, BFLX is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HEFT or BFLX?

BFLX is cheaper with a 0.40% expense ratio, compared with 0.70% for HEFT.

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

HEFT has the higher dividend yield at 0.02%, compared with 0.00% for BFLX.

What is the main difference between HEFT and BFLX?

They also come from different issuers: Hedgeye and iShares. Their fees differ too: 0.70% for HEFT and 0.40% for BFLX.