HEFT vs. CLIX
HEFT (Hedgeye Fourth Turning ETF) and CLIX (ProShares Long Online/Short Stores ETF) are both Long-Short funds. HEFT is actively managed, while CLIX is passively managed. Their -0.03 correlation means they have often moved in opposite directions in the past. HEFT charges 0.70%/yr vs 0.65%/yr for CLIX.
Performance
HEFT vs. CLIX - Performance Comparison
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Returns By Period
In the year-to-date period, HEFT achieves a 3.28% return, which is significantly higher than CLIX's -0.57% return.
HEFT
- 1D
- -0.04%
- 1M
- -0.42%
- 6M
- -3.62%
- YTD
- 3.28%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
CLIX
- 1D
- 4.48%
- 1M
- 6.07%
- 6M
- 1.59%
- YTD
- -0.57%
- 1Y
- 12.03%
- 3Y*
- 16.69%
- 5Y*
- -4.13%
- 10Y*
- —
- ALL TIME*
- 4.99%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $28.27K | $42.87K | $29.25K | |
| $283.91K | $525.47K | $801.16K |
HEFT vs. CLIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
HEFT Hedgeye Fourth Turning ETF | 3.28% | 1.10% |
CLIX ProShares Long Online/Short Stores ETF | -0.57% | 4.81% |
Correlation
The correlation between HEFT and CLIX is -0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 21, 2025 | -0.03 |
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Return for Risk
HEFT vs. CLIX — Risk / Return Rank
HEFT
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
CLIX
HEFT vs. CLIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hedgeye Fourth Turning ETF (HEFT) and ProShares Long Online/Short Stores ETF (CLIX). 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 | CLIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.07 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 0.40 | — |
| Martin ratioReturn relative to average drawdown | — | 0.95 | — |
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Drawdowns
HEFT vs. CLIX - Drawdown Comparison
The maximum HEFT drawdown since its inception was -9.17%, smaller than the maximum CLIX drawdown of -73.21%. Use the drawdown chart below to compare losses from any high point for HEFT and CLIX.
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Drawdown Indicators
| HEFT | CLIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.17% | -73.21% | +64.04% |
Max Drawdown (1Y)Largest decline over 1 year | — | -19.57% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -21.18% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -63.54% | — |
Current DrawdownCurrent decline from peak | -6.82% | -41.26% | +34.44% |
Average DrawdownAverage peak-to-trough decline | -3.79% | -34.86% | +31.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 8.15% | — |
Volatility
HEFT vs. CLIX - Volatility Comparison
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Volatility by Period
| HEFT | CLIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 6.82% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 17.43% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 12.66% | 22.42% | -9.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.66% | 26.87% | -14.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.66% | 25.89% | -13.23% |
HEFT vs. CLIX - Expense Ratio Comparison
HEFT has a 0.70% expense ratio, which is higher than CLIX's 0.65% expense ratio.
Dividends
HEFT vs. CLIX - Dividend Comparison
HEFT's dividend yield for the trailing twelve months is around 0.02%, less than CLIX's 0.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
CLIX ProShares Long Online/Short Stores ETF | 0.53% | 0.46% | 0.46% | 0.00% | 0.00% | 0.00% | 1.33% |
HEFT Hedgeye Fourth Turning ETF | 0.02% | 0.02% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HEFT and CLIX have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CLIX is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CLIX is cheaper with a 0.65% expense ratio, compared with 0.70% for HEFT.
CLIX has the higher dividend yield at 0.53%, compared with 0.02% for HEFT.
They also come from different issuers: Hedgeye and ProShares. Their fees differ too: 0.70% for HEFT and 0.65% for CLIX.
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