HEFT vs. CSM
HEFT (Hedgeye Fourth Turning ETF) and CSM (Proshares Large Cap Core Plus) are both Long-Short funds. HEFT is actively managed, while CSM is passively managed. At a 0.29 correlation, their price movements are largely independent. HEFT charges 0.70%/yr vs 0.45%/yr for CSM.
Performance
HEFT vs. CSM - Performance Comparison
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Returns By Period
In the year-to-date period, HEFT achieves a 3.68% return, which is significantly lower than CSM's 8.50% return.
HEFT
- 1D
- -0.11%
- 1M
- -1.12%
- 6M
- -1.24%
- YTD
- 3.68%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CSM
- 1D
- -0.66%
- 1M
- 1.32%
- 6M
- 7.25%
- YTD
- 8.50%
- 1Y
- 22.48%
- 3Y*
- 19.76%
- 5Y*
- 12.63%
- 10Y*
- 13.96%
HEFT vs. CSM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
HEFT Hedgeye Fourth Turning ETF | 3.68% | 1.10% |
CSM Proshares Large Cap Core Plus | 8.50% | 6.09% |
Correlation
The correlation between HEFT and CSM is 0.29, 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 | 0.30 |
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Return for Risk
HEFT vs. CSM — Risk / Return Rank
HEFT
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
CSM
HEFT vs. CSM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hedgeye Fourth Turning ETF (HEFT) and Proshares Large Cap Core Plus (CSM). 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 | CSM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.32 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.40 | — |
| Martin ratioReturn relative to average drawdown | — | 9.80 | — |
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Drawdowns
HEFT vs. CSM - Drawdown Comparison
The maximum HEFT drawdown since its inception was -9.17%, smaller than the maximum CSM drawdown of -36.11%. Use the drawdown chart below to compare losses from any high point for HEFT and CSM.
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Drawdown Indicators
| HEFT | CSM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.17% | -36.11% | +26.94% |
Max Drawdown (1Y)Largest decline over 1 year | — | -9.40% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.30% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -23.82% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -36.11% | — |
Current DrawdownCurrent decline from peak | -6.46% | -1.28% | -5.18% |
Average DrawdownAverage peak-to-trough decline | -3.55% | -4.03% | +0.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 2.30% | — |
Volatility
HEFT vs. CSM - Volatility Comparison
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Volatility by Period
| HEFT | CSM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 3.67% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 9.56% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 13.16% | 12.37% | +0.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.16% | 17.18% | -4.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.16% | 18.36% | -5.20% |
HEFT vs. CSM - Expense Ratio Comparison
HEFT has a 0.70% expense ratio, which is higher than CSM's 0.45% expense ratio.
Dividends
HEFT vs. CSM - Dividend Comparison
HEFT's dividend yield for the trailing twelve months is around 0.02%, less than CSM's 1.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CSM Proshares Large Cap Core Plus | 1.04% | 1.04% | 1.06% | 1.17% | 1.37% | 0.78% | 1.21% | 1.41% | 1.54% | 1.28% | 1.49% | 1.67% |
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
HEFT and CSM have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CSM is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CSM is cheaper with a 0.45% expense ratio, compared with 0.70% for HEFT.
CSM has the higher dividend yield at 1.04%, compared with 0.02% for HEFT.
They also come from different issuers: Hedgeye and ProShares. Their fees differ too: 0.70% for HEFT and 0.45% for CSM.
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