HEFT vs. EHLS

Last updated Jun 4, 2026

HEFT (Hedgeye Fourth Turning ETF) and EHLS (Even Herd Long Short ETF) are both Long-Short funds. Both are actively managed. A 0.56 correlation means they provide meaningful diversification when combined. HEFT charges 0.70%/yr vs 1.58%/yr for EHLS.

Performance

HEFT vs. EHLS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hedgeye Fourth Turning ETF (HEFT) and Even Herd Long Short ETF (EHLS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HEFT achieves a 7.91% return, which is significantly lower than EHLS's 15.59% return.

HEFT

• 1D: -0.02%
• 1M: 4.12%
• YTD: 7.91%
• 6M: 7.32%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

EHLS

• 1D: -0.28%
• 1M: 2.51%
• YTD: 15.59%
• 6M: 16.66%
• 1Y: 23.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HEFT vs. EHLS - Yearly Performance Comparison

	2026 (YTD)	2025
HEFT Hedgeye Fourth Turning ETF	7.91%	0.98%
EHLS Even Herd Long Short ETF	15.59%	4.78%

Correlation

The correlation between HEFT and EHLS is 0.56, 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 24, 2025	0.56

Return for Risk

HEFT vs. EHLS — Risk / Return Rank

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

EHLS

EHLS Risk / Return Rank: 41
EHLS Sharpe Ratio Rank: 36
EHLS Sortino Ratio Rank: 32
EHLS Omega Ratio Rank: 35
EHLS Calmar Ratio Rank: 53
EHLS Martin Ratio Rank: 47

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. EHLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hedgeye Fourth Turning ETF (HEFT) and Even Herd Long Short ETF (EHLS). 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.

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

Sharpe Ratios by Period

	HEFT	EHLS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.27	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.44	0.81	+0.63

Drawdowns

HEFT vs. EHLS - Drawdown Comparison

The maximum HEFT drawdown since its inception was -9.17%, smaller than the maximum EHLS drawdown of -18.96%. Use the drawdown chart below to compare losses from any high point for HEFT and EHLS.

Drawdown Indicators

	HEFT	EHLS	Difference
Max Drawdown Largest peak-to-trough decline	-9.17%	-18.96%	+9.79%
Max Drawdown (1Y) Largest decline over 1 year	—	-9.06%	—
Current Drawdown Current decline from peak	-2.64%	-1.54%	-1.10%
Average Drawdown Average peak-to-trough decline	-3.13%	-4.43%	+1.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.08%	—

Volatility

Volatility by Period

	HEFT	EHLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.41%	—
Volatility (6M) Calculated over the trailing 6-month period	—	14.54%	—
Volatility (1Y) Calculated over the trailing 1-year period	12.53%	18.71%	-6.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.53%	19.76%	-7.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.53%	19.76%	-7.23%

HEFT vs. EHLS - Expense Ratio Comparison

HEFT has a 0.70% expense ratio, which is lower than EHLS's 1.58% expense ratio.

Dividends

HEFT vs. EHLS - Dividend Comparison

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

Position	TTM	2025	2024
EHLS Even Herd Long Short ETF	0.00%	0.00%	1.03%
HEFT Hedgeye Fourth Turning ETF	0.02%	0.02%	0.00%

Frequently Asked Questions

Can I hold both HEFT and EHLS in my portfolio?

HEFT and EHLS have a correlation of 0.56, 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 EHLS?

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, HEFT or EHLS?

HEFT is cheaper with a 0.70% expense ratio, compared with 1.58% for EHLS.

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

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

What is the main difference between HEFT and EHLS?

They also come from different issuers: Hedgeye and N/A. Their fees differ too: 0.70% for HEFT and 1.58% for EHLS.