HEFT vs. FCAL

Last updated Jun 5, 2026

HEFT (Hedgeye Fourth Turning ETF) and FCAL (First Trust California Municipal High Income ETF) are both exchange-traded funds - HEFT is a Long-Short fund actively managed by Hedgeye, while FCAL is a Municipal Bonds fund actively managed by First Trust. Both are actively managed. At a correlation of -0.14, they often move in opposite directions. HEFT charges 0.70%/yr vs 0.50%/yr for FCAL.

Performance

HEFT vs. FCAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hedgeye Fourth Turning ETF (HEFT) and First Trust California Municipal High Income ETF (FCAL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HEFT achieves a 7.87% return, which is significantly higher than FCAL's 1.83% return.

HEFT

• 1D: -0.04%
• 1M: 2.98%
• YTD: 7.87%
• 6M: 7.09%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FCAL

• 1D: -0.06%
• 1M: 0.71%
• YTD: 1.83%
• 6M: 2.29%
• 1Y: 6.71%
• 3Y*: 3.67%
• 5Y*: 0.80%
• 10Y*: —

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

HEFT vs. FCAL - Yearly Performance Comparison

	2026 (YTD)	2025
HEFT Hedgeye Fourth Turning ETF	7.87%	0.98%
FCAL First Trust California Municipal High Income ETF	1.83%	0.21%

Correlation

The correlation between HEFT and FCAL is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 24, 2025	-0.14

Return for Risk

HEFT vs. FCAL — Risk / Return Rank

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

FCAL

FCAL Risk / Return Rank: 72
FCAL Sharpe Ratio Rank: 78
FCAL Sortino Ratio Rank: 84
FCAL Omega Ratio Rank: 89
FCAL Calmar Ratio Rank: 54
FCAL Martin Ratio Rank: 57

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. FCAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hedgeye Fourth Turning ETF (HEFT) and First Trust California Municipal High Income ETF (FCAL). 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	FCAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.49	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.19	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.43	0.50	+0.93

Drawdowns

HEFT vs. FCAL - Drawdown Comparison

The maximum HEFT drawdown since its inception was -9.17%, smaller than the maximum FCAL drawdown of -14.81%. Use the drawdown chart below to compare losses from any high point for HEFT and FCAL.

Drawdown Indicators

	HEFT	FCAL	Difference
Max Drawdown Largest peak-to-trough decline	-9.17%	-14.81%	+5.64%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.57%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-5.46%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-14.44%	—
Current Drawdown Current decline from peak	-2.68%	-0.30%	-2.38%
Average Drawdown Average peak-to-trough decline	-3.12%	-3.35%	+0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.69%	—

Volatility

Volatility by Period

	HEFT	FCAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.96%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.12%	—
Volatility (1Y) Calculated over the trailing 1-year period	12.48%	2.72%	+9.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.48%	4.25%	+8.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.48%	5.25%	+7.23%

HEFT vs. FCAL - Expense Ratio Comparison

HEFT has a 0.70% expense ratio, which is higher than FCAL's 0.50% expense ratio.

Dividends

HEFT vs. FCAL - Dividend Comparison

HEFT's dividend yield for the trailing twelve months is around 0.02%, less than FCAL's 3.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCAL First Trust California Municipal High Income ETF	3.33%	3.22%	2.99%	2.74%	2.38%	2.03%	2.11%	2.68%	2.99%	1.30%
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%

Frequently Asked Questions

Can I hold both HEFT and FCAL in my portfolio?

HEFT and FCAL have a correlation of -0.14, 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 FCAL?

On fees, FCAL is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HEFT or FCAL?

FCAL is cheaper with a 0.50% expense ratio, compared with 0.70% for HEFT.

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

FCAL has the higher dividend yield at 3.33%, compared with 0.02% for HEFT.

What is the main difference between HEFT and FCAL?

HEFT is categorized as Long-Short, while FCAL is Municipal Bonds. They also come from different issuers: Hedgeye and First Trust. Their fees differ too: 0.70% for HEFT and 0.50% for FCAL.