HEFT vs. HELS

Last updated Jun 23, 2026

HEFT (Hedgeye Fourth Turning ETF) and HELS (Hedgeye 130/30 Equity ETF) are both Long-Short funds from Hedgeye. Both are actively managed. A 0.66 correlation means they provide meaningful diversification when combined. Both charge a 0.70% expense ratio.

Performance

HEFT vs. HELS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hedgeye Fourth Turning ETF (HEFT) and Hedgeye 130/30 Equity ETF (HELS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HEFT achieves a 5.40% return, which is significantly higher than HELS's -1.07% return.

HEFT

• 1D: 0.59%
• 1M: -1.08%
• YTD: 5.40%
• 6M: 4.41%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

HELS

• 1D: 0.68%
• 1M: 0.27%
• YTD: -1.07%
• 6M: -2.25%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HEFT vs. HELS - Yearly Performance Comparison

	2026 (YTD)	2025
HEFT Hedgeye Fourth Turning ETF	5.40%	-0.77%
HELS Hedgeye 130/30 Equity ETF	-1.07%	-2.37%

Correlation

The correlation between HEFT and HELS is 0.66, 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 Dec 11, 2025	0.66

Return for Risk

HEFT vs. HELS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hedgeye Fourth Turning ETF (HEFT) and Hedgeye 130/30 Equity ETF (HELS). 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. HELS - Drawdown Comparison

The maximum HEFT drawdown since its inception was -9.17%, smaller than the maximum HELS drawdown of -13.60%. Use the drawdown chart below to compare losses from any high point for HEFT and HELS.

Drawdown Indicators

	HEFT	HELS	Difference
Max Drawdown Largest peak-to-trough decline	-9.17%	-13.60%	+4.43%
Current Drawdown Current decline from peak	-4.91%	-7.30%	+2.39%
Average Drawdown Average peak-to-trough decline	-3.30%	-5.67%	+2.37%

Volatility

Volatility by Period

	HEFT	HELS	Difference
Volatility (1Y) Calculated over the trailing 1-year period	13.43%	16.58%	-3.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.43%	16.58%	-3.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.43%	16.58%	-3.15%

HEFT vs. HELS - Expense Ratio Comparison

Both HEFT and HELS have an expense ratio of 0.70%.

Dividends

HEFT vs. HELS - Dividend Comparison

HEFT's dividend yield for the trailing twelve months is around 0.02%, which matches HELS's 0.02% yield.

Position	TTM	2025
HEFT Hedgeye Fourth Turning ETF	0.02%	0.02%
HELS Hedgeye 130/30 Equity ETF	0.02%	0.02%

Frequently Asked Questions

Can I hold both HEFT and HELS in my portfolio?

HEFT and HELS have a correlation of 0.66, 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 HELS?

Both ETFs have the same 0.70% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HEFT or HELS?

HEFT and HELS have the same expense ratio: 0.70% per year.

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

HEFT and HELS have nearly identical dividend yields, around 0.02%.