HEFT vs. HFEQ

Last updated Jul 14, 2026

HEFT (Hedgeye Fourth Turning ETF) and HFEQ (Unlimited HFEQ Equity Long/Short ETF) are both Long-Short funds. Both are actively managed. At a 0.40 correlation, their price movements are largely independent. HEFT charges 0.70%/yr vs 1.00%/yr for HFEQ.

Performance

HEFT vs. HFEQ - Performance Comparison

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

Returns By Period

HEFT

• 1D: -0.11%
• 1M: -1.12%
• 6M: -1.24%
• YTD: 3.68%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

HFEQ

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HEFT vs. HFEQ - Yearly Performance Comparison

	2026 (YTD)	2025
HEFT Hedgeye Fourth Turning ETF	3.68%	1.10%
HFEQ Unlimited HFEQ Equity Long/Short ETF	9.98%	9.00%

Correlation

The correlation between HEFT and HFEQ is 0.40, 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	0.40

Return for Risk

HEFT vs. HFEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hedgeye Fourth Turning ETF (HEFT) and Unlimited HFEQ Equity Long/Short ETF (HFEQ). 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

Drawdown Indicators

	HEFT	HFEQ	Difference
Max Drawdown Largest peak-to-trough decline	-9.17%	—	—
Current Drawdown Current decline from peak	-6.46%	—	—
Average Drawdown Average peak-to-trough decline	-3.55%	—	—

Volatility

Volatility by Period

	HEFT	HFEQ	Difference
Volatility (1Y) Calculated over the trailing 1-year period	13.16%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.16%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.16%	—	—

HEFT vs. HFEQ - Expense Ratio Comparison

HEFT has a 0.70% expense ratio, which is lower than HFEQ's 1.00% expense ratio.

Dividends

HEFT vs. HFEQ - Dividend Comparison

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

Position	TTM	2025
HEFT Hedgeye Fourth Turning ETF	0.02%	0.02%
HFEQ Unlimited HFEQ Equity Long/Short ETF	9.59%	10.55%

Frequently Asked Questions

Can I hold both HEFT and HFEQ in my portfolio?

HEFT and HFEQ have a correlation of 0.40, 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 HFEQ?

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 HFEQ?

HEFT is cheaper with a 0.70% expense ratio, compared with 1.00% for HFEQ.

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

HFEQ has the higher dividend yield at 9.59%, compared with 0.02% for HEFT.

What is the main difference between HEFT and HFEQ?

They also come from different issuers: Hedgeye and Unlimited. Their fees differ too: 0.70% for HEFT and 1.00% for HFEQ.