HEFT vs. SPY

Last updated Jun 24, 2026

HEFT (Hedgeye Fourth Turning ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - HEFT is a Long-Short fund actively managed by Hedgeye, while SPY is a S&P 500 fund tracking the S&P 500 Index. HEFT is actively managed, while SPY is passively managed. At a 0.36 correlation, their price movements are largely independent. HEFT charges 0.70%/yr vs 0.09%/yr for SPY.

Performance

HEFT vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hedgeye Fourth Turning ETF (HEFT) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HEFT achieves a 4.04% return, which is significantly lower than SPY's 8.15% return.

HEFT

• 1D: -1.29%
• 1M: -2.35%
• YTD: 4.04%
• 6M: 2.58%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPY

• 1D: -1.45%
• 1M: -1.36%
• YTD: 8.15%
• 6M: 7.20%
• 1Y: 23.59%
• 3Y*: 20.68%
• 5Y*: 13.05%
• 10Y*: 15.53%

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

HEFT vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025
HEFT Hedgeye Fourth Turning ETF	4.04%	1.10%
SPY State Street SPDR S&P 500 ETF	8.15%	4.81%

Correlation

The correlation between HEFT and SPY is 0.36, 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	0.36

Return for Risk

HEFT vs. SPY — Risk / Return Rank

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

HEFT

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

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 56
SPY Martin Ratio Rank: 67

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hedgeye Fourth Turning ETF (HEFT) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	—	1.90	—
Sortino ratio: Return per unit of downside risk	—	2.58	—
Omega ratio: Gain probability vs. loss probability	—	1.34	—
Calmar ratio: Return relative to maximum drawdown	—	2.67	—
Martin ratio: Return relative to average drawdown	—	11.92	—

Drawdowns

HEFT vs. SPY - Drawdown Comparison

The maximum HEFT drawdown since its inception was -9.17%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for HEFT and SPY.

Drawdown Indicators

	HEFT	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-9.17%	-55.19%	+46.02%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.88%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-6.13%	-3.17%	-2.96%
Average Drawdown Average peak-to-trough decline	-3.32%	-9.04%	+5.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.98%	—

Volatility

Volatility by Period

	HEFT	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.87%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.85%	—
Volatility (1Y) Calculated over the trailing 1-year period	13.50%	12.50%	+1.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.50%	17.15%	-3.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.50%	17.95%	-4.45%

HEFT vs. SPY - Expense Ratio Comparison

HEFT has a 0.70% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

HEFT vs. SPY - Dividend Comparison

HEFT's dividend yield for the trailing twelve months is around 0.02%, less than SPY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SPY State Street SPDR S&P 500 ETF	1.03%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both HEFT and SPY in my portfolio?

HEFT and SPY have a correlation of 0.36, 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 SPY?

On fees, SPY is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HEFT or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.70% for HEFT.

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

SPY has the higher dividend yield at 1.03%, compared with 0.02% for HEFT.

What is the main difference between HEFT and SPY?

HEFT is categorized as Long-Short, while SPY is S&P 500. They also come from different issuers: Hedgeye and State Street. Their fees differ too: 0.70% for HEFT and 0.09% for SPY.