HEFT vs. STRC

Last updated Jun 4, 2026

HEFT (Hedgeye Fourth Turning ETF) is Long-Short fund actively managed by Hedgeye, while STRC (MicroStrategy Incorporated Variable Rate Series A Perpetual Stretch Preferred Stock) is a stock. At a 0.17 correlation, their price movements are largely independent.

Performance

HEFT vs. STRC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hedgeye Fourth Turning ETF (HEFT) and MicroStrategy Incorporated Variable Rate Series A Perpetual Stretch Preferred Stock (STRC). 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 higher than STRC's 0.47% return.

HEFT

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

STRC

• 1D: -2.13%
• 1M: -4.39%
• YTD: 0.47%
• 6M: 2.00%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HEFT vs. STRC - Yearly Performance Comparison

	2026 (YTD)	2025
HEFT Hedgeye Fourth Turning ETF	7.91%	0.98%
STRC MicroStrategy Incorporated Variable Rate Series A Perpetual Stretch Preferred Stock	0.47%	4.53%

Correlation

The correlation between HEFT and STRC is 0.17, 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 24, 2025	0.17

Return for Risk

HEFT vs. STRC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hedgeye Fourth Turning ETF (HEFT) and MicroStrategy Incorporated Variable Rate Series A Perpetual Stretch Preferred Stock (STRC). 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	STRC	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.44	0.94	+0.50

Drawdowns

HEFT vs. STRC - Drawdown Comparison

The maximum HEFT drawdown since its inception was -9.17%, which is greater than STRC's maximum drawdown of -6.39%. Use the drawdown chart below to compare losses from any high point for HEFT and STRC.

Drawdown Indicators

	HEFT	STRC	Difference
Max Drawdown Largest peak-to-trough decline	-9.17%	-6.39%	-2.78%
Current Drawdown Current decline from peak	-2.64%	-4.85%	+2.21%
Average Drawdown Average peak-to-trough decline	-3.13%	-0.53%	-2.60%

Volatility

Volatility by Period

	HEFT	STRC	Difference
Volatility (1Y) Calculated over the trailing 1-year period	12.53%	12.44%	+0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.53%	12.44%	+0.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.53%	12.44%	+0.09%

Dividends

HEFT vs. STRC - Dividend Comparison

HEFT's dividend yield for the trailing twelve months is around 0.02%, less than STRC's 9.50% yield.

Position	TTM	2025
HEFT Hedgeye Fourth Turning ETF	0.02%	0.02%
STRC MicroStrategy Incorporated Variable Rate Series A Perpetual Stretch Preferred Stock	9.50%	4.31%

Frequently Asked Questions

Can I hold both HEFT and STRC in my portfolio?

HEFT and STRC have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.