HELS vs. EVNT

Last updated Jun 6, 2026

HELS (Hedgeye 130/30 Equity ETF) and EVNT (AltShares Event-Driven ETF) are both exchange-traded funds - HELS is a Long-Short fund actively managed by Hedgeye, while EVNT is a Event Driven fund actively managed by AltShares. Both are actively managed. At a 0.11 correlation, their price movements are largely independent. HELS charges 0.70%/yr vs 1.30%/yr for EVNT.

Performance

HELS vs. EVNT - Performance Comparison

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

Returns By Period

In the year-to-date period, HELS achieves a -2.32% return, which is significantly lower than EVNT's 3.29% return.

HELS

• 1D: -3.38%
• 1M: -2.04%
• YTD: -2.32%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

EVNT

• 1D: 0.04%
• 1M: -0.22%
• YTD: 3.29%
• 6M: 3.36%
• 1Y: 11.44%
• 3Y*: 9.96%
• 5Y*: —
• 10Y*: —

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

HELS vs. EVNT - Yearly Performance Comparison

	2026 (YTD)	2025
HELS Hedgeye 130/30 Equity ETF	-2.32%	-2.83%
EVNT AltShares Event-Driven ETF	3.29%	-0.25%

Correlation

The correlation between HELS and EVNT is 0.11, 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 Dec 12, 2025	0.11

Return for Risk

HELS vs. EVNT — Risk / Return Rank

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

EVNT

EVNT Risk / Return Rank: 56
EVNT Sharpe Ratio Rank: 45
EVNT Sortino Ratio Rank: 48
EVNT Omega Ratio Rank: 54
EVNT Calmar Ratio Rank: 72
EVNT Martin Ratio Rank: 64

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.

HELS vs. EVNT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hedgeye 130/30 Equity ETF (HELS) and AltShares Event-Driven ETF (EVNT). 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

	HELS	EVNT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.50	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.63	0.50	-1.13

Drawdowns

HELS vs. EVNT - Drawdown Comparison

The maximum HELS drawdown since its inception was -13.60%, roughly equal to the maximum EVNT drawdown of -13.85%. Use the drawdown chart below to compare losses from any high point for HELS and EVNT.

Drawdown Indicators

	HELS	EVNT	Difference
Max Drawdown Largest peak-to-trough decline	-13.60%	-13.85%	+0.25%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.35%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-5.15%	—
Current Drawdown Current decline from peak	-8.47%	-0.63%	-7.84%
Average Drawdown Average peak-to-trough decline	-5.58%	-3.79%	-1.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.05%	—

Volatility

Volatility by Period

	HELS	EVNT	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.15%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.66%	—
Volatility (1Y) Calculated over the trailing 1-year period	16.66%	7.64%	+9.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.66%	9.25%	+7.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.66%	9.25%	+7.41%

HELS vs. EVNT - Expense Ratio Comparison

HELS has a 0.70% expense ratio, which is lower than EVNT's 1.30% expense ratio.

Dividends

HELS vs. EVNT - Dividend Comparison

HELS's dividend yield for the trailing twelve months is around 0.02%, less than EVNT's 4.63% yield.

Position	TTM	2025	2024	2023	2022
EVNT AltShares Event-Driven ETF	4.63%	4.78%	0.66%	0.59%	2.61%
HELS Hedgeye 130/30 Equity ETF	0.02%	0.02%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HELS and EVNT in my portfolio?

HELS and EVNT have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HELS or EVNT?

On fees, HELS 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, HELS or EVNT?

HELS is cheaper with a 0.70% expense ratio, compared with 1.30% for EVNT.

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

EVNT has the higher dividend yield at 4.63%, compared with 0.02% for HELS.

What is the main difference between HELS and EVNT?

HELS is categorized as Long-Short, while EVNT is Event Driven. They also come from different issuers: Hedgeye and AltShares. Their fees differ too: 0.70% for HELS and 1.30% for EVNT.