HFEQ vs. BFLX

Last updated Jul 17, 2026

HFEQ (Unlimited HFEQ Equity Long/Short ETF) and BFLX (iShares Flexible Equity Active ETF) are both Long-Short funds. Both are actively managed. At a 0.22 correlation, their price movements are largely independent. HFEQ charges 1.00%/yr vs 0.40%/yr for BFLX.

Performance

HFEQ vs. BFLX - Performance Comparison

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

Returns By Period

HFEQ

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

BFLX

• 1D: -0.43%
• 1M: -1.16%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HFEQ vs. BFLX - Yearly Performance Comparison

	2026 (YTD)
HFEQ Unlimited HFEQ Equity Long/Short ETF	2.61%
BFLX iShares Flexible Equity Active ETF	0.50%

Correlation

The correlation between HFEQ and BFLX is 0.22, 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 May 20, 2026	0.22

Return for Risk

HFEQ vs. BFLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Unlimited HFEQ Equity Long/Short ETF (HFEQ) and iShares Flexible Equity Active ETF (BFLX). 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

	HFEQ	BFLX	Difference
Max Drawdown Largest peak-to-trough decline	—	-3.85%	—
Current Drawdown Current decline from peak	—	-2.25%	—
Average Drawdown Average peak-to-trough decline	—	-1.37%	—

Volatility

Volatility by Period

	HFEQ	BFLX	Difference
Volatility (1Y) Calculated over the trailing 1-year period	—	14.09%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	14.09%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	14.09%	—

HFEQ vs. BFLX - Expense Ratio Comparison

HFEQ has a 1.00% expense ratio, which is higher than BFLX's 0.40% expense ratio.

Dividends

HFEQ vs. BFLX - Dividend Comparison

Neither HFEQ nor BFLX has paid dividends to shareholders.

Position	TTM	2025
BFLX iShares Flexible Equity Active ETF	0.00%	0.00%
HFEQ Unlimited HFEQ Equity Long/Short ETF	9.59%	10.55%

Frequently Asked Questions

Can I hold both HFEQ and BFLX in my portfolio?

HFEQ and BFLX have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HFEQ or BFLX?

On fees, BFLX is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HFEQ or BFLX?

BFLX is cheaper with a 0.40% expense ratio, compared with 1.00% for HFEQ.

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

HFEQ has the higher dividend yield at 9.59%, compared with 0.00% for BFLX.

What is the main difference between HFEQ and BFLX?

They also come from different issuers: Unlimited and iShares. Their fees differ too: 1.00% for HFEQ and 0.40% for BFLX.