HFEQ vs. EHLS

Last updated Jun 25, 2026

HFEQ (Unlimited HFEQ Equity Long/Short ETF) and EHLS (Even Herd Long Short ETF) are both Long-Short funds. Both are actively managed. A 0.66 correlation means they provide meaningful diversification when combined. HFEQ charges 1.00%/yr vs 1.58%/yr for EHLS.

Performance

HFEQ vs. EHLS - Performance Comparison

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

Returns By Period

In the year-to-date period, HFEQ achieves a 9.98% return, which is significantly lower than EHLS's 12.50% return.

HFEQ

• 1D: -3.97%
• 1M: -1.18%
• YTD: 9.98%
• 6M: 8.00%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

EHLS

• 1D: -1.53%
• 1M: -2.70%
• YTD: 12.50%
• 6M: 10.32%
• 1Y: 19.48%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HFEQ vs. EHLS - Yearly Performance Comparison

	2026 (YTD)	2025
HFEQ Unlimited HFEQ Equity Long/Short ETF	9.98%	14.35%
EHLS Even Herd Long Short ETF	12.50%	4.75%

Correlation

The correlation between HFEQ and EHLS is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	0.66

Return for Risk

HFEQ vs. EHLS — Risk / Return Rank

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

HFEQ

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

EHLS

EHLS Risk / Return Rank: 36
EHLS Sharpe Ratio Rank: 31
EHLS Sortino Ratio Rank: 29
EHLS Omega Ratio Rank: 31
EHLS Calmar Ratio Rank: 49
EHLS Martin Ratio Rank: 42

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.

HFEQ vs. EHLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Unlimited HFEQ Equity Long/Short ETF (HFEQ) and Even Herd Long Short ETF (EHLS). 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.

	HFEQ	EHLS	Difference
Sharpe ratio: Return per unit of total volatility	—	1.03	—
Sortino ratio: Return per unit of downside risk	—	1.43	—
Omega ratio: Gain probability vs. loss probability	—	1.19	—
Calmar ratio: Return relative to maximum drawdown	—	2.16	—
Martin ratio: Return relative to average drawdown	—	6.20	—

Drawdowns

HFEQ vs. EHLS - Drawdown Comparison

The maximum HFEQ drawdown since its inception was -12.46%, smaller than the maximum EHLS drawdown of -18.96%. Use the drawdown chart below to compare losses from any high point for HFEQ and EHLS.

Drawdown Indicators

	HFEQ	EHLS	Difference
Max Drawdown Largest peak-to-trough decline	-12.46%	-18.96%	+6.50%
Max Drawdown (1Y) Largest decline over 1 year	—	-9.06%	—
Current Drawdown Current decline from peak	-3.97%	-4.17%	+0.20%
Average Drawdown Average peak-to-trough decline	-2.44%	-4.39%	+1.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.15%	—

Volatility

Volatility by Period

	HFEQ	EHLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.80%	—
Volatility (6M) Calculated over the trailing 6-month period	—	14.54%	—
Volatility (1Y) Calculated over the trailing 1-year period	21.90%	19.00%	+2.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.90%	19.69%	+2.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.90%	19.69%	+2.21%

HFEQ vs. EHLS - Expense Ratio Comparison

HFEQ has a 1.00% expense ratio, which is lower than EHLS's 1.58% expense ratio.

Dividends

HFEQ vs. EHLS - Dividend Comparison

Neither HFEQ nor EHLS has paid dividends to shareholders.

Position	TTM	2025	2024
EHLS Even Herd Long Short ETF	0.00%	0.00%	1.03%
HFEQ Unlimited HFEQ Equity Long/Short ETF	9.59%	10.55%	0.00%

Frequently Asked Questions

Can I hold both HFEQ and EHLS in my portfolio?

HFEQ and EHLS have a correlation of 0.66, 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 EHLS?

On fees, HFEQ is cheaper at 1.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HFEQ or EHLS?

HFEQ is cheaper with a 1.00% expense ratio, compared with 1.58% for EHLS.

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

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

What is the main difference between HFEQ and EHLS?

They also come from different issuers: Unlimited and N/A. Their fees differ too: 1.00% for HFEQ and 1.58% for EHLS.