HFEQ vs. HEFT

Last updated Jun 4, 2026

HFEQ (Unlimited HFEQ Equity Long/Short ETF) and HEFT (Hedgeye Fourth Turning ETF) are both Long-Short funds. Both are actively managed. At a 0.42 correlation, their price movements are largely independent. HFEQ charges 1.00%/yr vs 0.70%/yr for HEFT.

Performance

HFEQ vs. HEFT - Performance Comparison

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

Returns By Period

In the year-to-date period, HFEQ achieves a 14.04% return, which is significantly higher than HEFT's 7.91% return.

HFEQ

• 1D: -0.34%
• 1M: 5.50%
• YTD: 14.04%
• 6M: 13.73%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

HEFT

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

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

HFEQ vs. HEFT - Yearly Performance Comparison

	2026 (YTD)	2025
HFEQ Unlimited HFEQ Equity Long/Short ETF	14.04%	6.88%
HEFT Hedgeye Fourth Turning ETF	7.91%	0.98%

Correlation

The correlation between HFEQ and HEFT is 0.42, 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	0.42

Return for Risk

HFEQ vs. HEFT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Unlimited HFEQ Equity Long/Short ETF (HFEQ) and Hedgeye Fourth Turning ETF (HEFT). 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

	HFEQ	HEFT	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.66	1.44	+0.22

Drawdowns

HFEQ vs. HEFT - Drawdown Comparison

The maximum HFEQ drawdown since its inception was -12.46%, which is greater than HEFT's maximum drawdown of -9.17%. Use the drawdown chart below to compare losses from any high point for HFEQ and HEFT.

Drawdown Indicators

	HFEQ	HEFT	Difference
Max Drawdown Largest peak-to-trough decline	-12.46%	-9.17%	-3.29%
Current Drawdown Current decline from peak	-0.34%	-2.64%	+2.30%
Average Drawdown Average peak-to-trough decline	-2.45%	-3.13%	+0.68%

Volatility

Volatility by Period

	HFEQ	HEFT	Difference
Volatility (1Y) Calculated over the trailing 1-year period	21.60%	12.53%	+9.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.60%	12.53%	+9.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.60%	12.53%	+9.07%

HFEQ vs. HEFT - Expense Ratio Comparison

HFEQ has a 1.00% expense ratio, which is higher than HEFT's 0.70% expense ratio.

Dividends

HFEQ vs. HEFT - Dividend Comparison

HFEQ's dividend yield for the trailing twelve months is around 9.25%, more than HEFT's 0.02% yield.

Position	TTM	2025
HEFT Hedgeye Fourth Turning ETF	0.02%	0.02%
HFEQ Unlimited HFEQ Equity Long/Short ETF	9.25%	10.55%

Frequently Asked Questions

Can I hold both HFEQ and HEFT in my portfolio?

HFEQ and HEFT have a correlation of 0.42, 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 HEFT?

On fees, HEFT 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, HFEQ or HEFT?

HEFT is cheaper with a 0.70% expense ratio, compared with 1.00% for HFEQ.

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

HFEQ has the higher dividend yield at 9.25%, compared with 0.02% for HEFT.

What is the main difference between HFEQ and HEFT?

They also come from different issuers: Unlimited and Hedgeye. Their fees differ too: 1.00% for HFEQ and 0.70% for HEFT.