HFEQ vs. SPY

Last updated Aug 2, 2026

HFEQ (Unlimited HFEQ Equity Long/Short ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - HFEQ is a Long-Short fund actively managed by Unlimited, while SPY is a S&P 500 fund tracking the S&P 500 Index. HFEQ is actively managed, while SPY is passively managed. Their correlation of 0.80 means they have usually moved in the same direction. HFEQ charges 1.00%/yr vs 0.09%/yr for SPY.

Performance

HFEQ vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Unlimited HFEQ Equity Long/Short ETF (HFEQ) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

HFEQ

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

SPY

• 1D: 0.72%
• 1M: 0.30%
• 6M: 8.53%
• YTD: 10.13%
• 1Y: 21.49%
• 3Y*: 19.32%
• 5Y*: 12.76%
• 10Y*: 15.07%
• ALL TIME*: 10.79%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B

HFEQ vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025
HFEQ Unlimited HFEQ Equity Long/Short ETF	9.98%	14.35%
SPY State Street SPDR S&P 500 ETF	10.13%	9.77%

Correlation

The correlation between HFEQ and SPY is 0.80, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.80
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	0.80

The correlation between HFEQ and SPY has been stable across timeframes, ranging from 0.80 to 0.80 - a consistent structural relationship.

Return for Risk

HFEQ vs. SPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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.

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HFEQ vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Unlimited HFEQ Equity Long/Short ETF (HFEQ) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	—	1.52	—
Sortino ratio: Return per unit of downside risk	—	2.11	—
Omega ratio: Gain probability vs. loss probability	—	1.27	—
Calmar ratio: Return relative to maximum drawdown	—	2.20	—
Martin ratio: Return relative to average drawdown	—	9.40	—

Drawdowns

Drawdown Indicators

	HFEQ	SPY	Difference
Max Drawdown Largest peak-to-trough decline	—	-55.19%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-8.88%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	—	-1.40%	—
Average Drawdown Average peak-to-trough decline	—	-9.01%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.08%	—

Volatility

Volatility by Period

	HFEQ	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.58%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.14%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	12.89%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	17.18%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	17.95%	—

HFEQ vs. SPY - Expense Ratio Comparison

HFEQ has a 1.00% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

HFEQ vs. SPY - Dividend Comparison

HFEQ has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.01%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HFEQ Unlimited HFEQ Equity Long/Short ETF	9.59%	10.55%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both HFEQ and SPY in my portfolio?

HFEQ and SPY have a correlation of 0.80, 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 SPY?

On fees, SPY is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HFEQ or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 1.00% for HFEQ.

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

HFEQ has the higher dividend yield at 9.59%, compared with 1.01% for SPY.

What is the main difference between HFEQ and SPY?

HFEQ is categorized as Long-Short, while SPY is S&P 500. They also come from different issuers: Unlimited and State Street. Their fees differ too: 1.00% for HFEQ and 0.09% for SPY.