HFEQ vs. SPY

Last updated Apr 1, 2026

Compare and contrast key facts about Unlimited HFEQ Equity Long/Short ETF (HFEQ) and State Street SPDR S&P 500 ETF (SPY).

HFEQ and SPY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HFEQ is an actively managed fund by Unlimited. It was launched on Jul 14, 2025. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.

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.

HFEQ vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025
HFEQ Unlimited HFEQ Equity Long/Short ETF	1.16%	14.92%
SPY State Street SPDR S&P 500 ETF	-4.37%	10.24%

Returns By Period

In the year-to-date period, HFEQ achieves a 1.16% return, which is significantly higher than SPY's -4.37% return.

HFEQ

• 1D: 3.18%
• 1M: -8.48%
• YTD: 1.16%
• 6M: 3.75%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPY

• 1D: 2.91%
• 1M: -4.94%
• YTD: -4.37%
• 6M: -1.82%
• 1Y: 17.59%
• 3Y*: 18.19%
• 5Y*: 11.69%
• 10Y*: 13.98%

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

HFEQ vs. SPY - Expense Ratio Comparison

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

HFEQ

Unlimited HFEQ Equity Long/Short ETF

SPY

State Street SPDR S&P 500 ETF

Return for Risk

HFEQ vs. SPY — Risk / Return Rank

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

SPY

SPY Risk / Return Rank: 64
SPY Sharpe Ratio Rank: 56
SPY Sortino Ratio Rank: 60
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 65
SPY Martin Ratio Rank: 75

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. 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.

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

Sharpe Ratios by Period

	HFEQ	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.93	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.69	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.78	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.08	0.56	+0.52

Correlation

The correlation between HFEQ and SPY is 0.91, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

HFEQ vs. SPY - Dividend Comparison

HFEQ's dividend yield for the trailing twelve months is around 10.43%, more than SPY's 1.14% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HFEQ Unlimited HFEQ Equity Long/Short ETF	10.43%	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	1.14%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Drawdowns

HFEQ vs. SPY - Drawdown Comparison

The maximum HFEQ drawdown since its inception was -12.46%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for HFEQ and SPY.

Drawdown Indicators

	HFEQ	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-12.46%	-55.19%	+42.73%
Max Drawdown (1Y) Largest decline over 1 year	—	-12.05%	—
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	-9.67%	-6.24%	-3.43%
Average Drawdown Average peak-to-trough decline	-2.32%	-9.09%	+6.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.52%	—

Volatility

Volatility by Period

	HFEQ	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.31%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.47%	—
Volatility (1Y) Calculated over the trailing 1-year period	21.86%	19.05%	+2.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.86%	17.06%	+4.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.86%	17.92%	+3.94%