LMUB vs. HEFT

Last updated Jun 21, 2026

LMUB (iShares Long-Term National Muni Bond ETF) and HEFT (Hedgeye Fourth Turning ETF) are both exchange-traded funds - LMUB is a Municipal Bonds fund tracking the ICE AMT-Free US Long National Municipal Index, while HEFT is a Long-Short fund actively managed by Hedgeye. LMUB is passively managed, while HEFT is actively managed. At a correlation of -0.07, they often move in opposite directions. LMUB charges 0.09%/yr vs 0.70%/yr for HEFT.

Performance

LMUB vs. HEFT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Long-Term National Muni Bond ETF (LMUB) 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, LMUB achieves a 2.73% return, which is significantly lower than HEFT's 4.79% return.

LMUB

• 1D: 0.46%
• 1M: 2.41%
• YTD: 2.73%
• 6M: 2.76%
• 1Y: 9.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HEFT

• 1D: 0.58%
• 1M: -1.66%
• YTD: 4.79%
• 6M: 4.58%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

LMUB vs. HEFT - Yearly Performance Comparison

	2026 (YTD)	2025
LMUB iShares Long-Term National Muni Bond ETF	2.73%	0.12%
HEFT Hedgeye Fourth Turning ETF	4.79%	1.10%

Correlation

The correlation between LMUB and HEFT is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 21, 2025	-0.07

Return for Risk

LMUB vs. HEFT — Risk / Return Rank

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

LMUB

LMUB Risk / Return Rank: 69
LMUB Sharpe Ratio Rank: 71
LMUB Sortino Ratio Rank: 75
LMUB Omega Ratio Rank: 80
LMUB Calmar Ratio Rank: 61
LMUB Martin Ratio Rank: 60

HEFT

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

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.

LMUB vs. HEFT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Long-Term National Muni Bond ETF (LMUB) 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.

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.

	LMUB	HEFT	Difference
Sharpe ratio: Return per unit of total volatility	2.20	—	—
Sortino ratio: Return per unit of downside risk	3.19	—	—
Omega ratio: Gain probability vs. loss probability	1.45	—	—
Calmar ratio: Return relative to maximum drawdown	2.93	—	—
Martin ratio: Return relative to average drawdown	10.30	—	—

Drawdowns

LMUB vs. HEFT - Drawdown Comparison

The maximum LMUB drawdown since its inception was -5.51%, smaller than the maximum HEFT drawdown of -9.17%. Use the drawdown chart below to compare losses from any high point for LMUB and HEFT.

Drawdown Indicators

	LMUB	HEFT	Difference
Max Drawdown Largest peak-to-trough decline	-5.51%	-9.17%	+3.66%
Max Drawdown (1Y) Largest decline over 1 year	-3.11%	—	—
Current Drawdown Current decline from peak	0.00%	-5.46%	+5.46%
Average Drawdown Average peak-to-trough decline	-1.55%	-3.29%	+1.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	—	—

Volatility

Volatility by Period

	LMUB	HEFT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.06%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.97%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	4.15%	13.46%	-9.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.87%	13.46%	-7.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.87%	13.46%	-7.59%

LMUB vs. HEFT - Expense Ratio Comparison

LMUB has a 0.09% expense ratio, which is lower than HEFT's 0.70% expense ratio.

Dividends

LMUB vs. HEFT - Dividend Comparison

LMUB's dividend yield for the trailing twelve months is around 3.76%, more than HEFT's 0.02% yield.

Position	TTM	2025
HEFT Hedgeye Fourth Turning ETF	0.02%	0.02%
LMUB iShares Long-Term National Muni Bond ETF	3.76%	3.14%

Frequently Asked Questions

Can I hold both LMUB and HEFT in my portfolio?

LMUB and HEFT have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, LMUB or HEFT?

On fees, LMUB 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, LMUB or HEFT?

LMUB is cheaper with a 0.09% expense ratio, compared with 0.70% for HEFT.

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

LMUB has the higher dividend yield at 3.76%, compared with 0.02% for HEFT.

What is the main difference between LMUB and HEFT?

LMUB is categorized as Municipal Bonds, while HEFT is Long-Short. They also come from different issuers: iShares and Hedgeye. Their fees differ too: 0.09% for LMUB and 0.70% for HEFT.