LSEQ vs. HEFT

Last updated Jul 14, 2026

LSEQ (Harbor Long-Short Equity ETF) and HEFT (Hedgeye Fourth Turning ETF) are both Long-Short funds. Both are actively managed. A 0.61 correlation means they provide meaningful diversification when combined. LSEQ charges 1.70%/yr vs 0.70%/yr for HEFT.

Performance

LSEQ vs. HEFT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harbor Long-Short Equity ETF (LSEQ) 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, LSEQ achieves a 23.57% return, which is significantly higher than HEFT's 3.68% return.

LSEQ

• 1D: -0.87%
• 1M: -4.76%
• 6M: 17.36%
• YTD: 23.57%
• 1Y: 26.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HEFT

• 1D: -0.11%
• 1M: -1.12%
• 6M: -1.24%
• YTD: 3.68%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

LSEQ vs. HEFT - Yearly Performance Comparison

	2026 (YTD)	2025
LSEQ Harbor Long-Short Equity ETF	23.57%	-0.18%
HEFT Hedgeye Fourth Turning ETF	3.68%	1.10%

Correlation

The correlation between LSEQ and HEFT is 0.61, 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 Nov 21, 2025	0.61

Return for Risk

LSEQ vs. HEFT — Risk / Return Rank

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

LSEQ

LSEQ Risk / Return Rank: 71
LSEQ Sharpe Ratio Rank: 66
LSEQ Sortino Ratio Rank: 64
LSEQ Omega Ratio Rank: 65
LSEQ Calmar Ratio Rank: 84
LSEQ Martin Ratio Rank: 75

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.

LSEQ vs. HEFT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Long-Short Equity ETF (LSEQ) 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.

	LSEQ	HEFT	Difference
Sharpe ratio: Return per unit of total volatility	1.70	—	—
Sortino ratio: Return per unit of downside risk	2.36	—	—
Omega ratio: Gain probability vs. loss probability	1.31	—	—
Calmar ratio: Return relative to maximum drawdown	3.66	—	—
Martin ratio: Return relative to average drawdown	10.91	—	—

Drawdowns

LSEQ vs. HEFT - Drawdown Comparison

The maximum LSEQ drawdown since its inception was -8.35%, smaller than the maximum HEFT drawdown of -9.17%. Use the drawdown chart below to compare losses from any high point for LSEQ and HEFT.

Drawdown Indicators

	LSEQ	HEFT	Difference
Max Drawdown Largest peak-to-trough decline	-8.35%	-9.17%	+0.82%
Max Drawdown (1Y) Largest decline over 1 year	-7.40%	—	—
Current Drawdown Current decline from peak	-5.38%	-6.46%	+1.08%
Average Drawdown Average peak-to-trough decline	-3.20%	-3.55%	+0.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.48%	—	—

Volatility

Volatility by Period

	LSEQ	HEFT	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.80%	—	—
Volatility (6M) Calculated over the trailing 6-month period	13.65%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	15.95%	13.16%	+2.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.56%	13.16%	+1.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.56%	13.16%	+1.40%

LSEQ vs. HEFT - Expense Ratio Comparison

LSEQ has a 1.70% expense ratio, which is higher than HEFT's 0.70% expense ratio.

Dividends

LSEQ vs. HEFT - Dividend Comparison

LSEQ's dividend yield for the trailing twelve months is around 1.78%, more than HEFT's 0.02% yield.

Position	TTM	2025
HEFT Hedgeye Fourth Turning ETF	0.02%	0.02%
LSEQ Harbor Long-Short Equity ETF	1.78%	2.20%

Frequently Asked Questions

Can I hold both LSEQ and HEFT in my portfolio?

LSEQ and HEFT have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, LSEQ 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, LSEQ or HEFT?

HEFT is cheaper with a 0.70% expense ratio, compared with 1.70% for LSEQ.

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

LSEQ has the higher dividend yield at 1.78%, compared with 0.02% for HEFT.

What is the main difference between LSEQ and HEFT?

They also come from different issuers: Harbor and Hedgeye. Their fees differ too: 1.70% for LSEQ and 0.70% for HEFT.