USAF vs. HEFT

Last updated Jun 4, 2026

USAF (Atlas America Fund) and HEFT (Hedgeye Fourth Turning ETF) are both exchange-traded funds - USAF is a Diversified Portfolio fund actively managed by Atlas, while HEFT is a Long-Short fund actively managed by Hedgeye. Both are actively managed. A 0.61 correlation means they provide meaningful diversification when combined. USAF charges 0.89%/yr vs 0.70%/yr for HEFT.

Performance

USAF vs. HEFT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Atlas America Fund (USAF) 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, USAF achieves a 2.08% return, which is significantly lower than HEFT's 7.91% return.

USAF

• 1D: -0.37%
• 1M: -0.68%
• YTD: 2.08%
• 6M: 2.69%
• 1Y: 6.07%
• 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)

USAF vs. HEFT - Yearly Performance Comparison

	2026 (YTD)	2025
USAF Atlas America Fund	2.08%	1.44%
HEFT Hedgeye Fourth Turning ETF	7.91%	0.98%

Correlation

The correlation between USAF 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 24, 2025	0.61

Return for Risk

USAF vs. HEFT — Risk / Return Rank

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

USAF

USAF Risk / Return Rank: 27
USAF Sharpe Ratio Rank: 28
USAF Sortino Ratio Rank: 25
USAF Omega Ratio Rank: 29
USAF Calmar Ratio Rank: 28
USAF Martin Ratio Rank: 25

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.

USAF vs. HEFT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Atlas America Fund (USAF) 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.

	USAF	HEFT	Difference
Sharpe ratio: Return per unit of total volatility	1.02	—	—
Sortino ratio: Return per unit of downside risk	1.36	—	—
Omega ratio: Gain probability vs. loss probability	1.19	—	—
Calmar ratio: Return relative to maximum drawdown	1.37	—	—
Martin ratio: Return relative to average drawdown	3.27	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	USAF	HEFT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.02	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.32	1.44	-0.12

Drawdowns

USAF vs. HEFT - Drawdown Comparison

The maximum USAF drawdown since its inception was -4.46%, smaller than the maximum HEFT drawdown of -9.17%. Use the drawdown chart below to compare losses from any high point for USAF and HEFT.

Drawdown Indicators

	USAF	HEFT	Difference
Max Drawdown Largest peak-to-trough decline	-4.46%	-9.17%	+4.71%
Max Drawdown (1Y) Largest decline over 1 year	-4.46%	—	—
Current Drawdown Current decline from peak	-3.41%	-2.64%	-0.77%
Average Drawdown Average peak-to-trough decline	-1.09%	-3.13%	+2.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.86%	—	—

Volatility

Volatility by Period

	USAF	HEFT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.08%	—	—
Volatility (6M) Calculated over the trailing 6-month period	4.74%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	6.00%	12.53%	-6.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.69%	12.53%	-6.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.69%	12.53%	-6.84%

USAF vs. HEFT - Expense Ratio Comparison

USAF has a 0.89% expense ratio, which is higher than HEFT's 0.70% expense ratio.

Dividends

USAF vs. HEFT - Dividend Comparison

USAF's dividend yield for the trailing twelve months is around 2.45%, more than HEFT's 0.02% yield.

Position	TTM	2025
HEFT Hedgeye Fourth Turning ETF	0.02%	0.02%
USAF Atlas America Fund	2.45%	2.50%

Frequently Asked Questions

Can I hold both USAF and HEFT in my portfolio?

USAF 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, USAF 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, USAF or HEFT?

HEFT is cheaper with a 0.70% expense ratio, compared with 0.89% for USAF.

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

USAF has the higher dividend yield at 2.45%, compared with 0.02% for HEFT.

What is the main difference between USAF and HEFT?

USAF is categorized as Diversified Portfolio, while HEFT is Long-Short. They also come from different issuers: Atlas and Hedgeye. Their fees differ too: 0.89% for USAF and 0.70% for HEFT.