Rebuilt every trading night. Figures as of .
Long-short equity ETFs, against the S&P 500
12 long-short equity funds. Owns stocks and sells others short, so part of its exposure to the stock market cancels out. Each is measured by how closely it moved with the S&P 500 over the last year and what it did in the weeks the index fell.
| Ticker | Fund | Issuer | Strategy | Correlation | Beta | Down-week capture, % | Against T-bills, pts | Diversifier Score |
|---|---|---|---|---|---|---|---|---|
| LSEQ | Harbor Long-Short Equity ETF | Harbor | Long-short equity | +0.05 | +0.07 | −48.0 | +19.2 | 88.1 |
| ORR | Militia Long/Short Equity ETF | Militia | Long-short equity | +0.35 | +0.42 | 14.3 | +17.7 | 60.3 |
| CBLS | Clough Hedged Equity ETF | Clough | Long-short equity | +0.36 | +0.40 | 14.5 | +5.7 | 58.7 |
| EHLS | Even Herd Long Short ETF | Even Herd | Long-short equity | +0.55 | +0.58 | 38.3 | +6.2 | 46 |
| CLSE | Convergence Long/Short Equity ETF | Convergence | Long-short equity | +0.63 | +0.64 | 36.5 | +29.5 | 44.5 |
| FTLS | First Trust Long/Short Equity | First Trust | Long-short equity | +0.77 | +0.44 | 42.3 | +7.7 | 38.1 |
| FFLS | The Future Fund Long/Short ETF | The Future Fund | Long-short equity | +0.69 | +0.64 | 84.7 | −8.3 | 27.8 |
| HFEQ | Unlimited HFEQ Equity Long/Short ETF | Unlimited | Long-short equity | +0.82 | +1.32 | 139.9 | +11.2 | 16.6 |
| CSM | ProShares Large Cap Core Plus | ProShares | Long-short equity | +0.98 | +0.97 | 99.9 | +12.1 | 4.8 |
Diversifier Score is the last column: where each fund sits among the 63 it can honestly be compared with, on the one question this category exists to answer. Ranked by it · How it is computed
Less than a year of prices
Correlation, beta and down-week capture need a year of weekly returns, so these funds are listed with what they have returned since they listed, against the S&P 500 over the same days.
| Ticker | Fund | Issuer | Strategy | Listed | Total return since | S&P 500 since | Difference |
|---|---|---|---|---|---|---|---|
| HELS | Hedgeye 130/30 Equity ETF | Hedgeye | Long-short equity | Dec 11, 2025 | −6.3% | +11.7% | −18.0 pts |
| MEMA | Man Active Emerging Markets Alternative ETF | Man Group | Long-short equity | Dec 17, 2025 | +24.4% | +14.7% | +9.7 pts |
| WTLS | WisdomTree Efficient Long/Short U.S. Equity Fu | WisdomTree | Long-short equity | Jan 22, 2026 | +22.0% | +11.4% | +10.6 pts |
Where to next
Cite this page. ETFIQ, Long-short equity ETFs against the S&P 500, data as of Sep 18, 2026. https://etfiq.com/alternatives/long-short-equity/ Free to use with attribution; the underlying files are at Open data.