Data as of Nov 4, 2026.
EHLS vs FFLS: Correlation to the S&P 500
Over the year to Nov 4, 2026, FFLS moved less with the S&P 500 than EHLS: correlation +0.65 against +0.69.
askIQ about this page
askIQ about EHLS and FFLS
Net assets: $61m on Jun 30, 2026 for Even Herd Long Short ETF, and $43m on Aug 31, 2026 for The Future Fund Long/Short ETF.
EHLS in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, EHLS −1.32%.
FFLS in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, FFLS −0.70%.
Pair scorecard
FFLS costs 2.11 points a year less; their one-year returns differ by 1.4 points.
| Measure | EHLS | FFLS |
|---|---|---|
| Return | ||
| Total return, 1 year | +1.3% | −0.1% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 3.35% | 1.24% |
| Net assets, EHLS as of Jun 30, 2026 and FFLS as of Aug 31, 2026 | $61m | $43m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.91: about 0.91% for each 1% | +0.61: about 0.61% for each 1% |
| Its average week when the S&P 500 fell | fell 1.32% | fell 0.70% |
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | EHLS | FFLS | EHLS | FFLS |
| 3 months | −10.0% | −0.3% | −9.9 pts vs VOO | not measured |
| 6 months | −13.8% | +2.6% | −18.8 pts vs VOO | not measured |
| 1 year | +1.3% | −0.1% | −13.5 pts vs VOO | not measured |
| 3 years | – | +36.0% | – | not measured |
| Since launchNot the same days: EHLS Apr 2024 · FFLS Jun 2023 | +19.2% | +30.5% | −33.2 pts vs VOO | not measured |
– means no data for this window. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
EHLS and FFLS both run a long-short equity strategy. Over the same 52 weeks to Nov 4, 2026, EHLS’s weekly returns had a correlation of +0.69 with the S&P 500 and FFLS’s +0.65. In the 26 weeks the index fell, by 1.07% a week on average, EHLS averaged −1.32% and FFLS −0.70%. Over the same weeks, EHLS finished 3.2 percentage points behind cash and FFLS finished 2.4 points behind cash.
EHLS
EHLS is a long-short equity fund. ETFIQ measures what every alternatives fund is sold on: whether it moves differently from the stock market. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.69 with the S&P 500’s and a beta of +0.91, so for each 1% the index moved it moved about 0.91% the same way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks EHLS fell 1.32% on average, a down-week capture of 123.5%. Over the same 52 weeks EHLS returned +0.5% and a Treasury bill fund +3.7%, so it finished 3.2 percentage points behind cash.
FFLS
FFLS is a long-short equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.65 with the S&P 500’s and a beta of +0.61, so for each 1% the index moved it moved about 0.61% the same way. In the same weeks FFLS fell 0.70% on average, a down-week capture of 65.7%. Over the same 52 weeks FFLS returned +1.3% and a Treasury bill fund +3.7%, so it finished 2.4 percentage points behind cash.
Questions people ask
- Which moved less with the S&P 500, EHLS or FFLS?
- Over the 52 weeks to Nov 4, 2026, EHLS’s weekly returns had a correlation of +0.69 with the S&P 500 and FFLS’s +0.65, so FFLS moved less with the index.
- Which did better when the S&P 500 fell, EHLS or FFLS?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, EHLS averaged −1.32% and FFLS −0.70%, so FFLS returned more in those weeks.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Every number is an ETFIQ calculation with distributions reinvested.
Cite this pageCitation, APA and Markdown
ETFIQ, EHLS against FFLS, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/ehls-vs-ffls
ETFIQ. (Nov 4, 2026). EHLS against FFLS. Retrieved from https://etfiq.com/compare/alternatives/ehls-vs-ffls
[EHLS against FFLS (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/ehls-vs-ffls)
Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.