Which did better when the S&P 500 fell, EHLS or FTLS?

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, EHLS averaged −1.32% and FTLS −0.48%, so FTLS returned more in those weeks.

Which earned more than cash, EHLS or FTLS?

Over the same weeks, EHLS finished 3.2 percentage points behind cash and FTLS finished 4.1 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, EHLS or FTLS?

EHLS charges 3.35% a year and FTLS charges 1.38%, so FTLS is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

EHLS vs FTLS: Correlation to the S&P 500

Share on X Download as PDF

Over the year to Nov 4, 2026, EHLS moved less with the S&P 500 than FTLS: correlation +0.69 against +0.83.

askIQ about this page

askIQ about EHLS and FTLS

Net assets: $61m on Jun 30, 2026 for Even Herd Long Short ETF, and $2.6bn on Nov 3, 2026 for First Trust Long/Short Equity.

EHLS on its own →FTLS on its own →

At a glance

+0.69

EHLS correlation with the S&P 500

+0.83

FTLS correlation with the S&P 500

123.5%

EHLS down-week capture

44.7%

FTLS down-week capture

EHLS Fell more than the S&P 500

EHLS in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, EHLS −1.32%.

FTLS Fell 45% as much as the S&P 500

FTLS in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, FTLS −0.48%.

Pair scorecard

FTLS costs 1.97 points a year less; their one-year returns differ by 7.2 points.

EHLS vs FTLS: Correlation to the S&P 500
Measure	EHLS	FTLS
Return
Measure	EHLS	FTLS
Total return, 1 year	+1.3%	+8.5%
Against its benchmark
Measure	EHLS	FTLS
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	EHLS	FTLS
Expense ratio	3.35%	1.38%
Net assets, EHLS as of Jun 30, 2026 and FTLS as of Nov 3, 2026	$61m	$2.6bn
Holdings
Measure	EHLS	FTLS
Holdings in common	not published
Risk
Measure	EHLS	FTLS
Beta to the S&P 500	+0.91: about 0.91% for each 1%	+0.48: about 0.48% for each 1%
Its average week when the S&P 500 fell	fell 1.32%	fell 0.48%

Method

Window by window

Window by window: EHLS vs FTLS: Correlation to the S&P 500
	Total return		vs its benchmark
Window	EHLS	FTLS	EHLS	FTLS
3 months	−10.0%	+1.0%	−9.9 pts vs VOO	+1.1 pts vs VOO
6 months	−13.8%	+3.6%	−18.8 pts vs VOO	−1.4 pts vs VOO
1 year	+1.3%	+8.5%	−13.5 pts vs VOO	−6.3 pts vs VOO
3 years	–	+46.9%	–	−36.4 pts vs VOO
Since launchNot the same days: EHLS Apr 2024 · FTLS Sep 2014	+19.2%	+183.1%	−33.2 pts vs VOO	−190.1 pts vs VOO

– means no data for this window. Open this comparison in the app →

Side by side

EHLS Even Herd Long Short ETF · Long-short equity fund: owns stocks and sells others short, so part of its exposure to the stock market cancels out FTLS First Trust Long/Short Equity · Long-short equity fund: owns stocks and sells others short, so part of its exposure to the stock market cancels out

Issuer Even Herd First Trust

Strategy Long-short equity Long-short equity

Correlation with the S&P 500 +0.69 +0.83

Beta to the S&P 500 +0.91 +0.48

Down-week capture 123.5% 44.7%

Average week when the S&P 500 fell −1.32% −0.48%

The S&P 500 in those weeks −1.07% −1.07%

Total return, same 52 weeks +0.5% +7.7%

Against T-bills, percentage points −3.2 pts +4.1 pts

Expense ratio 3.35% 1.38%

First traded Apr 2, 2024 Sep 10, 2014

Net assets, EHLS as of Jun 30, 2026 and FTLS as of Nov 3, 2026 $61m $2.6bn

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

EHLS and FTLS 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 FTLS’s +0.83. In the 26 weeks the index fell, by 1.07% a week on average, EHLS averaged −1.32% and FTLS −0.48%. Over the same weeks, EHLS finished 3.2 percentage points behind cash and FTLS finished 4.1 points ahead of cash.

Alert

About each fund

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.

FTLS

FTLS is a long-short equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.83 with the S&P 500’s and a beta of +0.48, so for each 1% the index moved it moved about 0.48% the same way. In the same weeks FTLS fell 0.48% on average, a down-week capture of 44.7%. Over the same 52 weeks FTLS returned +7.7% and a Treasury bill fund +3.7%, so it finished 4.1 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, EHLS or FTLS?: Over the 52 weeks to Nov 4, 2026, EHLS’s weekly returns had a correlation of +0.69 with the S&P 500 and FTLS’s +0.83, so EHLS moved less with the index.
Which did better when the S&P 500 fell, EHLS or FTLS?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, EHLS averaged −1.32% and FTLS −0.48%, so FTLS returned more in those weeks.
Which earned more than cash, EHLS or FTLS?: Over the same weeks, EHLS finished 3.2 percentage points behind cash and FTLS finished 4.1 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, EHLS or FTLS?: EHLS charges 3.35% a year and FTLS charges 1.38%, so FTLS is cheaper. Fees come from each fund's prospectus.

Other comparisons

EHLS vs FFLS EHLS vs ORR EHLS vs CLSE EHLS vs CBLS FTLS vs CBLS FTLS vs FFLS FTLS vs HFEQ FTLS vs LSEQ

Where to next

BIL, the T-bill fund these are measured against →SPY, the S&P 500 fund these are measured against →All alternatives ETFs ranked by the Stock Diversification Score →How the scores are computed →EHLS on its own →FTLS on its own →EHLS dividend history →FTLS dividend history →Method →Standards and sources →

Sources and dates

EHLS filings on SEC EDGAR ↗

EHLS prospectus with the expense ratio (SEC) ↗

Even Herd website ↗

FTLS filings on SEC EDGAR ↗

FTLS prospectus with the expense ratio (SEC) ↗

First Trust page for FTLS ↗

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 FTLS, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/ehls-vs-ftls

Open data →

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.