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

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, EHLS averaged −1.32% and HFEQ −1.70%, so EHLS returned more in those weeks.

Which earned more than cash, EHLS or HFEQ?

Over the same weeks, EHLS finished 3.2 percentage points behind cash and HFEQ finished 5.8 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, EHLS or HFEQ?

EHLS charges 3.35% a year and HFEQ charges 0.96%, so HFEQ is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

EHLS vs HFEQ: Correlation to the S&P 500

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Over the year to Nov 4, 2026, EHLS moved less with the S&P 500 than HFEQ: correlation +0.69 against +0.86.

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Net assets: $61m on Jun 30, 2026 for Even Herd Long Short ETF, and $19m on Aug 31, 2026 for Unlimited HFEQ Equity Long/Short ETF.

EHLS on its own →HFEQ on its own →

At a glance

+0.69

EHLS correlation with the S&P 500

+0.86

HFEQ correlation with the S&P 500

123.5%

EHLS down-week capture

158.3%

HFEQ 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%.

HFEQ Fell more than the S&P 500

HFEQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HFEQ −1.70%.

Pair scorecard

HFEQ costs 2.39 points a year less; their one-year returns differ by 10.1 points.

EHLS vs HFEQ: Correlation to the S&P 500
Measure	EHLS	HFEQ
Return
Measure	EHLS	HFEQ
Total return, 1 year	+1.3%	+11.4%
Against its benchmark
Measure	EHLS	HFEQ
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	EHLS	HFEQ
Expense ratio	3.35%	0.96%
Net assets, EHLS as of Jun 30, 2026 and HFEQ as of Aug 31, 2026	$61m	$19m
Holdings
Measure	EHLS	HFEQ
Holdings in common	not published
Risk
Measure	EHLS	HFEQ
Beta to the S&P 500	+0.91: about 0.91% for each 1%	+1.31: about 1.31% for each 1%
Its average week when the S&P 500 fell	fell 1.32%	fell 1.70%

Method

Risk and return

Jul 25, 2025 to Oct 30, 2026 · 66 weekly returns · each against VOO

EHLS HFEQ

Return

Total return edge HFEQ +10.0% +22.2%

Annualized edge HFEQ +7.8% +17.1%

Price return edge HFEQ (slight) +10.0% +10.7%

Risk

Volatility edge EHLS 12.7% 18.6%

Max drawdown edge EHLS (slight) −10.8% −11.6%

Downside capture 47.9% 125.8%

Beta 0.58 1.32

Risk-adjusted

Sharpe edge HFEQ 0.35 0.73

Sortino edge HFEQ 0.53 1.12

Treynor 0.077 0.104

Calmar edge HFEQ 0.72 1.48

Against the benchmark

Alpha −2.2% a year −1.4% a year

Alpha t-stat −0.23 −0.15

Information ratio −0.59 0.20

Tracking error 11.8% 11.1%

Reading

From Jul 2025 to Oct 2026, HFEQ returned more: +22.2% to +10.0%. EHLS swung less: 12.7% to 18.6%. EHLS fell slightly less at its worst: −10.8% to −11.6%.

Full scorecard

19 measures, with how each is measured Open ↓

Risk and return: EHLS vs HFEQ: Correlation to the S&P 500
Measure	EHLS	HFEQ	VOO	Edge	How it is measured
Return
Total return	+10.0%	+22.2%		HFEQ	Price change plus distributions, reinvested.
Annualized	+7.8%	+17.1%		HFEQ	Total return as a yearly rate.
Price return	+10.0%	+10.7%		HFEQ (slight)	Price change alone, distributions left out.
Risk
Volatility	12.7%	18.6%		EHLS	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	8.4%	12.2%		EHLS	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−10.8%	−11.6%		EHLS (slight)	Deepest fall from a high to the low after it.
Upside capture	35.9%	144.2%	100.0%	HFEQ	Share of its benchmark's rise caught in the weeks it rose.
Downside capture	47.9%	125.8%	100.0%	EHLS	Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta	0.58	1.32	1.00	EHLS lower	How far it moves for each 1% its benchmark moves.
R squared	0.28	0.69	1.00	Not an edge	Share of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe	0.35	0.73		HFEQ	Return above Treasury bills per unit of volatility.
Sortino	0.53	1.12		HFEQ	Return above Treasury bills per unit of downside deviation.
Treynor	0.077	0.104	0.114	HFEQ	Return above Treasury bills per unit of beta.
Calmar	0.72	1.48		HFEQ	Annualized return divided by the max drawdown.
Against the benchmark
Benchmark	VOO	VOO	VOO		The ETF each fund is measured against.
Alpha	−2.2% a year	−1.4% a year	0.0%	Not significant	Yearly return beyond what its beta to the benchmark predicts.
Alpha t-stat	−0.23	−0.15		Not an edge	How sure the alpha is. Below 2, it could be chance.
Alpha range	−21.6% to +17.2%	−20.3% to +17.4%		Both include zero	The 95% range for the yearly alpha.
Information ratio	−0.59	0.20		HFEQ	Return against its benchmark per unit of tracking error.
Tracking error	11.8%	11.1%	0.0%	Not an edge	How far weekly returns stray from the benchmark, annualized.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 66 weekly returns. Cash rate: the 13-week Treasury bill.

Window by window

Window by window: EHLS vs HFEQ: Correlation to the S&P 500
	Total return		vs its benchmark
Window	EHLS	HFEQ	EHLS	HFEQ
3 months	−10.0%	−7.1%	−9.9 pts vs VOO	−7.0 pts vs VOO
6 months	−13.8%	−2.7%	−18.8 pts vs VOO	−7.7 pts vs VOO
1 year	+1.3%	+11.4%	−13.5 pts vs VOO	−3.4 pts vs VOO
Since launchNot the same days: EHLS Apr 2024 · HFEQ Jul 2025	+19.2%	+26.4%	−33.2 pts vs VOO	+1.4 pts vs VOO

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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 HFEQ Unlimited HFEQ Equity Long/Short ETF · Long-short equity fund: owns stocks and sells others short, so part of its exposure to the stock market cancels out

Issuer Even Herd Unlimited

Strategy Long-short equity Long-short equity

Correlation with the S&P 500 +0.69 +0.86

Beta to the S&P 500 +0.91 +1.31

Down-week capture 123.5% 158.3%

Average week when the S&P 500 fell −1.32% −1.70%

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

Total return, same 52 weeks +0.5% +9.5%

Against T-bills, percentage points −3.2 pts +5.8 pts

Expense ratio 3.35% 0.96%

First traded Apr 2, 2024 Jul 15, 2025

Net assets, EHLS as of Jun 30, 2026 and HFEQ as of Aug 31, 2026 $61m $19m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

EHLS and HFEQ 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 HFEQ’s +0.86. In the 26 weeks the index fell, by 1.07% a week on average, EHLS averaged −1.32% and HFEQ −1.70%. Over the same weeks, EHLS finished 3.2 percentage points behind cash and HFEQ finished 5.8 points ahead of cash.

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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.

HFEQ

HFEQ is a long-short equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.86 with the S&P 500’s and a beta of +1.31, so for each 1% the index moved it moved about 1.31% the same way. In the same weeks HFEQ fell 1.70% on average, a down-week capture of 158.3%. Over the same 52 weeks HFEQ returned +9.5% and a Treasury bill fund +3.7%, so it finished 5.8 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, EHLS or HFEQ?: Over the 52 weeks to Nov 4, 2026, EHLS’s weekly returns had a correlation of +0.69 with the S&P 500 and HFEQ’s +0.86, so EHLS moved less with the index.
Which did better when the S&P 500 fell, EHLS or HFEQ?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, EHLS averaged −1.32% and HFEQ −1.70%, so EHLS returned more in those weeks.
Which earned more than cash, EHLS or HFEQ?: Over the same weeks, EHLS finished 3.2 percentage points behind cash and HFEQ finished 5.8 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, EHLS or HFEQ?: EHLS charges 3.35% a year and HFEQ charges 0.96%, so HFEQ is cheaper. Fees come from each fund's prospectus.

Other comparisons

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

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 →HFEQ on its own →EHLS dividend history →HFEQ dividend history →Method →Standards and sources →

Sources and dates

EHLS filings on SEC EDGAR ↗

EHLS prospectus with the expense ratio (SEC) ↗

Even Herd website ↗

HFEQ filings on SEC EDGAR ↗

HFEQ prospectus with the expense ratio (SEC) ↗

Unlimited website ↗

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

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