Data as of Nov 4, 2026.
EHLS vs LSEQ: Correlation to the S&P 500
Over the year to Nov 4, 2026, LSEQ moved less with the S&P 500 than EHLS: correlation +0.18 against +0.69.
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Net assets: $61m on Jun 30, 2026 for Even Herd Long Short ETF, and $17m on Nov 3, 2026 for Harbor Long-Short Equity ETF.
EHLS in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, EHLS −1.32%.
LSEQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, LSEQ −0.27%.
Pair scorecard
LSEQ costs 1.07 points a year less; their one-year returns differ by 25.2 points.
| Measure | EHLS | LSEQ |
|---|---|---|
| Return | ||
| Total return, 1 year | +1.3% | +26.5% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 3.35% | 2.28% |
| Net assets, EHLS as of Jun 30, 2026 and LSEQ as of Nov 3, 2026 | $61m | $17m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.91: about 0.91% for each 1% | +0.24: about 0.24% for each 1% |
| Its average week when the S&P 500 fell | fell 1.32% | fell 0.27% |
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | EHLS | LSEQ | EHLS | LSEQ |
| 3 months | −10.0% | +8.0% | −9.9 pts vs VOO | not measured |
| 6 months | −13.8% | +1.2% | −18.8 pts vs VOO | not measured |
| 1 year | +1.3% | +26.5% | −13.5 pts vs VOO | not measured |
| Since launchNot the same days: EHLS Apr 2024 · LSEQ Dec 2023 | +19.2% | +47.4% | −33.2 pts vs VOO | not measured |
Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
EHLS and LSEQ 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 LSEQ’s +0.18. In the 26 weeks the index fell, by 1.07% a week on average, EHLS averaged −1.32% and LSEQ −0.27%. Over the same weeks, EHLS finished 3.2 percentage points behind cash and LSEQ finished 20.8 points ahead of 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.
LSEQ
LSEQ is a long-short equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.18 with the S&P 500’s and a beta of +0.24, so for each 1% the index moved it moved about 0.24% the same way. In the same weeks LSEQ fell 0.27% on average, a down-week capture of 24.8%. Over the same 52 weeks LSEQ returned +24.5% and a Treasury bill fund +3.7%, so it finished 20.8 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, EHLS or LSEQ?
- Over the 52 weeks to Nov 4, 2026, EHLS’s weekly returns had a correlation of +0.69 with the S&P 500 and LSEQ’s +0.18, so LSEQ moved less with the index.
- Which did better when the S&P 500 fell, EHLS or LSEQ?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, EHLS averaged −1.32% and LSEQ −0.27%, so LSEQ returned more in those weeks.
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How this is computed
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, EHLS against LSEQ, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/ehls-vs-lseq
ETFIQ. (Nov 4, 2026). EHLS against LSEQ. Retrieved from https://etfiq.com/compare/alternatives/ehls-vs-lseq
[EHLS against LSEQ (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/ehls-vs-lseq)
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