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

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, FFLS averaged −0.70% and HFEQ −1.70%, so FFLS returned more in those weeks.

Which earned more than cash, FFLS or HFEQ?

Over the same weeks, FFLS finished 2.4 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, FFLS or HFEQ?

FFLS charges 1.24% 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

FFLS vs HFEQ: Correlation to the S&P 500

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Over the year to Nov 4, 2026, FFLS moved less with the S&P 500 than HFEQ: correlation +0.65 against +0.86.

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Net assets on Aug 31, 2026: $43m for The Future Fund Long/Short ETF and $19m for Unlimited HFEQ Equity Long/Short ETF.

FFLS on its own →HFEQ on its own →

At a glance

+0.65

FFLS correlation with the S&P 500

+0.86

HFEQ correlation with the S&P 500

65.7%

FFLS down-week capture

158.3%

HFEQ down-week capture

FFLS Fell 66% as much as the S&P 500

FFLS in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, FFLS −0.70%.

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 0.28 points a year less; their one-year returns differ by 11.5 points; FFLS is 2.3 times larger.

FFLS vs HFEQ: Correlation to the S&P 500
Measure	FFLS	HFEQ
Return
Measure	FFLS	HFEQ
Total return, 1 year	−0.1%	+11.4%
Against its benchmark
Measure	FFLS	HFEQ
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	FFLS	HFEQ
Expense ratio	1.24%	0.96%
Net assets, as of Aug 31, 2026	$43m	$19m
Holdings
Measure	FFLS	HFEQ
Holdings in common	not published
Risk
Measure	FFLS	HFEQ
Beta to the S&P 500	+0.61: about 0.61% for each 1%	+1.31: about 1.31% for each 1%
Its average week when the S&P 500 fell	fell 0.70%	fell 1.70%

Method

Window by window

Window by window: FFLS vs HFEQ: Correlation to the S&P 500
	Total return		vs its benchmark
Window	FFLS	HFEQ	FFLS	HFEQ
3 months	−0.3%	−7.1%	not measured	−7.0 pts vs VOO
6 months	+2.6%	−2.7%	not measured	−7.7 pts vs VOO
1 year	−0.1%	+11.4%	not measured	−3.4 pts vs VOO
3 years	+36.0%	–	not measured	–
Since launchNot the same days: FFLS Jun 2023 · HFEQ Jul 2025	+30.5%	+26.4%	not measured	+1.4 pts vs VOO

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

Side by side

FFLS The Future Fund 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 The Future Fund Unlimited

Strategy Long-short equity Long-short equity

Correlation with the S&P 500 +0.65 +0.86

Beta to the S&P 500 +0.61 +1.31

Down-week capture 65.7% 158.3%

Average week when the S&P 500 fell −0.70% −1.70%

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

Total return, same 52 weeks +1.3% +9.5%

Against T-bills, percentage points −2.4 pts +5.8 pts

Expense ratio 1.24% 0.96%

First traded Jun 21, 2023 Jul 15, 2025

Net assets, as of Aug 31, 2026 $43m $19m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

FFLS and HFEQ both run a long-short equity strategy. Over the same 52 weeks to Nov 4, 2026, FFLS’s weekly returns had a correlation of +0.65 with the S&P 500 and HFEQ’s +0.86. In the 26 weeks the index fell, by 1.07% a week on average, FFLS averaged −0.70% and HFEQ −1.70%. Over the same weeks, FFLS finished 2.4 percentage points behind cash and HFEQ finished 5.8 points ahead of cash.

Alert

About each fund

FFLS

FFLS 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 +0.65 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. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. 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.

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, FFLS or HFEQ?: Over the 52 weeks to Nov 4, 2026, FFLS’s weekly returns had a correlation of +0.65 with the S&P 500 and HFEQ’s +0.86, so FFLS moved less with the index.
Which did better when the S&P 500 fell, FFLS or HFEQ?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, FFLS averaged −0.70% and HFEQ −1.70%, so FFLS returned more in those weeks.
Which earned more than cash, FFLS or HFEQ?: Over the same weeks, FFLS finished 2.4 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, FFLS or HFEQ?: FFLS charges 1.24% a year and HFEQ charges 0.96%, so HFEQ is cheaper. Fees come from each fund's prospectus.

Other comparisons

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

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

Sources and dates

FFLS filings on SEC EDGAR ↗

FFLS prospectus with the expense ratio (SEC) ↗

The Future Fund 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, FFLS against HFEQ, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/ffls-vs-hfeq

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