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

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, FTLS averaged −0.48% and HFEQ −1.70%, so FTLS returned more in those weeks.

Which earned more than cash, FTLS or HFEQ?

Over the same weeks, FTLS finished 4.1 percentage points ahead of cash and HFEQ finished 5.8 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, FTLS or HFEQ?

FTLS charges 1.38% 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

FTLS vs HFEQ: Correlation to the S&P 500

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Over the year to Nov 4, 2026, FTLS moved less with the S&P 500 than HFEQ: correlation +0.83 against +0.86.

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Net assets: $2.6bn on Nov 3, 2026 for First Trust Long/Short Equity, and $19m on Aug 31, 2026 for Unlimited HFEQ Equity Long/Short ETF.

FTLS on its own →HFEQ on its own →

At a glance

+0.83

FTLS correlation with the S&P 500

+0.86

HFEQ correlation with the S&P 500

44.7%

FTLS down-week capture

158.3%

HFEQ down-week capture

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%.

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 0.42 points a year less; their one-year returns differ by 2.9 points.

FTLS vs HFEQ: Correlation to the S&P 500
Measure	FTLS	HFEQ
Return
Measure	FTLS	HFEQ
Total return, 1 year	+8.5%	+11.4%
Against its benchmark
Measure	FTLS	HFEQ
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	FTLS	HFEQ
Expense ratio	1.38%	0.96%
Net assets, FTLS as of Nov 3, 2026 and HFEQ as of Aug 31, 2026	$2.6bn	$19m
Holdings
Measure	FTLS	HFEQ
Holdings in common	not published
Risk
Measure	FTLS	HFEQ
Beta to the S&P 500	+0.48: about 0.48% for each 1%	+1.31: about 1.31% for each 1%
Its average week when the S&P 500 fell	fell 0.48%	fell 1.70%

Method

Window by window

Window by window: FTLS vs HFEQ: Correlation to the S&P 500
	Total return		vs its benchmark
Window	FTLS	HFEQ	FTLS	HFEQ
3 months	+1.0%	−7.1%	+1.1 pts vs VOO	−7.0 pts vs VOO
6 months	+3.6%	−2.7%	−1.4 pts vs VOO	−7.7 pts vs VOO
1 year	+8.5%	+11.4%	−6.3 pts vs VOO	−3.4 pts vs VOO
3 years	+46.9%	–	−36.4 pts vs VOO	–
Since launchNot the same days: FTLS Sep 2014 · HFEQ Jul 2025	+183.1%	+26.4%	−190.1 pts vs VOO	+1.4 pts vs VOO

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Side by side

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 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 First Trust Unlimited

Strategy Long-short equity Long-short equity

Correlation with the S&P 500 +0.83 +0.86

Beta to the S&P 500 +0.48 +1.31

Down-week capture 44.7% 158.3%

Average week when the S&P 500 fell −0.48% −1.70%

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

Total return, same 52 weeks +7.7% +9.5%

Against T-bills, percentage points +4.1 pts +5.8 pts

Expense ratio 1.38% 0.96%

First traded Sep 10, 2014 Jul 15, 2025

Net assets, FTLS as of Nov 3, 2026 and HFEQ as of Aug 31, 2026 $2.6bn $19m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

FTLS and HFEQ both run a long-short equity strategy. Over the same 52 weeks to Nov 4, 2026, FTLS’s weekly returns had a correlation of +0.83 with the S&P 500 and HFEQ’s +0.86. In the 26 weeks the index fell, by 1.07% a week on average, FTLS averaged −0.48% and HFEQ −1.70%. Over the same weeks, FTLS finished 4.1 percentage points ahead of cash and HFEQ finished 5.8 points ahead of cash.

Alert

About each fund

FTLS

FTLS 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 +0.83 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. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. 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.

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, FTLS or HFEQ?: Over the 52 weeks to Nov 4, 2026, FTLS’s weekly returns had a correlation of +0.83 with the S&P 500 and HFEQ’s +0.86, so FTLS moved less with the index.
Which did better when the S&P 500 fell, FTLS or HFEQ?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, FTLS averaged −0.48% and HFEQ −1.70%, so FTLS returned more in those weeks.
Which earned more than cash, FTLS or HFEQ?: Over the same weeks, FTLS finished 4.1 percentage points ahead of cash and HFEQ finished 5.8 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, FTLS or HFEQ?: FTLS charges 1.38% a year and HFEQ charges 0.96%, so HFEQ is cheaper. Fees come from each fund's prospectus.

Other comparisons

FTLS vs CBLS FTLS vs CSM FTLS vs CLSE FTLS vs LSEQ HFEQ vs CLSE HFEQ vs CSM HFEQ vs CBLS 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 →FTLS on its own →HFEQ on its own →FTLS dividend history →HFEQ dividend history →Method →Standards and sources →

Sources and dates

FTLS filings on SEC EDGAR ↗

FTLS prospectus with the expense ratio (SEC) ↗

First Trust page for FTLS ↗

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

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