Data as of Nov 4, 2026.
HFEQ vs LSEQ: Correlation to the S&P 500
Over the year to Nov 4, 2026, LSEQ moved less with the S&P 500 than HFEQ: correlation +0.18 against +0.86.
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Net assets: $19m on Aug 31, 2026 for Unlimited HFEQ Equity Long/Short ETF, and $17m on Nov 3, 2026 for Harbor Long-Short Equity ETF.
HFEQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HFEQ −1.70%.
LSEQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, LSEQ −0.27%.
Pair scorecard
HFEQ costs 1.32 points a year less; their one-year returns differ by 15.1 points.
| Measure | HFEQ | LSEQ |
|---|---|---|
| Return | ||
| Total return, 1 year | +11.4% | +26.5% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.96% | 2.28% |
| Net assets, HFEQ as of Aug 31, 2026 and LSEQ as of Nov 3, 2026 | $19m | $17m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +1.31: about 1.31% for each 1% | +0.24: about 0.24% for each 1% |
| Its average week when the S&P 500 fell | fell 1.70% | fell 0.27% |
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | HFEQ | LSEQ | HFEQ | LSEQ |
| 3 months | −7.1% | +8.0% | −7.0 pts vs VOO | not measured |
| 6 months | −2.7% | +1.2% | −7.7 pts vs VOO | not measured |
| 1 year | +11.4% | +26.5% | −3.4 pts vs VOO | not measured |
| Since launchNot the same days: HFEQ Jul 2025 · LSEQ Dec 2023 | +26.4% | +47.4% | +1.4 pts vs VOO | not measured |
Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
HFEQ and LSEQ both run a long-short equity strategy. Over the same 52 weeks to Nov 4, 2026, HFEQ’s weekly returns had a correlation of +0.86 with the S&P 500 and LSEQ’s +0.18. In the 26 weeks the index fell, by 1.07% a week on average, HFEQ averaged −1.70% and LSEQ −0.27%. Over the same weeks, HFEQ finished 5.8 percentage points ahead of cash and LSEQ finished 20.8 points ahead of cash.
HFEQ
HFEQ 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 +0.86 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. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. 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.
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, HFEQ or LSEQ?
- Over the 52 weeks to Nov 4, 2026, HFEQ’s weekly returns had a correlation of +0.86 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, HFEQ or LSEQ?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HFEQ averaged −1.70% and LSEQ −0.27%, so LSEQ returned more in those weeks.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, HFEQ against LSEQ, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/hfeq-vs-lseq
ETFIQ. (Nov 4, 2026). HFEQ against LSEQ. Retrieved from https://etfiq.com/compare/alternatives/hfeq-vs-lseq
[HFEQ against LSEQ (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/hfeq-vs-lseq)
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