Skip to content
etf.net

EHLS vs QALT

Even Herd Long Short ETF

EHLSDNasdaq

SEI DBi Multi-Strategy Alternative ETF

QALTANasdaq

Overlap

Expense ratio

QALT −2.55pt a year

EHLS3.35%QALT0.80%

Avg volume · 30D

QALT 5.5×the volume

EHLS3.2KQALT17.7K

EHLS vs QALT Performance

Oct 31, 2025 – Oct 30, 2026

+1.7%EHLS+6.6%QALT

Oct 31, 2025 to Oct 30, 2026. EHLS +1.7%. QALT +6.6%. Use the arrow keys to read each point.−5%10%15%Oct 2025Apr 2026Oct 2026
Expense ratio
EHLS 3.35%
QALT 0.80%, better
Fund size
EHLS $56M
QALT $195M
1Y total return
EHLS +1.7%
QALT +6.6%, better
Yield (12M)
EHLS 0.00%
QALT No data
Holdings
EHLS 168
QALT 26
Avg volume (30D)
EHLS 3.2K sh
QALT 17.7K sh, better
NAV per share
EHLS $24.69
QALT $25.87
52W range

ETF.net Grade

EHLS: Cost 10, Risk 25, Mission 40, Tradability 25, Holdings 70, Durability 48. QALT: Cost 90, Risk 65, Mission not scored, Tradability 57, Holdings not scored, Durability 65.
Pillar letters and Scores for EHLS, QALT, with each pillar’s weight
PillarEHLSQALT
Cost30% weightF10A90Higher
Mission25% weightC40Not scored
Risk15% weightD25B65Higher
Tradability15% weightD25B57Higher
Holdings10% weightA70Not scored
Durability5% weightC48B65Higher

Rank among Alternative Strategies funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. EHLS and QALT are both graded against the same 29 Alternative Strategies funds, so their Grades compare head to head.

Alternative Strategies⁠

Category · 29 funds
See all 29 ›

QALT ranks 4th and EHLS 27th of 29 funds in the Alternative Strategies Category.

  1. Rank 1AFLSPFranklin Systematic Style Premia ETFScore 77
  2. Rank 2AHBDCHilton BDC Corporate Bond ETFScore 76
  3. Rank 2AQAINYLI Hedge Multi-Strategy Tracker ETFScore 76
  4. Rank 4AQALTSEI DBi Multi-Strategy Alternative ETFScore 74
  5. Rank 5BIALTiShares Systematic Alternatives Active ETFScore 69
  6. Rank 26DORRMilitia Long/Short Equity ETFScore 29
  7. Rank 27DEHLSEven Herd Long Short ETFScore 26
  8. Rank 28FHDGEAdvisorShares Active Bear ETFScore 23
  9. HYINNot yet graded

Our read on each fund

ETF.net Research

EHLSDEven Herd Long Short ETF

QALTASEI DBi Multi-Strategy Alternative ETF

In short

EHLS A boutique long/short equity ETF that actually runs a short book: momentum names on the long side, downtrending ones on the short side, and a net equity dial set anywhere from 10% to 90%.

QALT One ticker, several hedge fund playbooks: SEI stacks sub-advisers running directional, event-driven and arbitrage strategies, and measures itself against 3-month T-bills instead of the S&P 500. It undercuts the typical alternatives fund on fees.

Stated mandate

EHLS The Fund is actively managed and seeks returns by simultaneously shorting a daily 2x long MSTR ETF and a daily 2x short MSTR ETF, aiming to benefit from their performance decay while keeping net MSTR exposure approximately neutral.

QALT The fund seeks positive absolute returns across market cycles with reduced correlation to stocks and bonds. It pursues this through multiple underlying funds and sub-advisers using directional or tactical, event-driven, and arbitrage approaches.

Why people hold it

  • EHLS Both sides are stock-picked: longs in names with upward momentum, shorts in downtrending companies above $250 million in market cap, with swaps available in place of direct shorts.evenherd.com
  • The hedge is not fixed. The manager targets 10% to 90% net equity exposure and can move outside that band when it judges the market calls for it.evenherd.com
  • Hedge-fund-style mechanics in a 1940 Act ETF: Nasdaq-listed, daily tradable, and the short positions are itemized in shareholder reports.sec.gov
  • QALT Charges 0.80% a year against a 1.07% median for alternatives funds. Multi-manager hedge fund exposure usually bills more than that.
  • Not a one-trick fund. Directional or tactical, event-driven and arbitrage sleeves run side by side through several underlying funds and sub-advisers.
  • The yardstick is 3-month T-bills, the cash hurdle hedge funds get judged on. The stated aim is positive absolute return with reduced correlation to stocks and bonds.
  • Screens near the top of its alternatives peer group, and comes in under pricier multi-strategy options such as HFGM and HDG at 0.95%.

Worth knowing

  • EHLS Cost is the headline trade-off: 3.35% all-in, above the alternatives category norm and well above systematic peers like FLSP (0.65%) and QALT (0.80%).
  • Much of that total is not a management fee. It is the dividend and interest cost of carrying shorts, which moves with the size and makeup of the short book.sec.gov
  • Thinly traded with a modest asset base, so spreads can matter more here than at a mega-fund. It also has not been paying distributions; any return shows up as price.
  • QALT Launched in 2025, so there is no long record showing how this manager lineup behaves through a full market cycle.
  • Trading is thin next to big index ETFs, which can mean wider spreads when you get in or out.
  • Not the cheapest seat in the aisle: RNMN (0.59%) and CCEF (0.74%) charge less, though each runs a narrower strategy set than a multi-manager book.

Full EHLS profile⁠

Full QALT profile⁠

EHLS vs QALT Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

EHLS vs QALT Cost

Overpaying EHLS vs QALT

$31,462

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • EHLS 3.35%

    $46,808

  • QALT 0.80%

    $15,346

$10,000
30 years

Cost over time

  • EHLS 3.35%
  • QALT 0.80%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K$40K$50K051015202530EHLS $46,808QALT $15,346

Year by year

YearEHLSQALTOverpaying
10$5,360$1,422$3,938
20$18,214$5,393$12,821
30$46,808$15,346$31,462

Expense ratio

  • 3.35%EHLS
  • 0.80%QALT, cheaper
  • Middle half of Alternative Strategies funds
  • Median 1.13%

QALT 4th cheapest of 29 funds

EHLS 26th cheapest of 29 funds

EHLS vs QALT Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
EHLS 0.00%
QALT No data
Payout (12M)
EHLS None
QALT No data
Last payment
EHLS No data
QALT $0.17
Ex-dividend
EHLS No data
QALT Oct 5, 2026
Paid on
EHLS No data
QALT Oct 6, 2026
Frequency
EHLS No data
QALT Quarterly

Distribution history

Per share, 2024 to 2026, same scale for both

EHLS1 paymentAll EHLS payments⁠
One bar per payment. 1 payment from 2024 to 2026 YTD. Dec 17, 2024 $0.23. Use the arrow keys to read each point.$0$0.502026YTD
QALTQuarterly · 5 paymentsAll QALT payments⁠
One bar per payment. 5 payments from 2024 to 2026 YTD. Dec 17, 2025 $0.62; Dec 29, 2025 $0.66; Apr 6, 2026 $0.15; Jul 6, 2026 $0.15; Oct 5, 2026 $0.17. Use the arrow keys to read each point.$0$0.502026YTD

EHLS vs QALT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
EHLS 14.9%since May 2024QALT 7.2%since Sep 2025
Return per unit of riskSharpe ratio, 3 years
EHLS 0.39since May 2024QALT 0.77since Sep 2025
Worst fallMax drawdown, 5 years
EHLS −18.9%since Apr 2024QALT −4.9%since Aug 2025
Market sensitivityBeta, 5 years
EHLS 0.83QALT 0.24

Popular comparisons

  • EHLSDvsFLSPA

    Even Herd Long Short ETF · Franklin Systematic Style Premia ETF

    Expense ratio
    3.35% · 0.65%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • QALTAvsFLSPA

    SEI DBi Multi-Strategy Alternative ETF · Franklin Systematic Style Premia ETF

    Expense ratio
    0.80% · 0.65%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • EHLSDvsHBDCA

    Even Herd Long Short ETF · Hilton BDC Corporate Bond ETF

    Expense ratio
    3.35% · 0.39%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • QALTAvsHBDCA

    SEI DBi Multi-Strategy Alternative ETF · Hilton BDC Corporate Bond ETF

    Expense ratio
    0.80% · 0.39%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • EHLSDvsQAIA

    Even Herd Long Short ETF · NYLI Hedge Multi-Strategy Tracker ETF

    Expense ratio
    3.35% · 0.81%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • QALTAvsQAIA

    SEI DBi Multi-Strategy Alternative ETF · NYLI Hedge Multi-Strategy Tracker ETF

    Expense ratio
    0.80% · 0.81%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.