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HEFT vs PBL

Hedgeye Fourth Turning ETF

HEFTBNYSE Arca

PGIM Portfolio Ballast ETF

PBLACboe

Overlap

Expense ratio

PBL −0.25pt a year

HEFT0.70%PBL0.45%

Avg volume · 30D

HEFT 3.6×the volume

HEFT17.9KPBL5.03K

HEFT vs PBL Performance

Dec 31, 2025 – Nov 9, 2026

+2.2%HEFT+7.3%PBL

Dec 31, 2025 to Nov 9, 2026. HEFT +2.2%. PBL +7.3%. Use the arrow keys to read each point.−5%−2.5%0%5%10%Dec 2025Jun 2026Nov 2026
Expense ratio
HEFT 0.70%
PBL 0.45%, better
Fund size
HEFT $75M
PBL $69M
1Y total return
HEFT No data
PBL +8.5%
Yield (12M)
HEFT No data
PBL 2.06%
Holdings
HEFT 33
PBL 11
Avg volume (30D)
HEFT 17.9K sh, better
PBL 5.03K sh
NAV per share
HEFT $25.86
PBL $32.76
52W range

ETF.net Grade

HEFT: Cost 78, Risk 38, Mission 65, Tradability 55, Holdings 51, Durability 54. PBL: Cost 93, Risk 66, Mission not scored, Tradability 30, Holdings not scored, Durability 65.
Pillar letters and Scores for HEFT, PBL, with each pillar’s weight
PillarHEFTPBL
Cost30% weightA78A93Higher
Mission25% weightB65Not scored
Risk15% weightD38B66Higher
Tradability15% weightB55HigherD30
Holdings10% weightC51Not scored
Durability5% weightC54B65Higher

Rank among Tactical Allocation funds

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

Same Category. HEFT and PBL are both graded against the same 46 Tactical Allocation funds, so their Grades compare head to head.

Tactical Allocation⁠

Category · 46 funds
See all 46 ›

PBL ranks 3rd and HEFT 11th of 46 funds in the Tactical Allocation Category.

  1. Rank 1AENDWCambria Endowment Style ETFScore 81
  2. Rank 2ARISNInspire Capital Appreciation ETFScore 72
  3. Rank 3APBLPGIM Portfolio Ballast ETFScore 70
  4. Rank 3APTBDPacer Trendpilot US Bond ETFScore 70
  5. Rank 9BMATRHarbor Multi-Asset Explorer ETFScore 62
  6. Rank 11BHEFTHedgeye Fourth Turning ETFScore 61
  7. Rank 12BHIDEAlpha Architect High Inflation And Deflation ETFScore 59

Our read on each fund

ETF.net Research

HEFTBHedgeye Fourth Turning ETF

PBLAPGIM Portfolio Ballast ETF

In short

HEFT A research shop's macro call in ETF form. HEFT runs an active long/short book guided by Fourth Turning generational theory: long what it reads as demographic tailwinds, short what it expects to fade.

PBL No data

Stated mandate

HEFT The Fund seeks long-term capital appreciation. It uses an actively managed long/short strategy informed by Fourth Turning generational theory, varying exposure across U.S. equities, fixed income, commodities, currencies, and up to 20% international securities.

PBL No data

Why people hold it

  • HEFT 0.70% a year, below the median for tactical multi-asset funds, and that buys an active long/short mandate rather than a rules file on autopilot.
  • The short sleeve is the point. Managers can position against areas they expect to weaken instead of only choosing which longs to own.
  • One legible thesis drives both sides of the book, so the fund's calls can be judged against the framework it publishes rather than a black box.

PBL No data

Worth knowing

  • HEFT Launched in 2025. There is not yet a long record showing how the generational-cycle framework behaves across different market regimes.
  • Shorting cuts both ways: borrow costs are ongoing, and a short position's losses are not bounded the way a long position's are.
  • Small and lightly traded, so bid-ask spreads can run wider than in the category's household names. The mandate targets capital appreciation, not income.

PBL No data

Full HEFT profile⁠

Full PBL profile⁠

HEFT vs PBL 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.

HEFT vs PBL Cost

Overpaying HEFT vs PBL

$4,565

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

  • HEFT 0.70%

    $13,606

  • PBL 0.45%

    $9,041

$10,000
30 years

Cost over time

  • HEFT 0.70%
  • PBL 0.45%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530HEFT $13,606PBL $9,041

Year by year

YearHEFTPBLOverpaying
10$1,250$812$438
20$4,760$3,128$1,632
30$13,606$9,041$4,565

Expense ratio

  • 0.70%HEFT
  • 0.45%PBL, cheaper
  • Middle half of Tactical Allocation funds
  • Median 0.93%

PBL 4th cheapest of 46 funds

HEFT 11th cheapest of 46 funds

HEFT vs PBL Dividends

Last 12 months to Nov 9, 2026
Yield (12M)
HEFT No data
PBL 2.06%
Payout (12M)
HEFT No data
PBL $0.68
Last payment
HEFT $0.005
PBL $0.68
Ex-dividend
HEFT Dec 30, 2025
PBL Dec 30, 2025
Paid on
HEFT Dec 31, 2025
PBL Jan 2, 2026
Frequency
HEFT Irregular
PBL Annual

Distribution history

Per share, 2022 to 2026, same scale for both

HEFTIrregular · 1 paymentAll HEFT payments⁠
One bar per payment. 1 payment from 2022 to 2026 YTD. Dec 30, 2025 $0.005. Use the arrow keys to read each point.$0$220232026YTD
PBLAnnual · 4 paymentsAll PBL payments⁠
One bar per payment. 4 payments from 2022 to 2026 YTD. Dec 28, 2022 $0.04; Dec 27, 2023 $2.04; Dec 27, 2024 $1.94; Dec 30, 2025 $0.68. Use the arrow keys to read each point.$0$220232026YTD

HEFT vs PBL Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
HEFT No dataPBL 8.8%
Return per unit of riskSharpe ratio, 3 years
HEFT No dataPBL 1.21
Worst fallMax drawdown, 5 years
HEFT No dataPBL −11.6%since Dec 2022
Market sensitivityBeta, 5 years
HEFT 0.16PBL 0.71

Popular comparisons

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