DVRIX vs. HFGM

Last updated Jun 3, 2026

DVRIX (MFS Global Alternative Strategy Fund) and HFGM (Unlimited HFGM Global Macro ETF) are both Macro Trading funds. Over the past year, DVRIX returned 4.35% vs 41.16% for HFGM. A 0.53 correlation means they provide meaningful diversification when combined. DVRIX charges 1.05%/yr vs 0.95%/yr for HFGM.

Performance

DVRIX vs. HFGM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MFS Global Alternative Strategy Fund (DVRIX) and Unlimited HFGM Global Macro ETF (HFGM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DVRIX achieves a 0.70% return, which is significantly lower than HFGM's 16.71% return.

DVRIX

• 1D: 0.07%
• 1M: -0.35%
• YTD: 0.70%
• 6M: 1.29%
• 1Y: 4.35%
• 3Y*: 8.70%
• 5Y*: 5.31%
• 10Y*: 4.95%

HFGM

• 1D: 0.64%
• 1M: 0.83%
• YTD: 16.71%
• 6M: 17.29%
• 1Y: 41.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

DVRIX vs. HFGM - Yearly Performance Comparison

	2026 (YTD)	2025
DVRIX MFS Global Alternative Strategy Fund	0.70%	7.57%
HFGM Unlimited HFGM Global Macro ETF	16.71%	26.63%

Correlation

The correlation between DVRIX and HFGM is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.56
Correlation (All Time) Calculated using the full available price history since Apr 16, 2025	0.53

The correlation between DVRIX and HFGM has been stable across timeframes, ranging from 0.53 to 0.56 - a consistent structural relationship.

Return for Risk

DVRIX vs. HFGM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DVRIX

DVRIX Risk / Return Rank: 18
DVRIX Sharpe Ratio Rank: 19
DVRIX Sortino Ratio Rank: 18
DVRIX Omega Ratio Rank: 18
DVRIX Calmar Ratio Rank: 16
DVRIX Martin Ratio Rank: 18

HFGM

HFGM Risk / Return Rank: 58
HFGM Sharpe Ratio Rank: 53
HFGM Sortino Ratio Rank: 48
HFGM Omega Ratio Rank: 52
HFGM Calmar Ratio Rank: 78
HFGM Martin Ratio Rank: 61

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DVRIX vs. HFGM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS Global Alternative Strategy Fund (DVRIX) and Unlimited HFGM Global Macro ETF (HFGM). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	DVRIX	HFGM	Difference
Sharpe ratio Return per unit of total volatility	1.28	1.84	-0.56
Sortino ratio Return per unit of downside risk	1.87	2.42	-0.55
Omega ratio Gain probability vs. loss probability	1.23	1.33	-0.10
Calmar ratio Return relative to maximum drawdown	1.49	4.04	-2.55
Martin ratio Return relative to average drawdown	5.18	10.93	-5.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DVRIX vs. HFGM - Sharpe Ratio Comparison

The current DVRIX Sharpe Ratio is 1.28, which is lower than the HFGM Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of DVRIX and HFGM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DVRIX	HFGM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.28	1.84	-0.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.10	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.95	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	1.92	-1.49

Drawdowns

DVRIX vs. HFGM - Drawdown Comparison

The maximum DVRIX drawdown since its inception was -36.61%, which is greater than HFGM's maximum drawdown of -10.66%. Use the drawdown chart below to compare losses from any high point for DVRIX and HFGM.

Drawdown Indicators

	DVRIX	HFGM	Difference
Max Drawdown Largest peak-to-trough decline	-36.61%	-10.66%	-25.95%
Max Drawdown (1Y) Largest decline over 1 year	-3.08%	-10.66%	+7.58%
Max Drawdown (3Y) Largest decline over 3 years	-3.57%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-9.88%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-12.80%	—	—
Current Drawdown Current decline from peak	-1.71%	-3.83%	+2.12%
Average Drawdown Average peak-to-trough decline	-4.11%	-2.67%	-1.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	3.94%	-3.06%

Volatility

DVRIX vs. HFGM - Volatility Comparison

The current volatility for MFS Global Alternative Strategy Fund (DVRIX) is 1.04%, while Unlimited HFGM Global Macro ETF (HFGM) has a volatility of 4.15%. This indicates that DVRIX experiences smaller price fluctuations and is considered to be less risky than HFGM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DVRIX	HFGM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.04%	4.15%	-3.11%
Volatility (6M) Calculated over the trailing 6-month period	2.87%	17.35%	-14.48%
Volatility (1Y) Calculated over the trailing 1-year period	3.53%	22.52%	-18.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.86%	21.74%	-16.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.23%	21.74%	-16.51%

DVRIX vs. HFGM - Expense Ratio Comparison

DVRIX has a 1.05% expense ratio, which is higher than HFGM's 0.95% expense ratio.

Dividends

DVRIX vs. HFGM - Dividend Comparison

DVRIX's dividend yield for the trailing twelve months is around 1.14%, less than HFGM's 9.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DVRIX MFS Global Alternative Strategy Fund	1.14%	1.15%	1.65%	1.15%	0.60%	0.60%	0.64%	1.14%	1.11%	2.17%	2.87%	1.15%
HFGM Unlimited HFGM Global Macro ETF	9.63%	11.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DVRIX and HFGM in my portfolio?

DVRIX and HFGM have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DVRIX or HFGM?

HFGM has higher volatility (4.15%) compared to DVRIX (1.04%). In terms of maximum drawdown, DVRIX dropped -36.61% vs HFGM's -10.66%.

Which has better risk-adjusted returns?

HFGM currently has the higher Sharpe Ratio (1.84 vs 1.28), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.