FARX vs. MHIG

Last updated Aug 1, 2026

FARX (Frontier Asset Absolute Return ETF) and MHIG (Milliman Healthcare Inflation Guard ETF) are both Multistrategy funds. Both are actively managed. Their 0.18 correlation means their historical movements had little consistent relationship. FARX charges 1.00%/yr vs 0.55%/yr for MHIG.

Performance

FARX vs. MHIG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Frontier Asset Absolute Return ETF (FARX) and Milliman Healthcare Inflation Guard ETF (MHIG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FARX

• 1D: 0.26%
• 1M: 1.45%
• 6M: 5.21%
• YTD: 8.85%
• 1Y: 18.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.25%

MHIG

• 1D: -0.59%
• 1M: -1.16%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FARX Frontier Asset Absolute Return ETF	$13.77K	$28.36K	$41.16K
MHIG Milliman Healthcare Inflation Guard ETF	$201.61	$339.29	$1.24K

FARX vs. MHIG - Yearly Performance Comparison

	2026 (YTD)
FARX Frontier Asset Absolute Return ETF	1.73%
MHIG Milliman Healthcare Inflation Guard ETF	-2.73%

Correlation

The correlation between FARX and MHIG is 0.18, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 21, 2026	0.18

Return for Risk

FARX vs. MHIG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FARX

FARX Risk / Return Rank: 93
FARX Sharpe Ratio Rank: 93
FARX Sortino Ratio Rank: 92
FARX Omega Ratio Rank: 93
FARX Calmar Ratio Rank: 96
FARX Martin Ratio Rank: 94

MHIG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FARX vs. MHIG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Frontier Asset Absolute Return ETF (FARX) and Milliman Healthcare Inflation Guard ETF (MHIG). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FARX	MHIG	Difference
Sharpe ratio: Return per unit of total volatility	2.46	—	—
Sortino ratio: Return per unit of downside risk	3.35	—	—
Omega ratio: Gain probability vs. loss probability	1.48	—	—
Calmar ratio: Return relative to maximum drawdown	6.04	—	—
Martin ratio: Return relative to average drawdown	18.24	—	—

Drawdowns

FARX vs. MHIG - Drawdown Comparison

The maximum FARX drawdown since its inception was -5.83%, which is greater than MHIG's maximum drawdown of -3.06%. Use the drawdown chart below to compare losses from any high point for FARX and MHIG.

Drawdown Indicators

	FARX	MHIG	Difference
Max Drawdown Largest peak-to-trough decline	-5.83%	-3.06%	-2.77%
Max Drawdown (1Y) Largest decline over 1 year	-2.99%	—	—
Current Drawdown Current decline from peak	-0.99%	-2.73%	+1.74%
Average Drawdown Average peak-to-trough decline	-1.08%	-1.97%	+0.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.99%	—	—

Volatility

Volatility by Period

	FARX	MHIG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.70%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.60%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	7.36%	7.39%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.99%	7.39%	-0.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.99%	7.39%	-0.40%

FARX vs. MHIG - Expense Ratio Comparison

FARX has a 1.00% expense ratio, which is higher than MHIG's 0.55% expense ratio.

Dividends

FARX vs. MHIG - Dividend Comparison

FARX's dividend yield for the trailing twelve months is around 2.87%, while MHIG has not paid dividends to shareholders.

Position	TTM	2025	2024
FARX Frontier Asset Absolute Return ETF	2.87%	3.25%	0.19%
MHIG Milliman Healthcare Inflation Guard ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FARX and MHIG in my portfolio?

FARX and MHIG have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FARX or MHIG?

On fees, MHIG is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FARX or MHIG?

MHIG is cheaper with a 0.55% expense ratio, compared with 1.00% for FARX.

Which ETF pays a higher dividend yield, FARX or MHIG?

FARX has the higher dividend yield at 2.87%, compared with 0.00% for MHIG.

What is the main difference between FARX and MHIG?

They also come from different issuers: Frontier and Milliman. Their fees differ too: 1.00% for FARX and 0.55% for MHIG.