FFUT vs. HFMF

Last updated Aug 4, 2026

FFUT (Fidelity Managed Futures ETF) and HFMF (Unlimited HFMF Managed Futures ETF) are both Systematic Trend funds. Both are actively managed. Over the past year, FFUT returned 22.59% vs 8.28% for HFMF. Their 0.38 correlation means their historical movements had little consistent relationship. FFUT charges 0.80%/yr vs 0.97%/yr for HFMF.

Performance

FFUT vs. HFMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Managed Futures ETF (FFUT) and Unlimited HFMF Managed Futures ETF (HFMF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FFUT achieves a 12.52% return, which is significantly higher than HFMF's 1.42% return.

FFUT

• 1D: -0.94%
• 1M: 4.47%
• 6M: 9.16%
• YTD: 12.52%
• 1Y: 22.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 18.82%

HFMF

• 1D: -1.94%
• 1M: -0.52%
• 6M: -6.22%
• YTD: 1.42%
• 1Y: 8.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.45%

*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)
FFUT Fidelity Managed Futures ETF	$7.87M	$4.04M	$2.05M
HFMF Unlimited HFMF Managed Futures ETF	$131.57K	$127.59K	$209.42K

FFUT vs. HFMF - Yearly Performance Comparison

	2026 (YTD)	2025
FFUT Fidelity Managed Futures ETF	12.52%	6.94%
HFMF Unlimited HFMF Managed Futures ETF	1.42%	6.34%

Correlation

The correlation between FFUT and HFMF is 0.38, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.38
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	0.38

Return for Risk

FFUT vs. HFMF — Risk / Return Rank

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

FFUT

FFUT Risk / Return Rank: 85
FFUT Sharpe Ratio Rank: 82
FFUT Sortino Ratio Rank: 82
FFUT Omega Ratio Rank: 83
FFUT Calmar Ratio Rank: 91
FFUT Martin Ratio Rank: 88

HFMF

HFMF Risk / Return Rank: 21
HFMF Sharpe Ratio Rank: 23
HFMF Sortino Ratio Rank: 22
HFMF Omega Ratio Rank: 23
HFMF Calmar Ratio Rank: 20
HFMF Martin Ratio Rank: 20

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.

FFUT vs. HFMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Managed Futures ETF (FFUT) and Unlimited HFMF Managed Futures ETF (HFMF). 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.

	FFUT	HFMF	Difference
Sharpe ratio: Return per unit of total volatility	1.95	0.51	+1.44
Sortino ratio: Return per unit of downside risk	2.74	0.81	+1.94
Omega ratio: Gain probability vs. loss probability	1.37	1.10	+0.26
Calmar ratio: Return relative to maximum drawdown	4.06	0.55	+3.51
Martin ratio: Return relative to average drawdown	13.81	1.30	+12.51

FFUT vs. HFMF - Sharpe Ratio Comparison

The current FFUT Sharpe Ratio is 1.95, which is higher than the HFMF Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of FFUT and HFMF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FFUT vs. HFMF - Drawdown Comparison

The maximum FFUT drawdown since its inception was -5.59%, smaller than the maximum HFMF drawdown of -15.13%. Use the drawdown chart below to compare losses from any high point for FFUT and HFMF.

Drawdown Indicators

	FFUT	HFMF	Difference
Max Drawdown Largest peak-to-trough decline	-5.59%	-15.13%	+9.54%
Max Drawdown (1Y) Largest decline over 1 year	-5.59%	-15.13%	+9.54%
Current Drawdown Current decline from peak	-2.36%	-15.13%	+12.77%
Average Drawdown Average peak-to-trough decline	-1.12%	-4.35%	+3.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.64%	6.38%	-4.74%

Volatility

FFUT vs. HFMF - Volatility Comparison

The current volatility for Fidelity Managed Futures ETF (FFUT) is 3.71%, while Unlimited HFMF Managed Futures ETF (HFMF) has a volatility of 4.03%. This indicates that FFUT experiences smaller price fluctuations and is considered to be less risky than HFMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FFUT	HFMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.71%	4.03%	-0.32%
Volatility (6M) Calculated over the trailing 6-month period	9.26%	11.71%	-2.45%
Volatility (1Y) Calculated over the trailing 1-year period	11.66%	16.41%	-4.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.11%	16.04%	-4.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.11%	16.04%	-4.93%

FFUT vs. HFMF - Expense Ratio Comparison

FFUT has a 0.80% expense ratio, which is lower than HFMF's 0.97% expense ratio.

Dividends

FFUT vs. HFMF - Dividend Comparison

FFUT's dividend yield for the trailing twelve months is around 1.86%, less than HFMF's 2.93% yield.

Position	TTM	2025
FFUT Fidelity Managed Futures ETF	1.86%	2.09%
HFMF Unlimited HFMF Managed Futures ETF	2.93%	2.97%

Frequently Asked Questions

Can I hold both FFUT and HFMF in my portfolio?

FFUT and HFMF have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FFUT or HFMF?

HFMF has higher volatility (4.03%) compared to FFUT (3.71%). In terms of maximum drawdown, FFUT dropped -5.59% vs HFMF's -15.13%.

Which ETF is better, FFUT or HFMF?

On 1-year performance, FFUT leads with 22.59% vs 8.28% for HFMF. On fees, FFUT is cheaper at 0.80% per year. On volatility, FFUT has been the lower-risk option at 3.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FFUT or HFMF?

Over the 1-year period, FFUT has performed better with a 22.59% return vs 8.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FFUT or HFMF?

FFUT is cheaper with a 0.80% expense ratio, compared with 0.97% for HFMF.

Which ETF pays a higher dividend yield, FFUT or HFMF?

HFMF has the higher dividend yield at 2.93%, compared with 1.86% for FFUT.

What is the main difference between FFUT and HFMF?

They also come from different issuers: Fidelity and Unlimited. Their fees differ too: 0.80% for FFUT and 0.97% for HFMF.

Which has better risk-adjusted returns?

FFUT currently has the higher Sharpe Ratio (1.95 vs 0.51), 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.