FMUB vs. HFMF

Last updated Jul 12, 2026

FMUB (Fidelity Municipal Bond Opportunities ETF) and HFMF (Unlimited HFMF Managed Futures ETF) are both exchange-traded funds - FMUB is a Municipal Bonds fund actively managed by Fidelity, while HFMF is a Systematic Trend fund actively managed by Unlimited. Both are actively managed. At a correlation of -0.11, they often move in opposite directions. FMUB charges 0.30%/yr vs 0.97%/yr for HFMF.

Performance

FMUB vs. HFMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Municipal Bond Opportunities ETF (FMUB) 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, FMUB achieves a 2.36% return, which is significantly lower than HFMF's 3.80% return.

FMUB

• 1D: 0.08%
• 1M: 0.61%
• 6M: 1.73%
• YTD: 2.36%
• 1Y: 7.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HFMF

• 1D: 0.12%
• 1M: -1.89%
• 6M: -0.94%
• YTD: 3.80%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FMUB vs. HFMF - Yearly Performance Comparison

	2026 (YTD)	2025
FMUB Fidelity Municipal Bond Opportunities ETF	2.36%	4.53%
HFMF Unlimited HFMF Managed Futures ETF	3.80%	6.34%

Correlation

The correlation between FMUB and HFMF is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	-0.11

Return for Risk

FMUB vs. HFMF — Risk / Return Rank

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

FMUB

FMUB Risk / Return Rank: 84
FMUB Sharpe Ratio Rank: 92
FMUB Sortino Ratio Rank: 93
FMUB Omega Ratio Rank: 94
FMUB Calmar Ratio Rank: 68
FMUB Martin Ratio Rank: 74

HFMF

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

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.

FMUB vs. HFMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Municipal Bond Opportunities ETF (FMUB) 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.

	FMUB	HFMF	Difference
Sharpe ratio: Return per unit of total volatility	2.55	—	—
Sortino ratio: Return per unit of downside risk	3.69	—	—
Omega ratio: Gain probability vs. loss probability	1.54	—	—
Calmar ratio: Return relative to maximum drawdown	2.73	—	—
Martin ratio: Return relative to average drawdown	10.96	—	—

Drawdowns

FMUB vs. HFMF - Drawdown Comparison

The maximum FMUB drawdown since its inception was -2.74%, smaller than the maximum HFMF drawdown of -14.69%. Use the drawdown chart below to compare losses from any high point for FMUB and HFMF.

Drawdown Indicators

	FMUB	HFMF	Difference
Max Drawdown Largest peak-to-trough decline	-2.74%	-14.69%	+11.95%
Max Drawdown (1Y) Largest decline over 1 year	-2.49%	—	—
Current Drawdown Current decline from peak	-0.24%	-13.13%	+12.89%
Average Drawdown Average peak-to-trough decline	-0.46%	-3.85%	+3.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.63%	—	—

Volatility

Volatility by Period

	FMUB	HFMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.70%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.08%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.67%	16.13%	-13.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.59%	16.13%	-12.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.59%	16.13%	-12.54%

FMUB vs. HFMF - Expense Ratio Comparison

FMUB has a 0.30% expense ratio, which is lower than HFMF's 0.97% expense ratio.

Dividends

FMUB vs. HFMF - Dividend Comparison

FMUB's dividend yield for the trailing twelve months is around 3.49%, more than HFMF's 2.86% yield.

Position	TTM	2025
FMUB Fidelity Municipal Bond Opportunities ETF	3.49%	2.63%
HFMF Unlimited HFMF Managed Futures ETF	2.86%	2.97%

Frequently Asked Questions

Can I hold both FMUB and HFMF in my portfolio?

FMUB and HFMF have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FMUB or HFMF?

On fees, FMUB is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FMUB or HFMF?

FMUB is cheaper with a 0.30% expense ratio, compared with 0.97% for HFMF.

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

FMUB has the higher dividend yield at 3.49%, compared with 2.86% for HFMF.

What is the main difference between FMUB and HFMF?

FMUB is categorized as Municipal Bonds, while HFMF is Systematic Trend. They also come from different issuers: Fidelity and Unlimited. Their fees differ too: 0.30% for FMUB and 0.97% for HFMF.