GOLY vs. HFMF

Last updated Jul 17, 2026

GOLY (Strategy Shares Gold-Hedged Bond ETF) and HFMF (Unlimited HFMF Managed Futures ETF) are both exchange-traded funds - GOLY is a Nontraditional Bonds fund tracking the Solactive Gold-Backed Bond Index, while HFMF is a Systematic Trend fund actively managed by Unlimited. GOLY is passively managed, while HFMF is actively managed. Over the past year, GOLY returned -9.55% vs 11.33% for HFMF. At a 0.33 correlation, their price movements are largely independent. GOLY charges 0.79%/yr vs 0.97%/yr for HFMF.

Performance

GOLY vs. HFMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Strategy Shares Gold-Hedged Bond ETF (GOLY) 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, GOLY achieves a -27.55% return, which is significantly lower than HFMF's 4.38% return.

GOLY

• 1D: -1.29%
• 1M: -9.01%
• 6M: -32.08%
• YTD: -27.55%
• 1Y: -9.55%
• 3Y*: 13.18%
• 5Y*: 4.03%
• 10Y*: —

HFMF

• 1D: -0.83%
• 1M: -0.26%
• 6M: -1.87%
• YTD: 4.38%
• 1Y: 11.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GOLY vs. HFMF - Yearly Performance Comparison

	2026 (YTD)	2025
GOLY Strategy Shares Gold-Hedged Bond ETF	-27.55%	24.41%
HFMF Unlimited HFMF Managed Futures ETF	4.38%	6.34%

Correlation

The correlation between GOLY and HFMF is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	0.33

Return for Risk

GOLY vs. HFMF — Risk / Return Rank

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

GOLY

GOLY Risk / Return Rank: 7
GOLY Sharpe Ratio Rank: 7
GOLY Sortino Ratio Rank: 7
GOLY Omega Ratio Rank: 7
GOLY Calmar Ratio Rank: 7
GOLY Martin Ratio Rank: 7

HFMF

HFMF Risk / Return Rank: 23
HFMF Sharpe Ratio Rank: 24
HFMF Sortino Ratio Rank: 23
HFMF Omega Ratio Rank: 25
HFMF Calmar Ratio Rank: 21
HFMF Martin Ratio Rank: 21

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.

GOLY vs. HFMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Strategy Shares Gold-Hedged Bond ETF (GOLY) 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.

	GOLY	HFMF	Difference
Sharpe ratio: Return per unit of total volatility	-0.28	0.71	-0.99
Sortino ratio: Return per unit of downside risk	-0.16	1.07	-1.23
Omega ratio: Gain probability vs. loss probability	0.98	1.14	-0.16
Calmar ratio: Return relative to maximum drawdown	-0.26	0.77	-1.03
Martin ratio: Return relative to average drawdown	-0.55	1.96	-2.50

GOLY vs. HFMF - Sharpe Ratio Comparison

The current GOLY Sharpe Ratio is -0.28, which is lower than the HFMF Sharpe Ratio of 0.71. The chart below compares the historical Sharpe Ratios of GOLY 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

GOLY vs. HFMF - Drawdown Comparison

The maximum GOLY drawdown since its inception was -37.48%, which is greater than HFMF's maximum drawdown of -14.69%. Use the drawdown chart below to compare losses from any high point for GOLY and HFMF.

Drawdown Indicators

	GOLY	HFMF	Difference
Max Drawdown Largest peak-to-trough decline	-37.48%	-14.69%	-22.79%
Max Drawdown (1Y) Largest decline over 1 year	-37.48%	-14.69%	-22.79%
Max Drawdown (3Y) Largest decline over 3 years	-37.48%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-37.48%	—	—
Current Drawdown Current decline from peak	-37.48%	-12.65%	-24.83%
Average Drawdown Average peak-to-trough decline	-12.36%	-3.98%	-8.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.52%	5.81%	+11.71%

Volatility

GOLY vs. HFMF - Volatility Comparison

Strategy Shares Gold-Hedged Bond ETF (GOLY) has a higher volatility of 6.83% compared to Unlimited HFMF Managed Futures ETF (HFMF) at 2.90%. This indicates that GOLY's price experiences larger fluctuations and is considered to be riskier than HFMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GOLY	HFMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.83%	2.90%	+3.93%
Volatility (6M) Calculated over the trailing 6-month period	30.35%	12.49%	+17.86%
Volatility (1Y) Calculated over the trailing 1-year period	33.93%	16.09%	+17.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.70%	16.06%	+6.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.44%	16.06%	+6.38%

GOLY vs. HFMF - Expense Ratio Comparison

GOLY has a 0.79% expense ratio, which is lower than HFMF's 0.97% expense ratio.

Dividends

GOLY vs. HFMF - Dividend Comparison

GOLY's dividend yield for the trailing twelve months is around 9.54%, more than HFMF's 2.84% yield.

Position	TTM	2025	2024	2023	2022	2021
GOLY Strategy Shares Gold-Hedged Bond ETF	9.54%	7.22%	3.85%	2.94%	2.57%	1.11%
HFMF Unlimited HFMF Managed Futures ETF	2.84%	2.97%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GOLY and HFMF in my portfolio?

GOLY and HFMF have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GOLY or HFMF?

GOLY has higher volatility (6.83%) compared to HFMF (2.90%). In terms of maximum drawdown, GOLY dropped -37.48% vs HFMF's -14.69%.

Which ETF is better, GOLY or HFMF?

On 1-year performance, HFMF leads with 11.33% vs -9.55% for GOLY. On fees, GOLY is cheaper at 0.79% per year. On volatility, HFMF has been the lower-risk option at 2.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GOLY or HFMF?

Over the 1-year period, HFMF has performed better with a 11.33% return vs -9.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GOLY or HFMF?

GOLY is cheaper with a 0.79% expense ratio, compared with 0.97% for HFMF.

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

GOLY has the higher dividend yield at 9.54%, compared with 2.84% for HFMF.

What is the main difference between GOLY and HFMF?

GOLY is categorized as Nontraditional Bonds, while HFMF is Systematic Trend. They also come from different issuers: Strategy Shares and Unlimited. Their fees differ too: 0.79% for GOLY and 0.97% for HFMF.

Which has better risk-adjusted returns?

HFMF currently has the higher Sharpe Ratio (0.71 vs -0.28), 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.