GXDW vs. HFMF

Last updated Apr 2, 2026

Compare and contrast key facts about Global X Dorsey Wright Thematic ETF (GXDW) and Unlimited HFMF Managed Futures ETF (HFMF).

GXDW and HFMF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GXDW is a passively managed fund by Global X that tracks the performance of the Nasdaq Dorsey Wright Thematic Rotation Total Return Index. It was launched on Oct 25, 2019. HFMF is an actively managed fund by Unlimited. It was launched on Jul 14, 2025.

Performance

GXDW vs. HFMF - Performance Comparison

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

GXDW vs. HFMF - Yearly Performance Comparison

	2026 (YTD)	2025
GXDW Global X Dorsey Wright Thematic ETF	-5.33%	-5.14%
HFMF Unlimited HFMF Managed Futures ETF	12.13%	6.34%

Returns By Period

In the year-to-date period, GXDW achieves a -5.33% return, which is significantly lower than HFMF's 12.13% return.

GXDW

• 1D: 1.58%
• 1M: -4.04%
• YTD: -5.33%
• 6M: -16.58%
• 1Y: 1.48%
• 3Y*: -2.35%
• 5Y*: -12.97%
• 10Y*: —

HFMF

• 1D: 0.34%
• 1M: -2.22%
• YTD: 12.13%
• 6M: 13.05%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GXDW vs. HFMF - Expense Ratio Comparison

GXDW has a 0.50% expense ratio, which is lower than HFMF's 0.97% expense ratio.

HFMF

Unlimited HFMF Managed Futures ETF

GXDW

Global X Dorsey Wright Thematic ETF

Return for Risk

GXDW vs. HFMF — Risk / Return Rank

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

GXDW

GXDW Risk / Return Rank: 13
GXDW Sharpe Ratio Rank: 13
GXDW Sortino Ratio Rank: 13
GXDW Omega Ratio Rank: 13
GXDW Calmar Ratio Rank: 12
GXDW Martin Ratio Rank: 12

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.

GXDW vs. HFMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Dorsey Wright Thematic ETF (GXDW) 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.

	GXDW	HFMF	Difference
Sharpe ratio Return per unit of total volatility	0.05	—	—
Sortino ratio Return per unit of downside risk	0.27	—	—
Omega ratio Gain probability vs. loss probability	1.04	—	—
Calmar ratio Return relative to maximum drawdown	0.05	—	—
Martin ratio Return relative to average drawdown	0.12	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	GXDW	HFMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.05	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.48	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.03	1.59	-1.62

Correlation

The correlation between GXDW and HFMF is 0.60, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

GXDW vs. HFMF - Dividend Comparison

GXDW's dividend yield for the trailing twelve months is around 1.48%, less than HFMF's 2.65% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019
GXDW Global X Dorsey Wright Thematic ETF	1.48%	1.40%	1.08%	1.99%	1.48%	1.56%	0.48%	0.31%
HFMF Unlimited HFMF Managed Futures ETF	2.65%	2.97%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

GXDW vs. HFMF - Drawdown Comparison

The maximum GXDW drawdown since its inception was -67.81%, which is greater than HFMF's maximum drawdown of -7.77%. Use the drawdown chart below to compare losses from any high point for GXDW and HFMF.

Drawdown Indicators

	GXDW	HFMF	Difference
Max Drawdown Largest peak-to-trough decline	-67.81%	-7.77%	-60.04%
Max Drawdown (1Y) Largest decline over 1 year	-24.65%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-61.17%	—	—
Current Drawdown Current decline from peak	-62.58%	-6.16%	-56.42%
Average Drawdown Average peak-to-trough decline	-42.77%	-1.73%	-41.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.86%	—	—

Volatility

Volatility by Period

	GXDW	HFMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.38%	—	—
Volatility (6M) Calculated over the trailing 6-month period	20.72%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	27.43%	17.61%	+9.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.32%	17.61%	+9.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.53%	17.61%	+11.92%