HECA vs. HFMF
HECA (Hedgeye Capital Allocation ETF) and HFMF (Unlimited HFMF Managed Futures ETF) are both exchange-traded funds - HECA is a Global Allocation fund actively managed by Hedgeye, while HFMF is a Systematic Trend fund actively managed by Unlimited. Both are actively managed. A 0.53 correlation means they provide meaningful diversification when combined. HECA charges 1.02%/yr vs 0.97%/yr for HFMF.
Performance
HECA vs. HFMF - Performance Comparison
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Returns By Period
In the year-to-date period, HECA achieves a 0.22% return, which is significantly lower than HFMF's 7.67% return.
HECA
- 1D
- -0.75%
- 1M
- -0.29%
- YTD
- 0.22%
- 6M
- -0.08%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HFMF
- 1D
- -0.58%
- 1M
- -2.87%
- YTD
- 7.67%
- 6M
- 8.74%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HECA vs. HFMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
HECA Hedgeye Capital Allocation ETF | 0.22% | 12.70% |
HFMF Unlimited HFMF Managed Futures ETF | 7.67% | 6.34% |
Correlation
The correlation between HECA and HFMF is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Jul 16, 2025 | 0.53 |
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Return for Risk
HECA vs. HFMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hedgeye Capital Allocation ETF (HECA) 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.
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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Sharpe Ratios by Period
| HECA | HFMF | Difference | |
|---|---|---|---|
Sharpe Ratio (All Time)Calculated using the full available price history | 1.15 | 0.99 | +0.16 |
Drawdowns
HECA vs. HFMF - Drawdown Comparison
The maximum HECA drawdown since its inception was -11.81%, which is greater than HFMF's maximum drawdown of -10.00%. Use the drawdown chart below to compare losses from any high point for HECA and HFMF.
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Drawdown Indicators
| HECA | HFMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.81% | -10.00% | -1.81% |
Current DrawdownCurrent decline from peak | -10.09% | -9.89% | -0.20% |
Average DrawdownAverage peak-to-trough decline | -3.15% | -2.86% | -0.29% |
Volatility
HECA vs. HFMF - Volatility Comparison
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Volatility by Period
| HECA | HFMF | Difference | |
|---|---|---|---|
Volatility (1Y)Calculated over the trailing 1-year period | 12.44% | 16.79% | -4.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.44% | 16.79% | -4.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.44% | 16.79% | -4.35% |
HECA vs. HFMF - Expense Ratio Comparison
HECA has a 1.02% expense ratio, which is higher than HFMF's 0.97% expense ratio.
Dividends
HECA vs. HFMF - Dividend Comparison
HECA's dividend yield for the trailing twelve months is around 2.01%, less than HFMF's 2.76% yield.
| Position | TTM | 2025 |
|---|---|---|
HECA Hedgeye Capital Allocation ETF | 2.01% | 2.02% |
HFMF Unlimited HFMF Managed Futures ETF | 2.76% | 2.97% |
Frequently Asked Questions
HECA and HFMF have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HFMF is cheaper at 0.97% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HFMF is cheaper with a 0.97% expense ratio, compared with 1.02% for HECA.
HFMF has the higher dividend yield at 2.76%, compared with 2.01% for HECA.
HECA is categorized as Global Allocation, while HFMF is Systematic Trend. They also come from different issuers: Hedgeye and Unlimited. Their fees differ too: 1.02% for HECA and 0.97% for HFMF.
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