HECA vs. HFMF

Last updated Aug 2, 2026

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. Over the past year, HECA returned 11.32% vs 10.42% for HFMF. Their 0.45 correlation means their historical movements had little consistent relationship. HECA charges 1.02%/yr vs 0.97%/yr for HFMF.

Performance

HECA vs. HFMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hedgeye Capital Allocation ETF (HECA) 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, HECA achieves a -1.45% return, which is significantly lower than HFMF's 3.42% return.

HECA

• 1D: -0.33%
• 1M: -0.47%
• 6M: -6.52%
• YTD: -1.45%
• 1Y: 11.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.31%

HFMF

• 1D: -0.22%
• 1M: 1.45%
• 6M: -5.24%
• YTD: 3.42%
• 1Y: 10.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.55%

*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)
HECA Hedgeye Capital Allocation ETF	$1.59M	$1.93M	$3.89M
HFMF Unlimited HFMF Managed Futures ETF	$110.86K	$119.38K	$221.46K

HECA vs. HFMF - Yearly Performance Comparison

	2026 (YTD)	2025
HECA Hedgeye Capital Allocation ETF	-1.45%	12.26%
HFMF Unlimited HFMF Managed Futures ETF	3.42%	6.34%

Correlation

The correlation between HECA and HFMF is 0.47, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.47
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	0.45

Return for Risk

HECA vs. HFMF — Risk / Return Rank

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

HECA

HECA Risk / Return Rank: 29
HECA Sharpe Ratio Rank: 34
HECA Sortino Ratio Rank: 33
HECA Omega Ratio Rank: 33
HECA Calmar Ratio Rank: 26
HECA Martin Ratio Rank: 22

HFMF

HFMF Risk / Return Rank: 25
HFMF Sharpe Ratio Rank: 27
HFMF Sortino Ratio Rank: 26
HFMF Omega Ratio Rank: 27
HFMF Calmar Ratio Rank: 24
HFMF Martin Ratio Rank: 23

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.

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.

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.

	HECA	HFMF	Difference
Sharpe ratio: Return per unit of total volatility	0.83	0.64	+0.19
Sortino ratio: Return per unit of downside risk	1.24	0.99	+0.24
Omega ratio: Gain probability vs. loss probability	1.16	1.13	+0.03
Calmar ratio: Return relative to maximum drawdown	0.80	0.71	+0.09
Martin ratio: Return relative to average drawdown	1.57	1.66	-0.09

HECA vs. HFMF - Sharpe Ratio Comparison

The current HECA Sharpe Ratio is 0.83, which is comparable to the HFMF Sharpe Ratio of 0.64. The chart below compares the historical Sharpe Ratios of HECA 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

HECA vs. HFMF - Drawdown Comparison

The maximum HECA drawdown since its inception was -12.82%, smaller than the maximum HFMF drawdown of -14.69%. Use the drawdown chart below to compare losses from any high point for HECA and HFMF.

Drawdown Indicators

	HECA	HFMF	Difference
Max Drawdown Largest peak-to-trough decline	-12.82%	-14.69%	+1.87%
Max Drawdown (1Y) Largest decline over 1 year	-12.82%	-14.69%	+1.87%
Current Drawdown Current decline from peak	-11.58%	-13.45%	+1.87%
Average Drawdown Average peak-to-trough decline	-4.38%	-4.30%	-0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.55%	6.30%	+0.25%

Volatility

HECA vs. HFMF - Volatility Comparison

The current volatility for Hedgeye Capital Allocation ETF (HECA) is 1.46%, while Unlimited HFMF Managed Futures ETF (HFMF) has a volatility of 3.55%. This indicates that HECA 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

	HECA	HFMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.46%	3.55%	-2.09%
Volatility (6M) Calculated over the trailing 6-month period	8.24%	12.26%	-4.02%
Volatility (1Y) Calculated over the trailing 1-year period	12.43%	16.26%	-3.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.04%	15.96%	-3.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.04%	15.96%	-3.92%

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 2.05%, less than HFMF's 2.87% yield.

Position	TTM	2025
HECA Hedgeye Capital Allocation ETF	2.05%	2.02%
HFMF Unlimited HFMF Managed Futures ETF	2.87%	2.97%

Frequently Asked Questions

Can I hold both HECA and HFMF in my portfolio?

HECA and HFMF have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HECA or HFMF?

HFMF has higher volatility (3.55%) compared to HECA (1.46%). In terms of maximum drawdown, HECA dropped -12.82% vs HFMF's -14.69%.

Which ETF is better, HECA or HFMF?

On 1-year performance, HECA leads with 11.32% vs 10.42% for HFMF. On fees, HFMF is cheaper at 0.97% per year. On volatility, HECA has been the lower-risk option at 1.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HECA or HFMF?

Over the 1-year period, HECA has performed better with a 11.32% return vs 10.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HECA or HFMF?

HFMF is cheaper with a 0.97% expense ratio, compared with 1.02% for HECA.

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

HFMF has the higher dividend yield at 2.87%, compared with 2.05% for HECA.

What is the main difference between HECA and HFMF?

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.

Which has better risk-adjusted returns?

HECA currently has the higher Sharpe Ratio (0.83 vs 0.64), 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.