HEFT vs. HFMF

Last updated Jun 3, 2026

HEFT (Hedgeye Fourth Turning ETF) and HFMF (Unlimited HFMF Managed Futures ETF) are both exchange-traded funds - HEFT is a Long-Short fund actively managed by Hedgeye, while HFMF is a Systematic Trend fund actively managed by Unlimited. Both are actively managed. At a 0.49 correlation, their price movements are largely independent. HEFT charges 0.70%/yr vs 0.97%/yr for HFMF.

Performance

HEFT vs. HFMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hedgeye Fourth Turning ETF (HEFT) and Unlimited HFMF Managed Futures ETF (HFMF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with HEFT having a 7.94% return and HFMF slightly higher at 8.30%.

HEFT

• 1D: 0.32%
• 1M: 4.26%
• YTD: 7.94%
• 6M: 8.00%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

HFMF

• 1D: -0.33%
• 1M: -1.92%
• YTD: 8.30%
• 6M: 10.00%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HEFT vs. HFMF - Yearly Performance Comparison

	2026 (YTD)	2025
HEFT Hedgeye Fourth Turning ETF	7.94%	0.98%
HFMF Unlimited HFMF Managed Futures ETF	8.30%	4.90%

Correlation

The correlation between HEFT and HFMF is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 24, 2025	0.49

Return for Risk

HEFT vs. HFMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hedgeye Fourth Turning ETF (HEFT) 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.

Sharpe Ratios by Period

	HEFT	HFMF	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.45	1.04	+0.41

Drawdowns

HEFT vs. HFMF - Drawdown Comparison

The maximum HEFT drawdown since its inception was -9.17%, smaller than the maximum HFMF drawdown of -10.00%. Use the drawdown chart below to compare losses from any high point for HEFT and HFMF.

Drawdown Indicators

	HEFT	HFMF	Difference
Max Drawdown Largest peak-to-trough decline	-9.17%	-10.00%	+0.83%
Current Drawdown Current decline from peak	-2.62%	-9.37%	+6.75%
Average Drawdown Average peak-to-trough decline	-3.13%	-2.83%	-0.30%

Volatility

Volatility by Period

	HEFT	HFMF	Difference
Volatility (1Y) Calculated over the trailing 1-year period	12.58%	16.81%	-4.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.58%	16.81%	-4.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.58%	16.81%	-4.23%

HEFT vs. HFMF - Expense Ratio Comparison

HEFT has a 0.70% expense ratio, which is lower than HFMF's 0.97% expense ratio.

Dividends

HEFT vs. HFMF - Dividend Comparison

HEFT's dividend yield for the trailing twelve months is around 0.02%, less than HFMF's 2.74% yield.

Position	TTM	2025
HEFT Hedgeye Fourth Turning ETF	0.02%	0.02%
HFMF Unlimited HFMF Managed Futures ETF	2.74%	2.97%

Frequently Asked Questions

Can I hold both HEFT and HFMF in my portfolio?

HEFT and HFMF have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HEFT or HFMF?

On fees, HEFT is cheaper at 0.70% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HEFT or HFMF?

HEFT is cheaper with a 0.70% expense ratio, compared with 0.97% for HFMF.

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

HFMF has the higher dividend yield at 2.74%, compared with 0.02% for HEFT.

What is the main difference between HEFT and HFMF?

HEFT is categorized as Long-Short, while HFMF is Systematic Trend. They also come from different issuers: Hedgeye and Unlimited. Their fees differ too: 0.70% for HEFT and 0.97% for HFMF.