HEFT vs. HFMF

Last updated Aug 2, 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. Their 0.48 correlation means their historical movements had little consistent relationship. 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 3.28% return and HFMF slightly higher at 3.42%.

HEFT

• 1D: -0.04%
• 1M: -0.42%
• 6M: -3.62%
• YTD: 3.28%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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)
HEFT Hedgeye Fourth Turning ETF	$283.91K	$525.47K	$801.16K
HFMF Unlimited HFMF Managed Futures ETF	$110.86K	$119.38K	$221.46K

HEFT vs. HFMF - Yearly Performance Comparison

	2026 (YTD)	2025
HEFT Hedgeye Fourth Turning ETF	3.28%	1.10%
HFMF Unlimited HFMF Managed Futures ETF	3.42%	5.57%

Correlation

The correlation between HEFT and HFMF is 0.48, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 21, 2025	0.48

Return for Risk

HEFT vs. HFMF — Risk / Return Rank

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

HEFT

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

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.

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.

	HEFT	HFMF	Difference
Sharpe ratio: Return per unit of total volatility	—	0.64	—
Sortino ratio: Return per unit of downside risk	—	0.99	—
Omega ratio: Gain probability vs. loss probability	—	1.13	—
Calmar ratio: Return relative to maximum drawdown	—	0.71	—
Martin ratio: Return relative to average drawdown	—	1.66	—

Drawdowns

HEFT vs. HFMF - Drawdown Comparison

The maximum HEFT drawdown since its inception was -9.17%, smaller than the maximum HFMF drawdown of -14.69%. 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%	-14.69%	+5.52%
Max Drawdown (1Y) Largest decline over 1 year	—	-14.69%	—
Current Drawdown Current decline from peak	-6.82%	-13.45%	+6.63%
Average Drawdown Average peak-to-trough decline	-3.79%	-4.30%	+0.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	6.30%	—

Volatility

Volatility by Period

	HEFT	HFMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.55%	—
Volatility (6M) Calculated over the trailing 6-month period	—	12.26%	—
Volatility (1Y) Calculated over the trailing 1-year period	12.66%	16.26%	-3.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.66%	15.96%	-3.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.66%	15.96%	-3.30%

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 2.87% yield.

Position	TTM	2025
HEFT Hedgeye Fourth Turning ETF	0.02%	0.02%
HFMF Unlimited HFMF Managed Futures ETF	2.87%	2.97%

Frequently Asked Questions

Can I hold both HEFT and HFMF in my portfolio?

HEFT and HFMF have a correlation of 0.48, 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 2.87%, 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.