HFEQ vs. HFGM

Last updated Jun 4, 2026

HFEQ (Unlimited HFEQ Equity Long/Short ETF) and HFGM (Unlimited HFGM Global Macro ETF) are both exchange-traded funds - HFEQ is a Long-Short fund actively managed by Unlimited, while HFGM is a Macro Trading fund actively managed by Unlimited. Both are actively managed. A 0.73 correlation means they provide meaningful diversification when combined. HFEQ charges 1.00%/yr vs 0.95%/yr for HFGM.

Performance

HFEQ vs. HFGM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Unlimited HFEQ Equity Long/Short ETF (HFEQ) and Unlimited HFGM Global Macro ETF (HFGM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HFEQ achieves a 14.04% return, which is significantly lower than HFGM's 14.95% return.

HFEQ

• 1D: -0.34%
• 1M: 5.50%
• YTD: 14.04%
• 6M: 13.73%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

HFGM

• 1D: -1.51%
• 1M: -0.10%
• YTD: 14.95%
• 6M: 14.19%
• 1Y: 39.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HFEQ vs. HFGM - Yearly Performance Comparison

	2026 (YTD)	2025
HFEQ Unlimited HFEQ Equity Long/Short ETF	14.04%	14.92%
HFGM Unlimited HFGM Global Macro ETF	14.95%	17.83%

Correlation

The correlation between HFEQ and HFGM is 0.73, 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	0.73

Return for Risk

HFEQ vs. HFGM — Risk / Return Rank

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

HFGM

HFGM Risk / Return Rank: 55
HFGM Sharpe Ratio Rank: 50
HFGM Sortino Ratio Rank: 46
HFGM Omega Ratio Rank: 48
HFGM Calmar Ratio Rank: 73
HFGM Martin Ratio Rank: 56

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.

HFEQ vs. HFGM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Unlimited HFEQ Equity Long/Short ETF (HFEQ) and Unlimited HFGM Global Macro ETF (HFGM). 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

	HFEQ	HFGM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.75	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.66	1.82	-0.16

Drawdowns

HFEQ vs. HFGM - Drawdown Comparison

The maximum HFEQ drawdown since its inception was -12.46%, which is greater than HFGM's maximum drawdown of -10.66%. Use the drawdown chart below to compare losses from any high point for HFEQ and HFGM.

Drawdown Indicators

	HFEQ	HFGM	Difference
Max Drawdown Largest peak-to-trough decline	-12.46%	-10.66%	-1.80%
Max Drawdown (1Y) Largest decline over 1 year	—	-10.66%	—
Current Drawdown Current decline from peak	-0.34%	-5.28%	+4.94%
Average Drawdown Average peak-to-trough decline	-2.45%	-2.68%	+0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.95%	—

Volatility

Volatility by Period

	HFEQ	HFGM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.40%	—
Volatility (6M) Calculated over the trailing 6-month period	—	17.41%	—
Volatility (1Y) Calculated over the trailing 1-year period	21.60%	22.55%	-0.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.60%	21.75%	-0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.60%	21.75%	-0.15%

HFEQ vs. HFGM - Expense Ratio Comparison

HFEQ has a 1.00% expense ratio, which is higher than HFGM's 0.95% expense ratio.

Dividends

HFEQ vs. HFGM - Dividend Comparison

HFEQ's dividend yield for the trailing twelve months is around 9.25%, less than HFGM's 9.77% yield.

Position	TTM	2025
HFEQ Unlimited HFEQ Equity Long/Short ETF	9.25%	10.55%
HFGM Unlimited HFGM Global Macro ETF	9.77%	11.23%

Frequently Asked Questions

Can I hold both HFEQ and HFGM in my portfolio?

HFEQ and HFGM have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HFEQ or HFGM?

On fees, HFGM is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HFEQ or HFGM?

HFGM is cheaper with a 0.95% expense ratio, compared with 1.00% for HFEQ.

Which ETF pays a higher dividend yield, HFEQ or HFGM?

HFGM has the higher dividend yield at 9.77%, compared with 9.25% for HFEQ.

What is the main difference between HFEQ and HFGM?

HFEQ is categorized as Long-Short, while HFGM is Macro Trading. Their fees differ too: 1.00% for HFEQ and 0.95% for HFGM.