HFEQ vs. HFGM

Last updated Apr 2, 2026

Compare and contrast key facts about Unlimited HFEQ Equity Long/Short ETF (HFEQ) and Unlimited HFGM Global Macro ETF (HFGM).

HFEQ and HFGM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HFEQ is an actively managed fund by Unlimited. It was launched on Jul 14, 2025. HFGM is an actively managed fund by Unlimited. It was launched on Apr 14, 2025.

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.

HFEQ vs. HFGM - Yearly Performance Comparison

	2026 (YTD)	2025
HFEQ Unlimited HFEQ Equity Long/Short ETF	2.39%	14.92%
HFGM Unlimited HFGM Global Macro ETF	12.76%	17.83%

Returns By Period

In the year-to-date period, HFEQ achieves a 2.39% return, which is significantly lower than HFGM's 12.76% return.

HFEQ

• 1D: 1.22%
• 1M: -6.50%
• YTD: 2.39%
• 6M: 4.24%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

HFGM

• 1D: 1.43%
• 1M: -4.15%
• YTD: 12.76%
• 6M: 12.50%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HFEQ vs. HFGM - Expense Ratio Comparison

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

HFEQ

Unlimited HFEQ Equity Long/Short ETF

HFGM

Unlimited HFGM Global Macro ETF

Return for Risk

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 (All Time) Calculated using the full available price history	1.17	1.96	-0.79

Correlation

The correlation between HFEQ and HFGM is 0.76, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

HFEQ vs. HFGM - Dividend Comparison

HFEQ's dividend yield for the trailing twelve months is around 10.30%, more than HFGM's 9.96% yield.

	TTM	2025
HFEQ Unlimited HFEQ Equity Long/Short ETF	10.30%	10.55%
HFGM Unlimited HFGM Global Macro ETF	9.96%	11.23%

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%
Current Drawdown Current decline from peak	-8.57%	-7.09%	-1.48%
Average Drawdown Average peak-to-trough decline	-2.35%	-2.34%	-0.01%

Volatility

Volatility by Period

	HFEQ	HFGM	Difference
Volatility (1Y) Calculated over the trailing 1-year period	21.84%	23.05%	-1.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.84%	23.05%	-1.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.84%	23.05%	-1.21%