HFEQ vs. HFMF

Last updated Jun 4, 2026

HFEQ (Unlimited HFEQ Equity Long/Short ETF) and HFMF (Unlimited HFMF Managed Futures ETF) are both exchange-traded funds - HFEQ is a Long-Short fund actively managed by Unlimited, while HFMF is a Systematic Trend fund actively managed by Unlimited. Both are actively managed. At a 0.46 correlation, their price movements are largely independent. HFEQ charges 1.00%/yr vs 0.97%/yr for HFMF.

Performance

HFEQ vs. HFMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Unlimited HFEQ Equity Long/Short ETF (HFEQ) 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, HFEQ achieves a 14.04% return, which is significantly higher than HFMF's 7.67% return.

HFEQ

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

HFMF

• 1D: -0.58%
• 1M: -2.87%
• YTD: 7.67%
• 6M: 8.74%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HFEQ vs. HFMF - Yearly Performance Comparison

	2026 (YTD)	2025
HFEQ Unlimited HFEQ Equity Long/Short ETF	14.04%	14.92%
HFMF Unlimited HFMF Managed Futures ETF	7.67%	6.34%

Correlation

The correlation between HFEQ and HFMF is 0.46, 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 Jul 16, 2025	0.46

Return for Risk

HFEQ vs. HFMF - Risk-Adjusted Trends Comparison

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

	HFEQ	HFMF	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.66	0.99	+0.67

Drawdowns

HFEQ vs. HFMF - Drawdown Comparison

The maximum HFEQ drawdown since its inception was -12.46%, which is greater than HFMF's maximum drawdown of -10.00%. Use the drawdown chart below to compare losses from any high point for HFEQ and HFMF.

Drawdown Indicators

	HFEQ	HFMF	Difference
Max Drawdown Largest peak-to-trough decline	-12.46%	-10.00%	-2.46%
Current Drawdown Current decline from peak	-0.34%	-9.89%	+9.55%
Average Drawdown Average peak-to-trough decline	-2.45%	-2.86%	+0.41%

Volatility

Volatility by Period

	HFEQ	HFMF	Difference
Volatility (1Y) Calculated over the trailing 1-year period	21.60%	16.79%	+4.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.60%	16.79%	+4.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.60%	16.79%	+4.81%

HFEQ vs. HFMF - Expense Ratio Comparison

HFEQ has a 1.00% expense ratio, which is higher than HFMF's 0.97% expense ratio.

Dividends

HFEQ vs. HFMF - Dividend Comparison

HFEQ's dividend yield for the trailing twelve months is around 9.25%, more than HFMF's 2.76% yield.

Position	TTM	2025
HFEQ Unlimited HFEQ Equity Long/Short ETF	9.25%	10.55%
HFMF Unlimited HFMF Managed Futures ETF	2.76%	2.97%

Frequently Asked Questions

Can I hold both HFEQ and HFMF in my portfolio?

HFEQ and HFMF have a correlation of 0.46, 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 HFMF?

On fees, HFMF is cheaper at 0.97% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HFEQ or HFMF?

HFMF is cheaper with a 0.97% expense ratio, compared with 1.00% for HFEQ.

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

HFEQ has the higher dividend yield at 9.25%, compared with 2.76% for HFMF.

What is the main difference between HFEQ and HFMF?

HFEQ is categorized as Long-Short, while HFMF is Systematic Trend. Their fees differ too: 1.00% for HFEQ and 0.97% for HFMF.