HFEQ vs. ORR

Last updated Jun 4, 2026

HFEQ (Unlimited HFEQ Equity Long/Short ETF) and ORR (Militia Long/Short Equity ETF) are both Long-Short funds. Both are actively managed. At a 0.49 correlation, their price movements are largely independent. HFEQ charges 1.00%/yr vs 14.19%/yr for ORR.

Performance

HFEQ vs. ORR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Unlimited HFEQ Equity Long/Short ETF (HFEQ) and Militia Long/Short Equity ETF (ORR). 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 ORR's 4.60% return.

HFEQ

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

ORR

• 1D: -0.67%
• 1M: 0.38%
• YTD: 4.60%
• 6M: 8.08%
• 1Y: 25.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HFEQ vs. ORR - Yearly Performance Comparison

	2026 (YTD)	2025
HFEQ Unlimited HFEQ Equity Long/Short ETF	14.04%	14.92%
ORR Militia Long/Short Equity ETF	4.60%	17.55%

Correlation

The correlation between HFEQ and ORR 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 Jul 16, 2025	0.49

Return for Risk

HFEQ vs. ORR — Risk / Return Rank

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

ORR

ORR Risk / Return Rank: 52
ORR Sharpe Ratio Rank: 56
ORR Sortino Ratio Rank: 56
ORR Omega Ratio Rank: 53
ORR Calmar Ratio Rank: 52
ORR Martin Ratio Rank: 44

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. ORR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Unlimited HFEQ Equity Long/Short ETF (HFEQ) and Militia Long/Short Equity ETF (ORR). 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	ORR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.93	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.66	1.74	-0.08

Drawdowns

HFEQ vs. ORR - Drawdown Comparison

The maximum HFEQ drawdown since its inception was -12.46%, which is greater than ORR's maximum drawdown of -9.85%. Use the drawdown chart below to compare losses from any high point for HFEQ and ORR.

Drawdown Indicators

	HFEQ	ORR	Difference
Max Drawdown Largest peak-to-trough decline	-12.46%	-9.85%	-2.61%
Max Drawdown (1Y) Largest decline over 1 year	—	-9.85%	—
Current Drawdown Current decline from peak	-0.34%	-8.57%	+8.23%
Average Drawdown Average peak-to-trough decline	-2.45%	-2.18%	-0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.65%	—

Volatility

Volatility by Period

	HFEQ	ORR	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.06%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.92%	—
Volatility (1Y) Calculated over the trailing 1-year period	21.60%	13.52%	+8.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.60%	15.34%	+6.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.60%	15.34%	+6.26%

HFEQ vs. ORR - Expense Ratio Comparison

HFEQ has a 1.00% expense ratio, which is lower than ORR's 14.19% expense ratio.

Dividends

HFEQ vs. ORR - Dividend Comparison

HFEQ's dividend yield for the trailing twelve months is around 9.25%, while ORR has not paid dividends to shareholders.

Position	TTM	2025
HFEQ Unlimited HFEQ Equity Long/Short ETF	9.25%	10.55%
ORR Militia Long/Short Equity ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both HFEQ and ORR in my portfolio?

HFEQ and ORR 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, HFEQ or ORR?

On fees, HFEQ is cheaper at 1.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HFEQ or ORR?

HFEQ is cheaper with a 1.00% expense ratio, compared with 14.19% for ORR.

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

HFEQ has the higher dividend yield at 9.25%, compared with 0.00% for ORR.

What is the main difference between HFEQ and ORR?

They also come from different issuers: Unlimited and Militia Investments. Their fees differ too: 1.00% for HFEQ and 14.19% for ORR.