HFGM vs. BFLX

Last updated Aug 2, 2026

HFGM (Unlimited HFGM Global Macro ETF) and BFLX (iShares Flexible Equity Active ETF) are both Long-Short funds. Both are actively managed. Their 0.72 correlation means they have sometimes moved together and sometimes differently. HFGM charges 0.95%/yr vs 0.40%/yr for BFLX.

Performance

HFGM vs. BFLX - Performance Comparison

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

Returns By Period

HFGM

• 1D: 0.00%
• 1M: 1.35%
• 6M: -6.05%
• YTD: 5.58%
• 1Y: 23.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 25.39%

BFLX

• 1D: 0.71%
• 1M: 0.99%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
BFLX iShares Flexible Equity Active ETF	$5.04M	$46.24M	$34.24M
HFGM Unlimited HFGM Global Macro ETF	$1.39M	$1.17M	$1.73M

HFGM vs. BFLX - Yearly Performance Comparison

	2026 (YTD)
HFGM Unlimited HFGM Global Macro ETF	-9.30%
BFLX iShares Flexible Equity Active ETF	0.94%

Correlation

The correlation between HFGM and BFLX is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 20, 2026	0.72

Return for Risk

HFGM vs. BFLX — Risk / Return Rank

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

HFGM

HFGM Risk / Return Rank: 39
HFGM Sharpe Ratio Rank: 39
HFGM Sortino Ratio Rank: 38
HFGM Omega Ratio Rank: 39
HFGM Calmar Ratio Rank: 43
HFGM Martin Ratio Rank: 37

BFLX

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

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.

HFGM vs. BFLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Unlimited HFGM Global Macro ETF (HFGM) and iShares Flexible Equity Active ETF (BFLX). 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.

	HFGM	BFLX	Difference
Sharpe ratio: Return per unit of total volatility	0.99	—	—
Sortino ratio: Return per unit of downside risk	1.44	—	—
Omega ratio: Gain probability vs. loss probability	1.19	—	—
Calmar ratio: Return relative to maximum drawdown	1.54	—	—
Martin ratio: Return relative to average drawdown	3.83	—	—

Drawdowns

HFGM vs. BFLX - Drawdown Comparison

The maximum HFGM drawdown since its inception was -15.09%, which is greater than BFLX's maximum drawdown of -4.55%. Use the drawdown chart below to compare losses from any high point for HFGM and BFLX.

Drawdown Indicators

	HFGM	BFLX	Difference
Max Drawdown Largest peak-to-trough decline	-15.09%	-4.55%	-10.54%
Max Drawdown (1Y) Largest decline over 1 year	-15.09%	—	—
Current Drawdown Current decline from peak	-13.00%	-1.82%	-11.18%
Average Drawdown Average peak-to-trough decline	-3.75%	-1.66%	-2.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.05%	—	—

Volatility

Volatility by Period

	HFGM	BFLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.37%	—	—
Volatility (6M) Calculated over the trailing 6-month period	17.11%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	23.52%	14.68%	+8.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.66%	14.68%	+6.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.66%	14.68%	+6.98%

HFGM vs. BFLX - Expense Ratio Comparison

HFGM has a 0.95% expense ratio, which is higher than BFLX's 0.40% expense ratio.

Dividends

HFGM vs. BFLX - Dividend Comparison

HFGM's dividend yield for the trailing twelve months is around 10.64%, while BFLX has not paid dividends to shareholders.

Position	TTM	2025
BFLX iShares Flexible Equity Active ETF	0.00%	0.00%
HFGM Unlimited HFGM Global Macro ETF	10.64%	11.23%

Frequently Asked Questions

Can I hold both HFGM and BFLX in my portfolio?

HFGM and BFLX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HFGM or BFLX?

On fees, BFLX is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HFGM or BFLX?

BFLX is cheaper with a 0.40% expense ratio, compared with 0.95% for HFGM.

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

HFGM has the higher dividend yield at 10.64%, compared with 0.00% for BFLX.

What is the main difference between HFGM and BFLX?

They also come from different issuers: Unlimited and iShares. Their fees differ too: 0.95% for HFGM and 0.40% for BFLX.