HFGM vs. HFEQ

Last updated Jun 3, 2026

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

Performance

HFGM vs. HFEQ - Performance Comparison

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

Returns By Period

In the year-to-date period, HFGM achieves a 16.71% return, which is significantly higher than HFEQ's 14.42% return.

HFGM

• 1D: 0.64%
• 1M: 0.83%
• YTD: 16.71%
• 6M: 17.29%
• 1Y: 41.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HFEQ

• 1D: 0.87%
• 1M: 4.56%
• YTD: 14.42%
• 6M: 15.11%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HFGM vs. HFEQ - Yearly Performance Comparison

	2026 (YTD)	2025
HFGM Unlimited HFGM Global Macro ETF	16.71%	17.83%
HFEQ Unlimited HFEQ Equity Long/Short ETF	14.42%	14.92%

Correlation

The correlation between HFGM and HFEQ 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

HFGM vs. HFEQ — Risk / Return Rank

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

HFGM

HFGM Risk / Return Rank: 58
HFGM Sharpe Ratio Rank: 53
HFGM Sortino Ratio Rank: 48
HFGM Omega Ratio Rank: 52
HFGM Calmar Ratio Rank: 78
HFGM Martin Ratio Rank: 61

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.

HFGM vs. HFEQ - Risk-Adjusted Trends Comparison

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

	HFGM	HFEQ	Difference
Sharpe ratio Return per unit of total volatility	1.84	—	—
Sortino ratio Return per unit of downside risk	2.42	—	—
Omega ratio Gain probability vs. loss probability	1.33	—	—
Calmar ratio Return relative to maximum drawdown	4.04	—	—
Martin ratio Return relative to average drawdown	10.93	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	HFGM	HFEQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.84	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.92	1.69	+0.23

Drawdowns

HFGM vs. HFEQ - Drawdown Comparison

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

Drawdown Indicators

	HFGM	HFEQ	Difference
Max Drawdown Largest peak-to-trough decline	-10.66%	-12.46%	+1.80%
Max Drawdown (1Y) Largest decline over 1 year	-10.66%	—	—
Current Drawdown Current decline from peak	-3.83%	0.00%	-3.83%
Average Drawdown Average peak-to-trough decline	-2.67%	-2.46%	-0.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.94%	—	—

Volatility

Volatility by Period

	HFGM	HFEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.15%	—	—
Volatility (6M) Calculated over the trailing 6-month period	17.35%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	22.52%	21.65%	+0.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.74%	21.65%	+0.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.74%	21.65%	+0.09%

HFGM vs. HFEQ - Expense Ratio Comparison

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

Dividends

HFGM vs. HFEQ - Dividend Comparison

HFGM's dividend yield for the trailing twelve months is around 9.63%, more than HFEQ's 9.22% yield.

Position	TTM	2025
HFEQ Unlimited HFEQ Equity Long/Short ETF	9.22%	10.55%
HFGM Unlimited HFGM Global Macro ETF	9.63%	11.23%

Frequently Asked Questions

Can I hold both HFGM and HFEQ in my portfolio?

HFGM and HFEQ 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, HFGM or HFEQ?

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, HFGM or HFEQ?

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

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

HFGM has the higher dividend yield at 9.63%, compared with 9.22% for HFEQ.

What is the main difference between HFGM and HFEQ?

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