HFGM vs. HFND

Last updated Jun 24, 2026

HFGM (Unlimited HFGM Global Macro ETF) and HFND (Unlimited HFND Multi-Strategy Return Tracker ETF) are both exchange-traded funds - HFGM is a Macro Trading fund actively managed by Unlimited, while HFND is a Multistrategy fund actively managed by Tidal ETFs. Both are actively managed. Over the past year, HFGM returned 28.03% vs 17.63% for HFND. A 0.72 correlation means they provide meaningful diversification when combined. HFGM charges 0.95%/yr vs 1.22%/yr for HFND.

Performance

HFGM vs. HFND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Unlimited HFGM Global Macro ETF (HFGM) and Unlimited HFND Multi-Strategy Return Tracker ETF (HFND). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HFGM achieves a 5.91% return, which is significantly lower than HFND's 8.16% return.

HFGM

• 1D: -3.23%
• 1M: -9.42%
• YTD: 5.91%
• 6M: 1.23%
• 1Y: 28.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HFND

• 1D: -1.30%
• 1M: 0.72%
• YTD: 8.16%
• 6M: 7.80%
• 1Y: 17.63%
• 3Y*: 9.72%
• 5Y*: —
• 10Y*: —

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

HFGM vs. HFND - Yearly Performance Comparison

	2026 (YTD)	2025
HFGM Unlimited HFGM Global Macro ETF	5.91%	26.88%
HFND Unlimited HFND Multi-Strategy Return Tracker ETF	8.16%	14.51%

Correlation

The correlation between HFGM and HFND 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 (1Y) Calculated over the trailing 1-year period	0.73
Correlation (All Time) Calculated using the full available price history since Apr 15, 2025	0.72

The correlation between HFGM and HFND has been stable across timeframes, ranging from 0.72 to 0.73 - a consistent structural relationship.

Return for Risk

HFGM vs. HFND — Risk / Return Rank

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

HFGM

HFGM Risk / Return Rank: 38
HFGM Sharpe Ratio Rank: 36
HFGM Sortino Ratio Rank: 34
HFGM Omega Ratio Rank: 35
HFGM Calmar Ratio Rank: 46
HFGM Martin Ratio Rank: 41

HFND

HFND Risk / Return Rank: 64
HFND Sharpe Ratio Rank: 57
HFND Sortino Ratio Rank: 57
HFND Omega Ratio Rank: 58
HFND Calmar Ratio Rank: 75
HFND Martin Ratio Rank: 74

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. HFND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Unlimited HFGM Global Macro ETF (HFGM) and Unlimited HFND Multi-Strategy Return Tracker ETF (HFND). 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	HFND	Difference
Sharpe ratio: Return per unit of total volatility	1.22	1.80	-0.58
Sortino ratio: Return per unit of downside risk	1.71	2.55	-0.84
Omega ratio: Gain probability vs. loss probability	1.22	1.34	-0.11
Calmar ratio: Return relative to maximum drawdown	2.21	3.58	-1.37
Martin ratio: Return relative to average drawdown	6.25	13.09	-6.84

HFGM vs. HFND - Sharpe Ratio Comparison

The current HFGM Sharpe Ratio is 1.22, which is lower than the HFND Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of HFGM and HFND, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HFGM vs. HFND - Drawdown Comparison

The maximum HFGM drawdown since its inception was -12.73%, roughly equal to the maximum HFND drawdown of -13.31%. Use the drawdown chart below to compare losses from any high point for HFGM and HFND.

Drawdown Indicators

	HFGM	HFND	Difference
Max Drawdown Largest peak-to-trough decline	-12.73%	-13.31%	+0.58%
Max Drawdown (1Y) Largest decline over 1 year	-12.73%	-4.94%	-7.79%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.31%	—
Current Drawdown Current decline from peak	-12.73%	-1.30%	-11.43%
Average Drawdown Average peak-to-trough decline	-2.96%	-2.08%	-0.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.50%	1.35%	+3.15%

Volatility

HFGM vs. HFND - Volatility Comparison

Unlimited HFGM Global Macro ETF (HFGM) has a higher volatility of 5.83% compared to Unlimited HFND Multi-Strategy Return Tracker ETF (HFND) at 3.37%. This indicates that HFGM's price experiences larger fluctuations and is considered to be riskier than HFND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HFGM	HFND	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.83%	3.37%	+2.46%
Volatility (6M) Calculated over the trailing 6-month period	18.06%	8.11%	+9.95%
Volatility (1Y) Calculated over the trailing 1-year period	23.09%	9.82%	+13.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.83%	9.53%	+12.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.83%	9.53%	+12.30%

HFGM vs. HFND - Expense Ratio Comparison

HFGM has a 0.95% expense ratio, which is lower than HFND's 1.22% expense ratio.

Dividends

HFGM vs. HFND - Dividend Comparison

HFGM's dividend yield for the trailing twelve months is around 10.61%, more than HFND's 4.70% yield.

Position	TTM	2025	2024	2023	2022
HFGM Unlimited HFGM Global Macro ETF	10.61%	11.23%	0.00%	0.00%	0.00%
HFND Unlimited HFND Multi-Strategy Return Tracker ETF	4.70%	5.08%	3.70%	1.41%	0.43%

Frequently Asked Questions

Can I hold both HFGM and HFND in my portfolio?

HFGM and HFND 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 is riskier, HFGM or HFND?

HFGM has higher volatility (5.83%) compared to HFND (3.37%). In terms of maximum drawdown, HFGM dropped -12.73% vs HFND's -13.31%.

Which ETF is better, HFGM or HFND?

On 1-year performance, HFGM leads with 28.03% vs 17.63% for HFND. On fees, HFGM is cheaper at 0.95% per year. On volatility, HFND has been the lower-risk option at 3.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HFGM or HFND?

Over the 1-year period, HFGM has performed better with a 28.03% return vs 17.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HFGM or HFND?

HFGM is cheaper with a 0.95% expense ratio, compared with 1.22% for HFND.

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

HFGM has the higher dividend yield at 10.61%, compared with 4.70% for HFND.

What is the main difference between HFGM and HFND?

HFGM is categorized as Macro Trading, while HFND is Multistrategy. They also come from different issuers: Unlimited and Tidal ETFs. Their fees differ too: 0.95% for HFGM and 1.22% for HFND.

Which has better risk-adjusted returns?

HFND currently has the higher Sharpe Ratio (1.80 vs 1.22), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.