HFGM vs. LABU

Last updated Jun 4, 2026

HFGM (Unlimited HFGM Global Macro ETF) and LABU (Direxion Daily S&P Biotech Bull 3x Shares) are both exchange-traded funds - HFGM is a Macro Trading fund actively managed by Unlimited, while LABU is a Leveraged Equities fund tracking the S&P Biotechnology Select Industry Index (300%). HFGM is actively managed, while LABU is passively managed. Over the past year, HFGM returned 39.23% vs 195.85% for LABU. At a 0.30 correlation, their price movements are largely independent. HFGM charges 0.95%/yr vs 1.12%/yr for LABU.

Performance

HFGM vs. LABU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Unlimited HFGM Global Macro ETF (HFGM) and Direxion Daily S&P Biotech Bull 3x Shares (LABU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HFGM achieves a 14.95% return, which is significantly higher than LABU's 3.80% return.

HFGM

• 1D: -1.51%
• 1M: -0.10%
• YTD: 14.95%
• 6M: 14.19%
• 1Y: 39.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

LABU

• 1D: 4.61%
• 1M: -11.09%
• YTD: 3.80%
• 6M: 3.63%
• 1Y: 195.85%
• 3Y*: 7.82%
• 5Y*: -32.76%
• 10Y*: -13.53%

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

HFGM vs. LABU - Yearly Performance Comparison

	2026 (YTD)	2025
HFGM Unlimited HFGM Global Macro ETF	14.95%	26.63%
LABU Direxion Daily S&P Biotech Bull 3x Shares	3.80%	234.17%

Correlation

The correlation between HFGM and LABU is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (All Time) Calculated using the full available price history since Apr 16, 2025	0.30

Return for Risk

HFGM vs. LABU — Risk / Return Rank

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

HFGM

HFGM Risk / Return Rank: 55
HFGM Sharpe Ratio Rank: 50
HFGM Sortino Ratio Rank: 46
HFGM Omega Ratio Rank: 48
HFGM Calmar Ratio Rank: 73
HFGM Martin Ratio Rank: 56

LABU

LABU Risk / Return Rank: 75
LABU Sharpe Ratio Rank: 79
LABU Sortino Ratio Rank: 61
LABU Omega Ratio Rank: 55
LABU Calmar Ratio Rank: 92
LABU Martin Ratio Rank: 87

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. LABU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Unlimited HFGM Global Macro ETF (HFGM) and Direxion Daily S&P Biotech Bull 3x Shares (LABU). 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	LABU	Difference
Sharpe ratio: Return per unit of total volatility	1.75	2.60	-0.85
Sortino ratio: Return per unit of downside risk	2.32	2.93	-0.61
Omega ratio: Gain probability vs. loss probability	1.31	1.35	-0.04
Calmar ratio: Return relative to maximum drawdown	3.70	6.42	-2.72
Martin ratio: Return relative to average drawdown	9.95	18.77	-8.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HFGM vs. LABU - Sharpe Ratio Comparison

The current HFGM Sharpe Ratio is 1.75, which is lower than the LABU Sharpe Ratio of 2.60. The chart below compares the historical Sharpe Ratios of HFGM and LABU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HFGM	LABU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.75	2.60	-0.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.34	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.14	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.82	-0.24	+2.06

Drawdowns

HFGM vs. LABU - Drawdown Comparison

The maximum HFGM drawdown since its inception was -10.66%, smaller than the maximum LABU drawdown of -99.18%. Use the drawdown chart below to compare losses from any high point for HFGM and LABU.

Drawdown Indicators

	HFGM	LABU	Difference
Max Drawdown Largest peak-to-trough decline	-10.66%	-99.18%	+88.52%
Max Drawdown (1Y) Largest decline over 1 year	-10.66%	-30.70%	+20.04%
Max Drawdown (3Y) Largest decline over 3 years	—	-78.30%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-97.59%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-98.96%	—
Current Drawdown Current decline from peak	-5.28%	-96.34%	+91.06%
Average Drawdown Average peak-to-trough decline	-2.68%	-81.68%	+79.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.95%	10.48%	-6.53%

Volatility

HFGM vs. LABU - Volatility Comparison

The current volatility for Unlimited HFGM Global Macro ETF (HFGM) is 4.40%, while Direxion Daily S&P Biotech Bull 3x Shares (LABU) has a volatility of 27.83%. This indicates that HFGM experiences smaller price fluctuations and is considered to be less risky than LABU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HFGM	LABU	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.40%	27.83%	-23.43%
Volatility (6M) Calculated over the trailing 6-month period	17.41%	59.70%	-42.29%
Volatility (1Y) Calculated over the trailing 1-year period	22.55%	75.91%	-53.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.75%	95.58%	-73.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.75%	95.42%	-73.67%

HFGM vs. LABU - Expense Ratio Comparison

HFGM has a 0.95% expense ratio, which is lower than LABU's 1.12% expense ratio.

Dividends

HFGM vs. LABU - Dividend Comparison

HFGM's dividend yield for the trailing twelve months is around 9.77%, more than LABU's 0.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
HFGM Unlimited HFGM Global Macro ETF	9.77%	11.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
LABU Direxion Daily S&P Biotech Bull 3x Shares	0.74%	0.84%	0.35%	0.35%	0.00%	0.00%	0.00%	0.28%	0.64%	0.17%

Frequently Asked Questions

Can I hold both HFGM and LABU in my portfolio?

HFGM and LABU have a correlation of 0.29, 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 LABU?

LABU has higher volatility (27.83%) compared to HFGM (4.40%). In terms of maximum drawdown, HFGM dropped -10.66% vs LABU's -99.18%.

Which ETF is better, HFGM or LABU?

On 1-year performance, LABU leads with 195.85% vs 39.23% for HFGM. On fees, HFGM is cheaper at 0.95% per year. On volatility, HFGM has been the lower-risk option at 4.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HFGM or LABU?

Over the 1-year period, LABU has performed better with a 195.85% return vs 39.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HFGM or LABU?

HFGM is cheaper with a 0.95% expense ratio, compared with 1.12% for LABU.

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

HFGM has the higher dividend yield at 9.77%, compared with 0.74% for LABU.

What is the main difference between HFGM and LABU?

HFGM is categorized as Macro Trading, while LABU is Leveraged Equities. They also come from different issuers: Unlimited and Direxion. Their fees differ too: 0.95% for HFGM and 1.12% for LABU.

Which has better risk-adjusted returns?

LABU currently has the higher Sharpe Ratio (2.60 vs 1.75), 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.