HFGM vs. ORR

Last updated Jun 3, 2026

HFGM (Unlimited HFGM Global Macro ETF) and ORR (Militia Long/Short Equity ETF) are both exchange-traded funds - HFGM is a Macro Trading fund actively managed by Unlimited, while ORR is a Long-Short fund actively managed by Militia Investments. Both are actively managed. Over the past year, HFGM returned 41.16% vs 26.34% for ORR. At a 0.34 correlation, their price movements are largely independent. HFGM charges 0.95%/yr vs 14.19%/yr for ORR.

Performance

HFGM vs. ORR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Unlimited HFGM Global Macro ETF (HFGM) 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, HFGM achieves a 16.71% return, which is significantly higher than ORR's 5.30% return.

HFGM

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

ORR

• 1D: 1.24%
• 1M: 0.62%
• YTD: 5.30%
• 6M: 8.24%
• 1Y: 26.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HFGM vs. ORR - Yearly Performance Comparison

	2026 (YTD)	2025
HFGM Unlimited HFGM Global Macro ETF	16.71%	26.63%
ORR Militia Long/Short Equity ETF	5.30%	24.49%

Correlation

The correlation between HFGM and ORR is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (All Time) Calculated using the full available price history since Apr 16, 2025	0.34

Return for Risk

HFGM vs. ORR — 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

ORR

ORR Risk / Return Rank: 54
ORR Sharpe Ratio Rank: 57
ORR Sortino Ratio Rank: 57
ORR Omega Ratio Rank: 54
ORR Calmar Ratio Rank: 56
ORR Martin Ratio Rank: 46

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. ORR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Unlimited HFGM Global Macro ETF (HFGM) 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.

	HFGM	ORR	Difference
Sharpe ratio Return per unit of total volatility	1.84	1.96	-0.12
Sortino ratio Return per unit of downside risk	2.42	2.74	-0.32
Omega ratio Gain probability vs. loss probability	1.33	1.34	-0.01
Calmar ratio Return relative to maximum drawdown	4.04	2.84	+1.20
Martin ratio Return relative to average drawdown	10.93	7.76	+3.16
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. ORR - Sharpe Ratio Comparison

The current HFGM Sharpe Ratio is 1.84, which is comparable to the ORR Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of HFGM and ORR, 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	ORR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.84	1.96	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	1.92	1.78	+0.14

Drawdowns

HFGM vs. ORR - Drawdown Comparison

The maximum HFGM drawdown since its inception was -10.66%, which is greater than ORR's maximum drawdown of -9.85%. Use the drawdown chart below to compare losses from any high point for HFGM and ORR.

Drawdown Indicators

	HFGM	ORR	Difference
Max Drawdown Largest peak-to-trough decline	-10.66%	-9.85%	-0.81%
Max Drawdown (1Y) Largest decline over 1 year	-10.66%	-9.85%	-0.81%
Current Drawdown Current decline from peak	-3.83%	-7.96%	+4.13%
Average Drawdown Average peak-to-trough decline	-2.67%	-2.16%	-0.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.94%	3.61%	+0.33%

Volatility

HFGM vs. ORR - Volatility Comparison

Unlimited HFGM Global Macro ETF (HFGM) and Militia Long/Short Equity ETF (ORR) have volatilities of 4.15% and 4.02%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HFGM	ORR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.15%	4.02%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	17.35%	10.90%	+6.45%
Volatility (1Y) Calculated over the trailing 1-year period	22.52%	13.55%	+8.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.74%	15.34%	+6.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.74%	15.34%	+6.40%

HFGM vs. ORR - Expense Ratio Comparison

HFGM has a 0.95% expense ratio, which is lower than ORR's 14.19% expense ratio.

Dividends

HFGM vs. ORR - Dividend Comparison

HFGM's dividend yield for the trailing twelve months is around 9.63%, while ORR has not paid dividends to shareholders.

Position	TTM	2025
HFGM Unlimited HFGM Global Macro ETF	9.63%	11.23%
ORR Militia Long/Short Equity ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both HFGM and ORR in my portfolio?

HFGM and ORR have a correlation of 0.35, 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 ORR?

HFGM has higher volatility (4.15%) compared to ORR (4.02%). In terms of maximum drawdown, HFGM dropped -10.66% vs ORR's -9.85%.

Which ETF is better, HFGM or ORR?

On 1-year performance, HFGM leads with 41.16% vs 26.34% for ORR. On fees, HFGM is cheaper at 0.95% per year. On volatility, ORR has been the lower-risk option at 4.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HFGM or ORR?

Over the 1-year period, HFGM has performed better with a 41.16% return vs 26.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HFGM or ORR?

HFGM is cheaper with a 0.95% expense ratio, compared with 14.19% for ORR.

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

HFGM has the higher dividend yield at 9.63%, compared with 0.00% for ORR.

What is the main difference between HFGM and ORR?

HFGM is categorized as Macro Trading, while ORR is Long-Short. They also come from different issuers: Unlimited and Militia Investments. Their fees differ too: 0.95% for HFGM and 14.19% for ORR.

Which has better risk-adjusted returns?

ORR currently has the higher Sharpe Ratio (1.96 vs 1.84), 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.