HFMF vs. BILS

Last updated Jun 5, 2026

HFMF (Unlimited HFMF Managed Futures ETF) and BILS (SPDR Bloomberg 3-12 Month T-Bill ETF) are both exchange-traded funds - HFMF is a Systematic Trend fund actively managed by Unlimited, while BILS is a Ultrashort Bond fund tracking the Bloomberg 3-12 Month U.S. Treasury Bill Index. HFMF is actively managed, while BILS is passively managed. At a correlation of -0.10, they often move in opposite directions. HFMF charges 0.97%/yr vs 0.14%/yr for BILS.

Performance

HFMF vs. BILS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Unlimited HFMF Managed Futures ETF (HFMF) and SPDR Bloomberg 3-12 Month T-Bill ETF (BILS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HFMF achieves a 7.02% return, which is significantly higher than BILS's 1.42% return.

HFMF

• 1D: -0.60%
• 1M: -3.41%
• YTD: 7.02%
• 6M: 8.29%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BILS

• 1D: 0.02%
• 1M: 0.28%
• YTD: 1.42%
• 6M: 1.73%
• 1Y: 3.92%
• 3Y*: 4.66%
• 5Y*: 3.30%
• 10Y*: —

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

HFMF vs. BILS - Yearly Performance Comparison

	2026 (YTD)	2025
HFMF Unlimited HFMF Managed Futures ETF	7.02%	6.34%
BILS SPDR Bloomberg 3-12 Month T-Bill ETF	1.42%	1.99%

Correlation

The correlation between HFMF and BILS is -0.10, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 16, 2025	-0.10

Return for Risk

HFMF vs. BILS — Risk / Return Rank

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

BILS

BILS Risk / Return Rank: 100
BILS Sharpe Ratio Rank: 100
BILS Sortino Ratio Rank: 100
BILS Omega Ratio Rank: 100
BILS Calmar Ratio Rank: 100
BILS Martin Ratio Rank: 100

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.

HFMF vs. BILS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Unlimited HFMF Managed Futures ETF (HFMF) and SPDR Bloomberg 3-12 Month T-Bill ETF (BILS). 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.

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

Sharpe Ratios by Period

	HFMF	BILS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	16.92	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	10.80	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.94	9.80	-8.87

Drawdowns

HFMF vs. BILS - Drawdown Comparison

The maximum HFMF drawdown since its inception was -10.44%, which is greater than BILS's maximum drawdown of -0.41%. Use the drawdown chart below to compare losses from any high point for HFMF and BILS.

Drawdown Indicators

	HFMF	BILS	Difference
Max Drawdown Largest peak-to-trough decline	-10.44%	-0.41%	-10.03%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.03%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-0.04%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.38%	—
Current Drawdown Current decline from peak	-10.44%	0.00%	-10.44%
Average Drawdown Average peak-to-trough decline	-2.90%	-0.04%	-2.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.00%	—

Volatility

Volatility by Period

	HFMF	BILS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.06%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.14%	—
Volatility (1Y) Calculated over the trailing 1-year period	16.76%	0.23%	+16.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.76%	0.31%	+16.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.76%	0.30%	+16.46%

HFMF vs. BILS - Expense Ratio Comparison

HFMF has a 0.97% expense ratio, which is higher than BILS's 0.14% expense ratio.

Dividends

HFMF vs. BILS - Dividend Comparison

HFMF's dividend yield for the trailing twelve months is around 2.77%, less than BILS's 3.81% yield.

Position	TTM	2025	2024	2023	2022
BILS SPDR Bloomberg 3-12 Month T-Bill ETF	3.81%	4.08%	5.01%	4.98%	1.61%
HFMF Unlimited HFMF Managed Futures ETF	2.77%	2.97%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HFMF and BILS in my portfolio?

HFMF and BILS have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HFMF or BILS?

On fees, BILS is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HFMF or BILS?

BILS is cheaper with a 0.14% expense ratio, compared with 0.97% for HFMF.

Which ETF pays a higher dividend yield, HFMF or BILS?

BILS has the higher dividend yield at 3.81%, compared with 2.77% for HFMF.

What is the main difference between HFMF and BILS?

HFMF is categorized as Systematic Trend, while BILS is Ultrashort Bond. They also come from different issuers: Unlimited and State Street. Their fees differ too: 0.97% for HFMF and 0.14% for BILS.