HFMF vs. FFUT

Last updated Jun 4, 2026

HFMF (Unlimited HFMF Managed Futures ETF) and FFUT (Fidelity Managed Futures ETF) are both Systematic Trend funds. Both are actively managed. At a 0.35 correlation, their price movements are largely independent. HFMF charges 0.97%/yr vs 0.80%/yr for FFUT.

Performance

HFMF vs. FFUT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Unlimited HFMF Managed Futures ETF (HFMF) and Fidelity Managed Futures ETF (FFUT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HFMF achieves a 7.67% return, which is significantly lower than FFUT's 12.74% return.

HFMF

• 1D: -0.58%
• 1M: -2.87%
• YTD: 7.67%
• 6M: 8.74%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FFUT

• 1D: -0.90%
• 1M: 1.16%
• YTD: 12.74%
• 6M: 14.35%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HFMF vs. FFUT - Yearly Performance Comparison

	2026 (YTD)	2025
HFMF Unlimited HFMF Managed Futures ETF	7.67%	6.34%
FFUT Fidelity Managed Futures ETF	12.74%	7.80%

Correlation

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

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 16, 2025	0.35

Return for Risk

HFMF vs. FFUT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Unlimited HFMF Managed Futures ETF (HFMF) and Fidelity Managed Futures ETF (FFUT). 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	FFUT	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	0.99	2.01	-1.02

Drawdowns

HFMF vs. FFUT - Drawdown Comparison

The maximum HFMF drawdown since its inception was -10.00%, which is greater than FFUT's maximum drawdown of -2.84%. Use the drawdown chart below to compare losses from any high point for HFMF and FFUT.

Drawdown Indicators

	HFMF	FFUT	Difference
Max Drawdown Largest peak-to-trough decline	-10.00%	-2.84%	-7.16%
Current Drawdown Current decline from peak	-9.89%	-0.90%	-8.99%
Average Drawdown Average peak-to-trough decline	-2.86%	-0.88%	-1.98%

Volatility

Volatility by Period

	HFMF	FFUT	Difference
Volatility (1Y) Calculated over the trailing 1-year period	16.79%	11.17%	+5.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.79%	11.17%	+5.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.79%	11.17%	+5.62%

HFMF vs. FFUT - Expense Ratio Comparison

HFMF has a 0.97% expense ratio, which is higher than FFUT's 0.80% expense ratio.

Dividends

HFMF vs. FFUT - Dividend Comparison

HFMF's dividend yield for the trailing twelve months is around 2.76%, more than FFUT's 1.85% yield.

Position	TTM	2025
FFUT Fidelity Managed Futures ETF	1.85%	2.09%
HFMF Unlimited HFMF Managed Futures ETF	2.76%	2.97%

Frequently Asked Questions

Can I hold both HFMF and FFUT in my portfolio?

HFMF and FFUT 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 ETF is better, HFMF or FFUT?

On fees, FFUT is cheaper at 0.80% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HFMF or FFUT?

FFUT is cheaper with a 0.80% expense ratio, compared with 0.97% for HFMF.

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

HFMF has the higher dividend yield at 2.76%, compared with 1.85% for FFUT.

What is the main difference between HFMF and FFUT?

They also come from different issuers: Unlimited and Fidelity. Their fees differ too: 0.97% for HFMF and 0.80% for FFUT.