HFMF vs. HECA

Last updated Apr 1, 2026

Compare and contrast key facts about Unlimited HFMF Managed Futures ETF (HFMF) and Hedgeye Capital Allocation ETF (HECA).

HFMF and HECA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HFMF is an actively managed fund by Unlimited. It was launched on Jul 14, 2025. HECA is an actively managed fund by Hedgeye. It was launched on Jun 30, 2025.

Performance

HFMF vs. HECA - Performance Comparison

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

HFMF vs. HECA - Yearly Performance Comparison

	2026 (YTD)	2025
HFMF Unlimited HFMF Managed Futures ETF	11.75%	6.34%
HECA Hedgeye Capital Allocation ETF	4.41%	12.70%

Returns By Period

In the year-to-date period, HFMF achieves a 11.75% return, which is significantly higher than HECA's 4.41% return.

HFMF

• 1D: 1.40%
• 1M: -1.69%
• YTD: 11.75%
• 6M: 12.93%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

HECA

• 1D: -0.10%
• 1M: -5.25%
• YTD: 4.41%
• 6M: 7.77%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HFMF vs. HECA - Expense Ratio Comparison

HFMF has a 0.97% expense ratio, which is lower than HECA's 1.02% expense ratio.

HECA

Hedgeye Capital Allocation ETF

HFMF

Unlimited HFMF Managed Futures ETF

Return for Risk

HFMF vs. HECA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Unlimited HFMF Managed Futures ETF (HFMF) and Hedgeye Capital Allocation ETF (HECA). 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	HECA	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.56	1.90	-0.34

Correlation

The correlation between HFMF and HECA is 0.62, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

HFMF vs. HECA - Dividend Comparison

HFMF's dividend yield for the trailing twelve months is around 2.66%, more than HECA's 1.93% yield.

	TTM	2025
HFMF Unlimited HFMF Managed Futures ETF	2.66%	2.97%
HECA Hedgeye Capital Allocation ETF	1.93%	2.02%

Drawdowns

HFMF vs. HECA - Drawdown Comparison

The maximum HFMF drawdown since its inception was -7.77%, which is greater than HECA's maximum drawdown of -6.33%. Use the drawdown chart below to compare losses from any high point for HFMF and HECA.

Drawdown Indicators

	HFMF	HECA	Difference
Max Drawdown Largest peak-to-trough decline	-7.77%	-6.33%	-1.44%
Current Drawdown Current decline from peak	-6.48%	-6.33%	-0.15%
Average Drawdown Average peak-to-trough decline	-1.70%	-1.53%	-0.17%

Volatility

Volatility by Period

	HFMF	HECA	Difference
Volatility (1Y) Calculated over the trailing 1-year period	17.66%	12.97%	+4.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.66%	12.97%	+4.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.66%	12.97%	+4.69%