HFMF vs. HECA

Last updated Aug 2, 2026

HFMF (Unlimited HFMF Managed Futures ETF) and HECA (Hedgeye Capital Allocation ETF) are both exchange-traded funds - HFMF is a Systematic Trend fund actively managed by Unlimited, while HECA is a Global Allocation fund actively managed by Hedgeye. Both are actively managed. Over the past year, HFMF returned 10.42% vs 11.32% for HECA. Their 0.45 correlation means their historical movements had little consistent relationship. HFMF charges 0.97%/yr vs 1.02%/yr for HECA.

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.

Returns By Period

In the year-to-date period, HFMF achieves a 3.42% return, which is significantly higher than HECA's -1.45% return.

HFMF

• 1D: -0.22%
• 1M: 1.45%
• 6M: -5.24%
• YTD: 3.42%
• 1Y: 10.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.55%

HECA

• 1D: -0.33%
• 1M: -0.47%
• 6M: -6.52%
• YTD: -1.45%
• 1Y: 11.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.31%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HECA Hedgeye Capital Allocation ETF	$1.59M	$1.93M	$3.89M
HFMF Unlimited HFMF Managed Futures ETF	$110.86K	$119.38K	$221.46K

HFMF vs. HECA - Yearly Performance Comparison

	2026 (YTD)	2025
HFMF Unlimited HFMF Managed Futures ETF	3.42%	6.34%
HECA Hedgeye Capital Allocation ETF	-1.45%	12.26%

Correlation

The correlation between HFMF and HECA is 0.47, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.47
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	0.45

Return for Risk

HFMF vs. HECA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HFMF

HFMF Risk / Return Rank: 25
HFMF Sharpe Ratio Rank: 27
HFMF Sortino Ratio Rank: 26
HFMF Omega Ratio Rank: 27
HFMF Calmar Ratio Rank: 24
HFMF Martin Ratio Rank: 23

HECA

HECA Risk / Return Rank: 29
HECA Sharpe Ratio Rank: 34
HECA Sortino Ratio Rank: 33
HECA Omega Ratio Rank: 33
HECA Calmar Ratio Rank: 26
HECA Martin Ratio Rank: 22

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	HFMF	HECA	Difference
Sharpe ratio: Return per unit of total volatility	0.64	0.83	-0.19
Sortino ratio: Return per unit of downside risk	0.99	1.24	-0.24
Omega ratio: Gain probability vs. loss probability	1.13	1.16	-0.03
Calmar ratio: Return relative to maximum drawdown	0.71	0.80	-0.09
Martin ratio: Return relative to average drawdown	1.66	1.57	+0.09

HFMF vs. HECA - Sharpe Ratio Comparison

The current HFMF Sharpe Ratio is 0.64, which is comparable to the HECA Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of HFMF and HECA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HFMF vs. HECA - Drawdown Comparison

The maximum HFMF drawdown since its inception was -14.69%, which is greater than HECA's maximum drawdown of -12.82%. 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	-14.69%	-12.82%	-1.87%
Max Drawdown (1Y) Largest decline over 1 year	-14.69%	-12.82%	-1.87%
Current Drawdown Current decline from peak	-13.45%	-11.58%	-1.87%
Average Drawdown Average peak-to-trough decline	-4.30%	-4.38%	+0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.30%	6.55%	-0.25%

Volatility

HFMF vs. HECA - Volatility Comparison

Unlimited HFMF Managed Futures ETF (HFMF) has a higher volatility of 3.55% compared to Hedgeye Capital Allocation ETF (HECA) at 1.46%. This indicates that HFMF's price experiences larger fluctuations and is considered to be riskier than HECA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HFMF	HECA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.55%	1.46%	+2.09%
Volatility (6M) Calculated over the trailing 6-month period	12.26%	8.24%	+4.02%
Volatility (1Y) Calculated over the trailing 1-year period	16.26%	12.43%	+3.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.96%	12.04%	+3.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.96%	12.04%	+3.92%

HFMF vs. HECA - Expense Ratio Comparison

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

Dividends

HFMF vs. HECA - Dividend Comparison

HFMF's dividend yield for the trailing twelve months is around 2.87%, more than HECA's 2.05% yield.

Position	TTM	2025
HECA Hedgeye Capital Allocation ETF	2.05%	2.02%
HFMF Unlimited HFMF Managed Futures ETF	2.87%	2.97%

Frequently Asked Questions

Can I hold both HFMF and HECA in my portfolio?

HFMF and HECA have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HFMF or HECA?

HFMF has higher volatility (3.55%) compared to HECA (1.46%). In terms of maximum drawdown, HFMF dropped -14.69% vs HECA's -12.82%.

Which ETF is better, HFMF or HECA?

On 1-year performance, HECA leads with 11.32% vs 10.42% for HFMF. On fees, HFMF is cheaper at 0.97% per year. On volatility, HECA has been the lower-risk option at 1.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HFMF or HECA?

Over the 1-year period, HECA has performed better with a 11.32% return vs 10.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HFMF or HECA?

HFMF is cheaper with a 0.97% expense ratio, compared with 1.02% for HECA.

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

HFMF has the higher dividend yield at 2.87%, compared with 2.05% for HECA.

What is the main difference between HFMF and HECA?

HFMF is categorized as Systematic Trend, while HECA is Global Allocation. They also come from different issuers: Unlimited and Hedgeye. Their fees differ too: 0.97% for HFMF and 1.02% for HECA.

Which has better risk-adjusted returns?

HECA currently has the higher Sharpe Ratio (0.83 vs 0.64), 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.