HFMF vs. HEFT

Last updated Aug 2, 2026

HFMF (Unlimited HFMF Managed Futures ETF) and HEFT (Hedgeye Fourth Turning ETF) are both exchange-traded funds - HFMF is a Systematic Trend fund actively managed by Unlimited, while HEFT is a Long-Short fund actively managed by Hedgeye. Both are actively managed. Their 0.48 correlation means their historical movements had little consistent relationship. HFMF charges 0.97%/yr vs 0.70%/yr for HEFT.

Performance

HFMF vs. HEFT - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with HFMF having a 3.42% return and HEFT slightly lower at 3.28%.

HFMF

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

HEFT

• 1D: -0.04%
• 1M: -0.42%
• 6M: -3.62%
• YTD: 3.28%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
HEFT Hedgeye Fourth Turning ETF	$283.91K	$525.47K	$801.16K
HFMF Unlimited HFMF Managed Futures ETF	$110.86K	$119.38K	$221.46K

HFMF vs. HEFT - Yearly Performance Comparison

	2026 (YTD)	2025
HFMF Unlimited HFMF Managed Futures ETF	3.42%	5.57%
HEFT Hedgeye Fourth Turning ETF	3.28%	1.10%

Correlation

The correlation between HFMF and HEFT is 0.48, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 21, 2025	0.48

Return for Risk

HFMF vs. HEFT — 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

HEFT

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

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. HEFT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Unlimited HFMF Managed Futures ETF (HFMF) and Hedgeye Fourth Turning ETF (HEFT). 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	HEFT	Difference
Sharpe ratio: Return per unit of total volatility	0.64	—	—
Sortino ratio: Return per unit of downside risk	0.99	—	—
Omega ratio: Gain probability vs. loss probability	1.13	—	—
Calmar ratio: Return relative to maximum drawdown	0.71	—	—
Martin ratio: Return relative to average drawdown	1.66	—	—

Drawdowns

HFMF vs. HEFT - Drawdown Comparison

The maximum HFMF drawdown since its inception was -14.69%, which is greater than HEFT's maximum drawdown of -9.17%. Use the drawdown chart below to compare losses from any high point for HFMF and HEFT.

Drawdown Indicators

	HFMF	HEFT	Difference
Max Drawdown Largest peak-to-trough decline	-14.69%	-9.17%	-5.52%
Max Drawdown (1Y) Largest decline over 1 year	-14.69%	—	—
Current Drawdown Current decline from peak	-13.45%	-6.82%	-6.63%
Average Drawdown Average peak-to-trough decline	-4.30%	-3.79%	-0.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.30%	—	—

Volatility

Volatility by Period

	HFMF	HEFT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.55%	—	—
Volatility (6M) Calculated over the trailing 6-month period	12.26%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	16.26%	12.66%	+3.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.96%	12.66%	+3.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.96%	12.66%	+3.30%

HFMF vs. HEFT - Expense Ratio Comparison

HFMF has a 0.97% expense ratio, which is higher than HEFT's 0.70% expense ratio.

Dividends

HFMF vs. HEFT - Dividend Comparison

HFMF's dividend yield for the trailing twelve months is around 2.87%, more than HEFT's 0.02% yield.

Position	TTM	2025
HEFT Hedgeye Fourth Turning ETF	0.02%	0.02%
HFMF Unlimited HFMF Managed Futures ETF	2.87%	2.97%

Frequently Asked Questions

Can I hold both HFMF and HEFT in my portfolio?

HFMF and HEFT have a correlation of 0.48, 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 HEFT?

On fees, HEFT is cheaper at 0.70% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HFMF or HEFT?

HEFT is cheaper with a 0.70% expense ratio, compared with 0.97% for HFMF.

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

HFMF has the higher dividend yield at 2.87%, compared with 0.02% for HEFT.

What is the main difference between HFMF and HEFT?

HFMF is categorized as Systematic Trend, while HEFT is Long-Short. They also come from different issuers: Unlimited and Hedgeye. Their fees differ too: 0.97% for HFMF and 0.70% for HEFT.