HFMF vs. HEFT

Last updated Jul 14, 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. At a 0.48 correlation, their price movements are largely independent. 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

In the year-to-date period, HFMF achieves a 4.98% return, which is significantly higher than HEFT's 3.68% return.

HFMF

• 1D: 1.14%
• 1M: -0.77%
• 6M: -1.07%
• YTD: 4.98%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

HEFT

• 1D: -0.11%
• 1M: -1.12%
• 6M: -1.24%
• YTD: 3.68%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HFMF vs. HEFT - Yearly Performance Comparison

	2026 (YTD)	2025
HFMF Unlimited HFMF Managed Futures ETF	4.98%	5.57%
HEFT Hedgeye Fourth Turning ETF	3.68%	1.10%

Correlation

The correlation between HFMF and HEFT is 0.48, 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 Nov 21, 2025	0.48

Return for Risk

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.

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

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%
Current Drawdown Current decline from peak	-12.15%	-6.46%	-5.69%
Average Drawdown Average peak-to-trough decline	-3.88%	-3.55%	-0.33%

Volatility

Volatility by Period

	HFMF	HEFT	Difference
Volatility (1Y) Calculated over the trailing 1-year period	16.13%	13.16%	+2.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.13%	13.16%	+2.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.13%	13.16%	+2.97%

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 2.83%, 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	2.83%	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 2.83%, 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.