HFMF vs. HFEQ

Last updated Jun 4, 2026

HFMF (Unlimited HFMF Managed Futures ETF) and HFEQ (Unlimited HFEQ Equity Long/Short ETF) are both exchange-traded funds - HFMF is a Systematic Trend fund actively managed by Unlimited, while HFEQ is a Long-Short fund actively managed by Unlimited. Both are actively managed. At a 0.46 correlation, their price movements are largely independent. HFMF charges 0.97%/yr vs 1.00%/yr for HFEQ.

Performance

HFMF vs. HFEQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Unlimited HFMF Managed Futures ETF (HFMF) and Unlimited HFEQ Equity Long/Short ETF (HFEQ). 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 HFEQ's 14.04% return.

HFMF

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

HFEQ

• 1D: -0.34%
• 1M: 5.50%
• YTD: 14.04%
• 6M: 13.73%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HFMF vs. HFEQ - Yearly Performance Comparison

	2026 (YTD)	2025
HFMF Unlimited HFMF Managed Futures ETF	7.67%	6.34%
HFEQ Unlimited HFEQ Equity Long/Short ETF	14.04%	14.92%

Correlation

The correlation between HFMF and HFEQ is 0.46, 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	0.46

Return for Risk

HFMF vs. HFEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Unlimited HFMF Managed Futures ETF (HFMF) and Unlimited HFEQ Equity Long/Short ETF (HFEQ). 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	HFEQ	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	0.99	1.66	-0.67

Drawdowns

HFMF vs. HFEQ - Drawdown Comparison

The maximum HFMF drawdown since its inception was -10.00%, smaller than the maximum HFEQ drawdown of -12.46%. Use the drawdown chart below to compare losses from any high point for HFMF and HFEQ.

Drawdown Indicators

	HFMF	HFEQ	Difference
Max Drawdown Largest peak-to-trough decline	-10.00%	-12.46%	+2.46%
Current Drawdown Current decline from peak	-9.89%	-0.34%	-9.55%
Average Drawdown Average peak-to-trough decline	-2.86%	-2.45%	-0.41%

Volatility

Volatility by Period

	HFMF	HFEQ	Difference
Volatility (1Y) Calculated over the trailing 1-year period	16.79%	21.60%	-4.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.79%	21.60%	-4.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.79%	21.60%	-4.81%

HFMF vs. HFEQ - Expense Ratio Comparison

HFMF has a 0.97% expense ratio, which is lower than HFEQ's 1.00% expense ratio.

Dividends

HFMF vs. HFEQ - Dividend Comparison

HFMF's dividend yield for the trailing twelve months is around 2.76%, less than HFEQ's 9.25% yield.

Position	TTM	2025
HFEQ Unlimited HFEQ Equity Long/Short ETF	9.25%	10.55%
HFMF Unlimited HFMF Managed Futures ETF	2.76%	2.97%

Frequently Asked Questions

Can I hold both HFMF and HFEQ in my portfolio?

HFMF and HFEQ have a correlation of 0.46, 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 HFEQ?

On fees, HFMF is cheaper at 0.97% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HFMF or HFEQ?

HFMF is cheaper with a 0.97% expense ratio, compared with 1.00% for HFEQ.

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

HFEQ has the higher dividend yield at 9.25%, compared with 2.76% for HFMF.

What is the main difference between HFMF and HFEQ?

HFMF is categorized as Systematic Trend, while HFEQ is Long-Short. Their fees differ too: 0.97% for HFMF and 1.00% for HFEQ.