HFMF vs. HFGM

Last updated Jun 4, 2026

HFMF (Unlimited HFMF Managed Futures ETF) and HFGM (Unlimited HFGM Global Macro ETF) are both exchange-traded funds - HFMF is a Systematic Trend fund actively managed by Unlimited, while HFGM is a Macro Trading fund actively managed by Unlimited. Both are actively managed. Their correlation of 0.81 suggests significant overlap in exposure. HFMF charges 0.97%/yr vs 0.95%/yr for HFGM.

Performance

HFMF vs. HFGM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Unlimited HFMF Managed Futures ETF (HFMF) and Unlimited HFGM Global Macro ETF (HFGM). 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 HFGM's 14.95% return.

HFMF

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

HFGM

• 1D: -1.51%
• 1M: -0.10%
• YTD: 14.95%
• 6M: 14.19%
• 1Y: 39.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HFMF vs. HFGM - Yearly Performance Comparison

	2026 (YTD)	2025
HFMF Unlimited HFMF Managed Futures ETF	7.67%	6.34%
HFGM Unlimited HFGM Global Macro ETF	14.95%	17.83%

Correlation

The correlation between HFMF and HFGM is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 16, 2025	0.81

Return for Risk

HFMF vs. HFGM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HFGM

HFGM Risk / Return Rank: 55
HFGM Sharpe Ratio Rank: 50
HFGM Sortino Ratio Rank: 46
HFGM Omega Ratio Rank: 48
HFGM Calmar Ratio Rank: 73
HFGM Martin Ratio Rank: 56

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HFMF vs. HFGM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Unlimited HFMF Managed Futures ETF (HFMF) and Unlimited HFGM Global Macro ETF (HFGM). 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	HFGM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.75	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.99	1.82	-0.83

Drawdowns

HFMF vs. HFGM - Drawdown Comparison

The maximum HFMF drawdown since its inception was -10.00%, smaller than the maximum HFGM drawdown of -10.66%. Use the drawdown chart below to compare losses from any high point for HFMF and HFGM.

Drawdown Indicators

	HFMF	HFGM	Difference
Max Drawdown Largest peak-to-trough decline	-10.00%	-10.66%	+0.66%
Max Drawdown (1Y) Largest decline over 1 year	—	-10.66%	—
Current Drawdown Current decline from peak	-9.89%	-5.28%	-4.61%
Average Drawdown Average peak-to-trough decline	-2.86%	-2.68%	-0.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.95%	—

Volatility

Volatility by Period

	HFMF	HFGM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.40%	—
Volatility (6M) Calculated over the trailing 6-month period	—	17.41%	—
Volatility (1Y) Calculated over the trailing 1-year period	16.79%	22.55%	-5.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.79%	21.75%	-4.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.79%	21.75%	-4.96%

HFMF vs. HFGM - Expense Ratio Comparison

HFMF has a 0.97% expense ratio, which is higher than HFGM's 0.95% expense ratio.

Dividends

HFMF vs. HFGM - Dividend Comparison

HFMF's dividend yield for the trailing twelve months is around 2.76%, less than HFGM's 9.77% yield.

Position	TTM	2025
HFGM Unlimited HFGM Global Macro ETF	9.77%	11.23%
HFMF Unlimited HFMF Managed Futures ETF	2.76%	2.97%

Frequently Asked Questions

Can I hold both HFMF and HFGM in my portfolio?

HFMF and HFGM have a correlation of 0.81, 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 HFGM?

On fees, HFGM is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HFMF or HFGM?

HFGM is cheaper with a 0.95% expense ratio, compared with 0.97% for HFMF.

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

HFGM has the higher dividend yield at 9.77%, compared with 2.76% for HFMF.

What is the main difference between HFMF and HFGM?

HFMF is categorized as Systematic Trend, while HFGM is Macro Trading. Their fees differ too: 0.97% for HFMF and 0.95% for HFGM.