HFMF vs. IMF

Last updated Jun 4, 2026

HFMF (Unlimited HFMF Managed Futures ETF) and IMF (Invesco Managed Futures Strategy ETF) are both Systematic Trend funds. Both are actively managed. A 0.57 correlation means they provide meaningful diversification when combined. HFMF charges 0.97%/yr vs 0.65%/yr for IMF.

Performance

HFMF vs. IMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Unlimited HFMF Managed Futures ETF (HFMF) and Invesco Managed Futures Strategy ETF (IMF). 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 IMF's 14.07% return.

HFMF

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

IMF

• 1D: 0.01%
• 1M: 0.95%
• YTD: 14.07%
• 6M: 18.34%
• 1Y: 20.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HFMF vs. IMF - Yearly Performance Comparison

	2026 (YTD)	2025
HFMF Unlimited HFMF Managed Futures ETF	7.67%	6.34%
IMF Invesco Managed Futures Strategy ETF	14.07%	6.72%

Correlation

The correlation between HFMF and IMF is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 16, 2025	0.57

Return for Risk

HFMF vs. IMF — Risk / Return Rank

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

IMF

IMF Risk / Return Rank: 69
IMF Sharpe Ratio Rank: 59
IMF Sortino Ratio Rank: 54
IMF Omega Ratio Rank: 64
IMF Calmar Ratio Rank: 91
IMF Martin Ratio Rank: 78

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. IMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Unlimited HFMF Managed Futures ETF (HFMF) and Invesco Managed Futures Strategy ETF (IMF). 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	IMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.99	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.99	0.33	+0.66

Drawdowns

HFMF vs. IMF - Drawdown Comparison

The maximum HFMF drawdown since its inception was -10.00%, smaller than the maximum IMF drawdown of -15.10%. Use the drawdown chart below to compare losses from any high point for HFMF and IMF.

Drawdown Indicators

	HFMF	IMF	Difference
Max Drawdown Largest peak-to-trough decline	-10.00%	-15.10%	+5.10%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.59%	—
Current Drawdown Current decline from peak	-9.89%	-0.83%	-9.06%
Average Drawdown Average peak-to-trough decline	-2.86%	-8.41%	+5.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.36%	—

Volatility

Volatility by Period

	HFMF	IMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.08%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.91%	—
Volatility (1Y) Calculated over the trailing 1-year period	16.79%	10.45%	+6.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.79%	12.48%	+4.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.79%	12.48%	+4.31%

HFMF vs. IMF - Expense Ratio Comparison

HFMF has a 0.97% expense ratio, which is higher than IMF's 0.65% expense ratio.

Dividends

HFMF vs. IMF - Dividend Comparison

HFMF's dividend yield for the trailing twelve months is around 2.76%, more than IMF's 0.89% yield.

Position	TTM	2025
HFMF Unlimited HFMF Managed Futures ETF	2.76%	2.97%
IMF Invesco Managed Futures Strategy ETF	0.89%	1.01%

Frequently Asked Questions

Can I hold both HFMF and IMF in my portfolio?

HFMF and IMF have a correlation of 0.57, 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 IMF?

On fees, IMF is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HFMF or IMF?

IMF is cheaper with a 0.65% expense ratio, compared with 0.97% for HFMF.

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

HFMF has the higher dividend yield at 2.76%, compared with 0.89% for IMF.

What is the main difference between HFMF and IMF?

They also come from different issuers: Unlimited and Invesco. Their fees differ too: 0.97% for HFMF and 0.65% for IMF.