HFMF vs. ORR

Last updated Aug 2, 2026

HFMF (Unlimited HFMF Managed Futures ETF) and ORR (Militia Long/Short Equity ETF) are both exchange-traded funds - HFMF is a Systematic Trend fund actively managed by Unlimited, while ORR is a Long-Short fund actively managed by Militia. Both are actively managed. Over the past year, HFMF returned 10.42% vs 27.70% for ORR. Their 0.13 correlation means their historical movements had little consistent relationship. HFMF charges 0.97%/yr vs 10.91%/yr for ORR.

Performance

HFMF vs. ORR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Unlimited HFMF Managed Futures ETF (HFMF) and Militia Long/Short Equity ETF (ORR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HFMF achieves a 3.42% return, which is significantly lower than ORR's 13.55% return.

HFMF

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

ORR

• 1D: 0.65%
• 1M: 5.52%
• 6M: 6.33%
• YTD: 13.55%
• 1Y: 27.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 30.08%

*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)
HFMF Unlimited HFMF Managed Futures ETF	$110.86K	$119.38K	$221.46K
ORR Militia Long/Short Equity ETF	$2.18M	$2.70M	$4.06M

HFMF vs. ORR - Yearly Performance Comparison

	2026 (YTD)	2025
HFMF Unlimited HFMF Managed Futures ETF	3.42%	6.34%
ORR Militia Long/Short Equity ETF	13.55%	17.92%

Correlation

The correlation between HFMF and ORR is 0.14, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.14
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	0.13

Return for Risk

HFMF vs. ORR — 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

ORR

ORR Risk / Return Rank: 75
ORR Sharpe Ratio Rank: 84
ORR Sortino Ratio Rank: 82
ORR Omega Ratio Rank: 80
ORR Calmar Ratio Rank: 79
ORR Martin Ratio Rank: 53

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. ORR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Unlimited HFMF Managed Futures ETF (HFMF) and Militia Long/Short Equity ETF (ORR). 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	ORR	Difference
Sharpe ratio: Return per unit of total volatility	0.64	1.92	-1.28
Sortino ratio: Return per unit of downside risk	0.99	2.69	-1.69
Omega ratio: Gain probability vs. loss probability	1.13	1.33	-0.20
Calmar ratio: Return relative to maximum drawdown	0.71	2.79	-2.08
Martin ratio: Return relative to average drawdown	1.66	6.17	-4.51

HFMF vs. ORR - Sharpe Ratio Comparison

The current HFMF Sharpe Ratio is 0.64, which is lower than the ORR Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of HFMF and ORR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HFMF vs. ORR - Drawdown Comparison

The maximum HFMF drawdown since its inception was -14.69%, which is greater than ORR's maximum drawdown of -9.90%. Use the drawdown chart below to compare losses from any high point for HFMF and ORR.

Drawdown Indicators

	HFMF	ORR	Difference
Max Drawdown Largest peak-to-trough decline	-14.69%	-9.90%	-4.79%
Max Drawdown (1Y) Largest decline over 1 year	-14.69%	-9.90%	-4.79%
Current Drawdown Current decline from peak	-13.45%	-0.74%	-12.71%
Average Drawdown Average peak-to-trough decline	-4.30%	-2.60%	-1.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.30%	4.47%	+1.83%

Volatility

HFMF vs. ORR - Volatility Comparison

The current volatility for Unlimited HFMF Managed Futures ETF (HFMF) is 3.55%, while Militia Long/Short Equity ETF (ORR) has a volatility of 4.43%. This indicates that HFMF experiences smaller price fluctuations and is considered to be less risky than ORR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HFMF	ORR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.55%	4.43%	-0.88%
Volatility (6M) Calculated over the trailing 6-month period	12.26%	11.54%	+0.72%
Volatility (1Y) Calculated over the trailing 1-year period	16.26%	14.41%	+1.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.96%	15.36%	+0.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.96%	15.36%	+0.60%

HFMF vs. ORR - Expense Ratio Comparison

HFMF has a 0.97% expense ratio, which is lower than ORR's 10.91% expense ratio.

Dividends

HFMF vs. ORR - Dividend Comparison

HFMF's dividend yield for the trailing twelve months is around 2.87%, while ORR has not paid dividends to shareholders.

Position	TTM	2025
HFMF Unlimited HFMF Managed Futures ETF	2.87%	2.97%
ORR Militia Long/Short Equity ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both HFMF and ORR in my portfolio?

HFMF and ORR have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HFMF or ORR?

ORR has higher volatility (4.43%) compared to HFMF (3.55%). In terms of maximum drawdown, HFMF dropped -14.69% vs ORR's -9.90%.

Which ETF is better, HFMF or ORR?

On 1-year performance, ORR leads with 27.70% vs 10.42% for HFMF. On fees, HFMF is cheaper at 0.97% per year. On volatility, HFMF has been the lower-risk option at 3.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HFMF or ORR?

Over the 1-year period, ORR has performed better with a 27.70% return vs 10.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HFMF or ORR?

HFMF is cheaper with a 0.97% expense ratio, compared with 10.91% for ORR.

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

HFMF has the higher dividend yield at 2.87%, compared with 0.00% for ORR.

What is the main difference between HFMF and ORR?

HFMF is categorized as Systematic Trend, while ORR is Long-Short. They also come from different issuers: Unlimited and Militia. Their fees differ too: 0.97% for HFMF and 10.91% for ORR.

Which has better risk-adjusted returns?

ORR currently has the higher Sharpe Ratio (1.92 vs 0.64), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.