HFMF vs. TBLL

Last updated Jun 23, 2026

HFMF (Unlimited HFMF Managed Futures ETF) and TBLL (Invesco Short Term Treasury ETF) are both exchange-traded funds - HFMF is a Systematic Trend fund actively managed by Unlimited, while TBLL is a Ultrashort Bond fund tracking the ICE U.S. Treasury Short Bond Index. HFMF is actively managed, while TBLL is passively managed. At a correlation of -0.08, they often move in opposite directions. HFMF charges 0.97%/yr vs 0.08%/yr for TBLL.

Performance

HFMF vs. TBLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Unlimited HFMF Managed Futures ETF (HFMF) and Invesco Short Term Treasury ETF (TBLL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HFMF achieves a 3.70% return, which is significantly higher than TBLL's 1.60% return.

HFMF

• 1D: -0.53%
• 1M: -6.27%
• YTD: 3.70%
• 6M: 2.41%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TBLL

• 1D: 0.02%
• 1M: 0.26%
• YTD: 1.60%
• 6M: 1.69%
• 1Y: 3.87%
• 3Y*: 4.60%
• 5Y*: 3.39%
• 10Y*: —

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

HFMF vs. TBLL - Yearly Performance Comparison

	2026 (YTD)	2025
HFMF Unlimited HFMF Managed Futures ETF	3.70%	6.34%
TBLL Invesco Short Term Treasury ETF	1.60%	1.98%

Correlation

The correlation between HFMF and TBLL is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	-0.08

Return for Risk

HFMF vs. TBLL — Risk / Return Rank

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

HFMF

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

TBLL

TBLL Risk / Return Rank: 100
TBLL Sharpe Ratio Rank: 100
TBLL Sortino Ratio Rank: 100
TBLL Omega Ratio Rank: 100
TBLL Calmar Ratio Rank: 100
TBLL Martin Ratio Rank: 100

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. TBLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Unlimited HFMF Managed Futures ETF (HFMF) and Invesco Short Term Treasury ETF (TBLL). 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	TBLL	Difference
Sharpe ratio: Return per unit of total volatility	—	20.65	—
Sortino ratio: Return per unit of downside risk	—	189.54	—
Omega ratio: Gain probability vs. loss probability	—	81.26	—
Calmar ratio: Return relative to maximum drawdown	—	410.16	—
Martin ratio: Return relative to average drawdown	—	3,066.50	—

Drawdowns

HFMF vs. TBLL - Drawdown Comparison

The maximum HFMF drawdown since its inception was -13.22%, which is greater than TBLL's maximum drawdown of -0.63%. Use the drawdown chart below to compare losses from any high point for HFMF and TBLL.

Drawdown Indicators

	HFMF	TBLL	Difference
Max Drawdown Largest peak-to-trough decline	-13.22%	-0.63%	-12.59%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.01%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-0.36%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.36%	—
Current Drawdown Current decline from peak	-13.22%	0.00%	-13.22%
Average Drawdown Average peak-to-trough decline	-3.30%	-0.14%	-3.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.00%	—

Volatility

Volatility by Period

	HFMF	TBLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.05%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.12%	—
Volatility (1Y) Calculated over the trailing 1-year period	16.40%	0.19%	+16.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.40%	0.45%	+15.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.40%	0.56%	+15.84%

HFMF vs. TBLL - Expense Ratio Comparison

HFMF has a 0.97% expense ratio, which is higher than TBLL's 0.08% expense ratio.

Dividends

HFMF vs. TBLL - Dividend Comparison

HFMF's dividend yield for the trailing twelve months is around 2.86%, less than TBLL's 4.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
HFMF Unlimited HFMF Managed Futures ETF	2.86%	2.97%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TBLL Invesco Short Term Treasury ETF	4.11%	4.08%	4.99%	4.63%	1.37%	0.03%	0.80%	2.08%	1.69%	0.71%

Frequently Asked Questions

Can I hold both HFMF and TBLL in my portfolio?

HFMF and TBLL have a correlation of -0.08, 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 TBLL?

On fees, TBLL is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HFMF or TBLL?

TBLL is cheaper with a 0.08% expense ratio, compared with 0.97% for HFMF.

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

TBLL has the higher dividend yield at 4.11%, compared with 2.86% for HFMF.

What is the main difference between HFMF and TBLL?

HFMF is categorized as Systematic Trend, while TBLL is Ultrashort Bond. They also come from different issuers: Unlimited and Invesco. Their fees differ too: 0.97% for HFMF and 0.08% for TBLL.