HFND vs. ALLW

Last updated Jun 24, 2026

HFND (Unlimited HFND Multi-Strategy Return Tracker ETF) and ALLW (State Street Bridgewater All Weather ETF) are both exchange-traded funds - HFND is a Multistrategy fund actively managed by Tidal ETFs, while ALLW is a Tactical Allocation fund actively managed by State Street. Both are actively managed. Over the past year, HFND returned 17.63% vs 17.58% for ALLW. A 0.64 correlation means they provide meaningful diversification when combined. HFND charges 1.22%/yr vs 0.85%/yr for ALLW.

Performance

HFND vs. ALLW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Unlimited HFND Multi-Strategy Return Tracker ETF (HFND) and State Street Bridgewater All Weather ETF (ALLW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HFND achieves a 8.16% return, which is significantly higher than ALLW's 5.97% return.

HFND

• 1D: -1.30%
• 1M: 0.72%
• YTD: 8.16%
• 6M: 7.80%
• 1Y: 17.63%
• 3Y*: 9.72%
• 5Y*: —
• 10Y*: —

ALLW

• 1D: -1.02%
• 1M: -2.41%
• YTD: 5.97%
• 6M: 5.04%
• 1Y: 17.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HFND vs. ALLW - Yearly Performance Comparison

	2026 (YTD)	2025
HFND Unlimited HFND Multi-Strategy Return Tracker ETF	8.16%	8.05%
ALLW State Street Bridgewater All Weather ETF	5.97%	15.44%

Correlation

The correlation between HFND and ALLW is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (All Time) Calculated using the full available price history since Mar 6, 2025	0.64

The correlation between HFND and ALLW has been stable across timeframes, ranging from 0.64 to 0.66 - a consistent structural relationship.

Return for Risk

HFND vs. ALLW — Risk / Return Rank

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

HFND

HFND Risk / Return Rank: 64
HFND Sharpe Ratio Rank: 57
HFND Sortino Ratio Rank: 57
HFND Omega Ratio Rank: 58
HFND Calmar Ratio Rank: 75
HFND Martin Ratio Rank: 74

ALLW

ALLW Risk / Return Rank: 50
ALLW Sharpe Ratio Rank: 48
ALLW Sortino Ratio Rank: 45
ALLW Omega Ratio Rank: 47
ALLW Calmar Ratio Rank: 51
ALLW Martin Ratio Rank: 57

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.

HFND vs. ALLW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Unlimited HFND Multi-Strategy Return Tracker ETF (HFND) and State Street Bridgewater All Weather ETF (ALLW). 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.

	HFND	ALLW	Difference
Sharpe ratio: Return per unit of total volatility	1.80	1.60	+0.21
Sortino ratio: Return per unit of downside risk	2.55	2.16	+0.39
Omega ratio: Gain probability vs. loss probability	1.34	1.29	+0.04
Calmar ratio: Return relative to maximum drawdown	3.58	2.44	+1.14
Martin ratio: Return relative to average drawdown	13.09	9.71	+3.38

HFND vs. ALLW - Sharpe Ratio Comparison

The current HFND Sharpe Ratio is 1.80, which is comparable to the ALLW Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of HFND and ALLW, 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

HFND vs. ALLW - Drawdown Comparison

The maximum HFND drawdown since its inception was -13.31%, which is greater than ALLW's maximum drawdown of -8.78%. Use the drawdown chart below to compare losses from any high point for HFND and ALLW.

Drawdown Indicators

	HFND	ALLW	Difference
Max Drawdown Largest peak-to-trough decline	-13.31%	-8.78%	-4.53%
Max Drawdown (1Y) Largest decline over 1 year	-4.94%	-7.23%	+2.29%
Max Drawdown (3Y) Largest decline over 3 years	-13.31%	—	—
Current Drawdown Current decline from peak	-1.30%	-3.73%	+2.43%
Average Drawdown Average peak-to-trough decline	-2.08%	-1.25%	-0.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.35%	1.81%	-0.46%

Volatility

HFND vs. ALLW - Volatility Comparison

The current volatility for Unlimited HFND Multi-Strategy Return Tracker ETF (HFND) is 3.37%, while State Street Bridgewater All Weather ETF (ALLW) has a volatility of 4.00%. This indicates that HFND experiences smaller price fluctuations and is considered to be less risky than ALLW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HFND	ALLW	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.37%	4.00%	-0.63%
Volatility (6M) Calculated over the trailing 6-month period	8.11%	9.34%	-1.23%
Volatility (1Y) Calculated over the trailing 1-year period	9.82%	11.05%	-1.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.53%	12.71%	-3.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.53%	12.71%	-3.18%

HFND vs. ALLW - Expense Ratio Comparison

HFND has a 1.22% expense ratio, which is higher than ALLW's 0.85% expense ratio.

Dividends

HFND vs. ALLW - Dividend Comparison

HFND's dividend yield for the trailing twelve months is around 4.70%, more than ALLW's 4.41% yield.

Position	TTM	2025	2024	2023	2022
ALLW State Street Bridgewater All Weather ETF	4.41%	4.67%	0.00%	0.00%	0.00%
HFND Unlimited HFND Multi-Strategy Return Tracker ETF	4.70%	5.08%	3.70%	1.41%	0.43%

Frequently Asked Questions

Can I hold both HFND and ALLW in my portfolio?

HFND and ALLW have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HFND or ALLW?

ALLW has higher volatility (4.00%) compared to HFND (3.37%). In terms of maximum drawdown, HFND dropped -13.31% vs ALLW's -8.78%.

Which ETF is better, HFND or ALLW?

On 1-year performance, HFND leads with 17.63% vs 17.58% for ALLW. On fees, ALLW is cheaper at 0.85% per year. On volatility, HFND has been the lower-risk option at 3.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HFND or ALLW?

Over the 1-year period, HFND has performed better with a 17.63% return vs 17.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HFND or ALLW?

ALLW is cheaper with a 0.85% expense ratio, compared with 1.22% for HFND.

Which ETF pays a higher dividend yield, HFND or ALLW?

HFND has the higher dividend yield at 4.70%, compared with 4.41% for ALLW.

What is the main difference between HFND and ALLW?

HFND is categorized as Multistrategy, while ALLW is Tactical Allocation. They also come from different issuers: Tidal ETFs and State Street. Their fees differ too: 1.22% for HFND and 0.85% for ALLW.

Which has better risk-adjusted returns?

HFND currently has the higher Sharpe Ratio (1.80 vs 1.60), 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.