HFND vs. BOAT

Last updated Aug 4, 2026

HFND (Unlimited HFND Multi-Strategy Return Tracker ETF) and BOAT (SonicShares Global Shipping ETF) are both exchange-traded funds - HFND is a Multistrategy fund actively managed by Tidal, while BOAT is a Industrials Equities fund tracking the Solactive Global Shipping Index. HFND is actively managed, while BOAT is passively managed. Over the past 3 years, HFND returned 9.07%/yr vs 26.95%/yr for BOAT. Their 0.36 correlation means their historical movements had little consistent relationship. HFND charges 1.22%/yr vs 0.69%/yr for BOAT.

Performance

HFND vs. BOAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Unlimited HFND Multi-Strategy Return Tracker ETF (HFND) and SonicShares Global Shipping ETF (BOAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HFND achieves a 8.07% return, which is significantly lower than BOAT's 45.07% return.

HFND

• 1D: 0.66%
• 1M: -0.12%
• 6M: 4.10%
• YTD: 8.07%
• 1Y: 15.25%
• 3Y*: 9.07%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 8.22%

BOAT

• 1D: 0.20%
• 1M: 13.47%
• 6M: 27.28%
• YTD: 45.07%
• 1Y: 59.66%
• 3Y*: 26.95%
• 5Y*: 25.20%
• 10Y*: —
• ALL TIME*: 24.82%

*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)
BOAT SonicShares Global Shipping ETF	$1.71M	$1.08M	$1.06M
HFND Unlimited HFND Multi-Strategy Return Tracker ETF	$436.97K	$309.82K	$279.89K

HFND vs. BOAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HFND Unlimited HFND Multi-Strategy Return Tracker ETF	8.07%	8.93%	8.34%	3.58%	2.28%
BOAT SonicShares Global Shipping ETF	45.07%	22.77%	5.97%	24.53%	16.19%

Correlation

The correlation between HFND and BOAT is 0.31, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.31
Correlation (3Y) Balances recent behavior with more history.	0.30
Correlation (All Time) Calculated using the full available price history since Oct 11, 2022	0.36

Return for Risk

HFND vs. BOAT — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HFND

HFND Risk / Return Rank: 70
HFND Sharpe Ratio Rank: 63
HFND Sortino Ratio Rank: 64
HFND Omega Ratio Rank: 63
HFND Calmar Ratio Rank: 81
HFND Martin Ratio Rank: 79

BOAT

BOAT Risk / Return Rank: 93
BOAT Sharpe Ratio Rank: 95
BOAT Sortino Ratio Rank: 94
BOAT Omega Ratio Rank: 92
BOAT Calmar Ratio Rank: 94
BOAT Martin Ratio Rank: 90

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.

HFND vs. BOAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Unlimited HFND Multi-Strategy Return Tracker ETF (HFND) and SonicShares Global Shipping ETF (BOAT). 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	BOAT	Difference
Sharpe ratio: Return per unit of total volatility	1.53	2.90	-1.37
Sortino ratio: Return per unit of downside risk	2.20	3.75	-1.55
Omega ratio: Gain probability vs. loss probability	1.28	1.46	-0.18
Calmar ratio: Return relative to maximum drawdown	3.10	5.17	-2.07
Martin ratio: Return relative to average drawdown	10.62	14.58	-3.96

HFND vs. BOAT - Sharpe Ratio Comparison

The current HFND Sharpe Ratio is 1.53, which is lower than the BOAT Sharpe Ratio of 2.90. The chart below compares the historical Sharpe Ratios of HFND and BOAT, 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. BOAT - Drawdown Comparison

The maximum HFND drawdown since its inception was -13.31%, smaller than the maximum BOAT drawdown of -33.94%. Use the drawdown chart below to compare losses from any high point for HFND and BOAT.

Drawdown Indicators

	HFND	BOAT	Difference
Max Drawdown Largest peak-to-trough decline	-13.31%	-33.94%	+20.63%
Max Drawdown (1Y) Largest decline over 1 year	-4.94%	-11.60%	+6.66%
Max Drawdown (3Y) Largest decline over 3 years	-13.31%	-33.94%	+20.63%
Max Drawdown (5Y) Largest decline over 5 years	—	-33.94%	—
Current Drawdown Current decline from peak	-1.38%	-0.54%	-0.84%
Average Drawdown Average peak-to-trough decline	-2.06%	-9.51%	+7.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.44%	4.10%	-2.66%

Volatility

HFND vs. BOAT - Volatility Comparison

The current volatility for Unlimited HFND Multi-Strategy Return Tracker ETF (HFND) is 2.60%, while SonicShares Global Shipping ETF (BOAT) has a volatility of 6.64%. This indicates that HFND experiences smaller price fluctuations and is considered to be less risky than BOAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HFND	BOAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.60%	6.64%	-4.04%
Volatility (6M) Calculated over the trailing 6-month period	7.82%	16.86%	-9.04%
Volatility (1Y) Calculated over the trailing 1-year period	10.04%	20.72%	-10.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.49%	25.06%	-15.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.49%	25.06%	-15.57%

HFND vs. BOAT - Expense Ratio Comparison

HFND has a 1.22% expense ratio, which is higher than BOAT's 0.69% expense ratio.

Dividends

HFND vs. BOAT - Dividend Comparison

HFND's dividend yield for the trailing twelve months is around 4.70%, less than BOAT's 6.34% yield.

Position	TTM	2025	2024	2023	2022	2021
BOAT SonicShares Global Shipping ETF	6.34%	8.08%	13.89%	13.65%	13.57%	1.36%
HFND Unlimited HFND Multi-Strategy Return Tracker ETF	4.70%	5.08%	3.70%	1.41%	0.43%	0.00%

Frequently Asked Questions

Can I hold both HFND and BOAT in my portfolio?

HFND and BOAT have a correlation of 0.31, 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 BOAT?

BOAT has higher volatility (6.64%) compared to HFND (2.60%). In terms of maximum drawdown, HFND dropped -13.31% vs BOAT's -33.94%.

Which ETF is better, HFND or BOAT?

On 3-year performance, BOAT leads with 26.95% vs 9.07% for HFND. On fees, BOAT is cheaper at 0.69% per year. On volatility, HFND has been the lower-risk option at 2.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HFND or BOAT?

Over the 3-year period, BOAT has performed better with a 26.95% return vs 9.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HFND or BOAT?

BOAT is cheaper with a 0.69% expense ratio, compared with 1.22% for HFND.

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

BOAT has the higher dividend yield at 6.34%, compared with 4.70% for HFND.

What is the main difference between HFND and BOAT?

HFND is categorized as Multistrategy, while BOAT is Industrials Equities. Their fees differ too: 1.22% for HFND and 0.69% for BOAT.

Which has better risk-adjusted returns?

BOAT currently has the higher Sharpe Ratio (2.90 vs 1.53), 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.