HFND vs. IALT

Last updated Jun 4, 2026

HFND (Unlimited HFND Multi-Strategy Return Tracker ETF) and IALT (iShares Systematic Alternatives Active ETF) are both Multistrategy funds. Both are actively managed. A 0.58 correlation means they provide meaningful diversification when combined. HFND charges 1.22%/yr vs 0.99%/yr for IALT.

Performance

HFND vs. IALT - Performance Comparison

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

Returns By Period

In the year-to-date period, HFND achieves a 8.65% return, which is significantly lower than IALT's 13.14% return.

HFND

• 1D: -0.45%
• 1M: 2.07%
• YTD: 8.65%
• 6M: 8.06%
• 1Y: 18.87%
• 3Y*: 10.00%
• 5Y*: —
• 10Y*: —

IALT

• 1D: -0.07%
• 1M: 2.25%
• YTD: 13.14%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HFND vs. IALT - Yearly Performance Comparison

	2026 (YTD)	2025
HFND Unlimited HFND Multi-Strategy Return Tracker ETF	8.65%	-2.02%
IALT iShares Systematic Alternatives Active ETF	13.14%	0.73%

Correlation

The correlation between HFND and IALT is 0.58, 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 Dec 11, 2025	0.58

Return for Risk

HFND vs. IALT — Risk / Return Rank

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

HFND

HFND Risk / Return Rank: 66
HFND Sharpe Ratio Rank: 59
HFND Sortino Ratio Rank: 59
HFND Omega Ratio Rank: 61
HFND Calmar Ratio Rank: 76
HFND Martin Ratio Rank: 75

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. IALT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Unlimited HFND Multi-Strategy Return Tracker ETF (HFND) and iShares Systematic Alternatives Active ETF (IALT). 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.

	HFND	IALT	Difference
Sharpe ratio Return per unit of total volatility	2.01	—	—
Sortino ratio Return per unit of downside risk	2.85	—	—
Omega ratio Gain probability vs. loss probability	1.38	—	—
Calmar ratio Return relative to maximum drawdown	3.84	—	—
Martin ratio Return relative to average drawdown	14.31	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	HFND	IALT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.01	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.94	4.28	-3.35

Drawdowns

HFND vs. IALT - Drawdown Comparison

The maximum HFND drawdown since its inception was -13.31%, which is greater than IALT's maximum drawdown of -1.47%. Use the drawdown chart below to compare losses from any high point for HFND and IALT.

Drawdown Indicators

	HFND	IALT	Difference
Max Drawdown Largest peak-to-trough decline	-13.31%	-1.47%	-11.84%
Max Drawdown (1Y) Largest decline over 1 year	-4.94%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-13.31%	—	—
Current Drawdown Current decline from peak	-0.45%	-0.07%	-0.38%
Average Drawdown Average peak-to-trough decline	-2.10%	-0.32%	-1.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.32%	—	—

Volatility

Volatility by Period

	HFND	IALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.02%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.87%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	9.42%	7.48%	+1.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.47%	7.48%	+1.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.47%	7.48%	+1.99%

HFND vs. IALT - Expense Ratio Comparison

HFND has a 1.22% expense ratio, which is higher than IALT's 0.99% expense ratio.

Dividends

HFND vs. IALT - Dividend Comparison

HFND's dividend yield for the trailing twelve months is around 4.68%, more than IALT's 0.12% yield.

Position	TTM	2025	2024	2023	2022
HFND Unlimited HFND Multi-Strategy Return Tracker ETF	4.68%	5.08%	3.70%	1.41%	0.43%
IALT iShares Systematic Alternatives Active ETF	0.12%	0.14%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HFND and IALT in my portfolio?

HFND and IALT have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HFND or IALT?

On fees, IALT is cheaper at 0.99% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HFND or IALT?

IALT is cheaper with a 0.99% expense ratio, compared with 1.22% for HFND.

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

HFND has the higher dividend yield at 4.68%, compared with 0.12% for IALT.

What is the main difference between HFND and IALT?

They also come from different issuers: Tidal ETFs and iShares. Their fees differ too: 1.22% for HFND and 0.99% for IALT.