HFND vs. JPO

Last updated Aug 4, 2026

HFND (Unlimited HFND Multi-Strategy Return Tracker ETF) and JPO (YieldMax JPM Option Income Strategy ETF) are both exchange-traded funds - HFND is a Multistrategy fund actively managed by Tidal, while JPO is a Options Trading fund actively managed by Tidal. Both are actively managed. Over the past year, HFND returned 15.25% vs 19.04% for JPO. Their 0.36 correlation means their historical movements had little consistent relationship. HFND charges 1.22%/yr vs 1.19%/yr for JPO.

Performance

HFND vs. JPO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Unlimited HFND Multi-Strategy Return Tracker ETF (HFND) and YieldMax JPM Option Income Strategy ETF (JPO). 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 JPO's 8.94% 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%

JPO

• 1D: -0.03%
• 1M: 5.43%
• 6M: 14.06%
• YTD: 8.94%
• 1Y: 19.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.46%

*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)
HFND Unlimited HFND Multi-Strategy Return Tracker ETF	$436.97K	$309.82K	$279.89K
JPO YieldMax JPM Option Income Strategy ETF	$433.46K	$411.56K	$341.71K

HFND vs. JPO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HFND Unlimited HFND Multi-Strategy Return Tracker ETF	8.07%	8.93%	8.34%	2.73%
JPO YieldMax JPM Option Income Strategy ETF	8.94%	22.26%	13.97%	4.90%

Correlation

The correlation between HFND and JPO is 0.30, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.30
Correlation (All Time) Calculated using the full available price history since Sep 12, 2023	0.36

Return for Risk

HFND vs. JPO — 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

JPO

JPO Risk / Return Rank: 36
JPO Sharpe Ratio Rank: 38
JPO Sortino Ratio Rank: 35
JPO Omega Ratio Rank: 36
JPO Calmar Ratio Rank: 37
JPO Martin Ratio Rank: 34

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. JPO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Unlimited HFND Multi-Strategy Return Tracker ETF (HFND) and YieldMax JPM Option Income Strategy ETF (JPO). 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	JPO	Difference
Sharpe ratio: Return per unit of total volatility	1.53	0.99	+0.54
Sortino ratio: Return per unit of downside risk	2.20	1.38	+0.82
Omega ratio: Gain probability vs. loss probability	1.28	1.18	+0.10
Calmar ratio: Return relative to maximum drawdown	3.10	1.34	+1.76
Martin ratio: Return relative to average drawdown	10.62	3.34	+7.29

HFND vs. JPO - Sharpe Ratio Comparison

The current HFND Sharpe Ratio is 1.53, which is higher than the JPO Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of HFND and JPO, 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. JPO - Drawdown Comparison

The maximum HFND drawdown since its inception was -13.31%, smaller than the maximum JPO drawdown of -24.80%. Use the drawdown chart below to compare losses from any high point for HFND and JPO.

Drawdown Indicators

	HFND	JPO	Difference
Max Drawdown Largest peak-to-trough decline	-13.31%	-24.80%	+11.49%
Max Drawdown (1Y) Largest decline over 1 year	-4.94%	-14.24%	+9.30%
Max Drawdown (3Y) Largest decline over 3 years	-13.31%	—	—
Current Drawdown Current decline from peak	-1.38%	-1.07%	-0.31%
Average Drawdown Average peak-to-trough decline	-2.06%	-4.42%	+2.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.44%	5.72%	-4.28%

Volatility

HFND vs. JPO - Volatility Comparison

The current volatility for Unlimited HFND Multi-Strategy Return Tracker ETF (HFND) is 2.60%, while YieldMax JPM Option Income Strategy ETF (JPO) has a volatility of 5.21%. This indicates that HFND experiences smaller price fluctuations and is considered to be less risky than JPO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HFND	JPO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.60%	5.21%	-2.61%
Volatility (6M) Calculated over the trailing 6-month period	7.82%	14.07%	-6.25%
Volatility (1Y) Calculated over the trailing 1-year period	10.04%	19.33%	-9.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.49%	19.04%	-9.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.49%	19.04%	-9.55%

HFND vs. JPO - Expense Ratio Comparison

HFND has a 1.22% expense ratio, which is higher than JPO's 1.19% expense ratio.

Dividends

HFND vs. JPO - Dividend Comparison

HFND's dividend yield for the trailing twelve months is around 4.70%, less than JPO's 31.82% yield.

Position	TTM	2025	2024	2023	2022
HFND Unlimited HFND Multi-Strategy Return Tracker ETF	4.70%	5.08%	3.70%	1.41%	0.43%
JPO YieldMax JPM Option Income Strategy ETF	31.82%	34.13%	25.15%	4.84%	0.00%

Frequently Asked Questions

Can I hold both HFND and JPO in my portfolio?

HFND and JPO have a correlation of 0.30, 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 JPO?

JPO has higher volatility (5.21%) compared to HFND (2.60%). In terms of maximum drawdown, HFND dropped -13.31% vs JPO's -24.80%.

Which ETF is better, HFND or JPO?

On 1-year performance, JPO leads with 19.04% vs 15.25% for HFND. On fees, JPO is cheaper at 1.19% 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 JPO?

Over the 1-year period, JPO has performed better with a 19.04% return vs 15.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HFND or JPO?

JPO is cheaper with a 1.19% expense ratio, compared with 1.22% for HFND.

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

JPO has the higher dividend yield at 31.82%, compared with 4.70% for HFND.

What is the main difference between HFND and JPO?

HFND is categorized as Multistrategy, while JPO is Options Trading. Their fees differ too: 1.22% for HFND and 1.19% for JPO.

Which has better risk-adjusted returns?

HFND currently has the higher Sharpe Ratio (1.53 vs 0.99), 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.