IALT vs. HFND

Last updated Jun 4, 2026

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

Performance

IALT vs. HFND - Performance Comparison

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

Returns By Period

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

IALT

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

HFND

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

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

IALT vs. HFND - Yearly Performance Comparison

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

Correlation

The correlation between IALT and HFND 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

IALT vs. HFND — 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.

IALT vs. HFND - Risk-Adjusted Trends Comparison

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

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

Sharpe Ratios by Period

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

Drawdowns

IALT vs. HFND - Drawdown Comparison

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

Drawdown Indicators

	IALT	HFND	Difference
Max Drawdown Largest peak-to-trough decline	-1.47%	-13.31%	+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	-0.07%	-0.45%	+0.38%
Average Drawdown Average peak-to-trough decline	-0.32%	-2.10%	+1.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.32%	—

Volatility

Volatility by Period

	IALT	HFND	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	7.48%	9.42%	-1.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.48%	9.47%	-1.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.48%	9.47%	-1.99%

IALT vs. HFND - Expense Ratio Comparison

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

Dividends

IALT vs. HFND - Dividend Comparison

IALT's dividend yield for the trailing twelve months is around 0.12%, less than HFND's 4.68% 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 IALT and HFND in my portfolio?

IALT and HFND 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, IALT or HFND?

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, IALT or HFND?

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

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

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

What is the main difference between IALT and HFND?

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