ISMF vs. HFMF

Last updated Apr 1, 2026

Compare and contrast key facts about iShares Managed Futures Active ETF (ISMF) and Unlimited HFMF Managed Futures ETF (HFMF).

ISMF and HFMF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ISMF is an actively managed fund by iShares. It was launched on Mar 12, 2025. HFMF is an actively managed fund by Unlimited. It was launched on Jul 14, 2025.

Performance

ISMF vs. HFMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Managed Futures Active ETF (ISMF) and Unlimited HFMF Managed Futures ETF (HFMF). The values are adjusted to include any dividend payments, if applicable.

ISMF vs. HFMF - Yearly Performance Comparison

	2026 (YTD)	2025
ISMF iShares Managed Futures Active ETF	3.84%	13.07%
HFMF Unlimited HFMF Managed Futures ETF	11.75%	6.34%

Returns By Period

In the year-to-date period, ISMF achieves a 3.84% return, which is significantly lower than HFMF's 11.75% return.

ISMF

• 1D: 0.21%
• 1M: -1.88%
• YTD: 3.84%
• 6M: 9.57%
• 1Y: 15.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HFMF

• 1D: 1.40%
• 1M: -1.69%
• YTD: 11.75%
• 6M: 12.93%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ISMF vs. HFMF - Expense Ratio Comparison

ISMF has a 0.80% expense ratio, which is lower than HFMF's 0.97% expense ratio.

HFMF

Unlimited HFMF Managed Futures ETF

ISMF

iShares Managed Futures Active ETF

Return for Risk

ISMF vs. HFMF — Risk / Return Rank

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

ISMF

ISMF Risk / Return Rank: 86
ISMF Sharpe Ratio Rank: 87
ISMF Sortino Ratio Rank: 88
ISMF Omega Ratio Rank: 89
ISMF Calmar Ratio Rank: 93
ISMF Martin Ratio Rank: 74

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.

ISMF vs. HFMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Managed Futures Active ETF (ISMF) and Unlimited HFMF Managed Futures ETF (HFMF). 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.

	ISMF	HFMF	Difference
Sharpe ratio Return per unit of total volatility	1.84	—	—
Sortino ratio Return per unit of downside risk	2.44	—	—
Omega ratio Gain probability vs. loss probability	1.38	—	—
Calmar ratio Return relative to maximum drawdown	3.60	—	—
Martin ratio Return relative to average drawdown	7.89	—	—
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

	ISMF	HFMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.84	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.87	1.56	+0.31

Correlation

The correlation between ISMF and HFMF is 0.47, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

ISMF vs. HFMF - Dividend Comparison

ISMF's dividend yield for the trailing twelve months is around 6.00%, more than HFMF's 2.66% yield.

	TTM	2025
ISMF iShares Managed Futures Active ETF	6.00%	6.23%
HFMF Unlimited HFMF Managed Futures ETF	2.66%	2.97%

Drawdowns

ISMF vs. HFMF - Drawdown Comparison

The maximum ISMF drawdown since its inception was -4.23%, smaller than the maximum HFMF drawdown of -7.77%. Use the drawdown chart below to compare losses from any high point for ISMF and HFMF.

Drawdown Indicators

	ISMF	HFMF	Difference
Max Drawdown Largest peak-to-trough decline	-4.23%	-7.77%	+3.54%
Max Drawdown (1Y) Largest decline over 1 year	-4.23%	—	—
Current Drawdown Current decline from peak	-2.10%	-6.48%	+4.38%
Average Drawdown Average peak-to-trough decline	-1.41%	-1.70%	+0.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.93%	—	—

Volatility

Volatility by Period

	ISMF	HFMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.90%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.19%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	8.24%	17.66%	-9.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.10%	17.66%	-9.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.10%	17.66%	-9.56%