ISMF vs. HFMF

Last updated Jun 3, 2026

ISMF (iShares Managed Futures Active ETF) and HFMF (Unlimited HFMF Managed Futures ETF) are both Systematic Trend funds. Both are actively managed. At a 0.40 correlation, their price movements are largely independent. ISMF charges 0.80%/yr vs 0.97%/yr for HFMF.

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.

Returns By Period

In the year-to-date period, ISMF achieves a 7.48% return, which is significantly lower than HFMF's 8.30% return.

ISMF

• 1D: 0.12%
• 1M: 0.89%
• YTD: 7.48%
• 6M: 10.36%
• 1Y: 21.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HFMF

• 1D: -0.33%
• 1M: -1.92%
• YTD: 8.30%
• 6M: 10.00%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ISMF vs. HFMF - Yearly Performance Comparison

	2026 (YTD)	2025
ISMF iShares Managed Futures Active ETF	7.48%	13.07%
HFMF Unlimited HFMF Managed Futures ETF	8.30%	6.34%

Correlation

The correlation between ISMF and HFMF is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 16, 2025	0.40

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: 82
ISMF Sortino Ratio Rank: 81
ISMF Omega Ratio Rank: 89
ISMF Calmar Ratio Rank: 89
ISMF Martin Ratio Rank: 87

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	2.71	—	—
Sortino ratio Return per unit of downside risk	3.69	—	—
Omega ratio Gain probability vs. loss probability	1.57	—	—
Calmar ratio Return relative to maximum drawdown	5.46	—	—
Martin ratio Return relative to average drawdown	18.89	—	—
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	2.71	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.08	1.04	+1.05

Drawdowns

ISMF vs. HFMF - Drawdown Comparison

The maximum ISMF drawdown since its inception was -4.23%, smaller than the maximum HFMF drawdown of -10.00%. 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%	-10.00%	+5.77%
Max Drawdown (1Y) Largest decline over 1 year	-3.94%	—	—
Current Drawdown Current decline from peak	-0.81%	-9.37%	+8.56%
Average Drawdown Average peak-to-trough decline	-1.28%	-2.83%	+1.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.14%	—	—

Volatility

Volatility by Period

	ISMF	HFMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.72%	—	—
Volatility (6M) Calculated over the trailing 6-month period	6.29%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	7.88%	16.81%	-8.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.76%	16.81%	-9.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.76%	16.81%	-9.05%

ISMF vs. HFMF - Expense Ratio Comparison

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

Dividends

ISMF vs. HFMF - Dividend Comparison

ISMF's dividend yield for the trailing twelve months is around 5.80%, more than HFMF's 2.74% yield.

Position	TTM	2025
HFMF Unlimited HFMF Managed Futures ETF	2.74%	2.97%
ISMF iShares Managed Futures Active ETF	5.80%	6.23%

Frequently Asked Questions

Can I hold both ISMF and HFMF in my portfolio?

ISMF and HFMF have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ISMF or HFMF?

On fees, ISMF is cheaper at 0.80% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ISMF or HFMF?

ISMF is cheaper with a 0.80% expense ratio, compared with 0.97% for HFMF.

Which ETF pays a higher dividend yield, ISMF or HFMF?

ISMF has the higher dividend yield at 5.80%, compared with 2.74% for HFMF.

What is the main difference between ISMF and HFMF?

They also come from different issuers: iShares and Unlimited. Their fees differ too: 0.80% for ISMF and 0.97% for HFMF.