ISMF vs. HFMF
ISMF (iShares Managed Futures Active ETF) and HFMF (Unlimited HFMF Managed Futures ETF) are both Systematic Trend funds. Both are actively managed. At a 0.39 correlation, their price movements are largely independent. ISMF charges 0.80%/yr vs 0.97%/yr for HFMF.
Performance
ISMF vs. HFMF - Performance Comparison
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Returns By Period
In the year-to-date period, ISMF achieves a 8.37% return, which is significantly higher than HFMF's 7.67% return.
ISMF
- 1D
- 0.83%
- 1M
- 1.62%
- YTD
- 8.37%
- 6M
- 11.16%
- 1Y
- 22.64%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HFMF
- 1D
- -0.58%
- 1M
- -2.87%
- YTD
- 7.67%
- 6M
- 8.74%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ISMF vs. HFMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ISMF iShares Managed Futures Active ETF | 8.37% | 13.07% |
HFMF Unlimited HFMF Managed Futures ETF | 7.67% | 6.34% |
Correlation
The correlation between ISMF and HFMF is 0.39, 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 | 0.39 |
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Return for Risk
ISMF vs. HFMF — Risk / Return Rank
ISMF
HFMF
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 ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.61 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 5.77 | — | — |
| Martin ratioReturn relative to average drawdown | 19.96 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ISMF | HFMF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.88 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.17 | 0.99 | +1.18 |
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.
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Drawdown Indicators
| ISMF | HFMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.23% | -10.00% | +5.77% |
Max Drawdown (1Y)Largest decline over 1 year | -3.94% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -9.89% | +9.89% |
Average DrawdownAverage peak-to-trough decline | -1.27% | -2.86% | +1.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.14% | — | — |
Volatility
ISMF vs. HFMF - Volatility Comparison
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Volatility by Period
| ISMF | HFMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.89% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 6.33% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 7.92% | 16.79% | -8.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.78% | 16.79% | -9.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.78% | 16.79% | -9.01% |
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 5.75%, more than HFMF's 2.76% yield.
| Position | TTM | 2025 |
|---|---|---|
HFMF Unlimited HFMF Managed Futures ETF | 2.76% | 2.97% |
ISMF iShares Managed Futures Active ETF | 5.75% | 6.23% |
Frequently Asked Questions
ISMF and HFMF have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
ISMF is cheaper with a 0.80% expense ratio, compared with 0.97% for HFMF.
ISMF has the higher dividend yield at 5.75%, compared with 2.76% for HFMF.
They also come from different issuers: iShares and Unlimited. Their fees differ too: 0.80% for ISMF and 0.97% for HFMF.
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