MHIG vs. FARX

Last updated Jul 8, 2026

MHIG (Milliman Healthcare Inflation Guard ETF) and FARX (Frontier Asset Absolute Return ETF) are both Multistrategy funds. Both are actively managed. At a 0.30 correlation, their price movements are largely independent. MHIG charges 0.55%/yr vs 1.00%/yr for FARX.

Performance

MHIG vs. FARX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Milliman Healthcare Inflation Guard ETF (MHIG) and Frontier Asset Absolute Return ETF (FARX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MHIG

• 1D: -0.15%
• 1M: 0.36%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FARX

• 1D: -0.41%
• 1M: 0.20%
• 6M: 5.79%
• YTD: 7.95%
• 1Y: 16.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MHIG vs. FARX - Yearly Performance Comparison

	2026 (YTD)
MHIG Milliman Healthcare Inflation Guard ETF	-1.62%
FARX Frontier Asset Absolute Return ETF	0.89%

Correlation

The correlation between MHIG and FARX is 0.30, 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 Apr 21, 2026	0.30

Return for Risk

MHIG vs. FARX — Risk / Return Rank

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

MHIG

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

FARX

FARX Risk / Return Rank: 87
FARX Sharpe Ratio Rank: 85
FARX Sortino Ratio Rank: 83
FARX Omega Ratio Rank: 86
FARX Calmar Ratio Rank: 94
FARX Martin Ratio Rank: 89

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.

MHIG vs. FARX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Milliman Healthcare Inflation Guard ETF (MHIG) and Frontier Asset Absolute Return ETF (FARX). 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.

	MHIG	FARX	Difference
Sharpe ratio: Return per unit of total volatility	—	2.25	—
Sortino ratio: Return per unit of downside risk	—	3.06	—
Omega ratio: Gain probability vs. loss probability	—	1.43	—
Calmar ratio: Return relative to maximum drawdown	—	5.58	—
Martin ratio: Return relative to average drawdown	—	16.37	—

Drawdowns

MHIG vs. FARX - Drawdown Comparison

The maximum MHIG drawdown since its inception was -3.06%, smaller than the maximum FARX drawdown of -5.83%. Use the drawdown chart below to compare losses from any high point for MHIG and FARX.

Drawdown Indicators

	MHIG	FARX	Difference
Max Drawdown Largest peak-to-trough decline	-3.06%	-5.83%	+2.77%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.99%	—
Current Drawdown Current decline from peak	-1.62%	-1.81%	+0.19%
Average Drawdown Average peak-to-trough decline	-1.80%	-1.08%	-0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.02%	—

Volatility

Volatility by Period

	MHIG	FARX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.70%	—
Volatility (6M) Calculated over the trailing 6-month period	—	5.86%	—
Volatility (1Y) Calculated over the trailing 1-year period	8.18%	7.41%	+0.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.18%	7.08%	+1.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.18%	7.08%	+1.10%

MHIG vs. FARX - Expense Ratio Comparison

MHIG has a 0.55% expense ratio, which is lower than FARX's 1.00% expense ratio.

Dividends

MHIG vs. FARX - Dividend Comparison

MHIG has not paid dividends to shareholders, while FARX's dividend yield for the trailing twelve months is around 2.89%.

Position	TTM	2025	2024
FARX Frontier Asset Absolute Return ETF	2.89%	3.25%	0.19%
MHIG Milliman Healthcare Inflation Guard ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MHIG and FARX in my portfolio?

MHIG and FARX 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 ETF is better, MHIG or FARX?

On fees, MHIG is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MHIG or FARX?

MHIG is cheaper with a 0.55% expense ratio, compared with 1.00% for FARX.

Which ETF pays a higher dividend yield, MHIG or FARX?

FARX has the higher dividend yield at 2.89%, compared with 0.00% for MHIG.

What is the main difference between MHIG and FARX?

They also come from different issuers: Milliman and Frontier. Their fees differ too: 0.55% for MHIG and 1.00% for FARX.