MHIG vs. HFND

Last updated Jul 8, 2026

MHIG (Milliman Healthcare Inflation Guard ETF) and HFND (Unlimited HFND Multi-Strategy Return Tracker ETF) are both Multistrategy funds. Both are actively managed. A 0.51 correlation means they provide meaningful diversification when combined. MHIG charges 0.55%/yr vs 1.22%/yr for HFND.

Performance

MHIG vs. HFND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Milliman Healthcare Inflation Guard ETF (MHIG) and Unlimited HFND Multi-Strategy Return Tracker ETF (HFND). 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*: —

HFND

• 1D: -0.79%
• 1M: 1.44%
• 6M: 6.08%
• YTD: 8.27%
• 1Y: 15.32%
• 3Y*: 9.52%
• 5Y*: —
• 10Y*: —

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

MHIG vs. HFND - Yearly Performance Comparison

	2026 (YTD)
MHIG Milliman Healthcare Inflation Guard ETF	-1.62%
HFND Unlimited HFND Multi-Strategy Return Tracker ETF	1.48%

Correlation

The correlation between MHIG and HFND is 0.51, 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 Apr 21, 2026	0.51

Return for Risk

MHIG vs. HFND — 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.

HFND

HFND Risk / Return Rank: 62
HFND Sharpe Ratio Rank: 55
HFND Sortino Ratio Rank: 54
HFND Omega Ratio Rank: 55
HFND Calmar Ratio Rank: 74
HFND Martin Ratio Rank: 73

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. HFND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Milliman Healthcare Inflation Guard ETF (MHIG) 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.

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	HFND	Difference
Sharpe ratio: Return per unit of total volatility	—	1.56	—
Sortino ratio: Return per unit of downside risk	—	2.23	—
Omega ratio: Gain probability vs. loss probability	—	1.29	—
Calmar ratio: Return relative to maximum drawdown	—	3.11	—
Martin ratio: Return relative to average drawdown	—	11.24	—

Drawdowns

MHIG vs. HFND - Drawdown Comparison

The maximum MHIG drawdown since its inception was -3.06%, smaller than the maximum HFND drawdown of -13.31%. Use the drawdown chart below to compare losses from any high point for MHIG and HFND.

Drawdown Indicators

	MHIG	HFND	Difference
Max Drawdown Largest peak-to-trough decline	-3.06%	-13.31%	+10.25%
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	-1.62%	-1.19%	-0.43%
Average Drawdown Average peak-to-trough decline	-1.80%	-2.07%	+0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.37%	—

Volatility

Volatility by Period

	MHIG	HFND	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.52%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.97%	—
Volatility (1Y) Calculated over the trailing 1-year period	8.18%	9.88%	-1.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.18%	9.52%	-1.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.18%	9.52%	-1.34%

MHIG vs. HFND - Expense Ratio Comparison

MHIG has a 0.55% expense ratio, which is lower than HFND's 1.22% expense ratio.

Dividends

MHIG vs. HFND - Dividend Comparison

MHIG has not paid dividends to shareholders, while HFND's dividend yield for the trailing twelve months is around 4.69%.

Position	TTM	2025	2024	2023	2022
HFND Unlimited HFND Multi-Strategy Return Tracker ETF	4.69%	5.08%	3.70%	1.41%	0.43%
MHIG Milliman Healthcare Inflation Guard ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MHIG and HFND in my portfolio?

MHIG and HFND have a correlation of 0.51, 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 HFND?

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 HFND?

MHIG is cheaper with a 0.55% expense ratio, compared with 1.22% for HFND.

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

HFND has the higher dividend yield at 4.69%, compared with 0.00% for MHIG.

What is the main difference between MHIG and HFND?

They also come from different issuers: Milliman and Tidal ETFs. Their fees differ too: 0.55% for MHIG and 1.22% for HFND.