ORR vs. HFGM

Last updated Jun 23, 2026

ORR (Militia Long/Short Equity ETF) and HFGM (Unlimited HFGM Global Macro ETF) are both exchange-traded funds - ORR is a Long-Short fund actively managed by Militia Investments, while HFGM is a Macro Trading fund actively managed by Unlimited. Both are actively managed. Over the past year, ORR returned 27.61% vs 33.29% for HFGM. At a 0.35 correlation, their price movements are largely independent. ORR charges 14.19%/yr vs 0.95%/yr for HFGM.

Performance

ORR vs. HFGM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Militia Long/Short Equity ETF (ORR) and Unlimited HFGM Global Macro ETF (HFGM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ORR achieves a 7.03% return, which is significantly lower than HFGM's 9.44% return.

ORR

• 1D: -1.38%
• 1M: 0.94%
• YTD: 7.03%
• 6M: 7.80%
• 1Y: 27.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HFGM

• 1D: -0.21%
• 1M: -6.40%
• YTD: 9.44%
• 6M: 7.33%
• 1Y: 33.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ORR vs. HFGM - Yearly Performance Comparison

	2026 (YTD)	2025
ORR Militia Long/Short Equity ETF	7.03%	23.68%
HFGM Unlimited HFGM Global Macro ETF	9.44%	26.88%

Correlation

The correlation between ORR and HFGM is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (All Time) Calculated using the full available price history since Apr 15, 2025	0.35

Return for Risk

ORR vs. HFGM — Risk / Return Rank

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

ORR

ORR Risk / Return Rank: 56
ORR Sharpe Ratio Rank: 62
ORR Sortino Ratio Rank: 61
ORR Omega Ratio Rank: 56
ORR Calmar Ratio Rank: 58
ORR Martin Ratio Rank: 43

HFGM

HFGM Risk / Return Rank: 47
HFGM Sharpe Ratio Rank: 43
HFGM Sortino Ratio Rank: 40
HFGM Omega Ratio Rank: 41
HFGM Calmar Ratio Rank: 63
HFGM Martin Ratio Rank: 46

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.

ORR vs. HFGM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Militia Long/Short Equity ETF (ORR) and Unlimited HFGM Global Macro ETF (HFGM). 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.

	ORR	HFGM	Difference
Sharpe ratio: Return per unit of total volatility	1.99	1.46	+0.52
Sortino ratio: Return per unit of downside risk	2.77	2.00	+0.76
Omega ratio: Gain probability vs. loss probability	1.34	1.26	+0.08
Calmar ratio: Return relative to maximum drawdown	2.80	3.05	-0.25
Martin ratio: Return relative to average drawdown	6.88	7.55	-0.67

ORR vs. HFGM - Sharpe Ratio Comparison

The current ORR Sharpe Ratio is 1.99, which is higher than the HFGM Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of ORR and HFGM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ORR vs. HFGM - Drawdown Comparison

The maximum ORR drawdown since its inception was -9.90%, smaller than the maximum HFGM drawdown of -10.97%. Use the drawdown chart below to compare losses from any high point for ORR and HFGM.

Drawdown Indicators

	ORR	HFGM	Difference
Max Drawdown Largest peak-to-trough decline	-9.90%	-10.97%	+1.07%
Max Drawdown (1Y) Largest decline over 1 year	-9.90%	-10.97%	+1.07%
Current Drawdown Current decline from peak	-6.45%	-9.82%	+3.37%
Average Drawdown Average peak-to-trough decline	-2.36%	-2.93%	+0.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.02%	4.42%	-0.40%

Volatility

ORR vs. HFGM - Volatility Comparison

The current volatility for Militia Long/Short Equity ETF (ORR) is 4.59%, while Unlimited HFGM Global Macro ETF (HFGM) has a volatility of 5.04%. This indicates that ORR experiences smaller price fluctuations and is considered to be less risky than HFGM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ORR	HFGM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.59%	5.04%	-0.45%
Volatility (6M) Calculated over the trailing 6-month period	11.26%	17.75%	-6.49%
Volatility (1Y) Calculated over the trailing 1-year period	13.98%	22.89%	-8.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.38%	21.65%	-6.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.38%	21.65%	-6.27%

ORR vs. HFGM - Expense Ratio Comparison

ORR has a 14.19% expense ratio, which is higher than HFGM's 0.95% expense ratio.

Dividends

ORR vs. HFGM - Dividend Comparison

ORR has not paid dividends to shareholders, while HFGM's dividend yield for the trailing twelve months is around 10.26%.

Position	TTM	2025
HFGM Unlimited HFGM Global Macro ETF	10.26%	11.23%
ORR Militia Long/Short Equity ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both ORR and HFGM in my portfolio?

ORR and HFGM have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ORR or HFGM?

HFGM has higher volatility (5.04%) compared to ORR (4.59%). In terms of maximum drawdown, ORR dropped -9.90% vs HFGM's -10.97%.

Which ETF is better, ORR or HFGM?

On 1-year performance, HFGM leads with 33.29% vs 27.61% for ORR. On fees, HFGM is cheaper at 0.95% per year. On volatility, ORR has been the lower-risk option at 4.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ORR or HFGM?

Over the 1-year period, HFGM has performed better with a 33.29% return vs 27.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ORR or HFGM?

HFGM is cheaper with a 0.95% expense ratio, compared with 14.19% for ORR.

Which ETF pays a higher dividend yield, ORR or HFGM?

HFGM has the higher dividend yield at 10.26%, compared with 0.00% for ORR.

What is the main difference between ORR and HFGM?

ORR is categorized as Long-Short, while HFGM is Macro Trading. They also come from different issuers: Militia Investments and Unlimited. Their fees differ too: 14.19% for ORR and 0.95% for HFGM.

Which has better risk-adjusted returns?

ORR currently has the higher Sharpe Ratio (1.99 vs 1.46), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.