ORR vs. HFMF

Last updated Jun 3, 2026

ORR (Militia Long/Short Equity ETF) and HFMF (Unlimited HFMF Managed Futures ETF) are both exchange-traded funds - ORR is a Long-Short fund actively managed by Militia Investments, while HFMF is a Systematic Trend fund actively managed by Unlimited. Both are actively managed. At a 0.18 correlation, their price movements are largely independent. ORR charges 14.19%/yr vs 0.97%/yr for HFMF.

Performance

ORR vs. HFMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Militia Long/Short Equity ETF (ORR) 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, ORR achieves a 5.30% return, which is significantly lower than HFMF's 8.30% return.

ORR

• 1D: 1.24%
• 1M: 0.62%
• YTD: 5.30%
• 6M: 8.24%
• 1Y: 26.34%
• 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)

ORR vs. HFMF - Yearly Performance Comparison

	2026 (YTD)	2025
ORR Militia Long/Short Equity ETF	5.30%	17.55%
HFMF Unlimited HFMF Managed Futures ETF	8.30%	6.34%

Correlation

The correlation between ORR and HFMF is 0.18, 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	0.18

Return for Risk

ORR vs. HFMF — Risk / Return Rank

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

ORR

ORR Risk / Return Rank: 54
ORR Sharpe Ratio Rank: 57
ORR Sortino Ratio Rank: 57
ORR Omega Ratio Rank: 54
ORR Calmar Ratio Rank: 56
ORR 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. HFMF - Risk-Adjusted Trends Comparison

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

	ORR	HFMF	Difference
Sharpe ratio Return per unit of total volatility	1.96	—	—
Sortino ratio Return per unit of downside risk	2.74	—	—
Omega ratio Gain probability vs. loss probability	1.34	—	—
Calmar ratio Return relative to maximum drawdown	2.84	—	—
Martin ratio Return relative to average drawdown	7.76	—	—
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

	ORR	HFMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.96	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.78	1.04	+0.74

Drawdowns

ORR vs. HFMF - Drawdown Comparison

The maximum ORR drawdown since its inception was -9.85%, roughly equal to the maximum HFMF drawdown of -10.00%. Use the drawdown chart below to compare losses from any high point for ORR and HFMF.

Drawdown Indicators

	ORR	HFMF	Difference
Max Drawdown Largest peak-to-trough decline	-9.85%	-10.00%	+0.15%
Max Drawdown (1Y) Largest decline over 1 year	-9.85%	—	—
Current Drawdown Current decline from peak	-7.96%	-9.37%	+1.41%
Average Drawdown Average peak-to-trough decline	-2.16%	-2.83%	+0.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.61%	—	—

Volatility

Volatility by Period

	ORR	HFMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.02%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.90%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	13.55%	16.81%	-3.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.34%	16.81%	-1.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.34%	16.81%	-1.47%

ORR vs. HFMF - Expense Ratio Comparison

ORR has a 14.19% expense ratio, which is higher than HFMF's 0.97% expense ratio.

Dividends

ORR vs. HFMF - Dividend Comparison

ORR has not paid dividends to shareholders, while HFMF's dividend yield for the trailing twelve months is around 2.74%.

Position	TTM	2025
HFMF Unlimited HFMF Managed Futures ETF	2.74%	2.97%
ORR Militia Long/Short Equity ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both ORR and HFMF in my portfolio?

ORR and HFMF have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ORR or HFMF?

On fees, HFMF is cheaper at 0.97% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ORR or HFMF?

HFMF is cheaper with a 0.97% expense ratio, compared with 14.19% for ORR.

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

HFMF has the higher dividend yield at 2.74%, compared with 0.00% for ORR.

What is the main difference between ORR and HFMF?

ORR is categorized as Long-Short, while HFMF is Systematic Trend. They also come from different issuers: Militia Investments and Unlimited. Their fees differ too: 14.19% for ORR and 0.97% for HFMF.