Which did better when the S&P 500 fell, FMF or HFMF?

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, FMF averaged −0.11% and HFMF −0.60%, so FMF returned more in those weeks.

Which earned more than cash, FMF or HFMF?

Over the same weeks, FMF finished 6.9 percentage points ahead of cash and HFMF finished 4.6 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, FMF or HFMF?

FMF charges 0.98% a year and HFMF charges 0.97%, so HFMF is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

FMF vs HFMF: Correlation to the S&P 500

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Over the year to Nov 4, 2026, FMF moved less with the S&P 500 than HFMF: correlation +0.16 against +0.18.

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Net assets: $298m on Nov 3, 2026 for First Trust Managed Futures Strategy Fund, and $25m on Aug 31, 2026 for Unlimited HFMF Managed Futures ETF.

FMF on its own →HFMF on its own →

At a glance

+0.16

FMF correlation with the S&P 500

+0.18

HFMF correlation with the S&P 500

9.9%

FMF down-week capture

56.2%

HFMF down-week capture

FMF Fell 10% as much as the S&P 500

FMF in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, FMF −0.11%.

HFMF Fell 56% as much as the S&P 500

HFMF in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HFMF −0.60%.

Pair scorecard

HFMF costs 0.01 points a year less; their one-year returns differ by 3.1 points.

FMF vs HFMF: Correlation to the S&P 500
Measure	FMF	HFMF
Return
Measure	FMF	HFMF
Total return, 1 year	+11.1%	+8.0%
Against its benchmark
Measure	FMF	HFMF
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	FMF	HFMF
Expense ratio	0.98%	0.97%
Net assets, FMF as of Nov 3, 2026 and HFMF as of Aug 31, 2026	$298m	$25m
Holdings
Measure	FMF	HFMF
Holdings in common	not published
Risk
Measure	FMF	HFMF
Beta to the S&P 500	+0.11: about 0.11% for each 1%	+0.24: about 0.24% for each 1%
Its average week when the S&P 500 fell	fell 0.11%	fell 0.60%

ETFIQ Stock Diversification Score · FMF scores higher How much does it diversify a stock portfolio?

IQ Alternatives Score82.3FMF58.8HFMF

How much it diversifies a stock portfolio, ranked against 17 systematic trend alternatives ETFs with a full year. 100 is best. How it is computed

FMF 82.3

HFMF 58.8

2.9, the lowest in this set 94.2, the highest

One year of weekly moves against the S&P 500, within one strategy; it ignores what the fund returned. All alternatives ETFs ranked by it →

Method

Window by window

Window by window: FMF vs HFMF: Correlation to the S&P 500
	Total return
Window	FMF	HFMF
3 months	+1.8%	+2.6%
6 months	−0.1%	−2.9%
1 year	+11.1%	+8.0%
3 years	+20.3%	–
Since launchNot the same days: FMF Aug 2013 · HFMF Jul 2025	+28.7%	+11.8%

– means no data for this window. Open this comparison in the app →

Side by side

FMF First Trust Managed Futures Strategy Fund · Managed futures fund: follows price trends in futures on stocks, bonds, currencies and commodities, and can bet on falls as well as rises HFMF Unlimited HFMF Managed Futures ETF · Managed futures fund: follows price trends in futures on stocks, bonds, currencies and commodities, and can bet on falls as well as rises

Issuer First Trust Unlimited

Strategy Managed futures Managed futures

Correlation with the S&P 500 +0.16 +0.18

Beta to the S&P 500 +0.11 +0.24

Down-week capture 9.9% 56.2%

Average week when the S&P 500 fell −0.11% −0.60%

The S&P 500 in those weeks −1.07% −1.07%

Total return, same 52 weeks +10.6% +8.3%

Against T-bills, percentage points +6.9 pts +4.6 pts

Expense ratio 0.98% 0.97%

First traded Aug 2, 2013 Jul 15, 2025

Net assets, FMF as of Nov 3, 2026 and HFMF as of Aug 31, 2026 $298m $25m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

FMF and HFMF both run a managed futures strategy. Over the same 52 weeks to Nov 4, 2026, FMF’s weekly returns had a correlation of +0.16 with the S&P 500 and HFMF’s +0.18. In the 26 weeks the index fell, by 1.07% a week on average, FMF averaged −0.11% and HFMF −0.60%. Over the same weeks, FMF finished 6.9 percentage points ahead of cash and HFMF finished 4.6 points ahead of cash.

Alert

About each fund

FMF

FMF is a managed futures fund. ETFIQ measures what every alternatives fund is sold on: whether it moves differently from the stock market. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.16 with the S&P 500’s and a beta of +0.11, so for each 1% the index moved it moved about 0.11% the same way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks FMF fell 0.11% on average, a down-week capture of 9.9%. Over the same 52 weeks FMF returned +10.6% and a Treasury bill fund +3.7%, so it finished 6.9 percentage points ahead of cash.

HFMF

HFMF is a managed futures fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.18 with the S&P 500’s and a beta of +0.24, so for each 1% the index moved it moved about 0.24% the same way. In the same weeks HFMF fell 0.60% on average, a down-week capture of 56.2%. Over the same 52 weeks HFMF returned +8.3% and a Treasury bill fund +3.7%, so it finished 4.6 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, FMF or HFMF?: Over the 52 weeks to Nov 4, 2026, FMF’s weekly returns had a correlation of +0.16 with the S&P 500 and HFMF’s +0.18, so FMF moved less with the index.
Which did better when the S&P 500 fell, FMF or HFMF?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, FMF averaged −0.11% and HFMF −0.60%, so FMF returned more in those weeks.
Which earned more than cash, FMF or HFMF?: Over the same weeks, FMF finished 6.9 percentage points ahead of cash and HFMF finished 4.6 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, FMF or HFMF?: FMF charges 0.98% a year and HFMF charges 0.97%, so HFMF is cheaper. Fees come from each fund's prospectus.

Other comparisons

FMF vs ISMF FMF vs MFUT FMF vs PRAE FMF vs HOLD HFMF vs ISMF HFMF vs HOLD HFMF vs IMF HFMF vs TFPN

Where to next

BIL, the T-bill fund these are measured against →SPY, the S&P 500 fund these are measured against →FMF on its own →HFMF on its own →FMF dividend history →HFMF dividend history →Method →Standards and sources →

Sources and dates

FMF filings on SEC EDGAR ↗

FMF prospectus with the expense ratio (SEC) ↗

First Trust page for FMF ↗

HFMF filings on SEC EDGAR ↗

HFMF prospectus with the expense ratio (SEC) ↗

Unlimited website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

It is a place in a set, not a rating or a recommendation.

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, FMF against HFMF, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/fmf-vs-hfmf

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