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

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HFMF averaged −0.60% and IMF −0.14%, so IMF returned more in those weeks.

Which earned more than cash, HFMF or IMF?

Over the same weeks, HFMF finished 4.6 percentage points ahead of cash and IMF finished 15.6 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, HFMF or IMF?

HFMF charges 0.97% a year and IMF charges 0.65%, so IMF is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

HFMF vs IMF: Correlation to the S&P 500

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Over the year to Nov 4, 2026, HFMF moved less with the S&P 500 than IMF: correlation +0.18 against +0.38.

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Net assets: $25m on Aug 31, 2026 for Unlimited HFMF Managed Futures ETF, and $304m on Nov 3, 2026 for Invesco Managed Futures Strategy ETF.

HFMF on its own →IMF on its own →

At a glance

+0.18

HFMF correlation with the S&P 500

+0.38

IMF correlation with the S&P 500

56.2%

HFMF down-week capture

13.0%

IMF down-week capture

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%.

IMF Fell 13% as much as the S&P 500

IMF in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, IMF −0.14%.

Pair scorecard

IMF costs 0.32 points a year less; their one-year returns differ by 12.1 points.

HFMF vs IMF: Correlation to the S&P 500
Measure	HFMF	IMF
Return
Measure	HFMF	IMF
Total return, 1 year	+8.0%	+20.1%
Against its benchmark
Measure	HFMF	IMF
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	HFMF	IMF
Expense ratio	0.97%	0.65%
Net assets, HFMF as of Aug 31, 2026 and IMF as of Nov 3, 2026	$25m	$304m
Holdings
Measure	HFMF	IMF
Holdings in common	not published
Risk
Measure	HFMF	IMF
Beta to the S&P 500	+0.24: about 0.24% for each 1%	+0.24: about 0.24% for each 1%
Its average week when the S&P 500 fell	fell 0.60%	fell 0.14%

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

IQ Alternatives Score58.8HFMF70.6IMF

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

HFMF 58.8

IMF 70.6

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: HFMF vs IMF: Correlation to the S&P 500
	Total return
Window	HFMF	IMF
3 months	+2.6%	+0.4%
6 months	−2.9%	0.0%
1 year	+8.0%	+20.1%
Since launchNot the same days: HFMF Jul 2025 · IMF Mar 2025	+11.8%	+4.3%

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Side by side

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 IMF Invesco Managed Futures Strategy 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 Unlimited Invesco

Strategy Managed futures Managed futures

Correlation with the S&P 500 +0.18 +0.38

Beta to the S&P 500 +0.24 +0.24

Down-week capture 56.2% 13.0%

Average week when the S&P 500 fell −0.60% −0.14%

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

Total return, same 52 weeks +8.3% +19.2%

Against T-bills, percentage points +4.6 pts +15.6 pts

Expense ratio 0.97% 0.65%

First traded Jul 15, 2025 Mar 19, 2025

Net assets, HFMF as of Aug 31, 2026 and IMF as of Nov 3, 2026 $25m $304m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

HFMF and IMF both run a managed futures strategy. Over the same 52 weeks to Nov 4, 2026, HFMF’s weekly returns had a correlation of +0.18 with the S&P 500 and IMF’s +0.38. In the 26 weeks the index fell, by 1.07% a week on average, HFMF averaged −0.60% and IMF −0.14%. Over the same weeks, HFMF finished 4.6 percentage points ahead of cash and IMF finished 15.6 points ahead of cash.

Alert

About each fund

HFMF

HFMF 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 +0.18 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. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. 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.

IMF

IMF is a managed futures fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.38 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 IMF fell 0.14% on average, a down-week capture of 13.0%. Over the same 52 weeks IMF returned +19.2% and a Treasury bill fund +3.7%, so it finished 15.6 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, HFMF or IMF?: Over the 52 weeks to Nov 4, 2026, HFMF’s weekly returns had a correlation of +0.18 with the S&P 500 and IMF’s +0.38, so HFMF moved less with the index.
Which did better when the S&P 500 fell, HFMF or IMF?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HFMF averaged −0.60% and IMF −0.14%, so IMF returned more in those weeks.
Which earned more than cash, HFMF or IMF?: Over the same weeks, HFMF finished 4.6 percentage points ahead of cash and IMF finished 15.6 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, HFMF or IMF?: HFMF charges 0.97% a year and IMF charges 0.65%, so IMF is cheaper. Fees come from each fund's prospectus.

Other comparisons

HFMF vs HOLD HFMF vs WTMF HFMF vs RSST HFMF vs TFPN IMF vs ISMF IMF vs MFUT IMF vs PRAE IMF vs AHLT

Where to next

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

Sources and dates

HFMF filings on SEC EDGAR ↗

HFMF prospectus with the expense ratio (SEC) ↗

Unlimited website ↗

IMF filings on SEC EDGAR ↗

IMF prospectus with the expense ratio (SEC) ↗

Invesco page for IMF ↗

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

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