Data as of Nov 4, 2026.
HFMF vs MFUT: Correlation to the S&P 500
Over the year to Nov 4, 2026, HFMF moved less with the S&P 500 than MFUT: correlation +0.18 against +0.54.
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Net assets: $25m on Aug 31, 2026 for Unlimited HFMF Managed Futures ETF, and $39m on Jun 30, 2026 for Cambria Chesapeake Pure Trend ETF.
HFMF in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HFMF −0.60%.
MFUT in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, MFUT −0.96%.
Pair scorecard
MFUT costs 0.08 points a year less; their one-year returns differ by 14.8 points.
| Measure | HFMF | MFUT |
|---|---|---|
| Return | ||
| Total return, 1 year | +8.0% | +22.8% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.97% | 0.89% |
| Net assets, HFMF as of Aug 31, 2026 and MFUT as of Jun 30, 2026 | $25m | $39m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.24: about 0.24% for each 1% | +0.74: about 0.74% for each 1% |
| Its average week when the S&P 500 fell | fell 0.60% | fell 0.96% |
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
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 →
Window by window
| Total return | ||
|---|---|---|
| Window | HFMF | MFUT |
| 3 months | +2.6% | −2.0% |
| 6 months | −2.9% | −1.4% |
| 1 year | +8.0% | +22.8% |
| Since launchNot the same days: HFMF Jul 2025 · MFUT May 2024 | +11.8% | −5.4% |
Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
HFMF and MFUT 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 MFUT’s +0.54. In the 26 weeks the index fell, by 1.07% a week on average, HFMF averaged −0.60% and MFUT −0.96%. Over the same weeks, HFMF finished 4.6 percentage points ahead of cash and MFUT finished 19.1 points ahead of cash.
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.
MFUT
MFUT is a managed futures fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.54 with the S&P 500’s and a beta of +0.74, so for each 1% the index moved it moved about 0.74% the same way. In the same weeks MFUT fell 0.96% on average, a down-week capture of 89.9%. Over the same 52 weeks MFUT returned +22.8% and a Treasury bill fund +3.7%, so it finished 19.1 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, HFMF or MFUT?
- Over the 52 weeks to Nov 4, 2026, HFMF’s weekly returns had a correlation of +0.18 with the S&P 500 and MFUT’s +0.54, so HFMF moved less with the index.
- Which did better when the S&P 500 fell, HFMF or MFUT?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HFMF averaged −0.60% and MFUT −0.96%, so HFMF returned more in those weeks.
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.
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ETFIQ, HFMF against MFUT, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/hfmf-vs-mfut
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