Data as of Nov 4, 2026.
HFND vs SPY: Differences, Returns & Fees
Over the year to Nov 4, 2026, HFND returned +3.2% to SPY's +14.8%, and SPY charges 0.09% to HFND's 1.07%.
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Net assets: $39m on Aug 31, 2026 for Unlimited HFND Multi-Strategy Return Tracker ETF, and $804.8bn on Nov 3, 2026 for SPDR S&P 500 ETF Trust.
Pair scorecard
SPY costs 0.98 points a year less; their one-year returns differ by 11.6 points.
| Measure | HFND | SPY |
|---|---|---|
| Return | ||
| Total return, 1 year | +3.2% | +14.8% |
| Total return, 52 weeks | +3.6% | |
| Against its benchmark | ||
| What it tracks | not published | S&P 500 Index |
| Treasury bills, 52 weeks | +3.7% | |
| Against cash | 0.1 points behind | |
| Cost and size | ||
| Expense ratio | 1.07% | 0.09% |
| Net assets, HFND as of Aug 31, 2026 and SPY as of Nov 3, 2026 | $39m | $804.8bn |
| Holdings | ||
| Holdings in common | not published | |
| In the S&P 500, by weight | 100% | |
| Top ten holdings, share of the fund | 37.3% | |
| Risk | ||
| Correlation with the S&P 500’s weekly returns | +0.82 | |
| Beta to the S&P 500 | +0.58: about 0.58% for each 1% | |
| Its average week when the S&P 500 fell | fell 0.82% | |
| Down-week capture | 76.4% | |
| Weeks the S&P 500 fell | 26 of 52, by 1.07% on average | |
Risk and return
Oct 21, 2022 to Oct 30, 2026 · 210 weekly returnsFrom Oct 2022 to Oct 2026, SPY returned more: +112.7% to +28.8%. HFND swung less: 8.1% to 14.3%. HFND fell less at its worst: −10.5% to −16.9%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | HFND | SPY | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +28.8% | +112.7% | SPY | Price change plus distributions, reinvested. |
| Annualized | +6.5% | +20.5% | SPY | Total return as a yearly rate. |
| Price return | +16.1% | +101.9% | SPY | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 8.1% | 14.3% | HFND | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 6.0% | 9.2% | HFND | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −10.5% | −16.9% | HFND | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.25 | 1.06 | SPY | Return above Treasury bills per unit of volatility. |
| Sortino | 0.33 | 1.65 | SPY | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.61 | 1.22 | SPY | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 210 weekly returns. Cash rate: the 13-week Treasury bill.
Side by side
HFND and SPY on the fields both publish, as of Nov 4, 2026. Source: ETFIQ.
Client brief:
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HFND
HFND is a multi-strategy 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 +0.82 with the S&P 500’s and a beta of +0.58, so for each 1% the index moved it moved about 0.58% the same way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks HFND fell 0.82% on average, a down-week capture of 76.4%. Over the same 52 weeks HFND returned +3.6% and a Treasury bill fund +3.7%, so it finished 0.1 percentage points behind cash.
SPY
SPY tracks the S&P 500. Over the year to Nov 4, 2026 it returned +14.8% with distributions reinvested, against +14.8% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.09% a year. By its holdings published by its issuer for Nov 3, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 504 positions, with the top ten at 37.3%.
Questions people ask
- Are HFND and SPY in the same category?
- HFND is an alternatives ETF and SPY is a stock ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
- Which returned more over the last year, HFND or SPY?
- In the year to Nov 4, 2026, with distributions reinvested, HFND returned +3.2% and SPY +14.8%.
- Which is cheaper, HFND or SPY?
- SPY is cheaper, by 0.98 percentage points a year. That is about $98 on $10,000 held for a year. Fees come from each fund's prospectus.
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ETFIQ, HFND against SPY, data as of Nov 4, 2026. https://etfiq.com/compare/any/hfnd-vs-spy
ETFIQ. (Nov 4, 2026). HFND against SPY. Retrieved from https://etfiq.com/compare/any/hfnd-vs-spy
[HFND against SPY (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/any/hfnd-vs-spy)
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