HFMF vs SPY
Unlimited HFMF Managed Futures ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, HFMF or SPY?
Managed Futures against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | HFMF | SPY |
|---|---|---|
| Expense Ratio | 0.97% | 0.09%Best |
| AUM | $26M | $804.7B |
| Dividend Yield | 2.86% | 0.98% |
| Holdings | 13 | 505 |
| YTD Return | +6.79% | +11.52%Best |
| 1Y Return | +10.18% | +17.48%Best |
| 3Y Return (annualized) | - | +20.62% |
| 5Y Return (annualized) | - | +12.73% |
| Volatility (annualized) | 11.5%Best | 12.5% |
| Max Drawdown | -15.1% | -8.9%Best |
| $10,000 over 1.2 years | $11,481 | $12,416Best |
| Fund Family | Unlimited Funds | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Managed Futures | Large Cap Blend |
| Inception | Jul 14, 2025 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 1.2 years row, are measured over the window both funds cover: Jul 15, 2025 to Sep 10, 2026 (1.2 years).
HFMF vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 1.2 years both funds cover.
HFMF vs SPY Performance
Unlimited HFMF Managed Futures ETF (HFMF) is an ETF from Unlimited Funds and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year HFMF returned +10.18% while SPY returned +17.48%. Year to date, HFMF is up 6.79% versus a gain of 11.52% for SPY.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 12.5% compared with 11.5% for HFMF. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -15.1% for HFMF and -8.9% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at -0.08. They move largely independently of each other.
Fees and Cost Over Time
HFMF charges 0.97% per year while SPY charges 0.09%. On a $10,000 position that is $97 vs $9 annually, a gap of $88 per year that compounds over a long holding period. On income, HFMF currently yields 2.86% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 1 holding in HFMF and 504 in SPY, totalling 89.7% and 100.0% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 1 positions we hold weights for in HFMF and 504 in SPY, against full books of 13 and 505.
You are not choosing between two funds in isolation.
Whichever of HFMF and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, HFMF or SPY?
HFMF has an expense ratio of 0.97% while SPY charges 0.09%. SPY is the cheaper option, by $88 a year on a $10,000 investment.
Which performed better, HFMF or SPY?
Over the past year HFMF returned +10.18% vs +17.48% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), HFMF annualized +12.20% vs +19.76% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, HFMF or SPY?
SPY has been the more volatile fund at 12.5% annualized versus 11.5% for HFMF. Worst drawdown: HFMF -15.1% vs SPY -8.9%.
Should I hold both HFMF and SPY?
HFMF and SPY have a monthly-return correlation of -0.08, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, HFMF or SPY?
HFMF yields 2.86% while SPY yields 0.98%, so HFMF currently pays the higher dividend yield.
Is SPY better than HFMF?
SPY has a lower expense ratio. SPY led over 1Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.