ManageIQ is the upstream open source project for CloudForms.
CloudForms is a commercial Cloud Management Platform that Red Hat makes available to its customers under a subscription model. CloudForms is extensively QE'd by Red Hat, and comes with enterprise grade support, certifications, legal indemnity, a stable life cycle of (currently) 3 years, and some certified content.
ManageIQ community releases receive limited QA, and, when released, get updates on a best efforts basis. When a new ManageIQ version is released (every 3-6 months), users are expected to upgrade, and previous versions will not get updates anymore, including critical security updates.
Red Hat does not have a fixed rule as to which ManageIQ community release becomes the basis for which CloudForms product release, or even if a there is a simple 1:1 mapping between them.
Hope this helps!
Product Owner for CloudForms