Rebuilt every trading night. Figures as of Sep 18, 2026.

Every alternatives ETF, against the S&P 500

81 alternatives ETFs across 8 strategies. Each is sold on behaving differently from stocks, so each is measured on that: how closely its weekly returns moved with the S&P 500 over the last year, and what it did in the weeks the index fell. Its return against T-bills sits beside those, because a fund can steady a portfolio and still earn less than cash.

81 of the 81 alternatives ETFs ETFIQ covers, what each fund did in the weeks the S&P 500 fell over the last year, as of Sep 18, 2026.

63 funds with a full year of weekly prices to Sep 18, 2026, highest Diversifier Score first. Source: weekly closes from Tiingo, ETFIQ calculation.
Ticker	Fund	Issuer	Strategy	Correlation	Beta	Down-week capture, %	Against T-bills, pts	Diversifier Score
BTAL	AGF U.S. Market Neutral Anti-Beta Fund	AGF Investments	Market neutral	−0.69	−0.98	−95.2	−22.7	98
CTA	Simplify Managed Futures Strategy ETF	Simplify	Managed futures	−0.26	−0.47	−78.5	+10.1	95.3
TAIL	Cambria Tail Risk ETF	Cambria	Hedged equity	−0.75	−0.44	−32.1	−16.8	95.3
KMLM	KraneShares Mount Lucas Managed Futures Index	KraneShares	Managed futures	−0.24	−0.22	−60.3	+16.1	93.7
FFUT	Fidelity Managed Futures ETF	Fidelity	Managed futures	−0.04	−0.03	−32.3	+23.4	90.5
QBER	TrueShares Quarterly Bear Hedge ETF	TrueShares	Hedged equity	−0.69	−0.14	−15.4	−4.0	89.3
LSEQ	Harbor Long-Short Equity ETF	Harbor	Long-short equity	+0.05	+0.07	−48.0	+19.2	88.1
CAOS	Alpha Architect Tail Risk ETF	Alpha Architect	Hedged equity	−0.40	−0.04	−6.2	−2.6	84.9
MRGR	ProShares Merger ETF	ProShares	Event driven	−0.02	−0.01	−15.6	+4.7	84.9
FLSP	Franklin Systematic Style Premia ETF	Franklin	Multi-strategy	+0.01	+0.01	−12.6	+10.1	81.8
FMF	First Trust Managed Futures Strategy Fund	First Trust	Managed futures	+0.18	+0.12	−16.2	+11.7	81.8
IMF	Invesco Managed Futures Strategy ETF	Invesco	Managed futures	+0.22	+0.12	−22.7	+19.4	81
DBMF	iMGP DBi Managed Futures Strategy ETF	iMGP	Managed futures	+0.26	+0.20	−16.8	+21.7	78.5
ARB	AltShares Merger Arbitrage ETF	AltShares	Event driven	+0.04	+0.01	−4.0	−0.6	76.9
CCOR	Core Alternative ETF	Core Alternative	Hedged equity	+0.06	+0.04	−4.8	−4.6	76.2
MFUT	Cambria Chesapeake Pure Trend ETF	Cambria	Managed futures	+0.29	+0.28	−15.9	+27.5	76.2
LALT	First Trust Multi-Strategy Alternative ETF	First Trust	Multi-strategy	+0.24	+0.11	−14.9	+11.6	75.4
MNA	NYLIM Merger Arbitrage ETF	New York Life Investments	Event driven	+0.15	+0.03	−3.1	−0.9	73.8
ISMF	iShares Managed Futures Active ETF	iShares	Managed futures	+0.32	+0.18	−7.8	+14.3	71.5
HFMF	Unlimited HFMF Managed Futures ETF	Unlimited	Managed futures	+0.20	+0.24	12.7	+5.0	69.1
EVNT	AltShares Event-Driven ETF	AltShares	Event driven	+0.38	+0.15	−5.7	+4.9	65.8
ASMF	Virtus AlphaSimplex Managed Futures ETF	Virtus	Managed futures	+0.34	+0.24	7.5	+12.9	65.5
RSBA	Return Stacked Bonds & Merger Arbitrage ETF	Return Stacked	Event driven	+0.34	+0.11	13.6	−6.2	62.3
AHLT	AHL Trend ETF	American Beacon	Managed futures	+0.40	+0.42	8.0	+27.9	60.4
ORR	Militia Long/Short Equity ETF	Militia	Long-short equity	+0.35	+0.42	14.3	+17.7	60.3
RSBT	Return Stacked Bonds & Managed Futures ETF	Return Stacked	Managed futures	+0.39	+0.34	9.2	+14.4	60.3
QIS	Simplify Multi-QIS Alternative ETF	Simplify	Multi-strategy	−0.15	−0.49	59.6	−41.5	59.5
CBLS	Clough Hedged Equity ETF	Clough	Long-short equity	+0.36	+0.40	14.5	+5.7	58.7
QALT	SEI DBi Multi-Strategy Alternative ETF	SEI	Multi-strategy	+0.45	+0.25	21.1	+5.6	54
BTRN	Global X Bitcoin Trend Strategy ETF	Global X	Managed futures	+0.21	+0.31	51.2	−15.8	53.1
WTMF	WisdomTree Managed Futures Strategy Fund	WisdomTree	Managed futures	+0.54	+0.33	15.2	+11.3	53.1
TFPN	Blueprint Chesapeake Multi-Asset Trend ETF	Blueprint	Managed futures	+0.46	+0.49	25.7	+18.9	52.4
EHLS	Even Herd Long Short ETF	Even Herd	Long-short equity	+0.55	+0.58	38.3	+6.2	46
CLSE	Convergence Long/Short Equity ETF	Convergence	Long-short equity	+0.63	+0.64	36.5	+29.5	44.5
HOLD	Harbor Alpha Layering ETF	Harbor	Managed futures	+0.57	+0.60	39.5	+10.2	44
HDG	ProShares Hedge Replication ETF	ProShares	Multi-strategy	+0.83	+0.36	29.0	+5.2	41.3
QBUL	TrueShares Quarterly Bull Hedge ETF	TrueShares	Hedged equity	+0.86	+0.23	29.5	−3.0	38.5
FTLS	First Trust Long/Short Equity	First Trust	Long-short equity	+0.77	+0.44	42.3	+7.7	38.1
HOLA	JPMorgan International Hedged Equity Laddered	JPMorgan	Hedged equity	+0.72	+0.52	47.0	+8.6	38.1
QAI	NYLIM Hedge Multi-Strategy Tracker ETF	New York Life Investments	Multi-strategy	+0.85	+0.42	34.0	+5.4	38.1
HFND	Unlimited HFND Multi-Strategy Return Tracker E	Unlimited	Multi-strategy	+0.78	+0.48	50.0	+4.1	34.9
PHEQ	Parametric Hedged Equity ETF	Parametric	Hedged equity	+0.91	+0.42	31.7	+7.8	33
HFGM	Unlimited HFGM Global Macro ETF	Unlimited	Global macro	+0.57	+0.89	73.9	+9.1	32.1
KSPY	KraneShares Hedgeye Hedged Equity Index ETF	KraneShares	Hedged equity	+0.87	+0.43	39.8	+9.5	32.1
PRAE	PlanRock Equity Plus Alternatives ETF	PlanRock	Managed futures	+0.75	+0.78	66.7	+14.7	30.9
ASGM	Virtus AlphaSimplex Global Macro ETF	Virtus	Global macro	+0.81	+0.86	64.2	+24.6	29.4
FFLS	The Future Fund Long/Short ETF	The Future Fund	Long-short equity	+0.69	+0.64	84.7	−8.3	27.8
SHDG	Soundwatch Hedged Equity ETF	Soundwatch	Hedged equity	+0.86	+0.51	60.2	+2.6	27
HEQT	Simplify Hedged Equity ETF	Simplify	Hedged equity	+0.94	+0.50	45.1	+7.8	25.8
HELO	JPMorgan Hedged Equity Laddered Overlay ETF	JPMorgan	Hedged equity	+0.95	+0.53	56.2	+3.3	21.4
HEQQ	JPMorgan Nasdaq Hedged Equity Laddered Overlay	JPMorgan	Hedged equity	+0.90	+0.65	71.5	+4.7	20.2
HEGD	Swan Hedged Equity US Large Cap ETF	Swan	Hedged equity	+0.97	+0.57	60.2	+4.7	17.4
HFEQ	Unlimited HFEQ Equity Long/Short ETF	Unlimited	Long-short equity	+0.82	+1.32	139.9	+11.2	16.6
XCLR	Global X S&P 500 Collar 95-110 ETF	Global X	Hedged equity	+0.94	+0.66	76.6	+2.1	15.5
QCLR	Global X NASDAQ 100 Collar 95-110 ETF	Global X	Hedged equity	+0.89	+0.71	98.4	−5.0	14.3
RSST	Return Stacked U.S. Stocks & Managed Futures E	Return Stacked	Managed futures	+0.87	+1.30	106.4	+32.3	13.9
THEQ	T. Rowe Price Hedged Equity ETF	T. Rowe Price	Hedged equity	+0.98	+0.68	71.5	+5.5	12.3
ZHDG	ZEGA Buy and Hedge ETF	Zega	Hedged equity	+0.96	+0.79	90.0	+3.9	11.1
QTR	Global X NASDAQ 100 Tail Risk ETF	Global X	Hedged equity	+0.91	+1.18	134.8	+10.5	9.9
ACIO	Aptus Collared Investment Opportunity ETF	Aptus	Hedged equity	+0.98	+0.75	80.3	+4.4	9.6
FHEQ	Fidelity Hedged Equity ETF	Fidelity	Hedged equity	+0.97	+0.82	92.2	+6.9	9.1
CSM	ProShares Large Cap Core Plus	ProShares	Long-short equity	+0.98	+0.97	99.9	+12.1	4.8
XTR	Global X S&P 500 Tail Risk ETF	Global X	Hedged equity	+0.99	+0.90	96.7	+7.8	4.8

Diversifier Score is the last column: where each fund sits among the 63 it can honestly be compared with, on the one question this category exists to answer. Ranked by it · How it is computed

Less than a year of prices

Correlation, beta and down-week capture need a year of weekly returns, so these funds are listed with what they have returned since they listed, against the S&P 500 over the same days.

18 funds younger than a year, as of Sep 18, 2026.
Ticker	Fund	Issuer	Strategy	Listed	Total return since	S&P 500 since	Difference
ATTR	Arin Tactical Tail Risk ETF	Arin	Hedged equity	Oct 28, 2025	+6.4%	+12.1%	−5.7 pts
CHDG	Calamos Active Hedged Equity ETF	Calamos	Hedged equity	Aug 4, 2026	−0.9%	−1.0%	+0.1 pts
CTAP	Simplify US Equity PLUS Managed Futures Strate	Simplify	Managed futures	Dec 9, 2025	+25.3%	+12.7%	+12.6 pts
HEDG	Equable Shares Hedged Equity ETF	Equable Shares	Hedged equity	Oct 13, 2025	+9.7%	+16.1%	−6.4 pts
HELS	Hedgeye 130/30 Equity ETF	Hedgeye	Long-short equity	Dec 11, 2025	−6.3%	+11.7%	−18.0 pts
HXA	Mast HedgeIndex Corporate Arbitrage ETF	Mast	Relative value	Aug 21, 2026	−1.1%	−0.3%	−0.8 pts
HXF	Mast HedgeIndex Managed Futures Strategy ETF	Mast	Managed futures	Sep 1, 2026	+1.8%	+0.2%	+1.6 pts
IALT	iShares Systematic Alternatives Active ETF	iShares	Multi-strategy	Dec 10, 2025	+18.5%	+12.0%	+6.5 pts
JHDG	John Hancock Hedged Equity ETF	John Hancock	Hedged equity	Apr 8, 2026	+9.1%	+13.2%	−4.1 pts
JPFP	JPMorgan Managed Futures Plus ETF	JPMorgan	Managed futures	May 28, 2026	+3.7%	+1.4%	+2.2 pts
MATE	Man Active Trend Enhanced ETF	Man Group	Managed futures	Dec 17, 2025	+28.2%	+14.7%	+13.5 pts
MEMA	Man Active Emerging Markets Alternative ETF	Man Group	Long-short equity	Dec 17, 2025	+24.4%	+14.7%	+9.7 pts
MKTN	Federated Hermes MDT Market Neutral ETF	Federated Hermes	Market neutral	Sep 25, 2025	+12.3%	+17.0%	−4.7 pts
NTRL	First Trust Equity Market Neutral ETF	First Trust	Market neutral	Jun 24, 2026	+2.6%	+4.1%	−1.6 pts
RNMN	RiverNorth Market Neutral ETF	RiverNorth	Market neutral	Jul 9, 2026	−0.1%	+1.6%	−1.6 pts
RSIT	Return Stacked International Stocks & Managed	Return Stacked	Managed futures	May 6, 2026	+4.0%	+4.3%	−0.3 pts
SDMF	Simplify DBi CTA Managed Futures Index ETF	Simplify	Managed futures	Feb 19, 2026	+6.3%	+12.2%	−5.8 pts
WTLS	WisdomTree Efficient Long/Short U.S. Equity Fu	WisdomTree	Long-short equity	Jan 22, 2026	+22.0%	+11.4%	+10.6 pts

What is not on this desk

A fund another desk already measures stays there. Option income funds that hedge are measured on the income desk against what they write on, funds with a buffer and a cap on the buffer desk, and leveraged and inverse funds on the leverage desk against their own stated multiple.

Where to next

Cite this page. ETFIQ, Alternatives ETFs against the S&P 500, data as of Sep 18, 2026. https://etfiq.com/alternatives/ Free to use with attribution; the underlying files are at Open data.