# Long-short equity ETFs against the S&P 500

> 12 long-short equity ETFs measured by how closely each moved with the S&P 500 and what each did in the weeks it fell, over the year to Nov 4, 2026.

Data as of Nov 4, 2026. Rebuilt every trading night.

Rebuilt every trading night. Data as of Nov 4, 2026 .

## Long-short equity ETFs, against the S&P 500

See how long-short equity funds move against the S&P 500. Owns stocks and sells others short, so part of its exposure to the stock market cancels out. 12 funds. Updated Nov 4, 2026.

### Browse by strategy

| Ticker | Fund | Issuer | Strategy | Correlation | Net assets | Net assets as of | Fee | Total return 1M | Total return 3M | Total return YTD | Total return 1Y | Total return 3Y | Total return since launch | Beta | Down-week capture, % | Against T-bills, pts | Stock Diversification Score |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| CBLS | Clough Hedged Equity ETF | Clough | Long-short equity | +0.59 | $56m | Jul 31, 2026 | 1.89% | −12.7% | −7.3% | +2.3% | +1.2% | +50.4% | +40.8% | +0.97 | 150.0 | −2.5 | |
| CLSE | Convergence Long/Short Equity ETF | Convergence | Long-short equity | +0.73 | $900m | Aug 31, 2026 | 1.52% | −5.5% | −4.7% | +19.0% | +23.3% | +102.2% | +121.4% | +0.75 | 59.1 | +18.4 | |
| CSM | ProShares Large Cap Core Plus | ProShares | Long-short equity | +0.98 | $521m | Nov 4, 2026 | 0.45% | −0.1% | −1.1% | +11.2% | +14.4% | +83.6% | +977.7% | +0.94 | 90.7 | +10.1 | |
| EHLS | Even Herd Long Short ETF | Even Herd | Long-short equity | +0.69 | $61m | Jun 30, 2026 | 3.35% | −9.4% | −10.0% | +0.1% | +1.3% | not available | +19.2% since Apr 2024 | +0.91 | 123.5 | −3.2 | |
| FFLS | The Future Fund Long/Short ETF | The Future Fund | Long-short equity | +0.65 | $43m | Aug 31, 2026 | 1.24% | −0.4% | −0.3% | +1.1% | −0.1% | +36.0% | +30.5% | +0.61 | 65.7 | −2.4 | |
| FTLS | First Trust Long/Short Equity | First Trust | Long-short equity | +0.83 | $2.6bn | Nov 3, 2026 | 1.38% | −2.0% | +1.0% | +8.1% | +8.5% | +46.9% | +183.1% | +0.48 | 44.7 | +4.1 | |
| HFEQ | Unlimited HFEQ Equity Long/Short ETF | Unlimited | Long-short equity | +0.86 | $19m | Aug 31, 2026 | 0.96% | −2.2% | −7.1% | +10.1% | +11.4% | not available | +26.4% since Jul 2025 | +1.31 | 158.3 | +5.8 | |
| LSEQ | Harbor Long-Short Equity ETF | Harbor | Long-short equity | +0.18 | $17m | Nov 3, 2026 | 2.28% | +2.6% | +8.0% | +27.0% | +26.5% | not available | +47.4% since Dec 2023 | +0.24 | 24.8 | +20.8 | |
| ORR | Militia Long/Short Equity ETF | Militia | Long-short equity | +0.41 | $355m | Aug 31, 2026 | not read by ETFIQ | +1.2% | −1.6% | +13.2% | +21.6% | not available | +49.6% since Jan 2025 | +0.47 | 25.0 | +16.7 | |

Stock Diversification Score is the last column. It ranks each fund within its own set: 22 equity hedged alternatives ETFs with a full year (4.5 to 95.5) and 17 systematic trend alternatives ETFs with a full year (2.9 to 94.2). 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 first traded, against the S&P 500 over the same days.

| Ticker | Fund | Issuer | Strategy | Net assets | Net assets as of | Fee | Total return 1M | Total return 3M | Total return YTD | Total return 1Y | Total return 3Y | Total return since launch | First traded | S&P 500 since |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| HXE | Mast HedgeIndex Adaptive Equities ETF | Mast Investments | Long-short equity | not read by ETFIQ | not available | 0.99% | −0.1% | not available | not available | not available | not available | +4.3% since Aug 2026 | Aug 21, 2026 | +0.4% |
| MEMA | Man Active Emerging Markets Alternative ETF | Man Group | Long-short equity | $13m | Aug 31, 2026 | 0.85% | −12.4% | −7.0% | +9.4% | not available | not available | +12.6% since Dec 2025 | Dec 17, 2025 | +15.4% |
| WTLS | WisdomTree Efficient Long/Short U.S. Equity Fu | WisdomTree | Long-short equity | $12m | Jun 30, 2026 | 0.89% | −0.7% | −2.6% | not available | not available | not available | +22.6% since Jan 2026 | Jan 22, 2026 | +12.2% |

### Where to next

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Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.
Cite: ETFIQ, Long-short equity ETFs against the S&P 500, data as of Nov 4, 2026. https://etfiq.com/alternatives/long-short-equity/
Licence: https://etfiq.com/license/ Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.
HTML: https://etfiq.com/alternatives/long-short-equity/