Rebuilt every trading night. Figures as of .
Market neutral ETFs, against the S&P 500
4 market neutral funds. Owns stocks it expects to do well and sells short about as much in stocks it expects to lag. Each is measured by how closely it moved with the S&P 500 over the last year and what it did in the weeks the index fell.
| 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 |
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.
| Ticker | Fund | Issuer | Strategy | Listed | Total return since | S&P 500 since | Difference |
|---|---|---|---|---|---|---|---|
| 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 |
Where to next
Cite this page. ETFIQ, Market neutral ETFs against the S&P 500, data as of Sep 18, 2026. https://etfiq.com/alternatives/market-neutral/ Free to use with attribution; the underlying files are at Open data.