Rebuilt every trading night. Figures as of .
Multi-strategy ETFs, against the S&P 500
8 multi-strategy funds. Runs several alternative strategies at once, or aims to return what hedge funds as a group return. 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 |
|---|---|---|---|---|---|---|---|---|
| FLSP | Franklin Systematic Style Premia ETF | Franklin | Multi-strategy | +0.01 | +0.01 | −12.6 | +10.1 | 81.8 |
| LALT | First Trust Multi-Strategy Alternative ETF | First Trust | Multi-strategy | +0.24 | +0.11 | −14.9 | +11.6 | 75.4 |
| QIS | Simplify Multi-QIS Alternative ETF | Simplify | Multi-strategy | −0.15 | −0.49 | 59.6 | −41.5 | 59.5 |
| QALT | SEI DBi Multi-Strategy Alternative ETF | SEI | Multi-strategy | +0.45 | +0.25 | 21.1 | +5.6 | 54 |
| HDG | ProShares Hedge Replication ETF | ProShares | Multi-strategy | +0.83 | +0.36 | 29.0 | +5.2 | 41.3 |
| 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 |
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 |
|---|---|---|---|---|---|---|---|
| IALT | iShares Systematic Alternatives Active ETF | iShares | Multi-strategy | Dec 10, 2025 | +18.5% | +12.0% | +6.5 pts |
Where to next
Cite this page. ETFIQ, Multi-strategy ETFs against the S&P 500, data as of Sep 18, 2026. https://etfiq.com/alternatives/multi-strategy/ Free to use with attribution; the underlying files are at Open data.