# Multi-strategy ETFs against the S&P 500

> 8 multi-strategy 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 .

## Multi-strategy ETFs, against the S&P 500

See how multi-strategy funds move against the S&P 500. Runs several alternative strategies at once, or aims to return what hedge funds as a group return. 8 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 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FLSP | Franklin Systematic Style Premia ETF | Franklin | Multi-strategy | −0.13 | $1.2bn | Nov 3, 2026 | 0.65% | +1.7% | +3.1% | +8.2% | +12.2% | +36.4% | +37.8% | −0.06 | −21.2 | +7.9 | |
| HDG | ProShares Hedge Replication ETF | ProShares | Multi-strategy | +0.85 | $22m | Nov 4, 2026 | 0.95% | −1.0% | −1.3% | +6.0% | +7.3% | +23.6% | +53.6% | +0.37 | 38.0 | +3.0 | |
| HFND | Unlimited HFND Multi-Strategy Return Tracker E | Unlimited | Multi-strategy | +0.82 | $39m | Aug 31, 2026 | 1.07% | −2.4% | −4.2% | +4.5% | +3.2% | +27.8% | +30.8% | +0.58 | 76.4 | −0.1 | |
| LALT | First Trust Multi-Strategy Alternative ETF | First Trust | Multi-strategy | +0.34 | $442m | Nov 3, 2026 | 1.18% | −0.9% | +1.9% | +10.4% | +12.0% | +33.7% | +34.3% | +0.17 | 8.9 | +8.0 | |
| QAI | NYLIM Hedge Multi-Strategy Tracker ETF | New York Life Investments | Multi-strategy | +0.89 | $1.0bn | Jul 31, 2026 | 0.81% | −1.6% | −2.0% | +6.6% | +7.7% | +28.1% | +79.4% | +0.45 | 50.9 | +3.5 | |
| QALT | SEI DBi Multi-Strategy Alternative ETF | SEI | Multi-strategy | +0.60 | $194m | Jun 30, 2026 | 0.80% | −3.1% | −2.2% | +4.8% | +6.5% | not available | +10.0% since Aug 2025 | +0.31 | 45.7 | +2.5 | |
| QIS | Simplify Multi-QIS Alternative ETF | Simplify | Multi-strategy | +0.03 | $47m | Nov 3, 2026 | 1.13% | −13.6% | +8.2% | −32.7% | −45.8% | −58.5% | −57.4% | +0.10 | 191.0 | −50.7 | |

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 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| IALT | iShares Systematic Alternatives Active ETF | iShares | Multi-strategy | $7.9bn | Nov 3, 2026 | 0.99% | −2.0% | +2.3% | +16.6% | not available | not available | +17.4% since Dec 2025 | Dec 10, 2025 | +12.7% |

### Where to next

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Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.
Cite: ETFIQ, Multi-strategy ETFs against the S&P 500, data as of Nov 4, 2026. https://etfiq.com/alternatives/multi-strategy/
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/multi-strategy/