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Weekly returns over the 52 weeks to Nov 4, 2026, computed by ETFIQ from daily prices.

Alternatives ETF strategies

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how each strategy moved with stocks, and in down weeks

As of Nov 4, 2026

Over the year to Nov 4, 2026, volatility had the lowest correlation to stocks at −0.64 and captured −34% of down weeks. 5 of 8 strategies returned more than T-bills.

The median fund in each strategy, weekly against SPY. 8 strategies, 89 funds.
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Each strategy is its median fund, among those with a full year of weekly prices. Correlation and capture are against SPY. Return against T-bills is over the same 52 weeks, in points.

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Correlation against down-week capture

From data · Nov 4, 2026

Over the year to Nov 4, 2026, volatility had the lowest correlation to stocks at −0.64 and captured −34% of down weeks. 5 of 8 strategies returned more than T-bills.

-1-0.500.51-80%-40%0%40%80%120%Correlation to US stocksDown-week captureHedged equity: correlation 0.91, down-week capture 48%, +3.3 points against T-billsManaged futures: correlation 0.47, down-week capture 46%, +9.5 points against T-billsLong-short equity: correlation 0.69, down-week capture 66%, +5.8 points against T-billsVolatility: correlation −0.64, down-week capture −34%, −24.3 points against T-billsMulti-strategy: correlation 0.60, down-week capture 46%, +3.0 points against T-billsEvent driven: correlation 0.22, down-week capture 1%, −0.7 points against T-billsMarket neutral: correlation −0.40, down-week capture −106%, −0.6 points against T-billsGlobal macro: correlation 0.73, down-week capture 145%, +8.4 points against T-bills
  1. 1Hedged equity
  2. 2Managed futures
  3. 3Long-short equity
  4. 4Volatility
  5. 5Multi-strategy
  6. 6Event driven
  7. 7Market neutral
  8. 8Global macro

Dot size follows fund count. Teal dots beat T-bills over the window, coral dots did not. Down-week capture is the strategy’s average return in weeks the S&P 500 fell, as a share of the index’s fall.

The full table

From data · Nov 4, 2026

Points (pts) are percentage points.

StrategyFundsCorrelationDown-week captureReturn vs T-bills
Hedged equity260.9148%+3.3 pts
Managed futures230.4746%+9.5 pts
Long-short equity120.6966%+5.8 pts
Volatility9−0.64−34%−24.3 pts
Multi-strategy80.6046%+3.0 pts
Event driven50.221%−0.7 pts
Market neutral4−0.40−106%−0.6 pts
Global macro20.73145%+8.4 pts

The 52 weeks to Nov 4, 2026. The median fund in each strategy, among those with a full year of prices and at least 8 weeks when SPY fell. 8 strategies, 89 funds.

Where to next
Every alternatives ETF→Alternatives methodology→What diversifies→Compare up to four funds→
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ETFIQ, Alternatives ETF strategies, data as of Nov 4, 2026. https://etfiq.com/alternatives/strategies/

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.

Questions people ask

What is a good correlation number?
This page reports the number and does not grade it. Near 0 the strategy moved on its own; near 1 it moved with stocks; below 0 it tended to move the other way.
Why is down-week capture negative for some strategies?
A negative capture means the typical fund rose, on average, in weeks the S&P 500 fell.
Why the median fund?
One unusual fund cannot move a median far, so the number describes a typical fund in the strategy.

Numbers from data carry their date. Anything computed from your inputs is hypothetical and before fees unless stated. Not investment advice.