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Data as of Nov 4, 2026.

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Alternative ETFs

AHLT vs HFMF: Correlation to the S&P 500

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Over the year to Nov 4, 2026, HFMF moved less with the S&P 500 than AHLT: correlation +0.18 against +0.47.

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Net assets: $131m on Jul 31, 2026 for AHL Trend ETF, and $25m on Aug 31, 2026 for Unlimited HFMF Managed Futures ETF.

AHLT on its own →HFMF on its own →
At a glance
+0.47
AHLT correlation with the S&P 500
+0.18
HFMF correlation with the S&P 500
81.7%
AHLT down-week capture
56.2%
HFMF down-week capture
AHLT Fell 82% as much as the S&P 500
Fell 82% as much as the S&P 500AHLT in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, AHLT −0.88%.SPY−1.07%AHLT−0.88%Average week when SPY fell: 26 of 52, year to Nov 4, 2026Fell 82% as much as the S&P 500AHLT in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, AHLT −0.88%.SPY−1.07%AHLT−0.88%Average week when SPY fell

AHLT in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, AHLT −0.88%.

HFMF Fell 56% as much as the S&P 500
Fell 56% as much as the S&P 500HFMF in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HFMF −0.60%.SPY−1.07%HFMF−0.60%Average week when SPY fell: 26 of 52, year to Nov 4, 2026Fell 56% as much as the S&P 500HFMF in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HFMF −0.60%.SPY−1.07%HFMF−0.60%Average week when SPY fell

HFMF in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HFMF −0.60%.

Pair scorecard

AHLT costs 0.01 points a year less; their one-year returns differ by 11.3 points.

AHLT vs HFMF: Correlation to the S&P 500
MeasureAHLTHFMF
Return
Total return, 1 year+19.3%+8.0%
Against its benchmark
Treasury bills, 52 weeks+3.7%
Cost and size
Expense ratio0.96%0.97%
Net assets, AHLT as of Jul 31, 2026 and HFMF as of Aug 31, 2026$131m$25m
Holdings
Holdings in commonnot published
Risk
Beta to the S&P 500+0.58: about 0.58% for each 1%+0.24: about 0.24% for each 1%
Its average week when the S&P 500 fellfell 0.88%fell 0.60%
ETFIQ Stock Diversification Score · HFMF scores higher How much does it diversify a stock portfolio?
IQ Alternatives Score41.2AHLT58.8HFMF

How much it diversifies a stock portfolio, ranked against 17 systematic trend alternatives ETFs with a full year. 100 is best. How it is computed

2.9, the lowest in this set 94.2, the highest

One year of weekly moves against the S&P 500, within one strategy; it ignores what the fund returned. All alternatives ETFs ranked by it →

Method

Window by window

Window by window: AHLT vs HFMF: Correlation to the S&P 500
Total return
WindowAHLTHFMF
3 months+2.3%+2.6%
6 months+0.3%−2.9%
1 year+19.3%+8.0%
3 years+22.1%–
Since launchNot the same days: AHLT Aug 2023 · HFMF Jul 2025+22.2%+11.8%

– means no data for this window. Open this comparison in the app →

Side by side

AHLT AHL Trend ETF · Managed futures fund: follows price trends in futures on stocks, bonds, currencies and commodities, and can bet on falls as well as rises HFMF Unlimited HFMF Managed Futures ETF · Managed futures fund: follows price trends in futures on stocks, bonds, currencies and commodities, and can bet on falls as well as rises
Issuer American Beacon Unlimited
Strategy Managed futures Managed futures
Correlation with the S&P 500 +0.47 +0.18
Beta to the S&P 500 +0.58 +0.24
Down-week capture 81.7% 56.2%
Average week when the S&P 500 fell −0.88% −0.60%
The S&P 500 in those weeks −1.07% −1.07%
Total return, same 52 weeks +18.3% +8.3%
Against T-bills, percentage points +14.7 pts +4.6 pts
Expense ratio 0.96% 0.97%
First traded Aug 31, 2023 Jul 15, 2025
Net assets, AHLT as of Jul 31, 2026 and HFMF as of Aug 31, 2026 $131m $25m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

AHLT and HFMF both run a managed futures strategy. Over the same 52 weeks to Nov 4, 2026, AHLT’s weekly returns had a correlation of +0.47 with the S&P 500 and HFMF’s +0.18. In the 26 weeks the index fell, by 1.07% a week on average, AHLT averaged −0.88% and HFMF −0.60%. Over the same weeks, AHLT finished 14.7 percentage points ahead of cash and HFMF finished 4.6 points ahead of cash.

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About each fund
AHLT

AHLT is a managed futures fund. ETFIQ measures what every alternatives fund is sold on: whether it moves differently from the stock market. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.47 with the S&P 500’s and a beta of +0.58, so for each 1% the index moved it moved about 0.58% the same way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks AHLT fell 0.88% on average, a down-week capture of 81.7%. Over the same 52 weeks AHLT returned +18.3% and a Treasury bill fund +3.7%, so it finished 14.7 percentage points ahead of cash.

HFMF

HFMF is a managed futures fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.18 with the S&P 500’s and a beta of +0.24, so for each 1% the index moved it moved about 0.24% the same way. In the same weeks HFMF fell 0.60% on average, a down-week capture of 56.2%. Over the same 52 weeks HFMF returned +8.3% and a Treasury bill fund +3.7%, so it finished 4.6 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, AHLT or HFMF?
Over the 52 weeks to Nov 4, 2026, AHLT’s weekly returns had a correlation of +0.47 with the S&P 500 and HFMF’s +0.18, so HFMF moved less with the index.
Which did better when the S&P 500 fell, AHLT or HFMF?
In the 26 weeks the S&P 500 fell, by 1.07% a week on average, AHLT averaged −0.88% and HFMF −0.60%, so HFMF returned more in those weeks.
Which earned more than cash, AHLT or HFMF?
Over the same weeks, AHLT finished 14.7 percentage points ahead of cash and HFMF finished 4.6 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, AHLT or HFMF?
AHLT charges 0.96% a year and HFMF charges 0.97%, so AHLT is cheaper. Fees come from each fund's prospectus.
Other comparisons
AHLT vs ASMFAHLT vs ISMFAHLT vs MFUTAHLT vs PRAEHFMF vs RSBTHFMF vs TFPNHFMF vs WTMFHFMF vs FMF
Where to next
BIL, the T-bill fund these are measured against →SPY, the S&P 500 fund these are measured against →AHLT on its own →HFMF on its own →AHLT dividend history →HFMF dividend history →Method →Standards and sources →
Sources and dates
AHLT filings on SEC EDGAR ↗
AHLT prospectus with the expense ratio (SEC) ↗
American Beacon website ↗
HFMF filings on SEC EDGAR ↗
HFMF prospectus with the expense ratio (SEC) ↗
Unlimited website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

It is a place in a set, not a rating or a recommendation.

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, AHLT against HFMF, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/ahlt-vs-hfmf

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