Data as of Nov 4, 2026.
AHLT vs ISMF: Correlation to the S&P 500
Over the year to Nov 4, 2026, AHLT moved less with the S&P 500 than ISMF: correlation +0.47 against +0.48.
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Net assets: $131m on Jul 31, 2026 for AHL Trend ETF, and $37m on Nov 3, 2026 for iShares Managed Futures Active ETF.
AHLT in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, AHLT −0.88%.
ISMF in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, ISMF −0.38%.
Pair scorecard
ISMF costs 0.16 points a year less; their one-year returns differ by 8.4 points.
| Measure | AHLT | ISMF |
|---|---|---|
| Return | ||
| Total return, 1 year | +19.3% | +10.9% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.96% | 0.80% |
| Net assets, AHLT as of Jul 31, 2026 and ISMF as of Nov 3, 2026 | $131m | $37m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.58: about 0.58% for each 1% | +0.31: about 0.31% for each 1% |
| Its average week when the S&P 500 fell | fell 0.88% | fell 0.38% |
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
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 →
Risk and return
Mar 21, 2025 to Oct 30, 2026 · 84 weekly returnsFrom Mar 2025 to Oct 2026, AHLT returned more: +29.9% to +19.7%. ISMF swung less: 6.8% to 14.5%. ISMF fell less at its worst: −3.6% to −9.5%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | AHLT | ISMF | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +29.9% | +19.7% | AHLT | Price change plus distributions, reinvested. |
| Annualized | +17.6% | +11.8% | AHLT | Total return as a yearly rate. |
| Price return | +27.8% | +12.5% | AHLT | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 14.5% | 6.8% | ISMF | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 10.3% | 5.0% | ISMF | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −9.5% | −3.6% | ISMF | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.92 | 1.09 | ISMF | Return above Treasury bills per unit of volatility. |
| Sortino | 1.29 | 1.48 | ISMF | Return above Treasury bills per unit of downside deviation. |
| Calmar | 1.85 | 3.30 | ISMF | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 84 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | ||
|---|---|---|
| Window | AHLT | ISMF |
| 3 months | +2.3% | −0.7% |
| 6 months | +0.3% | −1.1% |
| 1 year | +19.3% | +10.9% |
| 3 years | +22.1% | – |
| Since launchNot the same days: AHLT Aug 2023 · ISMF Mar 2025 | +22.2% | +17.9% |
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Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
AHLT and ISMF 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 ISMF’s +0.48. In the 26 weeks the index fell, by 1.07% a week on average, AHLT averaged −0.88% and ISMF −0.38%. Over the same weeks, AHLT finished 14.7 percentage points ahead of cash and ISMF finished 6.8 points ahead of cash.
Client brief:
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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.
ISMF
ISMF is a managed futures fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.48 with the S&P 500’s and a beta of +0.31, so for each 1% the index moved it moved about 0.31% the same way. In the same weeks ISMF fell 0.38% on average, a down-week capture of 35.9%. Over the same 52 weeks ISMF returned +10.5% and a Treasury bill fund +3.7%, so it finished 6.8 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, AHLT or ISMF?
- Over the 52 weeks to Nov 4, 2026, AHLT’s weekly returns had a correlation of +0.47 with the S&P 500 and ISMF’s +0.48, so AHLT moved less with the index.
- Which did better when the S&P 500 fell, AHLT or ISMF?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, AHLT averaged −0.88% and ISMF −0.38%, so ISMF returned more in those weeks.
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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.
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ETFIQ, AHLT against ISMF, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/ahlt-vs-ismf
ETFIQ. (Nov 4, 2026). AHLT against ISMF. Retrieved from https://etfiq.com/compare/alternatives/ahlt-vs-ismf
[AHLT against ISMF (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/ahlt-vs-ismf)
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