Data as of Nov 4, 2026.
AHLT vs MFUT: Correlation to the S&P 500
Over the year to Nov 4, 2026, AHLT moved less with the S&P 500 than MFUT: correlation +0.47 against +0.54.
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Net assets: $131m on Jul 31, 2026 for AHL Trend ETF, and $39m on Jun 30, 2026 for Cambria Chesapeake Pure Trend ETF.
AHLT in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, AHLT −0.88%.
MFUT in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, MFUT −0.96%.
Pair scorecard
MFUT costs 0.07 points a year less; their one-year returns differ by 3.5 points.
| Measure | AHLT | MFUT |
|---|---|---|
| Return | ||
| Total return, 1 year | +19.3% | +22.8% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.96% | 0.89% |
| Net assets, AHLT as of Jul 31, 2026 and MFUT as of Jun 30, 2026 | $131m | $39m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.58: about 0.58% for each 1% | +0.74: about 0.74% for each 1% |
| Its average week when the S&P 500 fell | fell 0.88% | fell 0.96% |
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
Jun 7, 2024 to Oct 30, 2026 · 125 weekly returnsFrom Jun 2024 to Oct 2026, AHLT returned more: +20.7% to −0.6%. MFUT swung less: 11.7% to 14.9%. AHLT fell less at its worst: −18.1% to −27.6%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | AHLT | MFUT | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +20.7% | −0.6% | AHLT | Price change plus distributions, reinvested. |
| Annualized | +8.2% | −0.3% | AHLT | Total return as a yearly rate. |
| Price return | +18.7% | −1.0% | AHLT | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 14.9% | 11.7% | MFUT | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 11.1% | 8.9% | MFUT | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −18.1% | −27.6% | AHLT | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.32 | −0.33 | AHLT | Return above Treasury bills per unit of volatility. |
| Sortino | 0.43 | −0.42 | AHLT | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.45 | −0.01 | AHLT | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 125 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | ||
|---|---|---|
| Window | AHLT | MFUT |
| 3 months | +2.3% | −2.0% |
| 6 months | +0.3% | −1.4% |
| 1 year | +19.3% | +22.8% |
| 3 years | +22.1% | – |
| Since launchNot the same days: AHLT Aug 2023 · MFUT May 2024 | +22.2% | −5.4% |
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Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
AHLT and MFUT 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 MFUT’s +0.54. In the 26 weeks the index fell, by 1.07% a week on average, AHLT averaged −0.88% and MFUT −0.96%. Over the same weeks, AHLT finished 14.7 percentage points ahead of cash and MFUT finished 19.1 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.
MFUT
MFUT is a managed futures fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.54 with the S&P 500’s and a beta of +0.74, so for each 1% the index moved it moved about 0.74% the same way. In the same weeks MFUT fell 0.96% on average, a down-week capture of 89.9%. Over the same 52 weeks MFUT returned +22.8% and a Treasury bill fund +3.7%, so it finished 19.1 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, AHLT or MFUT?
- Over the 52 weeks to Nov 4, 2026, AHLT’s weekly returns had a correlation of +0.47 with the S&P 500 and MFUT’s +0.54, so AHLT moved less with the index.
- Which did better when the S&P 500 fell, AHLT or MFUT?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, AHLT averaged −0.88% and MFUT −0.96%, so AHLT 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 MFUT, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/ahlt-vs-mfut
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