Data as of Nov 4, 2026.
AHLT vs TFPN: Correlation to the S&P 500
Over the year to Nov 4, 2026, AHLT moved less with the S&P 500 than TFPN: correlation +0.47 against +0.75.
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Net assets: $131m on Jul 31, 2026 for AHL Trend ETF, and $170m on Jun 30, 2026 for Blueprint Chesapeake Multi-Asset Trend ETF.
AHLT in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, AHLT −0.88%.
TFPN in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, TFPN −1.32%.
Pair scorecard
AHLT costs 0.17 points a year less; their one-year returns differ by 5.1 points.
| Measure | AHLT | TFPN |
|---|---|---|
| Return | ||
| Total return, 1 year | +19.3% | +14.2% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.96% | 1.13% |
| Net assets, AHLT as of Jul 31, 2026 and TFPN as of Jun 30, 2026 | $131m | $170m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.58: about 0.58% for each 1% | +1.00: about 1.00% for each 1% |
| Its average week when the S&P 500 fell | fell 0.88% | fell 1.32% |
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
Sep 8, 2023 to Oct 30, 2026 · 164 weekly returnsFrom Sep 2023 to Oct 2026, AHLT returned more: +23.1% to +20.7%. TFPN swung less: 10.8% to 15.3%. TFPN fell less at its worst: −15.4% to −18.6%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | AHLT | TFPN | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +23.1% | +20.7% | AHLT | Price change plus distributions, reinvested. |
| Annualized | +6.8% | +6.1% | AHLT (slight) | Total return as a yearly rate. |
| Price return | +16.7% | +18.4% | TFPN (slight) | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 15.3% | 10.8% | TFPN | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 11.6% | 8.0% | TFPN | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −18.6% | −15.4% | TFPN | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.21 | 0.19 | AHLT | Return above Treasury bills per unit of volatility. |
| Sortino | 0.28 | 0.26 | AHLT (slight) | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.37 | 0.40 | TFPN (slight) | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 164 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | AHLT | TFPN | AHLT | TFPN |
| 3 months | +2.3% | −3.4% | not measured | −3.3 pts vs VOO |
| 6 months | +0.3% | −8.5% | not measured | −13.5 pts vs VOO |
| 1 year | +19.3% | +14.2% | not measured | −0.6 pts vs VOO |
| 3 years | +22.1% | +18.6% | not measured | −64.7 pts vs VOO |
| Since launchNot the same days: AHLT Aug 2023 · TFPN Jul 2023 | +22.2% | +17.8% | not measured | −61.6 pts vs VOO |
Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
AHLT and TFPN 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 TFPN’s +0.75. In the 26 weeks the index fell, by 1.07% a week on average, AHLT averaged −0.88% and TFPN −1.32%. Over the same weeks, AHLT finished 14.7 percentage points ahead of cash and TFPN finished 10.8 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.
TFPN
TFPN is a managed futures fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.75 with the S&P 500’s and a beta of +1.00, so for each 1% the index moved it moved about 1.00% the same way. In the same weeks TFPN fell 1.32% on average, a down-week capture of 123.6%. Over the same 52 weeks TFPN returned +14.4% and a Treasury bill fund +3.7%, so it finished 10.8 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, AHLT or TFPN?
- Over the 52 weeks to Nov 4, 2026, AHLT’s weekly returns had a correlation of +0.47 with the S&P 500 and TFPN’s +0.75, so AHLT moved less with the index.
- Which did better when the S&P 500 fell, AHLT or TFPN?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, AHLT averaged −0.88% and TFPN −1.32%, 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 TFPN, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/ahlt-vs-tfpn
ETFIQ. (Nov 4, 2026). AHLT against TFPN. Retrieved from https://etfiq.com/compare/alternatives/ahlt-vs-tfpn
[AHLT against TFPN (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/ahlt-vs-tfpn)
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