Data as of Nov 4, 2026.
ASGM vs HFGM: Correlation to the S&P 500
Over the year to Nov 4, 2026, HFGM moved less with the S&P 500 than ASGM: correlation +0.61 against +0.85.
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Net assets: $8.5m on Jul 31, 2026 for Virtus AlphaSimplex Global Macro ETF, and $151m on Aug 31, 2026 for Unlimited HFGM Global Macro ETF.
ASGM in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, ASGM −1.25%.
HFGM in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HFGM −1.87%.
Pair scorecard
ASGM costs 0.15 points a year less; their one-year returns differ by 20.4 points.
| Measure | ASGM | HFGM |
|---|---|---|
| Return | ||
| Total return, 1 year | +22.8% | +2.4% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.86% | 1.01% |
| Net assets, ASGM as of Jul 31, 2026 and HFGM as of Aug 31, 2026 | $8.5m | $151m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +1.08: about 1.08% for each 1% | +1.11: about 1.11% for each 1% |
| Its average week when the S&P 500 fell | fell 1.25% | fell 1.87% |
Window by window
| Total return | ||
|---|---|---|
| Window | ASGM | HFGM |
| 3 months | +0.9% | −5.4% |
| 6 months | +1.9% | −13.3% |
| 1 year | +22.8% | +2.4% |
| Since launchNot the same days: ASGM Aug 2025 · HFGM Apr 2025 | +33.6% | +28.9% |
Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
ASGM and HFGM both run a global macro strategy. Over the same 52 weeks to Nov 4, 2026, ASGM’s weekly returns had a correlation of +0.85 with the S&P 500 and HFGM’s +0.61. In the 26 weeks the index fell, by 1.07% a week on average, ASGM averaged −1.25% and HFGM −1.87%. Over the same weeks, ASGM finished 18.2 percentage points ahead of cash and HFGM finished 1.4 points behind cash.
ASGM
ASGM is a global macro 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 +0.85 with the S&P 500’s and a beta of +1.08, so for each 1% the index moved it moved about 1.08% the same way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks ASGM fell 1.25% on average, a down-week capture of 116.3%. Over the same 52 weeks ASGM returned +21.9% and a Treasury bill fund +3.7%, so it finished 18.2 percentage points ahead of cash.
HFGM
HFGM is a global macro fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.61 with the S&P 500’s and a beta of +1.11, so for each 1% the index moved it moved about 1.11% the same way. In the same weeks HFGM fell 1.87% on average, a down-week capture of 174.2%. Over the same 52 weeks HFGM returned +2.2% and a Treasury bill fund +3.7%, so it finished 1.4 percentage points behind cash.
Questions people ask
- Which moved less with the S&P 500, ASGM or HFGM?
- Over the 52 weeks to Nov 4, 2026, ASGM’s weekly returns had a correlation of +0.85 with the S&P 500 and HFGM’s +0.61, so HFGM moved less with the index.
- Which did better when the S&P 500 fell, ASGM or HFGM?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, ASGM averaged −1.25% and HFGM −1.87%, so ASGM returned more in those weeks.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, ASGM against HFGM, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/asgm-vs-hfgm
ETFIQ. (Nov 4, 2026). ASGM against HFGM. Retrieved from https://etfiq.com/compare/alternatives/asgm-vs-hfgm
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