Data as of Nov 4, 2026.
ASMF vs FMF: Correlation to the S&P 500
Over the year to Nov 4, 2026, FMF moved less with the S&P 500 than ASMF: correlation +0.16 against +0.40.
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Net assets: $30m on Jul 31, 2026 for Virtus AlphaSimplex Managed Futures ETF, and $298m on Nov 3, 2026 for First Trust Managed Futures Strategy Fund.
ASMF in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, ASMF −0.49%.
FMF in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, FMF −0.11%.
Pair scorecard
ASMF costs 0.18 points a year less; their one-year returns differ by 2.1 points.
| Measure | ASMF | FMF |
|---|---|---|
| Return | ||
| Total return, 1 year | +13.2% | +11.1% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.80% | 0.98% |
| Net assets, ASMF as of Jul 31, 2026 and FMF as of Nov 3, 2026 | $30m | $298m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.32: about 0.32% for each 1% | +0.11: about 0.11% for each 1% |
| Its average week when the S&P 500 fell | fell 0.49% | fell 0.11% |
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 →
Window by window
| Total return | ||
|---|---|---|
| Window | ASMF | FMF |
| 3 months | +2.5% | +1.8% |
| 6 months | +1.1% | −0.1% |
| 1 year | +13.2% | +11.1% |
| 3 years | – | +20.3% |
| Since launchNot the same days: ASMF May 2024 · FMF Aug 2013 | +6.6% | +28.7% |
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Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
ASMF and FMF both run a managed futures strategy. Over the same 52 weeks to Nov 4, 2026, ASMF’s weekly returns had a correlation of +0.40 with the S&P 500 and FMF’s +0.16. In the 26 weeks the index fell, by 1.07% a week on average, ASMF averaged −0.49% and FMF −0.11%. Over the same weeks, ASMF finished 9.2 percentage points ahead of cash and FMF finished 6.9 points ahead of cash.
ASMF
ASMF 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 +0.40 with the S&P 500’s and a beta of +0.32, so for each 1% the index moved it moved about 0.32% the same way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks ASMF fell 0.49% on average, a down-week capture of 45.9%. Over the same 52 weeks ASMF returned +12.9% and a Treasury bill fund +3.7%, so it finished 9.2 percentage points ahead of cash.
FMF
FMF is a managed futures fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.16 with the S&P 500’s and a beta of +0.11, so for each 1% the index moved it moved about 0.11% the same way. In the same weeks FMF fell 0.11% on average, a down-week capture of 9.9%. Over the same 52 weeks FMF returned +10.6% and a Treasury bill fund +3.7%, so it finished 6.9 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, ASMF or FMF?
- Over the 52 weeks to Nov 4, 2026, ASMF’s weekly returns had a correlation of +0.40 with the S&P 500 and FMF’s +0.16, so FMF moved less with the index.
- Which did better when the S&P 500 fell, ASMF or FMF?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, ASMF averaged −0.49% and FMF −0.11%, so FMF 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, ASMF against FMF, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/asmf-vs-fmf
ETFIQ. (Nov 4, 2026). ASMF against FMF. Retrieved from https://etfiq.com/compare/alternatives/asmf-vs-fmf
[ASMF against FMF (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/asmf-vs-fmf)
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