Data as of Nov 4, 2026.
ASMF vs HFMF: Correlation to the S&P 500
Over the year to Nov 4, 2026, HFMF moved less with the S&P 500 than ASMF: correlation +0.18 against +0.40.
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Net assets: $30m on Jul 31, 2026 for Virtus AlphaSimplex Managed Futures ETF, and $25m on Aug 31, 2026 for Unlimited HFMF Managed Futures ETF.
ASMF in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, ASMF −0.49%.
HFMF in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HFMF −0.60%.
Pair scorecard
ASMF costs 0.17 points a year less; their one-year returns differ by 5.2 points.
| Measure | ASMF | HFMF |
|---|---|---|
| Return | ||
| Total return, 1 year | +13.2% | +8.0% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.80% | 0.97% |
| Net assets, ASMF as of Jul 31, 2026 and HFMF as of Aug 31, 2026 | $30m | $25m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.32: about 0.32% for each 1% | +0.24: about 0.24% for each 1% |
| Its average week when the S&P 500 fell | fell 0.49% | fell 0.60% |
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 | HFMF |
| 3 months | +2.5% | +2.6% |
| 6 months | +1.1% | −2.9% |
| 1 year | +13.2% | +8.0% |
| Since launchNot the same days: ASMF May 2024 · HFMF Jul 2025 | +6.6% | +11.8% |
Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
ASMF and HFMF 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 HFMF’s +0.18. In the 26 weeks the index fell, by 1.07% a week on average, ASMF averaged −0.49% and HFMF −0.60%. Over the same weeks, ASMF finished 9.2 percentage points ahead of cash and HFMF finished 4.6 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.
HFMF
HFMF is a managed futures fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.18 with the S&P 500’s and a beta of +0.24, so for each 1% the index moved it moved about 0.24% the same way. In the same weeks HFMF fell 0.60% on average, a down-week capture of 56.2%. Over the same 52 weeks HFMF returned +8.3% and a Treasury bill fund +3.7%, so it finished 4.6 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, ASMF or HFMF?
- Over the 52 weeks to Nov 4, 2026, ASMF’s weekly returns had a correlation of +0.40 with the S&P 500 and HFMF’s +0.18, so HFMF moved less with the index.
- Which did better when the S&P 500 fell, ASMF or HFMF?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, ASMF averaged −0.49% and HFMF −0.60%, so ASMF returned more in those weeks.
Links are sources, not endorsements. A comparison is not a recommendation.
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 HFMF, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/asmf-vs-hfmf
ETFIQ. (Nov 4, 2026). ASMF against HFMF. Retrieved from https://etfiq.com/compare/alternatives/asmf-vs-hfmf
[ASMF against HFMF (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/asmf-vs-hfmf)
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