Which did better when the S&P 500 fell, ASMF or HOLD?

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, ASMF averaged −0.49% and HOLD −1.29%, so ASMF returned more in those weeks.

Which earned more than cash, ASMF or HOLD?

Over the same weeks, ASMF finished 9.2 percentage points ahead of cash and HOLD finished 3.3 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, ASMF or HOLD?

ASMF charges 0.80% a year and HOLD charges 0.70%, so HOLD is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

ASMF vs HOLD: Correlation to the S&P 500

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Over the year to Nov 4, 2026, ASMF moved less with the S&P 500 than HOLD: correlation +0.40 against +0.66.

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Net assets: $30m on Jul 31, 2026 for Virtus AlphaSimplex Managed Futures ETF, and $3.9m on Nov 4, 2026 for Harbor Alpha Layering ETF.

ASMF on its own →HOLD on its own →

At a glance

+0.40

ASMF correlation with the S&P 500

+0.66

HOLD correlation with the S&P 500

45.9%

ASMF down-week capture

120.5%

HOLD down-week capture

ASMF Fell 46% as much as the S&P 500

ASMF in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, ASMF −0.49%.

HOLD Fell more than the S&P 500

HOLD in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HOLD −1.29%.

Pair scorecard

HOLD costs 0.10 points a year less; their one-year returns differ by 12.4 points.

ASMF vs HOLD: Correlation to the S&P 500
Measure	ASMF	HOLD
Return
Measure	ASMF	HOLD
Total return, 1 year	+13.2%	+0.8%
Against its benchmark
Measure	ASMF	HOLD
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	ASMF	HOLD
Expense ratio	0.80%	0.70%
Net assets, ASMF as of Jul 31, 2026 and HOLD as of Nov 4, 2026	$30m	$3.9m
Holdings
Measure	ASMF	HOLD
Holdings in common	not published
Risk
Measure	ASMF	HOLD
Beta to the S&P 500	+0.32: about 0.32% for each 1%	+0.81: about 0.81% for each 1%
Its average week when the S&P 500 fell	fell 0.49%	fell 1.29%

ETFIQ Stock Diversification Score · ASMF scores higher How much does it diversify a stock portfolio?

IQ Alternatives Score53ASMF17.6HOLD

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

ASMF 53

HOLD 17.6

2.9, the lowest in this set 94.2, the highest

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 →

Method

Window by window

Window by window: ASMF vs HOLD: Correlation to the S&P 500
	Total return		vs its benchmark
Window	ASMF	HOLD	ASMF	HOLD
3 months	+2.5%	−3.1%	not measured	−3.0 pts vs VOO
6 months	+1.1%	−7.5%	not measured	−12.5 pts vs VOO
1 year	+13.2%	+0.8%	not measured	−14.0 pts vs VOO
Since launchNot the same days: ASMF May 2024 · HOLD Aug 2025	+6.6%	+10.3%	not measured	−10.3 pts vs VOO

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Side by side

ASMF Virtus AlphaSimplex Managed Futures ETF · Managed futures fund: follows price trends in futures on stocks, bonds, currencies and commodities, and can bet on falls as well as rises HOLD Harbor Alpha Layering ETF · Managed futures fund: follows price trends in futures on stocks, bonds, currencies and commodities, and can bet on falls as well as rises

Issuer Virtus Harbor

Strategy Managed futures Managed futures

Correlation with the S&P 500 +0.40 +0.66

Beta to the S&P 500 +0.32 +0.81

Down-week capture 45.9% 120.5%

Average week when the S&P 500 fell −0.49% −1.29%

The S&P 500 in those weeks −1.07% −1.07%

Total return, same 52 weeks +12.9% +0.3%

Against T-bills, percentage points +9.2 pts −3.3 pts

Expense ratio 0.80% 0.70%

First traded May 16, 2024 Aug 14, 2025

Net assets, ASMF as of Jul 31, 2026 and HOLD as of Nov 4, 2026 $30m $3.9m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

ASMF and HOLD 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 HOLD’s +0.66. In the 26 weeks the index fell, by 1.07% a week on average, ASMF averaged −0.49% and HOLD −1.29%. Over the same weeks, ASMF finished 9.2 percentage points ahead of cash and HOLD finished 3.3 points behind cash.

Alert

About each fund

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.

HOLD

HOLD is a managed futures fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.66 with the S&P 500’s and a beta of +0.81, so for each 1% the index moved it moved about 0.81% the same way. In the same weeks HOLD fell 1.29% on average, a down-week capture of 120.5%. Over the same 52 weeks HOLD returned +0.3% and a Treasury bill fund +3.7%, so it finished 3.3 percentage points behind cash.

Questions people ask

Which moved less with the S&P 500, ASMF or HOLD?: Over the 52 weeks to Nov 4, 2026, ASMF’s weekly returns had a correlation of +0.40 with the S&P 500 and HOLD’s +0.66, so ASMF moved less with the index.
Which did better when the S&P 500 fell, ASMF or HOLD?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, ASMF averaged −0.49% and HOLD −1.29%, so ASMF returned more in those weeks.
Which earned more than cash, ASMF or HOLD?: Over the same weeks, ASMF finished 9.2 percentage points ahead of cash and HOLD finished 3.3 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, ASMF or HOLD?: ASMF charges 0.80% a year and HOLD charges 0.70%, so HOLD is cheaper. Fees come from each fund's prospectus.

Other comparisons

ASMF vs HFMF ASMF vs IMF ASMF vs FFUT ASMF vs RSST HOLD vs PRAE HOLD vs KMLM HOLD vs ISMF HOLD vs MFUT

Where to next

BIL, the T-bill fund these are measured against →SPY, the S&P 500 fund these are measured against →ASMF on its own →HOLD on its own →ASMF dividend history →HOLD dividend history →Method →Standards and sources →

Sources and dates

ASMF filings on SEC EDGAR ↗

ASMF prospectus with the expense ratio (SEC) ↗

Virtus website ↗

HOLD filings on SEC EDGAR ↗

HOLD prospectus with the expense ratio (SEC) ↗

Harbor page for HOLD ↗

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.

Cite this pageCitation, APA and Markdown

ETFIQ, ASMF against HOLD, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/asmf-vs-hold

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