Data as of Nov 4, 2026.
CSM vs HFEQ: Correlation to the S&P 500
Over the year to Nov 4, 2026, HFEQ moved less with the S&P 500 than CSM: correlation +0.86 against +0.98.
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Net assets: $521m on Nov 4, 2026 for ProShares Large Cap Core Plus, and $19m on Aug 31, 2026 for Unlimited HFEQ Equity Long/Short ETF.
CSM in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, CSM −0.97%.
HFEQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HFEQ −1.70%.
Pair scorecard
CSM costs 0.51 points a year less; their one-year returns differ by 3.0 points.
| Measure | CSM | HFEQ |
|---|---|---|
| Return | ||
| Total return, 1 year | +14.4% | +11.4% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.45% | 0.96% |
| Net assets, CSM as of Nov 4, 2026 and HFEQ as of Aug 31, 2026 | $521m | $19m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.94: about 0.94% for each 1% | +1.31: about 1.31% for each 1% |
| Its average week when the S&P 500 fell | fell 0.97% | fell 1.70% |
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | CSM | HFEQ | CSM | HFEQ |
| 3 months | −1.1% | −7.1% | −1.0 pts vs IVV | −7.0 pts vs VOO |
| 6 months | +4.9% | −2.7% | −0.1 pts vs IVV | −7.7 pts vs VOO |
| 1 year | +14.4% | +11.4% | −0.4 pts vs IVV | −3.4 pts vs VOO |
| 3 years | +83.6% | – | +0.2 pts vs IVV | – |
| Since launchNot the same days: CSM Jul 2009 · HFEQ Jul 2025 | +977.7% | +26.4% | not measured | +1.4 pts vs VOO |
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Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
CSM and HFEQ both run a long-short equity strategy. Over the same 52 weeks to Nov 4, 2026, CSM’s weekly returns had a correlation of +0.98 with the S&P 500 and HFEQ’s +0.86. In the 26 weeks the index fell, by 1.07% a week on average, CSM averaged −0.97% and HFEQ −1.70%. Over the same weeks, CSM finished 10.1 percentage points ahead of cash and HFEQ finished 5.8 points ahead of cash.
CSM
CSM is a long-short equity 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 +0.98 with the S&P 500’s and a beta of +0.94, so for each 1% the index moved it moved about 0.94% the same way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks CSM fell 0.97% on average, a down-week capture of 90.7%. Over the same 52 weeks CSM returned +13.7% and a Treasury bill fund +3.7%, so it finished 10.1 percentage points ahead of cash.
HFEQ
HFEQ is a long-short equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.86 with the S&P 500’s and a beta of +1.31, so for each 1% the index moved it moved about 1.31% the same way. In the same weeks HFEQ fell 1.70% on average, a down-week capture of 158.3%. Over the same 52 weeks HFEQ returned +9.5% and a Treasury bill fund +3.7%, so it finished 5.8 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, CSM or HFEQ?
- Over the 52 weeks to Nov 4, 2026, CSM’s weekly returns had a correlation of +0.98 with the S&P 500 and HFEQ’s +0.86, so HFEQ moved less with the index.
- Which did better when the S&P 500 fell, CSM or HFEQ?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, CSM averaged −0.97% and HFEQ −1.70%, so CSM returned more in those weeks.
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How this is computed
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, CSM against HFEQ, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/csm-vs-hfeq
ETFIQ. (Nov 4, 2026). CSM against HFEQ. Retrieved from https://etfiq.com/compare/alternatives/csm-vs-hfeq
[CSM against HFEQ (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/csm-vs-hfeq)
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