Data as of Nov 4, 2026.
CTA vs HFMF: Correlation to the S&P 500
Over the year to Nov 4, 2026, CTA moved less with the S&P 500 than HFMF: correlation −0.14 against +0.18.
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Net assets: $1.3bn on Nov 3, 2026 for Simplify Managed Futures Strategy ETF, and $25m on Aug 31, 2026 for Unlimited HFMF Managed Futures ETF.
CTA in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, CTA −0.06%.
HFMF in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HFMF −0.60%.
Pair scorecard
CTA costs 0.11 points a year less; their one-year returns differ by 3.4 points.
| Measure | CTA | HFMF |
|---|---|---|
| Return | ||
| Total return, 1 year | +4.6% | +8.0% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.86% | 0.97% |
| Net assets, CTA as of Nov 3, 2026 and HFMF as of Aug 31, 2026 | $1.3bn | $25m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | −0.30: about 0.30% for each 1% | +0.24: about 0.24% for each 1% |
| Its average week when the S&P 500 fell | fell 0.06% | 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 | CTA | HFMF |
| 3 months | +6.2% | +2.6% |
| 6 months | −10.8% | −2.9% |
| 1 year | +4.6% | +8.0% |
| 3 years | +22.3% | – |
| Since launchNot the same days: CTA Mar 2022 · HFMF Jul 2025 | +37.8% | +11.8% |
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Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
CTA and HFMF both run a managed futures strategy. Over the same 52 weeks to Nov 4, 2026, CTA’s weekly returns had a correlation of −0.14 with the S&P 500 and HFMF’s +0.18. In the 26 weeks the index fell, by 1.07% a week on average, CTA averaged −0.06% and HFMF −0.60%. Over the same weeks, CTA finished level with cash and HFMF finished 4.6 points ahead of cash.
CTA
CTA 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 −0.14 with the S&P 500’s and a beta of −0.30, so for each 1% the index moved it moved about 0.30% the other way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks CTA fell 0.06% on average, a down-week capture of 5.3%. Over the same 52 weeks CTA returned +3.6% and a Treasury bill fund +3.7%, so it finished level with 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, CTA or HFMF?
- Over the 52 weeks to Nov 4, 2026, CTA’s weekly returns had a correlation of −0.14 with the S&P 500 and HFMF’s +0.18, so CTA moved less with the index.
- Which did better when the S&P 500 fell, CTA or HFMF?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, CTA averaged −0.06% and HFMF −0.60%, so CTA 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, CTA against HFMF, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/cta-vs-hfmf
ETFIQ. (Nov 4, 2026). CTA against HFMF. Retrieved from https://etfiq.com/compare/alternatives/cta-vs-hfmf
[CTA against HFMF (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/cta-vs-hfmf)
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