Data as of Nov 4, 2026.
CTA vs ISMF: Correlation to the S&P 500
Over the year to Nov 4, 2026, CTA moved less with the S&P 500 than ISMF: correlation −0.14 against +0.48.
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Net assets on Nov 3, 2026: $1.3bn for Simplify Managed Futures Strategy ETF and $37m for iShares Managed Futures Active ETF.
CTA in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, CTA −0.06%.
ISMF in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, ISMF −0.38%.
Pair scorecard
ISMF costs 0.06 points a year less; their one-year returns differ by 6.3 points; CTA is far larger, $1.3bn against $37m.
| Measure | CTA | ISMF |
|---|---|---|
| Return | ||
| Total return, 1 year | +4.6% | +10.9% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.86% | 0.80% |
| Net assets, as of Nov 3, 2026 | $1.3bn | $37m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | −0.30: about 0.30% for each 1% | +0.31: about 0.31% for each 1% |
| Its average week when the S&P 500 fell | fell 0.06% | fell 0.38% |
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 | ISMF |
| 3 months | +6.2% | −0.7% |
| 6 months | −10.8% | −1.1% |
| 1 year | +4.6% | +10.9% |
| 3 years | +22.3% | – |
| Since launchNot the same days: CTA Mar 2022 · ISMF Mar 2025 | +37.8% | +17.9% |
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Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
CTA and ISMF 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 ISMF’s +0.48. In the 26 weeks the index fell, by 1.07% a week on average, CTA averaged −0.06% and ISMF −0.38%. Over the same weeks, CTA finished level with cash and ISMF finished 6.8 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.
ISMF
ISMF is a managed futures fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.48 with the S&P 500’s and a beta of +0.31, so for each 1% the index moved it moved about 0.31% the same way. In the same weeks ISMF fell 0.38% on average, a down-week capture of 35.9%. Over the same 52 weeks ISMF returned +10.5% and a Treasury bill fund +3.7%, so it finished 6.8 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, CTA or ISMF?
- Over the 52 weeks to Nov 4, 2026, CTA’s weekly returns had a correlation of −0.14 with the S&P 500 and ISMF’s +0.48, so CTA moved less with the index.
- Which did better when the S&P 500 fell, CTA or ISMF?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, CTA averaged −0.06% and ISMF −0.38%, 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 ISMF, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/cta-vs-ismf
ETFIQ. (Nov 4, 2026). CTA against ISMF. Retrieved from https://etfiq.com/compare/alternatives/cta-vs-ismf
[CTA against ISMF (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/cta-vs-ismf)
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