Which did better when the S&P 500 fell, FFLS or FTLS?

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, FFLS averaged −0.70% and FTLS −0.48%, so FTLS returned more in those weeks.

Which earned more than cash, FFLS or FTLS?

Over the same weeks, FFLS finished 2.4 percentage points behind cash and FTLS finished 4.1 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, FFLS or FTLS?

FFLS charges 1.24% a year and FTLS charges 1.38%, so FFLS is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

FFLS vs FTLS: Correlation to the S&P 500

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Over the year to Nov 4, 2026, FFLS moved less with the S&P 500 than FTLS: correlation +0.65 against +0.83.

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Net assets: $43m on Aug 31, 2026 for The Future Fund Long/Short ETF, and $2.6bn on Nov 3, 2026 for First Trust Long/Short Equity.

FFLS on its own →FTLS on its own →

At a glance

+0.65

FFLS correlation with the S&P 500

+0.83

FTLS correlation with the S&P 500

65.7%

FFLS down-week capture

44.7%

FTLS down-week capture

FFLS Fell 66% as much as the S&P 500

FFLS in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, FFLS −0.70%.

FTLS Fell 45% as much as the S&P 500

FTLS in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, FTLS −0.48%.

Pair scorecard

FFLS costs 0.14 points a year less; their one-year returns differ by 8.6 points.

FFLS vs FTLS: Correlation to the S&P 500
Measure	FFLS	FTLS
Return
Measure	FFLS	FTLS
Total return, 1 year	−0.1%	+8.5%
Against its benchmark
Measure	FFLS	FTLS
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	FFLS	FTLS
Expense ratio	1.24%	1.38%
Net assets, FFLS as of Aug 31, 2026 and FTLS as of Nov 3, 2026	$43m	$2.6bn
Holdings
Measure	FFLS	FTLS
Holdings in common	not published
Risk
Measure	FFLS	FTLS
Beta to the S&P 500	+0.61: about 0.61% for each 1%	+0.48: about 0.48% for each 1%
Its average week when the S&P 500 fell	fell 0.70%	fell 0.48%

Method

Window by window

Window by window: FFLS vs FTLS: Correlation to the S&P 500
	Total return		vs its benchmark
Window	FFLS	FTLS	FFLS	FTLS
3 months	−0.3%	+1.0%	not measured	+1.1 pts vs VOO
6 months	+2.6%	+3.6%	not measured	−1.4 pts vs VOO
1 year	−0.1%	+8.5%	not measured	−6.3 pts vs VOO
3 years	+36.0%	+46.9%	not measured	−36.4 pts vs VOO
Since launchNot the same days: FFLS Jun 2023 · FTLS Sep 2014	+30.5%	+183.1%	not measured	−190.1 pts vs VOO

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Side by side

FFLS The Future Fund Long/Short ETF · Long-short equity fund: owns stocks and sells others short, so part of its exposure to the stock market cancels out FTLS First Trust Long/Short Equity · Long-short equity fund: owns stocks and sells others short, so part of its exposure to the stock market cancels out

Issuer The Future Fund First Trust

Strategy Long-short equity Long-short equity

Correlation with the S&P 500 +0.65 +0.83

Beta to the S&P 500 +0.61 +0.48

Down-week capture 65.7% 44.7%

Average week when the S&P 500 fell −0.70% −0.48%

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

Total return, same 52 weeks +1.3% +7.7%

Against T-bills, percentage points −2.4 pts +4.1 pts

Expense ratio 1.24% 1.38%

First traded Jun 21, 2023 Sep 10, 2014

Net assets, FFLS as of Aug 31, 2026 and FTLS as of Nov 3, 2026 $43m $2.6bn

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

FFLS and FTLS both run a long-short equity strategy. Over the same 52 weeks to Nov 4, 2026, FFLS’s weekly returns had a correlation of +0.65 with the S&P 500 and FTLS’s +0.83. In the 26 weeks the index fell, by 1.07% a week on average, FFLS averaged −0.70% and FTLS −0.48%. Over the same weeks, FFLS finished 2.4 percentage points behind cash and FTLS finished 4.1 points ahead of cash.

Alert

About each fund

FFLS

FFLS 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 +0.65 with the S&P 500’s and a beta of +0.61, so for each 1% the index moved it moved about 0.61% the same way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks FFLS fell 0.70% on average, a down-week capture of 65.7%. Over the same 52 weeks FFLS returned +1.3% and a Treasury bill fund +3.7%, so it finished 2.4 percentage points behind cash.

FTLS

FTLS is a long-short equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.83 with the S&P 500’s and a beta of +0.48, so for each 1% the index moved it moved about 0.48% the same way. In the same weeks FTLS fell 0.48% on average, a down-week capture of 44.7%. Over the same 52 weeks FTLS returned +7.7% and a Treasury bill fund +3.7%, so it finished 4.1 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, FFLS or FTLS?: Over the 52 weeks to Nov 4, 2026, FFLS’s weekly returns had a correlation of +0.65 with the S&P 500 and FTLS’s +0.83, so FFLS moved less with the index.
Which did better when the S&P 500 fell, FFLS or FTLS?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, FFLS averaged −0.70% and FTLS −0.48%, so FTLS returned more in those weeks.
Which earned more than cash, FFLS or FTLS?: Over the same weeks, FFLS finished 2.4 percentage points behind cash and FTLS finished 4.1 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, FFLS or FTLS?: FFLS charges 1.24% a year and FTLS charges 1.38%, so FFLS is cheaper. Fees come from each fund's prospectus.

Other comparisons

FFLS vs CLSE FFLS vs CBLS FFLS vs ORR FFLS vs HFEQ FTLS vs CBLS FTLS vs LSEQ FTLS vs CLSE FTLS vs HFEQ

Where to next

BIL, the T-bill fund these are measured against →SPY, the S&P 500 fund these are measured against →All alternatives ETFs ranked by the Stock Diversification Score →How the scores are computed →FFLS on its own →FTLS on its own →FFLS dividend history →FTLS dividend history →Method →Standards and sources →

Sources and dates

FFLS filings on SEC EDGAR ↗

FFLS prospectus with the expense ratio (SEC) ↗

The Future Fund website ↗

FTLS filings on SEC EDGAR ↗

FTLS prospectus with the expense ratio (SEC) ↗

First Trust page for FTLS ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, FFLS against FTLS, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/ffls-vs-ftls

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