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

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, FFLS averaged −0.70% and ORR −0.27%, so ORR returned more in those weeks.

Which earned more than cash, FFLS or ORR?

Over the same weeks, FFLS finished 2.4 percentage points behind cash and ORR finished 16.7 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Data as of Nov 4, 2026.

Alternative ETFs

FFLS vs ORR: Correlation to the S&P 500

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Over the year to Nov 4, 2026, ORR moved less with the S&P 500 than FFLS: correlation +0.41 against +0.65.

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Net assets on Aug 31, 2026: $43m for The Future Fund Long/Short ETF and $355m for Militia Long/Short Equity ETF.

FFLS on its own →ORR on its own →

At a glance

+0.65

FFLS correlation with the S&P 500

+0.41

ORR correlation with the S&P 500

65.7%

FFLS down-week capture

25.0%

ORR 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%.

ORR Fell 25% as much as the S&P 500

ORR in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, ORR −0.27%.

Pair scorecard

Their one-year returns differ by 21.7 points; ORR is 8.3 times larger.

FFLS vs ORR: Correlation to the S&P 500
Measure	FFLS	ORR
Return
Measure	FFLS	ORR
Total return, 1 year	−0.1%	+21.6%
Against its benchmark
Measure	FFLS	ORR
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	FFLS	ORR
Expense ratio	1.24%	not published
Net assets, as of Aug 31, 2026	$43m	$355m
Holdings
Measure	FFLS	ORR
Holdings in common	not published
Risk
Measure	FFLS	ORR
Beta to the S&P 500	+0.61: about 0.61% for each 1%	+0.47: about 0.47% for each 1%
Its average week when the S&P 500 fell	fell 0.70%	fell 0.27%

Method

Window by window

Window by window: FFLS vs ORR: Correlation to the S&P 500
	Total return
Window	FFLS	ORR
3 months	−0.3%	−1.6%
6 months	+2.6%	+5.2%
1 year	−0.1%	+21.6%
3 years	+36.0%	–
Since launchNot the same days: FFLS Jun 2023 · ORR Jan 2025	+30.5%	+49.6%

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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 ORR Militia Long/Short Equity ETF · 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 Militia

Strategy Long-short equity Long-short equity

Correlation with the S&P 500 +0.65 +0.41

Beta to the S&P 500 +0.61 +0.47

Down-week capture 65.7% 25.0%

Average week when the S&P 500 fell −0.70% −0.27%

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

Total return, same 52 weeks +1.3% +20.3%

Against T-bills, percentage points −2.4 pts +16.7 pts

Expense ratio 1.24% not published

First traded Jun 21, 2023 Jan 15, 2025

Net assets, as of Aug 31, 2026 $43m $355m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

FFLS and ORR 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 ORR’s +0.41. In the 26 weeks the index fell, by 1.07% a week on average, FFLS averaged −0.70% and ORR −0.27%. Over the same weeks, FFLS finished 2.4 percentage points behind cash and ORR finished 16.7 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.

ORR

ORR is a long-short equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.41 with the S&P 500’s and a beta of +0.47, so for each 1% the index moved it moved about 0.47% the same way. In the same weeks ORR fell 0.27% on average, a down-week capture of 25.0%. Over the same 52 weeks ORR returned +20.3% and a Treasury bill fund +3.7%, so it finished 16.7 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, FFLS or ORR?: Over the 52 weeks to Nov 4, 2026, FFLS’s weekly returns had a correlation of +0.65 with the S&P 500 and ORR’s +0.41, so ORR moved less with the index.
Which did better when the S&P 500 fell, FFLS or ORR?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, FFLS averaged −0.70% and ORR −0.27%, so ORR returned more in those weeks.
Which earned more than cash, FFLS or ORR?: Over the same weeks, FFLS finished 2.4 percentage points behind cash and ORR finished 16.7 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Other comparisons

FFLS vs CSM FFLS vs CLSE FFLS vs EHLS FFLS vs FTLS ORR vs CBLS ORR vs CSM ORR vs CLSE ORR vs FTLS

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 →ORR on its own →FFLS 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 ↗

ORR filings on SEC EDGAR ↗

ORR prospectus with the expense ratio (SEC) ↗

Militia page for ORR ↗

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 ORR, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/ffls-vs-orr

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