Data as of Nov 4, 2026.
FLSP vs HFND: Correlation to the S&P 500
Over the year to Nov 4, 2026, FLSP moved less with the S&P 500 than HFND: correlation −0.13 against +0.82.
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Net assets: $1.2bn on Nov 3, 2026 for Franklin Systematic Style Premia ETF, and $39m on Aug 31, 2026 for Unlimited HFND Multi-Strategy Return Tracker ETF.
FLSP in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, FLSP +0.23%.
HFND in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HFND −0.82%.
Pair scorecard
FLSP costs 0.42 points a year less; their one-year returns differ by 9.0 points.
| Measure | FLSP | HFND |
|---|---|---|
| Return | ||
| Total return, 1 year | +12.2% | +3.2% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.65% | 1.07% |
| Net assets, FLSP as of Nov 3, 2026 and HFND as of Aug 31, 2026 | $1.2bn | $39m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | −0.06: about 0.06% for each 1% | +0.58: about 0.58% for each 1% |
| Its average week when the S&P 500 fell | rose 0.23% | fell 0.82% |
Window by window
| Total return | ||
|---|---|---|
| Window | FLSP | HFND |
| 3 months | +3.1% | −4.2% |
| 6 months | +8.4% | −3.6% |
| 1 year | +12.2% | +3.2% |
| 3 years | +36.4% | +27.8% |
| Since launchNot the same days: FLSP Dec 2019 · HFND Oct 2022 | +37.8% | +30.8% |
Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
FLSP and HFND both run a multi-strategy strategy. Over the same 52 weeks to Nov 4, 2026, FLSP’s weekly returns had a correlation of −0.13 with the S&P 500 and HFND’s +0.82. In the 26 weeks the index fell, by 1.07% a week on average, FLSP averaged +0.23% and HFND −0.82%. Over the same weeks, FLSP finished 7.9 percentage points ahead of cash and HFND finished 0.1 points behind cash.
FLSP
FLSP is a multi-strategy 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 −0.13 with the S&P 500’s and a beta of −0.06, so for each 1% the index moved it moved about 0.06% the other way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks FLSP rose 0.23% on average, a down-week capture of −21.2%. Over the same 52 weeks FLSP returned +11.6% and a Treasury bill fund +3.7%, so it finished 7.9 percentage points ahead of cash.
HFND
HFND is a multi-strategy fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.82 with the S&P 500’s and a beta of +0.58, so for each 1% the index moved it moved about 0.58% the same way. In the same weeks HFND fell 0.82% on average, a down-week capture of 76.4%. Over the same 52 weeks HFND returned +3.6% and a Treasury bill fund +3.7%, so it finished 0.1 percentage points behind cash.
Questions people ask
- Which moved less with the S&P 500, FLSP or HFND?
- Over the 52 weeks to Nov 4, 2026, FLSP’s weekly returns had a correlation of −0.13 with the S&P 500 and HFND’s +0.82, so FLSP moved less with the index.
- Which did better when the S&P 500 fell, FLSP or HFND?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, FLSP averaged +0.23% and HFND −0.82%, so FLSP returned more in those weeks.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, FLSP against HFND, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/flsp-vs-hfnd
ETFIQ. (Nov 4, 2026). FLSP against HFND. Retrieved from https://etfiq.com/compare/alternatives/flsp-vs-hfnd
[FLSP against HFND (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/flsp-vs-hfnd)
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