Which did better when the S&P 500 fell, FMF or HOLD?

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, FMF averaged −0.11% and HOLD −1.29%, so FMF returned more in those weeks.

Which earned more than cash, FMF or HOLD?

Over the same weeks, FMF finished 6.9 percentage points ahead of cash and HOLD finished 3.3 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, FMF or HOLD?

FMF charges 0.98% a year and HOLD charges 0.70%, so HOLD is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

FMF vs HOLD: Correlation to the S&P 500

Share on X Download as PDF

Over the year to Nov 4, 2026, FMF moved less with the S&P 500 than HOLD: correlation +0.16 against +0.66.

askIQ about this page

askIQ about FMF and HOLD

Net assets: $298m on Nov 3, 2026 for First Trust Managed Futures Strategy Fund, and $3.9m on Nov 4, 2026 for Harbor Alpha Layering ETF.

FMF on its own →HOLD on its own →

At a glance

+0.16

FMF correlation with the S&P 500

+0.66

HOLD correlation with the S&P 500

9.9%

FMF down-week capture

120.5%

HOLD down-week capture

FMF Fell 10% as much as the S&P 500

FMF in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, FMF −0.11%.

HOLD Fell more than the S&P 500

HOLD in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HOLD −1.29%.

Pair scorecard

HOLD costs 0.28 points a year less; their one-year returns differ by 10.3 points; FMF is far larger, $298m against $3.9m.

FMF vs HOLD: Correlation to the S&P 500
Measure	FMF	HOLD
Return
Measure	FMF	HOLD
Total return, 1 year	+11.1%	+0.8%
Against its benchmark
Measure	FMF	HOLD
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	FMF	HOLD
Expense ratio	0.98%	0.70%
Net assets, as of Nov 3, 2026	$298m	$3.9m
Holdings
Measure	FMF	HOLD
Holdings in common	not published
Risk
Measure	FMF	HOLD
Beta to the S&P 500	+0.11: about 0.11% for each 1%	+0.81: about 0.81% for each 1%
Its average week when the S&P 500 fell	fell 0.11%	fell 1.29%

ETFIQ Stock Diversification Score · FMF scores higher How much does it diversify a stock portfolio?

IQ Alternatives Score82.3FMF17.6HOLD

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

FMF 82.3

HOLD 17.6

2.9, the lowest in this set 94.2, the highest

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 →

Method

Window by window

Window by window: FMF vs HOLD: Correlation to the S&P 500
	Total return		vs its benchmark
Window	FMF	HOLD	FMF	HOLD
3 months	+1.8%	−3.1%	not measured	−3.0 pts vs VOO
6 months	−0.1%	−7.5%	not measured	−12.5 pts vs VOO
1 year	+11.1%	+0.8%	not measured	−14.0 pts vs VOO
3 years	+20.3%	–	not measured	–
Since launchNot the same days: FMF Aug 2013 · HOLD Aug 2025	+28.7%	+10.3%	not measured	−10.3 pts vs VOO

– means no data for this window. Open this comparison in the app →

Side by side

FMF First Trust Managed Futures Strategy Fund · Managed futures fund: follows price trends in futures on stocks, bonds, currencies and commodities, and can bet on falls as well as rises HOLD Harbor Alpha Layering ETF · Managed futures fund: follows price trends in futures on stocks, bonds, currencies and commodities, and can bet on falls as well as rises

Issuer First Trust Harbor

Strategy Managed futures Managed futures

Correlation with the S&P 500 +0.16 +0.66

Beta to the S&P 500 +0.11 +0.81

Down-week capture 9.9% 120.5%

Average week when the S&P 500 fell −0.11% −1.29%

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

Total return, same 52 weeks +10.6% +0.3%

Against T-bills, percentage points +6.9 pts −3.3 pts

Expense ratio 0.98% 0.70%

First traded Aug 2, 2013 Aug 14, 2025

Net assets, FMF as of Nov 3, 2026 and HOLD as of Nov 4, 2026 $298m $3.9m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

FMF and HOLD both run a managed futures strategy. Over the same 52 weeks to Nov 4, 2026, FMF’s weekly returns had a correlation of +0.16 with the S&P 500 and HOLD’s +0.66. In the 26 weeks the index fell, by 1.07% a week on average, FMF averaged −0.11% and HOLD −1.29%. Over the same weeks, FMF finished 6.9 percentage points ahead of cash and HOLD finished 3.3 points behind cash.

Alert

About each fund

FMF

FMF 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 +0.16 with the S&P 500’s and a beta of +0.11, so for each 1% the index moved it moved about 0.11% the same way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks FMF fell 0.11% on average, a down-week capture of 9.9%. Over the same 52 weeks FMF returned +10.6% and a Treasury bill fund +3.7%, so it finished 6.9 percentage points ahead of cash.

HOLD

HOLD is a managed futures fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.66 with the S&P 500’s and a beta of +0.81, so for each 1% the index moved it moved about 0.81% the same way. In the same weeks HOLD fell 1.29% on average, a down-week capture of 120.5%. Over the same 52 weeks HOLD returned +0.3% and a Treasury bill fund +3.7%, so it finished 3.3 percentage points behind cash.

Questions people ask

Which moved less with the S&P 500, FMF or HOLD?: Over the 52 weeks to Nov 4, 2026, FMF’s weekly returns had a correlation of +0.16 with the S&P 500 and HOLD’s +0.66, so FMF moved less with the index.
Which did better when the S&P 500 fell, FMF or HOLD?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, FMF averaged −0.11% and HOLD −1.29%, so FMF returned more in those weeks.
Which earned more than cash, FMF or HOLD?: Over the same weeks, FMF finished 6.9 percentage points ahead of cash and HOLD finished 3.3 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, FMF or HOLD?: FMF charges 0.98% a year and HOLD charges 0.70%, so HOLD is cheaper. Fees come from each fund's prospectus.

Other comparisons

FMF vs HFMF FMF vs TFPN FMF vs WTMF FMF vs IMF HOLD vs MFUT HOLD vs ISMF HOLD vs PRAE HOLD vs IMF

Where to next

BIL, the T-bill fund these are measured against →SPY, the S&P 500 fund these are measured against →FMF on its own →HOLD on its own →FMF dividend history →HOLD dividend history →Method →Standards and sources →

Sources and dates

FMF filings on SEC EDGAR ↗

FMF prospectus with the expense ratio (SEC) ↗

First Trust page for FMF ↗

HOLD filings on SEC EDGAR ↗

HOLD prospectus with the expense ratio (SEC) ↗

Harbor page for HOLD ↗

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

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.

Cite this pageCitation, APA and Markdown

ETFIQ, FMF against HOLD, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/fmf-vs-hold

Open data →

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.