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

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, FTLS averaged −0.48% and LSEQ −0.27%, so LSEQ returned more in those weeks.

Which earned more than cash, FTLS or LSEQ?

Over the same weeks, FTLS finished 4.1 percentage points ahead of cash and LSEQ finished 20.8 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, FTLS or LSEQ?

FTLS charges 1.38% a year and LSEQ charges 2.28%, so FTLS is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

FTLS vs LSEQ: Correlation to the S&P 500

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Over the year to Nov 4, 2026, LSEQ moved less with the S&P 500 than FTLS: correlation +0.18 against +0.83.

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Net assets on Nov 3, 2026: $2.6bn for First Trust Long/Short Equity and $17m for Harbor Long-Short Equity ETF.

FTLS on its own →LSEQ on its own →

At a glance

+0.83

FTLS correlation with the S&P 500

+0.18

LSEQ correlation with the S&P 500

44.7%

FTLS down-week capture

24.8%

LSEQ down-week capture

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%.

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

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

Pair scorecard

FTLS costs 0.90 points a year less; their one-year returns differ by 18.0 points; FTLS is far larger, $2.6bn against $17m.

FTLS vs LSEQ: Correlation to the S&P 500
Measure	FTLS	LSEQ
Return
Measure	FTLS	LSEQ
Total return, 1 year	+8.5%	+26.5%
Against its benchmark
Measure	FTLS	LSEQ
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	FTLS	LSEQ
Expense ratio	1.38%	2.28%
Net assets, as of Nov 3, 2026	$2.6bn	$17m
Holdings
Measure	FTLS	LSEQ
Holdings in common	not published
Risk
Measure	FTLS	LSEQ
Beta to the S&P 500	+0.48: about 0.48% for each 1%	+0.24: about 0.24% for each 1%
Its average week when the S&P 500 fell	fell 0.48%	fell 0.27%

Method

Window by window

Window by window: FTLS vs LSEQ: Correlation to the S&P 500
	Total return		vs its benchmark
Window	FTLS	LSEQ	FTLS	LSEQ
3 months	+1.0%	+8.0%	+1.1 pts vs VOO	not measured
6 months	+3.6%	+1.2%	−1.4 pts vs VOO	not measured
1 year	+8.5%	+26.5%	−6.3 pts vs VOO	not measured
3 years	+46.9%	–	−36.4 pts vs VOO	–
Since launchNot the same days: FTLS Sep 2014 · LSEQ Dec 2023	+183.1%	+47.4%	−190.1 pts vs VOO	not measured

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Side by side

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 LSEQ Harbor 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 First Trust Harbor

Strategy Long-short equity Long-short equity

Correlation with the S&P 500 +0.83 +0.18

Beta to the S&P 500 +0.48 +0.24

Down-week capture 44.7% 24.8%

Average week when the S&P 500 fell −0.48% −0.27%

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

Total return, same 52 weeks +7.7% +24.5%

Against T-bills, percentage points +4.1 pts +20.8 pts

Expense ratio 1.38% 2.28%

First traded Sep 10, 2014 Dec 4, 2023

Net assets, as of Nov 3, 2026 $2.6bn $17m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

FTLS and LSEQ both run a long-short equity strategy. Over the same 52 weeks to Nov 4, 2026, FTLS’s weekly returns had a correlation of +0.83 with the S&P 500 and LSEQ’s +0.18. In the 26 weeks the index fell, by 1.07% a week on average, FTLS averaged −0.48% and LSEQ −0.27%. Over the same weeks, FTLS finished 4.1 percentage points ahead of cash and LSEQ finished 20.8 points ahead of cash.

Alert

About each fund

FTLS

FTLS 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 +0.83 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. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. 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.

LSEQ

LSEQ is a long-short equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.18 with the S&P 500’s and a beta of +0.24, so for each 1% the index moved it moved about 0.24% the same way. In the same weeks LSEQ fell 0.27% on average, a down-week capture of 24.8%. Over the same 52 weeks LSEQ returned +24.5% and a Treasury bill fund +3.7%, so it finished 20.8 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, FTLS or LSEQ?: Over the 52 weeks to Nov 4, 2026, FTLS’s weekly returns had a correlation of +0.83 with the S&P 500 and LSEQ’s +0.18, so LSEQ moved less with the index.
Which did better when the S&P 500 fell, FTLS or LSEQ?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, FTLS averaged −0.48% and LSEQ −0.27%, so LSEQ returned more in those weeks.
Which earned more than cash, FTLS or LSEQ?: Over the same weeks, FTLS finished 4.1 percentage points ahead of cash and LSEQ finished 20.8 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, FTLS or LSEQ?: FTLS charges 1.38% a year and LSEQ charges 2.28%, so FTLS is cheaper. Fees come from each fund's prospectus.

Other comparisons

FTLS vs HFEQ FTLS vs CBLS FTLS vs EHLS FTLS vs ORR LSEQ vs CBLS LSEQ vs CLSE LSEQ vs CSM LSEQ vs ORR

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 →FTLS on its own →LSEQ on its own →FTLS dividend history →LSEQ dividend history →Method →Standards and sources →

Sources and dates

FTLS filings on SEC EDGAR ↗

FTLS prospectus with the expense ratio (SEC) ↗

First Trust page for FTLS ↗

LSEQ filings on SEC EDGAR ↗

LSEQ prospectus with the expense ratio (SEC) ↗

Harbor page for LSEQ ↗

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

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