Data as of Nov 4, 2026.
FTLS vs ORR: Correlation to the S&P 500
Over the year to Nov 4, 2026, ORR moved less with the S&P 500 than FTLS: correlation +0.41 against +0.83.
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Net assets: $2.6bn on Nov 3, 2026 for First Trust Long/Short Equity, and $355m on Aug 31, 2026 for Militia Long/Short Equity ETF.
FTLS in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, FTLS −0.48%.
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 13.1 points.
| Measure | FTLS | ORR |
|---|---|---|
| Return | ||
| Total return, 1 year | +8.5% | +21.6% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 1.38% | not published |
| Net assets, FTLS as of Nov 3, 2026 and ORR as of Aug 31, 2026 | $2.6bn | $355m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.48: about 0.48% for each 1% | +0.47: about 0.47% for each 1% |
| Its average week when the S&P 500 fell | fell 0.48% | fell 0.27% |
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | FTLS | ORR | FTLS | ORR |
| 3 months | +1.0% | −1.6% | +1.1 pts vs VOO | not measured |
| 6 months | +3.6% | +5.2% | −1.4 pts vs VOO | not measured |
| 1 year | +8.5% | +21.6% | −6.3 pts vs VOO | not measured |
| 3 years | +46.9% | – | −36.4 pts vs VOO | – |
| Since launchNot the same days: FTLS Sep 2014 · ORR Jan 2025 | +183.1% | +49.6% | −190.1 pts vs VOO | not measured |
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Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
FTLS and ORR 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 ORR’s +0.41. In the 26 weeks the index fell, by 1.07% a week on average, FTLS averaged −0.48% and ORR −0.27%. Over the same weeks, FTLS finished 4.1 percentage points ahead of cash and ORR finished 16.7 points ahead of cash.
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.
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
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How this is computed
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, FTLS against ORR, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/ftls-vs-orr
ETFIQ. (Nov 4, 2026). FTLS against ORR. Retrieved from https://etfiq.com/compare/alternatives/ftls-vs-orr
[FTLS against ORR (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/ftls-vs-orr)
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