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

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HFMF averaged −0.60% and HOLD −1.29%, so HFMF returned more in those weeks.

Which earned more than cash, HFMF or HOLD?

Over the same weeks, HFMF finished 4.6 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, HFMF or HOLD?

HFMF charges 0.97% 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

HFMF vs HOLD: Correlation to the S&P 500

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Over the year to Nov 4, 2026, HFMF moved less with the S&P 500 than HOLD: correlation +0.18 against +0.66.

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Net assets: $25m on Aug 31, 2026 for Unlimited HFMF Managed Futures ETF, and $3.9m on Nov 4, 2026 for Harbor Alpha Layering ETF.

HFMF on its own →HOLD on its own →

At a glance

+0.18

HFMF correlation with the S&P 500

+0.66

HOLD correlation with the S&P 500

56.2%

HFMF down-week capture

120.5%

HOLD down-week capture

HFMF Fell 56% as much as the S&P 500

HFMF in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HFMF −0.60%.

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 0.27 points a year less; their one-year returns differ by 7.2 points.

HFMF vs HOLD: Correlation to the S&P 500
Measure	HFMF	HOLD
Return
Measure	HFMF	HOLD
Total return, 1 year	+8.0%	+0.8%
Against its benchmark
Measure	HFMF	HOLD
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	HFMF	HOLD
Expense ratio	0.97%	0.70%
Net assets, HFMF as of Aug 31, 2026 and HOLD as of Nov 4, 2026	$25m	$3.9m
Holdings
Measure	HFMF	HOLD
Holdings in common	not published
Risk
Measure	HFMF	HOLD
Beta to the S&P 500	+0.24: about 0.24% for each 1%	+0.81: about 0.81% for each 1%
Its average week when the S&P 500 fell	fell 0.60%	fell 1.29%

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

IQ Alternatives Score58.8HFMF17.6HOLD

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

HFMF 58.8

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: HFMF vs HOLD: Correlation to the S&P 500
	Total return		vs its benchmark
Window	HFMF	HOLD	HFMF	HOLD
3 months	+2.6%	−3.1%	not measured	−3.0 pts vs VOO
6 months	−2.9%	−7.5%	not measured	−12.5 pts vs VOO
1 year	+8.0%	+0.8%	not measured	−14.0 pts vs VOO
Since launchNot the same days: HFMF Jul 2025 · HOLD Aug 2025	+11.8%	+10.3%	not measured	−10.3 pts vs VOO

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Side by side

HFMF Unlimited HFMF Managed Futures ETF · 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 Unlimited Harbor

Strategy Managed futures Managed futures

Correlation with the S&P 500 +0.18 +0.66

Beta to the S&P 500 +0.24 +0.81

Down-week capture 56.2% 120.5%

Average week when the S&P 500 fell −0.60% −1.29%

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

Total return, same 52 weeks +8.3% +0.3%

Against T-bills, percentage points +4.6 pts −3.3 pts

Expense ratio 0.97% 0.70%

First traded Jul 15, 2025 Aug 14, 2025

Net assets, HFMF as of Aug 31, 2026 and HOLD as of Nov 4, 2026 $25m $3.9m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

HFMF and HOLD both run a managed futures strategy. Over the same 52 weeks to Nov 4, 2026, HFMF’s weekly returns had a correlation of +0.18 with the S&P 500 and HOLD’s +0.66. In the 26 weeks the index fell, by 1.07% a week on average, HFMF averaged −0.60% and HOLD −1.29%. Over the same weeks, HFMF finished 4.6 percentage points ahead of cash and HOLD finished 3.3 points behind cash.

Alert

About each fund

HFMF

HFMF 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 +0.18 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. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks HFMF fell 0.60% on average, a down-week capture of 56.2%. Over the same 52 weeks HFMF returned +8.3% and a Treasury bill fund +3.7%, so it finished 4.6 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, HFMF or HOLD?: Over the 52 weeks to Nov 4, 2026, HFMF’s weekly returns had a correlation of +0.18 with the S&P 500 and HOLD’s +0.66, so HFMF moved less with the index.
Which did better when the S&P 500 fell, HFMF or HOLD?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HFMF averaged −0.60% and HOLD −1.29%, so HFMF returned more in those weeks.
Which earned more than cash, HFMF or HOLD?: Over the same weeks, HFMF finished 4.6 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, HFMF or HOLD?: HFMF charges 0.97% a year and HOLD charges 0.70%, so HOLD is cheaper. Fees come from each fund's prospectus.

Other comparisons

HFMF vs PRAE HFMF vs ISMF HFMF vs MFUT HFMF vs IMF HOLD vs ISMF HOLD vs MFUT HOLD vs PRAE HOLD vs RSBT

Where to next

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

Sources and dates

HFMF filings on SEC EDGAR ↗

HFMF prospectus with the expense ratio (SEC) ↗

Unlimited website ↗

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

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