Data as of Nov 4, 2026.
HFMF vs KMLM: Correlation to the S&P 500
Over the year to Nov 4, 2026, KMLM moved less with the S&P 500 than HFMF: correlation −0.12 against +0.18.
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Net assets: $25m on Aug 31, 2026 for Unlimited HFMF Managed Futures ETF, and $586m on Nov 4, 2026 for KraneShares Mount Lucas Managed Futures Index Strategy ETF.
HFMF in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HFMF −0.60%.
KMLM in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, KMLM +0.18%.
Pair scorecard
KMLM costs 0.07 points a year less; their one-year returns differ by 8.5 points.
| Measure | HFMF | KMLM |
|---|---|---|
| Return | ||
| Total return, 1 year | +8.0% | +16.5% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.97% | 0.90% |
| Net assets, HFMF as of Aug 31, 2026 and KMLM as of Nov 4, 2026 | $25m | $586m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.24: about 0.24% for each 1% | −0.12: about 0.12% for each 1% |
| Its average week when the S&P 500 fell | fell 0.60% | rose 0.18% |
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
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 →
Window by window
| Total return | ||
|---|---|---|
| Window | HFMF | KMLM |
| 3 months | +2.6% | +3.0% |
| 6 months | −2.9% | +0.6% |
| 1 year | +8.0% | +16.5% |
| 3 years | – | −0.7% |
| Since launchNot the same days: HFMF Jul 2025 · KMLM Dec 2020 | +11.8% | +49.0% |
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Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
HFMF and KMLM 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 KMLM’s −0.12. In the 26 weeks the index fell, by 1.07% a week on average, HFMF averaged −0.60% and KMLM +0.18%. Over the same weeks, HFMF finished 4.6 percentage points ahead of cash and KMLM finished 12.9 points ahead of cash.
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.
KMLM
KMLM is a managed futures fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of −0.12 with the S&P 500’s and a beta of −0.12, so for each 1% the index moved it moved about 0.12% the other way. In the same weeks KMLM rose 0.18% on average, a down-week capture of −16.3%. Over the same 52 weeks KMLM returned +16.6% and a Treasury bill fund +3.7%, so it finished 12.9 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, HFMF or KMLM?
- Over the 52 weeks to Nov 4, 2026, HFMF’s weekly returns had a correlation of +0.18 with the S&P 500 and KMLM’s −0.12, so KMLM moved less with the index.
- Which did better when the S&P 500 fell, HFMF or KMLM?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HFMF averaged −0.60% and KMLM +0.18%, so KMLM returned more in those weeks.
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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.
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ETFIQ, HFMF against KMLM, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/hfmf-vs-kmlm
ETFIQ. (Nov 4, 2026). HFMF against KMLM. Retrieved from https://etfiq.com/compare/alternatives/hfmf-vs-kmlm
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