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Data as of Nov 4, 2026.

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Alternative ETFs

HFMF vs RSST: 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 RSST: correlation +0.18 against +0.85.

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Net assets: $25m on Aug 31, 2026 for Unlimited HFMF Managed Futures ETF, and $480m on Jul 31, 2026 for Return Stacked U.S. Stocks & Managed Futures ETF.

HFMF on its own →RSST on its own →
At a glance
+0.18
HFMF correlation with the S&P 500
+0.85
RSST correlation with the S&P 500
56.2%
HFMF down-week capture
164.8%
RSST down-week capture
HFMF Fell 56% as much as the S&P 500
Fell 56% as much as the S&P 500HFMF in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HFMF −0.60%.SPY−1.07%HFMF−0.60%Average week when SPY fell: 26 of 52, year to Nov 4, 2026Fell 56% as much as the S&P 500HFMF in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HFMF −0.60%.SPY−1.07%HFMF−0.60%Average week when SPY fell

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

RSST Fell more than the S&P 500
Fell more than the S&P 500RSST in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, RSST −1.76%.SPY−1.07%RSST−1.76%Average week when SPY fell: 26 of 52, year to Nov 4, 2026Fell more than the S&P 500RSST in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, RSST −1.76%.SPY−1.07%RSST−1.76%Average week when SPY fell

RSST in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, RSST −1.76%.

Pair scorecard

HFMF costs 0.02 points a year less; their one-year returns differ by 15.3 points.

HFMF vs RSST: Correlation to the S&P 500
MeasureHFMFRSST
Return
Total return, 1 year+8.0%+23.3%
Against its benchmark
Treasury bills, 52 weeks+3.7%
Cost and size
Expense ratio0.97%0.99%
Net assets, HFMF as of Aug 31, 2026 and RSST as of Jul 31, 2026$25m$480m
Holdings
Holdings in commonnot published
Risk
Beta to the S&P 500+0.24: about 0.24% for each 1%+1.45: about 1.45% for each 1%
Its average week when the S&P 500 fellfell 0.60%fell 1.76%
ETFIQ Stock Diversification Score · HFMF scores higher How much does it diversify a stock portfolio?
IQ Alternatives Score58.8HFMF2.9RSST

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

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 RSST: Correlation to the S&P 500
Total returnvs its benchmark
WindowHFMFRSSTHFMFRSST
3 months+2.6%+0.9%not measured+1.0 pts vs VOO
6 months−2.9%+3.0%not measured−2.0 pts vs VOO
1 year+8.0%+23.3%not measured+8.5 pts vs VOO
3 years–+80.1%–−3.2 pts vs VOO
Since launchNot the same days: HFMF Jul 2025 · RSST Sep 2023+11.8%+71.0%not measured−8.2 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 RSST Return Stacked U.S. Stocks & 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
Issuer Unlimited Return Stacked
Strategy Managed futures Managed futures
Correlation with the S&P 500 +0.18 +0.85
Beta to the S&P 500 +0.24 +1.45
Down-week capture 56.2% 164.8%
Average week when the S&P 500 fell −0.60% −1.76%
The S&P 500 in those weeks −1.07% −1.07%
Total return, same 52 weeks +8.3% +22.5%
Against T-bills, percentage points +4.6 pts +18.9 pts
Expense ratio 0.97% 0.99%
First traded Jul 15, 2025 Sep 6, 2023
Net assets, HFMF as of Aug 31, 2026 and RSST as of Jul 31, 2026 $25m $480m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

HFMF and RSST 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 RSST’s +0.85. In the 26 weeks the index fell, by 1.07% a week on average, HFMF averaged −0.60% and RSST −1.76%. Over the same weeks, HFMF finished 4.6 percentage points ahead of cash and RSST finished 18.9 points ahead of cash.

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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.

RSST

RSST is a managed futures fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.85 with the S&P 500’s and a beta of +1.45, so for each 1% the index moved it moved about 1.45% the same way. In the same weeks RSST fell 1.76% on average, a down-week capture of 164.8%. Over the same 52 weeks RSST returned +22.5% and a Treasury bill fund +3.7%, so it finished 18.9 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, HFMF or RSST?
Over the 52 weeks to Nov 4, 2026, HFMF’s weekly returns had a correlation of +0.18 with the S&P 500 and RSST’s +0.85, so HFMF moved less with the index.
Which did better when the S&P 500 fell, HFMF or RSST?
In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HFMF averaged −0.60% and RSST −1.76%, so HFMF returned more in those weeks.
Which earned more than cash, HFMF or RSST?
Over the same weeks, HFMF finished 4.6 percentage points ahead of cash and RSST finished 18.9 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, HFMF or RSST?
HFMF charges 0.97% a year and RSST charges 0.99%, so HFMF is cheaper. Fees come from each fund's prospectus.
Other comparisons
HFMF vs RSBTHFMF vs DBMFHFMF vs FFUTHFMF vs KMLMRSST vs ISMFRSST vs AHLTRSST vs HOLDRSST vs ASMF
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 →RSST on its own →HFMF dividend history →RSST dividend history →Method →Standards and sources →
Sources and dates
HFMF filings on SEC EDGAR ↗
HFMF prospectus with the expense ratio (SEC) ↗
Unlimited website ↗
RSST filings on SEC EDGAR ↗
RSST prospectus with the expense ratio (SEC) ↗
Return Stacked website ↗

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.

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

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