Data as of Nov 4, 2026.
HFND vs QALT: Correlation to the S&P 500
Over the year to Nov 4, 2026, QALT moved less with the S&P 500 than HFND: correlation +0.60 against +0.82.
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Net assets: $39m on Aug 31, 2026 for Unlimited HFND Multi-Strategy Return Tracker ETF, and $194m on Jun 30, 2026 for SEI DBi Multi-Strategy Alternative ETF.
HFND in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HFND −0.82%.
QALT in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, QALT −0.49%.
Pair scorecard
QALT costs 0.27 points a year less; their one-year returns differ by 3.3 points.
| Measure | HFND | QALT |
|---|---|---|
| Return | ||
| Total return, 1 year | +3.2% | +6.5% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 1.07% | 0.80% |
| Net assets, HFND as of Aug 31, 2026 and QALT as of Jun 30, 2026 | $39m | $194m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.58: about 0.58% for each 1% | +0.31: about 0.31% for each 1% |
| Its average week when the S&P 500 fell | fell 0.82% | fell 0.49% |
Window by window
| Total return | ||
|---|---|---|
| Window | HFND | QALT |
| 3 months | −4.2% | −2.2% |
| 6 months | −3.6% | +1.0% |
| 1 year | +3.2% | +6.5% |
| 3 years | +27.8% | – |
| Since launchNot the same days: HFND Oct 2022 · QALT Aug 2025 | +30.8% | +10.0% |
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Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
HFND and QALT both run a multi-strategy strategy. Over the same 52 weeks to Nov 4, 2026, HFND’s weekly returns had a correlation of +0.82 with the S&P 500 and QALT’s +0.60. In the 26 weeks the index fell, by 1.07% a week on average, HFND averaged −0.82% and QALT −0.49%. Over the same weeks, HFND finished 0.1 percentage points behind cash and QALT finished 2.5 points ahead of cash.
HFND
HFND is a multi-strategy 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 +0.82 with the S&P 500’s and a beta of +0.58, so for each 1% the index moved it moved about 0.58% the same way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks HFND fell 0.82% on average, a down-week capture of 76.4%. Over the same 52 weeks HFND returned +3.6% and a Treasury bill fund +3.7%, so it finished 0.1 percentage points behind cash.
QALT
QALT is a multi-strategy fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.60 with the S&P 500’s and a beta of +0.31, so for each 1% the index moved it moved about 0.31% the same way. In the same weeks QALT fell 0.49% on average, a down-week capture of 45.7%. Over the same 52 weeks QALT returned +6.2% and a Treasury bill fund +3.7%, so it finished 2.5 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, HFND or QALT?
- Over the 52 weeks to Nov 4, 2026, HFND’s weekly returns had a correlation of +0.82 with the S&P 500 and QALT’s +0.60, so QALT moved less with the index.
- Which did better when the S&P 500 fell, HFND or QALT?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HFND averaged −0.82% and QALT −0.49%, so QALT returned more in those weeks.
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, HFND against QALT, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/hfnd-vs-qalt
ETFIQ. (Nov 4, 2026). HFND against QALT. Retrieved from https://etfiq.com/compare/alternatives/hfnd-vs-qalt
[HFND against QALT (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/hfnd-vs-qalt)
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