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

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HOLD averaged −1.29% and IMF −0.14%, so IMF returned more in those weeks.

Which earned more than cash, HOLD or IMF?

Over the same weeks, HOLD finished 3.3 percentage points behind cash and IMF finished 15.6 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, HOLD or IMF?

HOLD charges 0.70% a year and IMF charges 0.65%, so IMF is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

HOLD vs IMF: Correlation to the S&P 500

Share on X Download as PDF

Over the year to Nov 4, 2026, IMF moved less with the S&P 500 than HOLD: correlation +0.38 against +0.66.

askIQ about this page

askIQ about HOLD and IMF

Net assets: $3.9m on Nov 4, 2026 for Harbor Alpha Layering ETF, and $304m on Nov 3, 2026 for Invesco Managed Futures Strategy ETF.

HOLD on its own →IMF on its own →

At a glance

+0.66

HOLD correlation with the S&P 500

+0.38

IMF correlation with the S&P 500

120.5%

HOLD down-week capture

13.0%

IMF down-week capture

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%.

IMF Fell 13% as much as the S&P 500

IMF in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, IMF −0.14%.

Pair scorecard

IMF costs 0.05 points a year less; their one-year returns differ by 19.3 points; IMF is far larger, $304m against $3.9m.

HOLD vs IMF: Correlation to the S&P 500
Measure	HOLD	IMF
Return
Measure	HOLD	IMF
Total return, 1 year	+0.8%	+20.1%
Against its benchmark
Measure	HOLD	IMF
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	HOLD	IMF
Expense ratio	0.70%	0.65%
Net assets, as of Nov 3, 2026	$3.9m	$304m
Holdings
Measure	HOLD	IMF
Holdings in common	not published
Risk
Measure	HOLD	IMF
Beta to the S&P 500	+0.81: about 0.81% for each 1%	+0.24: about 0.24% for each 1%
Its average week when the S&P 500 fell	fell 1.29%	fell 0.14%

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

IQ Alternatives Score17.6HOLD70.6IMF

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

HOLD 17.6

IMF 70.6

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: HOLD vs IMF: Correlation to the S&P 500
	Total return		vs its benchmark
Window	HOLD	IMF	HOLD	IMF
3 months	−3.1%	+0.4%	−3.0 pts vs VOO	not measured
6 months	−7.5%	0.0%	−12.5 pts vs VOO	not measured
1 year	+0.8%	+20.1%	−14.0 pts vs VOO	not measured
Since launchNot the same days: HOLD Aug 2025 · IMF Mar 2025	+10.3%	+4.3%	−10.3 pts vs VOO	not measured

Open this comparison in the app →

Side by side

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 IMF Invesco Managed Futures Strategy 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 Harbor Invesco

Strategy Managed futures Managed futures

Correlation with the S&P 500 +0.66 +0.38

Beta to the S&P 500 +0.81 +0.24

Down-week capture 120.5% 13.0%

Average week when the S&P 500 fell −1.29% −0.14%

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

Total return, same 52 weeks +0.3% +19.2%

Against T-bills, percentage points −3.3 pts +15.6 pts

Expense ratio 0.70% 0.65%

First traded Aug 14, 2025 Mar 19, 2025

Net assets, HOLD as of Nov 4, 2026 and IMF as of Nov 3, 2026 $3.9m $304m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

HOLD and IMF both run a managed futures strategy. Over the same 52 weeks to Nov 4, 2026, HOLD’s weekly returns had a correlation of +0.66 with the S&P 500 and IMF’s +0.38. In the 26 weeks the index fell, by 1.07% a week on average, HOLD averaged −1.29% and IMF −0.14%. Over the same weeks, HOLD finished 3.3 percentage points behind cash and IMF finished 15.6 points ahead of cash.

Alert

About each fund

HOLD

HOLD 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 +0.66 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. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. 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.

IMF

IMF is a managed futures fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.38 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. In the same weeks IMF fell 0.14% on average, a down-week capture of 13.0%. Over the same 52 weeks IMF returned +19.2% and a Treasury bill fund +3.7%, so it finished 15.6 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, HOLD or IMF?: Over the 52 weeks to Nov 4, 2026, HOLD’s weekly returns had a correlation of +0.66 with the S&P 500 and IMF’s +0.38, so IMF moved less with the index.
Which did better when the S&P 500 fell, HOLD or IMF?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HOLD averaged −1.29% and IMF −0.14%, so IMF returned more in those weeks.
Which earned more than cash, HOLD or IMF?: Over the same weeks, HOLD finished 3.3 percentage points behind cash and IMF finished 15.6 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, HOLD or IMF?: HOLD charges 0.70% a year and IMF charges 0.65%, so IMF is cheaper. Fees come from each fund's prospectus.

Other comparisons

HOLD vs AHLT HOLD vs RSST HOLD vs TFPN HOLD vs KMLM IMF vs PRAE IMF vs ISMF IMF vs MFUT IMF vs AHLT

Where to next

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

Sources and dates

HOLD filings on SEC EDGAR ↗

HOLD prospectus with the expense ratio (SEC) ↗

Harbor page for HOLD ↗

IMF filings on SEC EDGAR ↗

IMF prospectus with the expense ratio (SEC) ↗

Invesco page for IMF ↗

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

Open data →

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.