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

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HOLD averaged −1.29% and ISMF −0.38%, so ISMF returned more in those weeks.

Which earned more than cash, HOLD or ISMF?

Over the same weeks, HOLD finished 3.3 percentage points behind cash and ISMF finished 6.8 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, HOLD or ISMF?

HOLD charges 0.70% a year and ISMF charges 0.80%, so HOLD is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

HOLD vs ISMF: Correlation to the S&P 500

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Over the year to Nov 4, 2026, ISMF moved less with the S&P 500 than HOLD: correlation +0.48 against +0.66.

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Net assets: $3.9m on Nov 4, 2026 for Harbor Alpha Layering ETF, and $37m on Nov 3, 2026 for iShares Managed Futures Active ETF.

HOLD on its own →ISMF on its own →

At a glance

+0.66

HOLD correlation with the S&P 500

+0.48

ISMF correlation with the S&P 500

120.5%

HOLD down-week capture

35.9%

ISMF 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%.

ISMF Fell 36% as much as the S&P 500

ISMF in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, ISMF −0.38%.

Pair scorecard

HOLD costs 0.10 points a year less; their one-year returns differ by 10.1 points; ISMF is 9.5 times larger.

HOLD vs ISMF: Correlation to the S&P 500
Measure	HOLD	ISMF
Return
Measure	HOLD	ISMF
Total return, 1 year	+0.8%	+10.9%
Against its benchmark
Measure	HOLD	ISMF
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	HOLD	ISMF
Expense ratio	0.70%	0.80%
Net assets	$3.9m	$37m
Holdings
Measure	HOLD	ISMF
Holdings in common	not published
Risk
Measure	HOLD	ISMF
Beta to the S&P 500	+0.81: about 0.81% for each 1%	+0.31: about 0.31% for each 1%
Its average week when the S&P 500 fell	fell 1.29%	fell 0.38%

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

IQ Alternatives Score17.6HOLD50ISMF

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

ISMF 50

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 ISMF: Correlation to the S&P 500
	Total return		vs its benchmark
Window	HOLD	ISMF	HOLD	ISMF
3 months	−3.1%	−0.7%	−3.0 pts vs VOO	not measured
6 months	−7.5%	−1.1%	−12.5 pts vs VOO	not measured
1 year	+0.8%	+10.9%	−14.0 pts vs VOO	not measured
Since launchNot the same days: HOLD Aug 2025 · ISMF Mar 2025	+10.3%	+17.9%	−10.3 pts vs VOO	not measured

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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 ISMF iShares Managed Futures Active 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 iShares

Strategy Managed futures Managed futures

Correlation with the S&P 500 +0.66 +0.48

Beta to the S&P 500 +0.81 +0.31

Down-week capture 120.5% 35.9%

Average week when the S&P 500 fell −1.29% −0.38%

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

Total return, same 52 weeks +0.3% +10.5%

Against T-bills, percentage points −3.3 pts +6.8 pts

Expense ratio 0.70% 0.80%

First traded Aug 14, 2025 Mar 13, 2025

Net assets, HOLD as of Nov 4, 2026 and ISMF as of Nov 3, 2026 $3.9m $37m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

HOLD and ISMF 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 ISMF’s +0.48. In the 26 weeks the index fell, by 1.07% a week on average, HOLD averaged −1.29% and ISMF −0.38%. Over the same weeks, HOLD finished 3.3 percentage points behind cash and ISMF finished 6.8 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.

ISMF

ISMF is a managed futures fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.48 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 ISMF fell 0.38% on average, a down-week capture of 35.9%. Over the same 52 weeks ISMF returned +10.5% and a Treasury bill fund +3.7%, so it finished 6.8 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, HOLD or ISMF?: Over the 52 weeks to Nov 4, 2026, HOLD’s weekly returns had a correlation of +0.66 with the S&P 500 and ISMF’s +0.48, so ISMF moved less with the index.
Which did better when the S&P 500 fell, HOLD or ISMF?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HOLD averaged −1.29% and ISMF −0.38%, so ISMF returned more in those weeks.
Which earned more than cash, HOLD or ISMF?: Over the same weeks, HOLD finished 3.3 percentage points behind cash and ISMF finished 6.8 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, HOLD or ISMF?: HOLD charges 0.70% a year and ISMF charges 0.80%, so HOLD is cheaper. Fees come from each fund's prospectus.

Other comparisons

HOLD vs ASMF HOLD vs PRAE HOLD vs IMF HOLD vs MFUT ISMF vs PRAE ISMF vs ASMF ISMF vs MFUT ISMF 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 →ISMF on its own →HOLD dividend history →ISMF 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 ↗

ISMF filings on SEC EDGAR ↗

ISMF prospectus with the expense ratio (SEC) ↗

iShares page for ISMF ↗

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 ISMF, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/hold-vs-ismf

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