Data as of .
HOLD vs ISMF: which moved less with stocks?
Over the year to Sep 18, 2026, ISMF moved less with the S&P 500 than HOLD: correlation +0.32 against +0.57.
ETFIQ Diversifier Score: ISMF scores higher
How much does it diversify a stock portfolio?
A percentile among the 63 alternatives ETFs with a full year. It is a position in a set, not a rating, and neither end of it is a recommendation. All alternatives ETFs ranked by it · How it is computed
One strategy, two funds
HOLD and ISMF both run a managed futures strategy. Over the same 52 weeks to Sep 18, 2026, HOLD’s weekly returns had a correlation of +0.57 with the S&P 500 and ISMF’s +0.32. In the 22 weeks the index fell, by 1.24% a week on average, HOLD averaged −0.49% and ISMF +0.10%. Over the same weeks, HOLD finished 10.2 percentage points ahead of cash and ISMF finished 14.3 points ahead of cash.
Performance, window by window
| Window | Total return | vs the S&P 500 | ||
|---|---|---|---|---|
| HOLD | ISMF | HOLD | ISMF | |
| 3 months | −0.8% | +2.9% | −3.1 pts | +0.7 pts |
| 6 months | +8.9% | +7.8% | −9.1 pts | −10.2 pts |
| 1 year | +14.0% | +18.5% | −2.6 pts | +2.0 pts |
| Since launch | +16.8% | +22.7% | −2.9 pts | −18.1 pts |
| 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 | +0.57 | +0.32 |
| Beta to the S&P 500 | +0.60 | +0.18 |
| Down-week capture | 39.5% | −7.8% |
| Average week when the S&P 500 fell | −0.49% | +0.10% |
| The S&P 500 in those weeks | −1.24% | −1.24% |
| Total return, same 52 weeks | +13.8% | +17.9% |
| Against T-bills, percentage points | +10.2 pts | +14.3 pts |
| Expense ratio | 0.70% | 0.80% |
| Listed | Aug 14, 2025 | Mar 13, 2025 |
| Net assets | $8m | $66m |
HOLD in plain words
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 Sep 18, 2026, its weekly returns had a correlation of +0.57 with the S&P 500’s and a beta of +0.60, so for each 1% the index moved it moved about 0.60% the same way. The S&P 500 fell in 22 of those 52 weeks, by 1.24% on average. In the same weeks HOLD fell 0.49% on average, a down-week capture of 39.5%. Over the same 52 weeks HOLD returned +13.8% and a Treasury bill fund +3.6%, so it finished 10.2 percentage points ahead of cash.
ISMF in plain words
ISMF is a managed futures fund. Over the year to Sep 18, 2026, its weekly returns had a correlation of +0.32 with the S&P 500’s and a beta of +0.18, so for each 1% the index moved it moved about 0.18% the same way. In the same weeks ISMF rose 0.10% on average, a down-week capture of −7.8%. Over the same 52 weeks ISMF returned +17.9% and a Treasury bill fund +3.6%, so it finished 14.3 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, HOLD or ISMF?
- Over the 52 weeks to Sep 18, 2026, HOLD’s weekly returns had a correlation of +0.57 with the S&P 500 and ISMF’s +0.32, so ISMF moved less with the index.
- Which did better when the S&P 500 fell, HOLD or ISMF?
- In the 22 weeks the S&P 500 fell, by 1.24% a week on average, HOLD averaged −0.49% and ISMF +0.10%, so ISMF returned more in those weeks.
- Which earned more than cash, HOLD or ISMF?
- Over the same weeks, HOLD finished 10.2 percentage points ahead of cash and ISMF finished 14.3 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
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, HOLD against ISMF, data as of Sep 18, 2026. https://etfiq.com/compare/alternatives/hold-vs-ismf Free to use with attribution; the underlying files are at Open data.