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

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HOLD averaged −1.29% and KMLM +0.18%, so KMLM returned more in those weeks.

Which earned more than cash, HOLD or KMLM?

Over the same weeks, HOLD finished 3.3 percentage points behind cash and KMLM finished 12.9 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, HOLD or KMLM?

HOLD charges 0.70% a year and KMLM charges 0.90%, so HOLD is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

HOLD vs KMLM: Correlation to the S&P 500

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Over the year to Nov 4, 2026, KMLM moved less with the S&P 500 than HOLD: correlation −0.12 against +0.66.

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Net assets on Nov 4, 2026: $3.9m for Harbor Alpha Layering ETF and $586m for KraneShares Mount Lucas Managed Futures Index Strategy ETF.

HOLD on its own →KMLM on its own →

At a glance

+0.66

HOLD correlation with the S&P 500

−0.12

KMLM correlation with the S&P 500

120.5%

HOLD down-week capture

−16.3%

KMLM 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%.

KMLM Rose when the S&P 500 fell

KMLM in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, KMLM +0.18%.

Pair scorecard

HOLD costs 0.20 points a year less; their one-year returns differ by 15.7 points; KMLM is far larger, $586m against $3.9m.

HOLD vs KMLM: Correlation to the S&P 500
Measure	HOLD	KMLM
Return
Measure	HOLD	KMLM
Total return, 1 year	+0.8%	+16.5%
Against its benchmark
Measure	HOLD	KMLM
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	HOLD	KMLM
Expense ratio	0.70%	0.90%
Net assets	$3.9m	$586m
Holdings
Measure	HOLD	KMLM
Holdings in common	not published
Risk
Measure	HOLD	KMLM
Beta to the S&P 500	+0.81: about 0.81% for each 1%	−0.12: about 0.12% for each 1%
Its average week when the S&P 500 fell	fell 1.29%	rose 0.18%

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

IQ Alternatives Score17.6HOLD94.2KMLM

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

KMLM 94.2

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 KMLM: Correlation to the S&P 500
	Total return		vs its benchmark
Window	HOLD	KMLM	HOLD	KMLM
3 months	−3.1%	+3.0%	−3.0 pts vs VOO	not measured
6 months	−7.5%	+0.6%	−12.5 pts vs VOO	not measured
1 year	+0.8%	+16.5%	−14.0 pts vs VOO	not measured
3 years	–	−0.7%	–	not measured
Since launchNot the same days: HOLD Aug 2025 · KMLM Dec 2020	+10.3%	+49.0%	−10.3 pts vs VOO	not measured

– means no data for this window. 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 KMLM KraneShares Mount Lucas Managed Futures Index 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 KraneShares

Strategy Managed futures Managed futures

Correlation with the S&P 500 +0.66 −0.12

Beta to the S&P 500 +0.81 −0.12

Down-week capture 120.5% −16.3%

Average week when the S&P 500 fell −1.29% +0.18%

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

Total return, same 52 weeks +0.3% +16.6%

Against T-bills, percentage points −3.3 pts +12.9 pts

Expense ratio 0.70% 0.90%

First traded Aug 14, 2025 Dec 2, 2020

Net assets $3.9m $586m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

HOLD and KMLM 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 KMLM’s −0.12. In the 26 weeks the index fell, by 1.07% a week on average, HOLD averaged −1.29% and KMLM +0.18%. Over the same weeks, HOLD finished 3.3 percentage points behind cash and KMLM finished 12.9 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.

KMLM

KMLM is a managed futures fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of −0.12 with the S&P 500’s and a beta of −0.12, so for each 1% the index moved it moved about 0.12% the other way. In the same weeks KMLM rose 0.18% on average, a down-week capture of −16.3%. Over the same 52 weeks KMLM returned +16.6% and a Treasury bill fund +3.7%, so it finished 12.9 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, HOLD or KMLM?: Over the 52 weeks to Nov 4, 2026, HOLD’s weekly returns had a correlation of +0.66 with the S&P 500 and KMLM’s −0.12, so KMLM moved less with the index.
Which did better when the S&P 500 fell, HOLD or KMLM?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HOLD averaged −1.29% and KMLM +0.18%, so KMLM returned more in those weeks.
Which earned more than cash, HOLD or KMLM?: Over the same weeks, HOLD finished 3.3 percentage points behind cash and KMLM finished 12.9 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, HOLD or KMLM?: HOLD charges 0.70% a year and KMLM charges 0.90%, so HOLD is cheaper. Fees come from each fund's prospectus.

Other comparisons

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

KMLM filings on SEC EDGAR ↗

KMLM prospectus with the expense ratio (SEC) ↗

KraneShares page for KMLM ↗

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

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