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

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HOLD averaged −1.29% and MFUT −0.96%, so MFUT returned more in those weeks.

Which earned more than cash, HOLD or MFUT?

Over the same weeks, HOLD finished 3.3 percentage points behind cash and MFUT finished 19.1 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, HOLD or MFUT?

HOLD charges 0.70% a year and MFUT charges 0.89%, so HOLD is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

HOLD vs MFUT: Correlation to the S&P 500

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Over the year to Nov 4, 2026, MFUT moved less with the S&P 500 than HOLD: correlation +0.54 against +0.66.

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Net assets: $3.9m on Nov 4, 2026 for Harbor Alpha Layering ETF, and $39m on Jun 30, 2026 for Cambria Chesapeake Pure Trend ETF.

HOLD on its own →MFUT on its own →

At a glance

+0.66

HOLD correlation with the S&P 500

+0.54

MFUT correlation with the S&P 500

120.5%

HOLD down-week capture

89.9%

MFUT 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%.

MFUT Fell 90% as much as the S&P 500

MFUT in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, MFUT −0.96%.

Pair scorecard

HOLD costs 0.19 points a year less; their one-year returns differ by 22.0 points.

HOLD vs MFUT: Correlation to the S&P 500
Measure	HOLD	MFUT
Return
Measure	HOLD	MFUT
Total return, 1 year	+0.8%	+22.8%
Against its benchmark
Measure	HOLD	MFUT
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	HOLD	MFUT
Expense ratio	0.70%	0.89%
Net assets, HOLD as of Nov 4, 2026 and MFUT as of Jun 30, 2026	$3.9m	$39m
Holdings
Measure	HOLD	MFUT
Holdings in common	not published
Risk
Measure	HOLD	MFUT
Beta to the S&P 500	+0.81: about 0.81% for each 1%	+0.74: about 0.74% for each 1%
Its average week when the S&P 500 fell	fell 1.29%	fell 0.96%

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

IQ Alternatives Score17.6HOLD29.4MFUT

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

MFUT 29.4

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 MFUT: Correlation to the S&P 500
	Total return		vs its benchmark
Window	HOLD	MFUT	HOLD	MFUT
3 months	−3.1%	−2.0%	−3.0 pts vs VOO	not measured
6 months	−7.5%	−1.4%	−12.5 pts vs VOO	not measured
1 year	+0.8%	+22.8%	−14.0 pts vs VOO	not measured
Since launchNot the same days: HOLD Aug 2025 · MFUT May 2024	+10.3%	−5.4%	−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 MFUT Cambria Chesapeake Pure Trend 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 Cambria

Strategy Managed futures Managed futures

Correlation with the S&P 500 +0.66 +0.54

Beta to the S&P 500 +0.81 +0.74

Down-week capture 120.5% 89.9%

Average week when the S&P 500 fell −1.29% −0.96%

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

Total return, same 52 weeks +0.3% +22.8%

Against T-bills, percentage points −3.3 pts +19.1 pts

Expense ratio 0.70% 0.89%

First traded Aug 14, 2025 May 29, 2024

Net assets, HOLD as of Nov 4, 2026 and MFUT as of Jun 30, 2026 $3.9m $39m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

HOLD and MFUT 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 MFUT’s +0.54. In the 26 weeks the index fell, by 1.07% a week on average, HOLD averaged −1.29% and MFUT −0.96%. Over the same weeks, HOLD finished 3.3 percentage points behind cash and MFUT finished 19.1 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.

MFUT

MFUT is a managed futures fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.54 with the S&P 500’s and a beta of +0.74, so for each 1% the index moved it moved about 0.74% the same way. In the same weeks MFUT fell 0.96% on average, a down-week capture of 89.9%. Over the same 52 weeks MFUT returned +22.8% and a Treasury bill fund +3.7%, so it finished 19.1 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, HOLD or MFUT?: Over the 52 weeks to Nov 4, 2026, HOLD’s weekly returns had a correlation of +0.66 with the S&P 500 and MFUT’s +0.54, so MFUT moved less with the index.
Which did better when the S&P 500 fell, HOLD or MFUT?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HOLD averaged −1.29% and MFUT −0.96%, so MFUT returned more in those weeks.
Which earned more than cash, HOLD or MFUT?: Over the same weeks, HOLD finished 3.3 percentage points behind cash and MFUT finished 19.1 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, HOLD or MFUT?: HOLD charges 0.70% a year and MFUT charges 0.89%, so HOLD is cheaper. Fees come from each fund's prospectus.

Other comparisons

HOLD vs KMLM HOLD vs ISMF HOLD vs ASMF HOLD vs PRAE MFUT vs PRAE MFUT vs AHLT MFUT vs CTA MFUT vs ASMF

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 →MFUT on its own →HOLD dividend history →MFUT 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 ↗

MFUT filings on SEC EDGAR ↗

MFUT prospectus with the expense ratio (SEC) ↗

Cambria website ↗

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

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