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

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, IMF averaged −0.14% and ISMF −0.38%, so IMF returned more in those weeks.

Which earned more than cash, IMF or ISMF?

Over the same weeks, IMF finished 15.6 percentage points ahead of cash and ISMF finished 6.8 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, IMF or ISMF?

IMF charges 0.65% a year and ISMF charges 0.80%, so IMF is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

IMF vs ISMF: Correlation to the S&P 500

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Over the year to Nov 4, 2026, IMF moved less with the S&P 500 than ISMF: correlation +0.38 against +0.48.

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Net assets on Nov 3, 2026: $304m for Invesco Managed Futures Strategy ETF and $37m for iShares Managed Futures Active ETF.

IMF on its own →ISMF on its own →

At a glance

+0.38

IMF correlation with the S&P 500

+0.48

ISMF correlation with the S&P 500

13.0%

IMF down-week capture

35.9%

ISMF down-week capture

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%.

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

IMF costs 0.15 points a year less; their one-year returns differ by 9.2 points; IMF is 8.2 times larger.

IMF vs ISMF: Correlation to the S&P 500
Measure	IMF	ISMF
Return
Measure	IMF	ISMF
Total return, 1 year	+20.1%	+10.9%
Against its benchmark
Measure	IMF	ISMF
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	IMF	ISMF
Expense ratio	0.65%	0.80%
Net assets, as of Nov 3, 2026	$304m	$37m
Holdings
Measure	IMF	ISMF
Holdings in common	not published
Risk
Measure	IMF	ISMF
Beta to the S&P 500	+0.24: about 0.24% for each 1%	+0.31: about 0.31% for each 1%
Its average week when the S&P 500 fell	fell 0.14%	fell 0.38%

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

IQ Alternatives Score70.6IMF50ISMF

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

IMF 70.6

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: IMF vs ISMF: Correlation to the S&P 500
	Total return
Window	IMF	ISMF
3 months	+0.4%	−0.7%
6 months	0.0%	−1.1%
1 year	+20.1%	+10.9%
Since launchNot the same days: IMF Mar 2025 · ISMF Mar 2025	+4.3%	+17.9%

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Side by side

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 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 Invesco iShares

Strategy Managed futures Managed futures

Correlation with the S&P 500 +0.38 +0.48

Beta to the S&P 500 +0.24 +0.31

Down-week capture 13.0% 35.9%

Average week when the S&P 500 fell −0.14% −0.38%

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

Total return, same 52 weeks +19.2% +10.5%

Against T-bills, percentage points +15.6 pts +6.8 pts

Expense ratio 0.65% 0.80%

First traded Mar 19, 2025 Mar 13, 2025

Net assets, as of Nov 3, 2026 $304m $37m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

IMF and ISMF both run a managed futures strategy. Over the same 52 weeks to Nov 4, 2026, IMF’s weekly returns had a correlation of +0.38 with the S&P 500 and ISMF’s +0.48. In the 26 weeks the index fell, by 1.07% a week on average, IMF averaged −0.14% and ISMF −0.38%. Over the same weeks, IMF finished 15.6 percentage points ahead of cash and ISMF finished 6.8 points ahead of cash.

Alert

About each fund

IMF

IMF 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 +0.38 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. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. 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.

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, IMF or ISMF?: Over the 52 weeks to Nov 4, 2026, IMF’s weekly returns had a correlation of +0.38 with the S&P 500 and ISMF’s +0.48, so IMF moved less with the index.
Which did better when the S&P 500 fell, IMF or ISMF?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, IMF averaged −0.14% and ISMF −0.38%, so IMF returned more in those weeks.
Which earned more than cash, IMF or ISMF?: Over the same weeks, IMF finished 15.6 percentage points ahead of cash and ISMF finished 6.8 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, IMF or ISMF?: IMF charges 0.65% a year and ISMF charges 0.80%, so IMF is cheaper. Fees come from each fund's prospectus.

Other comparisons

IMF vs MFUT IMF vs ASMF IMF vs AHLT IMF vs RSST ISMF vs KMLM ISMF vs AHLT ISMF vs CTA ISMF vs WTMF

Where to next

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

Sources and dates

IMF filings on SEC EDGAR ↗

IMF prospectus with the expense ratio (SEC) ↗

Invesco page for IMF ↗

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

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