Data as of Nov 4, 2026.
ISMF vs KMLM: Correlation to the S&P 500
Over the year to Nov 4, 2026, KMLM moved less with the S&P 500 than ISMF: correlation −0.12 against +0.48.
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Net assets: $37m on Nov 3, 2026 for iShares Managed Futures Active ETF, and $586m on Nov 4, 2026 for KraneShares Mount Lucas Managed Futures Index Strategy ETF.
ISMF in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, ISMF −0.38%.
KMLM in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, KMLM +0.18%.
Pair scorecard
ISMF costs 0.10 points a year less; their one-year returns differ by 5.6 points; KMLM is 15.8 times larger.
| Measure | ISMF | KMLM |
|---|---|---|
| Return | ||
| Total return, 1 year | +10.9% | +16.5% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.80% | 0.90% |
| Net assets | $37m | $586m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.31: about 0.31% for each 1% | −0.12: about 0.12% for each 1% |
| Its average week when the S&P 500 fell | fell 0.38% | rose 0.18% |
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
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 →
Window by window
| Total return | ||
|---|---|---|
| Window | ISMF | KMLM |
| 3 months | −0.7% | +3.0% |
| 6 months | −1.1% | +0.6% |
| 1 year | +10.9% | +16.5% |
| 3 years | – | −0.7% |
| Since launchNot the same days: ISMF Mar 2025 · KMLM Dec 2020 | +17.9% | +49.0% |
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Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
ISMF and KMLM both run a managed futures strategy. Over the same 52 weeks to Nov 4, 2026, ISMF’s weekly returns had a correlation of +0.48 with the S&P 500 and KMLM’s −0.12. In the 26 weeks the index fell, by 1.07% a week on average, ISMF averaged −0.38% and KMLM +0.18%. Over the same weeks, ISMF finished 6.8 percentage points ahead of cash and KMLM finished 12.9 points ahead of cash.
ISMF
ISMF 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 +0.48 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. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. 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.
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, ISMF or KMLM?
- Over the 52 weeks to Nov 4, 2026, ISMF’s weekly returns had a correlation of +0.48 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, ISMF or KMLM?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, ISMF averaged −0.38% and KMLM +0.18%, so KMLM returned more in those weeks.
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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, ISMF against KMLM, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/ismf-vs-kmlm
ETFIQ. (Nov 4, 2026). ISMF against KMLM. Retrieved from https://etfiq.com/compare/alternatives/ismf-vs-kmlm
[ISMF against KMLM (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/ismf-vs-kmlm)
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