Which did better when the S&P 500 fell, LSEQ or ORR?

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, LSEQ averaged −0.27% and ORR −0.27%, so the two did the same at the precision this page prints.

Which earned more than cash, LSEQ or ORR?

Over the same weeks, LSEQ finished 20.8 percentage points ahead of cash and ORR finished 16.7 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Data as of Nov 4, 2026.

Alternative ETFs

LSEQ vs ORR: Correlation to the S&P 500

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Over the year to Nov 4, 2026, LSEQ moved less with the S&P 500 than ORR: correlation +0.18 against +0.41.

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Net assets: $17m on Nov 3, 2026 for Harbor Long-Short Equity ETF, and $355m on Aug 31, 2026 for Militia Long/Short Equity ETF.

LSEQ on its own →ORR on its own →

At a glance

+0.18

LSEQ correlation with the S&P 500

+0.41

ORR correlation with the S&P 500

24.8%

LSEQ down-week capture

25.0%

ORR down-week capture

LSEQ Fell 25% as much as the S&P 500

LSEQ in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, LSEQ −0.27%.

ORR Fell 25% as much as the S&P 500

ORR in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, ORR −0.27%.

Pair scorecard

Their one-year returns differ by 4.9 points.

LSEQ vs ORR: Correlation to the S&P 500
Measure	LSEQ	ORR
Return
Measure	LSEQ	ORR
Total return, 1 year	+26.5%	+21.6%
Against its benchmark
Measure	LSEQ	ORR
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	LSEQ	ORR
Expense ratio	2.28%	not published
Net assets, LSEQ as of Nov 3, 2026 and ORR as of Aug 31, 2026	$17m	$355m
Holdings
Measure	LSEQ	ORR
Holdings in common	not published
Risk
Measure	LSEQ	ORR
Beta to the S&P 500	+0.24: about 0.24% for each 1%	+0.47: about 0.47% for each 1%
Its average week when the S&P 500 fell	fell 0.27%	fell 0.27%

Method

Window by window

Window by window: LSEQ vs ORR: Correlation to the S&P 500
	Total return
Window	LSEQ	ORR
3 months	+8.0%	−1.6%
6 months	+1.2%	+5.2%
1 year	+26.5%	+21.6%
Since launchNot the same days: LSEQ Dec 2023 · ORR Jan 2025	+47.4%	+49.6%

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Side by side

LSEQ Harbor Long-Short Equity ETF · Long-short equity fund: owns stocks and sells others short, so part of its exposure to the stock market cancels out ORR Militia Long/Short Equity ETF · Long-short equity fund: owns stocks and sells others short, so part of its exposure to the stock market cancels out

Issuer Harbor Militia

Strategy Long-short equity Long-short equity

Correlation with the S&P 500 +0.18 +0.41

Beta to the S&P 500 +0.24 +0.47

Down-week capture 24.8% 25.0%

Average week when the S&P 500 fell −0.27% −0.27%

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

Total return, same 52 weeks +24.5% +20.3%

Against T-bills, percentage points +20.8 pts +16.7 pts

Expense ratio 2.28% not published

First traded Dec 4, 2023 Jan 15, 2025

Net assets, LSEQ as of Nov 3, 2026 and ORR as of Aug 31, 2026 $17m $355m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

LSEQ and ORR both run a long-short equity strategy. Over the same 52 weeks to Nov 4, 2026, LSEQ’s weekly returns had a correlation of +0.18 with the S&P 500 and ORR’s +0.41. In the 26 weeks the index fell, by 1.07% a week on average, LSEQ averaged −0.27% and ORR −0.27%. Over the same weeks, LSEQ finished 20.8 percentage points ahead of cash and ORR finished 16.7 points ahead of cash.

Alert

About each fund

LSEQ

LSEQ is a long-short equity 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 +0.18 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 LSEQ fell 0.27% on average, a down-week capture of 24.8%. Over the same 52 weeks LSEQ returned +24.5% and a Treasury bill fund +3.7%, so it finished 20.8 percentage points ahead of cash.

ORR

ORR is a long-short equity fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.41 with the S&P 500’s and a beta of +0.47, so for each 1% the index moved it moved about 0.47% the same way. In the same weeks ORR fell 0.27% on average, a down-week capture of 25.0%. Over the same 52 weeks ORR returned +20.3% and a Treasury bill fund +3.7%, so it finished 16.7 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, LSEQ or ORR?: Over the 52 weeks to Nov 4, 2026, LSEQ’s weekly returns had a correlation of +0.18 with the S&P 500 and ORR’s +0.41, so LSEQ moved less with the index.
Which did better when the S&P 500 fell, LSEQ or ORR?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, LSEQ averaged −0.27% and ORR −0.27%, so the two did the same at the precision this page prints.
Which earned more than cash, LSEQ or ORR?: Over the same weeks, LSEQ finished 20.8 percentage points ahead of cash and ORR finished 16.7 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Other comparisons

LSEQ vs CLSE LSEQ vs CSM LSEQ vs EHLS LSEQ vs CBLS ORR vs HFEQ ORR vs CBLS ORR vs EHLS ORR vs CSM

Where to next

BIL, the T-bill fund these are measured against →SPY, the S&P 500 fund these are measured against →All alternatives ETFs ranked by the Stock Diversification Score →How the scores are computed →LSEQ on its own →ORR on its own →LSEQ dividend history →Method →Standards and sources →

Sources and dates

LSEQ filings on SEC EDGAR ↗

LSEQ prospectus with the expense ratio (SEC) ↗

Harbor page for LSEQ ↗

ORR filings on SEC EDGAR ↗

ORR prospectus with the expense ratio (SEC) ↗

Militia page for ORR ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, LSEQ against ORR, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/lseq-vs-orr

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