As of . Rebuilt every trading night.
Alternatives ETFs by lowest S&P 500 correlation
Correlation runs from 1, moving in step with the index, to −1, moving against it. Near zero, a fund moved to its own pattern. It says nothing about next year, and nothing about whether the fund made money: read the T-bills column.
| # | Ticker | Fund | Strategy | Correlation | Beta | Down-week capture | Against T-bills |
|---|---|---|---|---|---|---|---|
| 1 | TAIL | Cambria Tail Risk ETF | Hedged equity | −0.75 | −0.44 | −32.1% | −16.8 pts |
| 2 | BTAL | AGF U.S. Market Neutral Anti-Beta Fund | Market neutral | −0.69 | −0.98 | −95.2% | −22.7 pts |
| 3 | QBER | TrueShares Quarterly Bear Hedge ETF | Hedged equity | −0.69 | −0.14 | −15.4% | −4.0 pts |
| 4 | CAOS | Alpha Architect Tail Risk ETF | Hedged equity | −0.40 | −0.04 | −6.2% | −2.6 pts |
| 5 | CTA | Simplify Managed Futures Strategy ETF | Managed futures | −0.26 | −0.47 | −78.5% | +10.1 pts |
| 6 | KMLM | KraneShares Mount Lucas Managed Futures | Managed futures | −0.24 | −0.22 | −60.3% | +16.1 pts |
| 7 | QIS | Simplify Multi-QIS Alternative ETF | Multi-strategy | −0.15 | −0.49 | 59.6% | −41.5 pts |
| 8 | FFUT | Fidelity Managed Futures ETF | Managed futures | −0.04 | −0.03 | −32.3% | +23.4 pts |
| 9 | MRGR | ProShares Merger ETF | Event driven | −0.02 | −0.01 | −15.6% | +4.7 pts |
| 10 | FLSP | Franklin Systematic Style Premia ETF | Multi-strategy | +0.01 | +0.01 | −12.6% | +10.1 pts |
| 11 | ARB | AltShares Merger Arbitrage ETF | Event driven | +0.04 | +0.01 | −4.0% | −0.6 pts |
| 12 | LSEQ | Harbor Long-Short Equity ETF | Long-short equity | +0.05 | +0.07 | −48.0% | +19.2 pts |
| 13 | CCOR | Core Alternative ETF | Hedged equity | +0.06 | +0.04 | −4.8% | −4.6 pts |
| 14 | MNA | NYLIM Merger Arbitrage ETF | Event driven | +0.15 | +0.03 | −3.1% | −0.9 pts |
| 15 | FMF | First Trust Managed Futures Strategy Fun | Managed futures | +0.18 | +0.12 | −16.2% | +11.7 pts |
Method
52 weekly returns to Sep 18, 2026 for each fund and for the S&P 500, measured through SPY with distributions reinvested. Correlation and beta are computed on those weeks; down-week capture is the fund’s average return in the weeks SPY fell, as a share of SPY’s. Return against T-bills is the fund’s total return minus BIL’s over the same weeks. The ranking is the published field sorted, nothing else: no scoring, no weighting and no view on any fund. Every fund ETFIQ covers in this category is eligible, including funds that have closed, because leaving them out would flatter the category.
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Where these figures came from
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A ranking is not a recommendation and no order on this site is an opinion. ETFIQ is an independent publisher, not an adviser. Standards and sources
Cite this page. ETFIQ, Alternatives ETFs by lowest S&P 500 correlation, ranked by correlation of weekly returns with the S&P 500, lowest first, data as of Sep 18, 2026. https://etfiq.com/rankings/alternatives-lowest-correlation Free to use with attribution; the underlying files are at Open data.