As of Nov 4, 2026. Rebuilt every trading night.

Alternatives · ranked by correlation of weekly returns with the S&P 500, lowest first, one year

Alternatives ETFs by lowest S&P 500 correlation

See 15 funds ranked by correlation of weekly returns with the S&P 500, lowest first, one year. Updated Nov 4, 2026. 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. For that, read the T-bills column. The top 2 are level at −0.74, so their order is not a ranking. The number is the same for each of them.

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Correlation, one bar per fund

firstgreen above zero, coral belowlast

−0.74

first, BTAL

+0.18

last, LSEQ

funds in the list

All 15, lowest first

15 of 15 · click a column to sort

Points (pts) are percentage points.

Alternatives ETFs by lowest S&P 500 correlation
#	Ticker	Fund	Strategy	Correlation ↑	Beta	Down-week capture	Against T-bills
1	BTAL	AGF U.S. Market Neutral Anti-Beta Fund	Market neutral	−0.74	−1.37	−168.4%	−13.7 pts
2	TAIL	Cambria Tail Risk ETF	Hedged equity	−0.74	−0.36	−15.9%	−16.0 pts
3	QBER	TrueShares Quarterly Bear Hedge ETF	Hedged equity	−0.71	−0.12	−15.4%	−3.8 pts
4	CAOS	Alpha Architect Tail Risk ETF	Hedged equity	−0.15	−0.01	−3.3%	−2.3 pts
5	CCOR	Core Alternative ETF	Hedged equity	−0.14	−0.10	−20.7%	+3.9 pts
6	CTA	Simplify Managed Futures Strategy ETF	Managed futures	−0.14	−0.30	5.3%	0.0 pts
7	FLSP	Franklin Systematic Style Premia ETF	Multi-strategy	−0.13	−0.06	−21.2%	+7.9 pts
8	KMLM	KraneShares Mount Lucas Managed Futures	Managed futures	−0.12	−0.12	−16.3%	+12.9 pts
9	MKTN	Federated Hermes MDT Market Neutral ETF	Market neutral	−0.06	−0.03	−43.2%	+12.6 pts
10	QIS	Simplify Multi-QIS Alternative ETF	Multi-strategy	+0.03	+0.10	191.0%	−50.7 pts
11	FFUT	Fidelity Managed Futures ETF	Managed futures	+0.09	+0.08	13.6%	+13.4 pts
12	TOAK	Manager Directed Portfolios Twin Oak Sho	Hedged equity	+0.12	0.00	−6.1%	0.0 pts
13	FMF	First Trust Managed Futures Strategy Fun	Managed futures	+0.16	+0.11	9.9%	+6.9 pts
14	HFMF	Unlimited HFMF Managed Futures ETF	Managed futures	+0.18	+0.24	56.2%	+4.6 pts
15	LSEQ	Harbor Long-Short Equity ETF	Long-short equity	+0.18	+0.24	24.8%	+20.8 pts

As of Nov 4, 2026. Source: ETFIQ.CSV Method

Method

52 weekly returns to Nov 4, 2026 for each fund and for the S&P 500, measured through SPY with distributions reinvested.

The rest of the method

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 list sorts one published number, with no scoring or weighting. Every fund ETFIQ covers in this category is eligible, closed funds included.

How these numbers are computed →Standards and sources →

Where to next

Every alternatives ETF90 →Alternatives ETFs that rose when the S&P 500 fell9 →The vocabulary→

Sources and dates

SEC EDGAR, full-text search of fund filingsefts.sec.gov ↗

SEC Form N-PORT, what a fund filed it holdssec.gov ↗

Rule 19a-1, what a distribution notice must sayecfr.gov ↗

Links are sources, not endorsements. A ranking is not a recommendation or an opinion.

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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 Nov 4, 2026. https://etfiq.com/rankings/alternatives-lowest-correlation

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