# Alternatives ETFs by lowest S&P 500 correlation

> BTAL leads alternatives ETFs by lowest S&P 500 correlation at −0.74 (correlation, one year), as of Nov 4, 2026. A ranking is not a recommendation.

Data as of Nov 4, 2026. Rebuilt every trading night.

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

## 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.

| # | 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 |

### Method

52 weekly returns to Nov 4, 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 list sorts one published number, with no scoring or weighting. Every fund ETFIQ covers in this category is eligible, closed funds included.

### Where to next

### Sources

Links are sources, not endorsements.

A ranking is not a recommendation or an opinion. ETFIQ is an independent publisher, not an adviser. Standards and sources

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Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.
Cite: 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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