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

Alternatives · ranked by down-week capture against the S&P 500, lowest first, one year

Alternatives ETFs that rose when the S&P 500 fell

See 9 funds ranked by down-week capture against the S&P 500, lowest first, one year. Updated Nov 4, 2026. 9 of the 62 alternatives ETFs with a full year rose on average in the weeks the S&P 500 fell. A fund can do that and still trail cash over the year.

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Down-week capture, one bar per fund

firstgreen above zero, coral belowlast

−168.4%

first, BTAL

−3.3%

last, CAOS

funds in the list

All 9, lowest first

9 of 9 · click a column to sort

Points (pts) are percentage points.

Alternatives ETFs that rose when the S&P 500 fell
#	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	MKTN	Federated Hermes MDT Market Neutral ETF	Market neutral	−0.06	−0.03	−43.2%	+12.6 pts
3	FLSP	Franklin Systematic Style Premia ETF	Multi-strategy	−0.13	−0.06	−21.2%	+7.9 pts
4	CCOR	Core Alternative ETF	Hedged equity	−0.14	−0.10	−20.7%	+3.9 pts
5	KMLM	KraneShares Mount Lucas Managed Futures	Managed futures	−0.12	−0.12	−16.3%	+12.9 pts
6	TAIL	Cambria Tail Risk ETF	Hedged equity	−0.74	−0.36	−15.9%	−16.0 pts
7	QBER	TrueShares Quarterly Bear Hedge ETF	Hedged equity	−0.71	−0.12	−15.4%	−3.8 pts
8	TOAK	Manager Directed Portfolios Twin Oak Sho	Hedged equity	+0.12	0.00	−6.1%	0.0 pts
9	CAOS	Alpha Architect Tail Risk ETF	Hedged equity	−0.15	−0.01	−3.3%	−2.3 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. A capture below zero means the fund rose, on average, in the weeks the index fell. 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 by lowest S&P 500 correlation15 →Alternatives ETFs furthest ahead of T-bills15 →

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 that rose when the S&P 500 fell, ranked by down-week capture against the S&P 500, lowest first, data as of Nov 4, 2026. https://etfiq.com/rankings/alternatives-rose-when-stocks-fell

Open data →

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.