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What alternatives ETFs did when stocks fell

Of the 64 alternatives ETFs ETFIQ measured over the year to Sep 25, 2026, 21 rose on average in the weeks the S&P 500 fell, and the median fund fell 29% as much as the index. These funds are sold on behaving differently from stocks, and this is that promise measured.

The S&P 500 fell in 21 of the 52 weeks, by 1.29% in its average down week. Down-week capture is a fund's own average in those weeks as a share of that, so below zero means it rose. Holding up is not the same as earning. 52 of the 64 finished ahead of T-bills over the same weeks, and 15 of the 21 that rose also did that. The strategies are not alike. The median hedged equity fund had a correlation of +0.91 with the S&P 500 and the median managed futures fund +0.30, so the table by strategy comes first.

Rose when the S&P 500 fell, by strategy

21 of 64 alternatives ETFs rose on average in the weeks the S&P 500 fell, over the year to Sep 25, 2026.

ETFIQ Narrative

Over the year to September 25, 2026, ETFIQ tracked 64 alternatives ETFs through the 21 weeks in which the S&P 500 fell, averaging a 1.29% weekly decline. In those weeks, 21 of the 64 funds rose on average rather than fell, and the median fund's decline came to 29% of the index's, a number ETFIQ calls down-week capture. These funds are marketed on the idea that they behave differently from stocks, and the down-week weeks are where that claim gets tested most directly.

The results split sharply by strategy, and the strategy table has to come first because the funds inside it are not doing the same thing. The median hedged equity fund moved with the S&P 500 closely, a correlation of +0.91, and its median down-week capture of 59.5% shows it falling by more than half of the index's own decline in bad weeks, only 4 of its 21 funds rose during those weeks. Managed futures sat at the other end, a median correlation of +0.30 and a median down-week capture of 9.6%, with 8 of its 18 funds rising when stocks fell. Long-short equity, multi-strategy, event driven, global macro and market neutral each had their own mix: event driven's median down-week capture was slightly negative at −4.4%, and market neutral, the smallest group at two funds, showed a median correlation of −0.46 and a median down-week capture of −54.0%, with both of its funds rising in the S&P 500's down weeks.

Individual funds ranged widely within these groups. BTAL, a market neutral fund, had a correlation of −0.69 with the S&P 500 and a down-week capture of −90.0%, meaning it rose on average as stocks fell, though it still finished 26.4 points behind T-bills over the same weeks. Among managed futures funds, CTA and KMLM also showed down-week capture below zero, at −71.2% and −61.5%, and each finished ahead of T-bills. At the opposite end, funds such as XTR, QTR and HFEQ posted down-week capture numbers above 100%, meaning they fell by more than the index did in its own down weeks, though several of these still finished ahead of T-bills over the full period, XTR by 9.5 points and HFEQ by 13.0 points.

Holding up in falling weeks and outrunning cash over the year are separate outcomes, and the data keeps them separate. Of the 64 funds, 52 finished ahead of T-bills over the 52 weeks measured, and among the 21 funds that rose in the S&P 500's down weeks, 15 also cleared that bar. BTAL and TAIL, for example, both showed negative down-week capture, meaning they rose when stocks fell, yet both finished behind T-bills over the full year, by 26.4 and 17.8 points respectively. QIS, a multi-strategy fund with a down-week capture of 55.0%, finished 43.4 points behind T-bills, the widest gap in the table.

Readers working from the live desk can check any fund's own correlation, down-week capture and gap against T-bills against the same 52 weekly closes ETFIQ used here, and see where it sits against the median for its own strategy.

Ahead of T-bills, by strategy

52 of 64 alternatives ETFs finished ahead of T-bills over the year to Sep 25, 2026.

By strategy, most funds first

StrategyFundsRose when it fellMedian correlationMedian down-week captureAhead of T-bills
Hedged equity214 of 21+0.9159.5%15 of 21
Managed futures188 of 18+0.309.6%17 of 18
Long-short equity91 of 9+0.6137.3%8 of 9
Multi-strategy72 of 7+0.4528.7%6 of 7
Event driven54 of 5+0.17−4.4%3 of 5
Global macro20 of 2+0.6970.4%2 of 2
Market neutral22 of 2−0.46−54.0%1 of 2

Every fund with a full year, held up best first

TickerFundStrategyCorrelationAverage week when SPY fellDown-week captureAgainst T-bills
BTALAGF U.S. Market Neutral Anti-Beta FundMarket neutral−0.69+1.16%−90.0%−26.4 pts
CTASimplify Managed Futures Strategy ETFManaged futures−0.26+0.92%−71.2%+4.8 pts
KMLMKraneShares Mount Lucas Managed Futures IndeManaged futures−0.24+0.79%−61.5%+16.6 pts
LSEQHarbor Long-Short Equity ETFLong-short equity+0.04+0.65%−50.7%+18.9 pts
FFUTFidelity Managed Futures ETFManaged futures−0.04+0.44%−34.5%+24.8 pts
TAILCambria Tail Risk ETFHedged equity−0.75+0.43%−33.1%−17.8 pts
IMFInvesco Managed Futures Strategy ETFManaged futures+0.23+0.27%−21.2%+19.4 pts
MKTNFederated Hermes MDT Market Neutral ETFMarket neutral−0.24+0.23%−17.9%+8.9 pts
QBERTrueShares Quarterly Bear Hedge ETFHedged equity−0.69+0.20%−15.4%−4.1 pts
DBMFiMGP DBi Managed Futures Strategy ETFManaged futures+0.26+0.19%−15.0%+22.0 pts
MFUTCambria Chesapeake Pure Trend ETFManaged futures+0.29+0.17%−13.1%+26.5 pts
FMFFirst Trust Managed Futures Strategy FundManaged futures+0.18+0.16%−12.3%+9.5 pts
MRGRProShares Merger ETFEvent driven−0.02+0.14%−11.2%+3.0 pts
LALTFirst Trust Multi-Strategy Alternative ETFMulti-strategy+0.25+0.12%−9.6%+9.6 pts
FLSPFranklin Systematic Style Premia ETFMulti-strategy+0.01+0.11%−8.6%+8.4 pts
EVNTAltShares Event-Driven ETFEvent driven+0.38+0.09%−6.8%+5.9 pts
CAOSAlpha Architect Tail Risk ETFHedged equity−0.40+0.08%−6.2%−2.5 pts
ISMFiShares Managed Futures Active ETFManaged futures+0.31+0.07%−5.5%+13.3 pts
CCORCore Alternative ETFHedged equity+0.06+0.07%−5.2%−5.0 pts
ARBAltShares Merger Arbitrage ETFEvent driven+0.06+0.06%−4.4%+0.2 pts
MNANYLIM Merger Arbitrage ETFEvent driven+0.17+0.02%−1.8%−0.6 pts
ASMFVirtus AlphaSimplex Managed Futures ETFManaged futures+0.35−0.10%7.4%+16.0 pts
CBLSClough Hedged Equity ETFLong-short equity+0.36−0.15%11.4%+7.0 pts
HFMFUnlimited HFMF Managed Futures ETFManaged futures+0.20−0.15%11.8%+5.9 pts
RSBAReturn Stacked Bonds & Merger Arbitrage ETFEvent driven+0.32−0.17%13.0%−6.7 pts
WTMFWisdomTree Managed Futures Strategy FundManaged futures+0.52−0.18%13.9%+10.8 pts
AHLTAHL Trend ETFManaged futures+0.42−0.21%16.5%+28.1 pts
RSBTReturn Stacked Bonds & Managed Futures ETFManaged futures+0.41−0.21%16.5%+12.8 pts
ORRMilitia Long/Short Equity ETFLong-short equity+0.35−0.24%18.6%+16.4 pts
QALTSEI DBi Multi-Strategy Alternative ETFMulti-strategy+0.45−0.27%20.7%+6.3 pts
TFPNBlueprint Chesapeake Multi-Asset Trend ETFManaged futures+0.45−0.33%25.6%+19.1 pts
HDGProShares Hedge Replication ETFMulti-strategy+0.83−0.37%28.7%+5.2 pts
QBULTrueShares Quarterly Bull Hedge ETFHedged equity+0.86−0.37%28.9%−2.6 pts
PHEQParametric Hedged Equity ETFHedged equity+0.91−0.40%31.3%+8.4 pts
QAINYLIM Hedge Multi-Strategy Tracker ETFMulti-strategy+0.85−0.43%33.4%+6.3 pts
CLSEConvergence Long/Short Equity ETFLong-short equity+0.61−0.45%34.8%+28.7 pts
BTRNGlobal X Bitcoin Trend Strategy ETFManaged futures+0.22−0.45%35.0%−9.6 pts
EHLSEven Herd Long Short ETFLong-short equity+0.54−0.48%37.3%+6.9 pts
HOLDHarbor Alpha Layering ETFManaged futures+0.56−0.49%37.9%+11.5 pts
KSPYKraneShares Hedgeye Hedged Equity Index ETFHedged equity+0.87−0.53%41.0%+10.0 pts
FTLSFirst Trust Long/Short EquityLong-short equity+0.78−0.58%44.9%+7.8 pts
HEQTSimplify Hedged Equity ETFHedged equity+0.94−0.59%45.9%+8.4 pts
HOLAJPMorgan International Hedged Equity LaddereHedged equity+0.72−0.61%47.6%+8.6 pts
HFNDUnlimited HFND Multi-Strategy Return TrackerMulti-strategy+0.76−0.64%49.4%+3.7 pts
QISSimplify Multi-QIS Alternative ETFMulti-strategy−0.16−0.71%55.0%−43.4 pts
HELOJPMorgan Hedged Equity Laddered Overlay ETFHedged equity+0.95−0.73%56.8%+4.2 pts
HEGDSwan Hedged Equity US Large Cap ETFHedged equity+0.97−0.76%59.5%+6.3 pts
SHDGSoundwatch Hedged Equity ETFHedged equity+0.86−0.79%61.7%+3.5 pts
ASGMVirtus AlphaSimplex Global Macro ETFGlobal macro+0.81−0.83%64.6%+27.1 pts
PRAEPlanRock Equity Plus Alternatives ETFManaged futures+0.75−0.85%66.2%+16.1 pts
THEQT. Rowe Price Hedged Equity ETFHedged equity+0.98−0.91%70.9%+6.9 pts
HEQQJPMorgan Nasdaq Hedged Equity Laddered OverlHedged equity+0.90−0.93%72.1%+6.7 pts
HFGMUnlimited HFGM Global Macro ETFGlobal macro+0.57−0.98%76.3%+9.0 pts
XCLRGlobal X S&P 500 Collar 95-110 ETFHedged equity+0.94−1.00%77.9%+2.9 pts
ACIOAptus Collared Investment Opportunity ETFHedged equity+0.98−1.03%79.9%+6.2 pts
FFLSThe Future Fund Long/Short ETFLong-short equity+0.69−1.04%80.8%−6.3 pts
ZHDGZEGA Buy and Hedge ETFHedged equity+0.96−1.15%89.2%+5.4 pts
FHEQFidelity Hedged Equity ETFHedged equity+0.97−1.18%91.4%+8.2 pts
XTRGlobal X S&P 500 Tail Risk ETFHedged equity+0.99−1.24%96.1%+9.5 pts
QCLRGlobal X NASDAQ 100 Collar 95-110 ETFHedged equity+0.89−1.25%97.1%−2.6 pts
CSMProShares Large Cap Core PlusLong-short equity+0.98−1.28%99.9%+13.0 pts
RSSTReturn Stacked U.S. Stocks & Managed FuturesManaged futures+0.87−1.44%112.1%+34.2 pts
QTRGlobal X NASDAQ 100 Tail Risk ETFHedged equity+0.91−1.73%134.4%+13.7 pts
HFEQUnlimited HFEQ Equity Long/Short ETFLong-short equity+0.82−1.79%139.6%+13.0 pts
Method

ETFIQ calculations from Tiingo end-of-day closes for each fund, for SPY and for BIL, over 52 weekly returns ending on one date. Correlation and beta are computed on those weeks. Down-week capture is a fund’s average return in the weeks SPY fell as a share of SPY’s, on the unrounded averages. Against T-bills is the fund’s total return minus BIL’s over the same weeks. Strategies are read from each fund’s own prospectus. Thinly quoted funds are left out. Medians across funds. Rebuilt every trading night.

Data file: alternatives.json. ETFIQ is an independent publisher and makes no recommendations. Standards →

Cite this page

ETFIQ Research, What alternatives ETFs did when stocks fell, data as of Sep 25, 2026. https://etfiq.com/research/2026-09-25/alternatives-down-weeks

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Free to use with attribution; the underlying files are at Open data.