ETFIQ measured 57 alternatives ETFs over the year to Sep 28, 2026. The S&P 500 fell in 24 of the 52 weeks, losing 1.01% on average in those weeks. Across the full group, 17 funds rose on average in those same weeks, and the median fund's down-week capture was 34%, meaning the typical fund still lost money when stocks fell, but less than the index did. Down-week capture measures a fund's own average return in down weeks as a share of the S&P 500's average down-week loss; a negative number means the fund rose while stocks fell.
The strategies behaved differently enough that the average across all 57 hides more than it shows. Managed futures, the second-largest group with 17 funds, had a median correlation to the S&P 500 of only +0.26 and a median down-week capture of 2.8%, and 7 of its 17 funds rose in weeks stocks fell. Hedged equity, the largest group with 20 funds, ran a median correlation of +0.89, much closer to the market, and its median down-week capture of 57.0% shows most of these funds still moved with stocks, just by less. Long-short equity's median correlation was +0.63 with a 49.0% capture. Market neutral, with only 2 funds, showed the most negative median correlation, −0.43, and a median down-week capture of −66.7%, meaning both funds tended to rise when the index fell. Event driven's 3 funds had a median correlation of +0.11 and a down-week capture of −8.1%. Global macro had a single fund, with a correlation of +0.78 and a down-week capture of 72.2%, so it moved with stocks more than most.
At the fund level, BTAL, the AGF U.S. Market Neutral Anti-Beta Fund, posted the most negative down-week capture, −96.8%, rising 0.98% on average in weeks the S&P 500 fell, with a correlation of −0.64. CTA, KMLM and FFUT, all managed futures funds, also showed negative capture alongside negative-to-near-zero correlations. At the other end, QTR, the Global X NASDAQ 100 Tail Risk ETF, had a down-week capture of 144.6% and a correlation of +0.90, meaning it tended to fall by more than the index in its down weeks despite its name.
Holding up in down weeks is a separate question from finishing ahead of cash. Of the 57 funds, 45 finished ahead of T-bills over the same year, and among the 17 funds that rose in down weeks, 12 also beat T-bills. Some funds combined both: DBMF, a managed futures fund, showed a down-week capture of −21.8% and finished 22.0 points ahead of T-bills. Others did not: QIS, a multi-strategy fund, showed a down-week capture of 83.7% and finished 44.7 points behind T-bills, while BTAL's rise in down weeks came alongside a finish 25.6 points behind T-bills.
Readers can check any fund's current correlation, down-week capture and standing against T-bills on the ETFIQ live desk, which updates as new weekly closes are added.