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What alternatives ETFs did when stocks fell

Of the 67 alternatives ETFs ETFIQ measured over the year to Oct 13, 2026, 17 rose on average in the weeks the S&P 500 fell, and the median fund fell 39% 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 24 of the 52 weeks, by 1.09% 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. 49 of the 67 finished ahead of T-bills over the same weeks, and 8 of the 17 that rose also did that. The strategies are not alike. The median hedged equity fund had a correlation of +0.89 with the S&P 500 and the median managed futures fund +0.46, so the table by strategy comes first.

Rose when the S&P 500 fell, by strategy

17 of 67 alternatives ETFs rose on average in the weeks the S&P 500 fell, over the year to Oct 13, 2026.

ETFIQ Narrative

Over the year to October 13, 2026, the S&P 500 fell in 24 of its 52 weeks, averaging a 1.09% decline in those weeks. ETFIQ tracked 67 alternatives ETFs through the same stretch to see what they did while stocks were down. Seventeen of the 67 rose, on average, during those down weeks. Across all 67, the median fund's down-week capture was 39%, meaning the typical fund still moved with the market but a good deal less than the index did.

The strategy groupings show why a single number for "alternatives" does not tell the full story. Hedged equity funds, the largest group at 21, carried a median correlation of +0.89 with the S&P 500 and a median down-week capture of 56.5%, so most still fell alongside stocks, just by less. Managed futures funds, 17 in number, had a lower median correlation of +0.46 and a median capture of 38.9%. Volatility funds stood apart: a median correlation of −0.63 and a median down-week capture of −52.1%, meaning this group as a whole rose, on average, in the very weeks the index fell. Market neutral funds, though only two in the sample, showed an even more negative median capture of −97.0%. Long-short equity, multi-strategy, event driven and global macro funds sat in between, with smaller samples and capture numbers ranging from 1.7% to 88.6%.

At the fund level, the three ProShares and iPath volatility products, UVXY, VXX and VIXY, had the most negative down-week captures in the full table, each rising more than 2% on average in weeks SPY fell, with captures beyond −190%. BTAL, a market neutral fund, also rose in down weeks, averaging +1.75% with a capture of −160.0%. At the other end, funds such as QTR, RSST and CBLS had down-week captures above 100%, meaning they moved further than the index did in its down weeks, on average, over this period.

Holding up in a falling market is a separate question from building wealth over the full year. Of the 67 funds, 49 finished the 52 weeks ahead of BIL, the T-bill proxy. Among the 17 funds that rose on average in down weeks, only 8 also finished ahead of T-bills. UVXY, VXX, VIXY and BTAL, the four funds with the steepest negative down-week captures, all finished behind T-bills by between 21.7 and 76.6 percentage points. By strategy, managed futures funds combined a comparatively modest down-week capture with the highest share ahead of T-bills, 16 of 17, while hedged equity, despite closely tracking the index downward, still saw 15 of 21 funds finish ahead of T-bills.

Readers can look up any fund's correlation, down-week capture and performance against T-bills on its individual page on ETFIQ.

Ahead of T-bills, by strategy

49 of 67 alternatives ETFs finished ahead of T-bills over the year to Oct 13, 2026.

By strategy, most funds first

By strategy, most funds first
StrategyFundsRose when it fellMedian correlationMedian down-week captureAhead of T-bills
Hedged equity213 of 21+0.8956.5%15 of 21
Managed futures174 of 17+0.4638.9%16 of 17
Volatility95 of 9−0.63−52.1%4 of 9
Long-short equity81 of 8+0.6562.3%6 of 8
Multi-strategy61 of 6+0.4434.8%5 of 6
Event driven31 of 3+0.111.7%1 of 3
Market neutral22 of 2−0.38−97.0%1 of 2
Global macro10 of 1+0.8588.6%1 of 1

Every fund with a full year, held up best first

Every fund with a full year, held up best first
TickerFundStrategyCorrelationAverage week when SPY fellDown-week captureAgainst T-bills
UVXYProShares Ultra VIX Short-Term Futures ETFVolatility−0.77+3.08%−281.6%−76.6 pts
VXXiPath Series B S&P 500 VIX Short-Term FutureVolatility−0.78+2.17%−198.2%−57.5 pts
VIXYProShares VIX Short-Term Futures ETFVolatility−0.77+2.14%−195.2%−58.1 pts
BTALAGF U.S. Market Neutral Anti-Beta FundMarket neutral−0.68+1.75%−160.0%−21.7 pts
CTASimplify Managed Futures Strategy ETFManaged futures−0.19+0.80%−72.7%+5.8 pts
VXZiPath Series B S&P 500 VIX Mid-Term FuturesVolatility−0.64+0.69%−63.5%−25.4 pts
VIXMProShares VIX Mid-Term Futures ETFVolatility−0.63+0.57%−52.1%−25.7 pts
KMLMKraneShares Mount Lucas Managed Futures IndeManaged futures−0.12+0.55%−49.8%+17.6 pts
MKTNFederated Hermes MDT Market Neutral ETFMarket neutral−0.07+0.37%−34.0%+13.3 pts
FLSPFranklin Systematic Style Premia ETFMulti-strategy0.00+0.26%−23.3%+8.5 pts
LSEQHarbor Long-Short Equity ETFLong-short equity+0.08+0.23%−21.1%+23.0 pts
FFUTFidelity Managed Futures ETFManaged futures+0.04+0.22%−20.1%+23.1 pts
QBERTrueShares Quarterly Bear Hedge ETFHedged equity−0.69+0.16%−14.5%−4.2 pts
TAILCambria Tail Risk ETFHedged equity−0.67+0.05%−5.0%−19.7 pts
CAOSAlpha Architect Tail Risk ETFHedged equity−0.21+0.04%−3.9%−2.3 pts
MRGRProShares Merger ETFEvent driven+0.11+0.04%−3.2%+1.7 pts
FMFFirst Trust Managed Futures Strategy FundManaged futures+0.17+0.01%−0.5%+8.9 pts
DBMFiMGP DBi Managed Futures Strategy ETFManaged futures+0.260.00%0.2%+21.5 pts
MNANYLIM Merger Arbitrage ETFEvent driven+0.09−0.02%1.7%−1.1 pts
IMFInvesco Managed Futures Strategy ETFManaged futures+0.36−0.04%3.4%+17.0 pts
LALTFirst Trust Multi-Strategy Alternative ETFMulti-strategy+0.35−0.04%3.4%+10.3 pts
CCORCore Alternative ETFHedged equity+0.03−0.08%6.9%−5.3 pts
ASMFVirtus AlphaSimplex Managed Futures ETFManaged futures+0.36−0.12%11.4%+14.4 pts
ISMFiShares Managed Futures Active ETFManaged futures+0.48−0.15%13.4%+12.4 pts
HEDGEquable Shares Hedged Equity ETFHedged equity+0.85−0.21%19.3%+7.1 pts
RSBAReturn Stacked Bonds & Merger Arbitrage ETFEvent driven+0.42−0.30%27.4%−7.8 pts
FTLSFirst Trust Long/Short EquityLong-short equity+0.78−0.31%28.6%+10.6 pts
QALTSEI DBi Multi-Strategy Alternative ETFMulti-strategy+0.53−0.32%28.8%+6.6 pts
QBULTrueShares Quarterly Bull Hedge ETFHedged equity+0.87−0.34%31.5%−2.5 pts
PHEQParametric Hedged Equity ETFHedged equity+0.93−0.36%32.7%+9.7 pts
VYLDInverse VIX Short-Term Futures ETNs due MarcVolatility+0.78−0.42%38.6%+14.5 pts
KSPYKraneShares Hedgeye Hedged Equity Index ETFHedged equity+0.89−0.43%38.9%+10.1 pts
WTMFWisdomTree Managed Futures Strategy FundManaged futures+0.68−0.43%38.9%+10.6 pts
AHLTAHL Trend ETFManaged futures+0.46−0.43%39.1%+23.6 pts
CLSEConvergence Long/Short Equity ETFLong-short equity+0.73−0.44%40.3%+32.3 pts
ORRMilitia Long/Short Equity ETFLong-short equity+0.47−0.45%40.7%+20.6 pts
HDGProShares Hedge Replication ETFMulti-strategy+0.82−0.45%40.8%+3.8 pts
HOLAJPMorgan International Hedged Equity LaddereHedged equity+0.69−0.45%40.9%+5.9 pts
RSBTReturn Stacked Bonds & Managed Futures ETFManaged futures+0.49−0.48%43.4%+8.5 pts
HEQTSimplify Hedged Equity ETFHedged equity+0.94−0.51%46.5%+9.3 pts
QAINYLIM Hedge Multi-Strategy Tracker ETFMulti-strategy+0.86−0.55%50.2%+5.0 pts
QISSimplify Multi-QIS Alternative ETFMulti-strategy+0.09−0.55%50.6%−40.6 pts
ZVOLVolatility Premium Plus ETFVolatility+0.62−0.56%50.8%+24.7 pts
HELOJPMorgan Hedged Equity Laddered Overlay ETFHedged equity+0.93−0.62%56.5%+4.7 pts
BTRNGlobal X Bitcoin Trend Strategy ETFManaged futures+0.27−0.62%56.6%−8.9 pts
SVOLSimplify Volatility Premium ETFVolatility+0.73−0.68%61.7%+14.6 pts
MFUTCambria Chesapeake Pure Trend ETFManaged futures+0.53−0.69%63.3%+23.2 pts
SHDGSoundwatch Hedged Equity ETFHedged equity+0.88−0.70%63.5%+4.5 pts
HEGDSwan Hedged Equity US Large Cap ETFHedged equity+0.97−0.79%72.1%+6.4 pts
HEQQJPMorgan Nasdaq Hedged Equity Laddered OverlHedged equity+0.87−0.82%74.7%+6.4 pts
THEQT. Rowe Price Hedged Equity ETFHedged equity+0.99−0.83%75.9%+7.5 pts
XCLRGlobal X S&P 500 Collar 95-110 ETFHedged equity+0.95−0.86%78.7%+3.6 pts
HOLDHarbor Alpha Layering ETFManaged futures+0.70−0.87%79.9%+7.1 pts
ACIOAptus Collared Investment Opportunity ETFHedged equity+0.98−0.89%81.6%+6.5 pts
FHEQFidelity Hedged Equity ETFHedged equity+0.98−0.92%83.6%+9.2 pts
FFLSThe Future Fund Long/Short ETFLong-short equity+0.71−0.92%83.9%−2.9 pts
TFPNBlueprint Chesapeake Multi-Asset Trend ETFManaged futures+0.63−0.95%87.2%+16.3 pts
ASGMVirtus AlphaSimplex Global Macro ETFGlobal macro+0.85−0.97%88.6%+25.4 pts
EHLSEven Herd Long Short ETFLong-short equity+0.54−0.97%88.7%0.0 pts
XTRGlobal X S&P 500 Tail Risk ETFHedged equity+0.99−1.06%96.9%+10.2 pts
CSMProShares Large Cap Core PlusLong-short equity+0.98−1.10%100.5%+13.4 pts
PRAEPlanRock Equity Plus Alternatives ETFManaged futures+0.82−1.11%101.4%+15.0 pts
QCLRGlobal X NASDAQ 100 Collar 95-110 ETFHedged equity+0.86−1.13%103.1%−2.4 pts
SVXYProShares Short VIX Short-Term Futures ETFVolatility+0.78−1.19%109.0%+31.7 pts
CBLSClough Hedged Equity ETFLong-short equity+0.59−1.24%113.6%+5.8 pts
RSSTReturn Stacked U.S. Stocks & Managed FuturesManaged futures+0.85−1.42%129.5%+31.6 pts
QTRGlobal X NASDAQ 100 Tail Risk ETFHedged equity+0.91−1.67%152.7%+12.9 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 →

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ETFIQ Research, What alternatives ETFs did when stocks fell, data as of Oct 13, 2026. https://etfiq.com/research/2026-10-14/alternatives-down-weeks

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