Managed Futures ETFs Capture Crisis Alpha as S&P 500 Drops

KMLM is up 7% year to date, DBMF is up 8%, and CTA is up 8% through April 8, 2026. These gains occur while the S&P 500 experiences its worst drawdown in the past 12 months during the early months of 2026. The decline in equities was driven by tariff escalation and macro uncertainty. The returns are a result of managed futures strategies, which use trend-following models to go long or short across commodities, currencies, and interest rates. These models profit from sustained directional moves in these asset classes regardless of market direction. Consequently, these ETFs show low or negative correlation to equities during drawdowns.