ETHE vs. FFUT

Last updated Aug 5, 2026

ETHE (Grayscale Ethereum Trust ETF) and FFUT (Fidelity Managed Futures ETF) are both exchange-traded funds - ETHE is a Cryptocurrency fund tracking the CoinDesk Ether Price Index, while FFUT is a Systematic Trend fund actively managed by Fidelity. ETHE is passively managed, while FFUT is actively managed. Over the past year, ETHE returned -49.53% vs 21.08% for FFUT. Their 0.03 correlation means their historical movements had little consistent relationship. ETHE charges 2.50%/yr vs 0.80%/yr for FFUT.

Performance

ETHE vs. FFUT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Ethereum Trust ETF (ETHE) and Fidelity Managed Futures ETF (FFUT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETHE achieves a -37.21% return, which is significantly lower than FFUT's 11.35% return.

ETHE

• 1D: 0.34%
• 1M: 10.22%
• 6M: -18.72%
• YTD: -37.21%
• 1Y: -49.53%
• 3Y*: 10.35%
• 5Y*: -10.40%
• 10Y*: —
• ALL TIME*: 12.34%

FFUT

• 1D: -1.03%
• 1M: 3.39%
• 6M: 8.23%
• YTD: 11.35%
• 1Y: 21.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.72%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ETHE Grayscale Ethereum Trust ETF	$26.36M	$26.52M	$33.93M
FFUT Fidelity Managed Futures ETF	$3.34M	$3.91M	$2.05M

ETHE vs. FFUT - Yearly Performance Comparison

	2026 (YTD)	2025
ETHE Grayscale Ethereum Trust ETF	-37.21%	11.84%
FFUT Fidelity Managed Futures ETF	11.35%	8.58%

Correlation

The correlation between ETHE and FFUT is 0.04, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.04
Correlation (All Time) Calculated using the full available price history since Jun 5, 2025	0.03

Return for Risk

ETHE vs. FFUT — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ETHE

ETHE Risk / Return Rank: 3
ETHE Sharpe Ratio Rank: 3
ETHE Sortino Ratio Rank: 3
ETHE Omega Ratio Rank: 3
ETHE Calmar Ratio Rank: 3
ETHE Martin Ratio Rank: 4

FFUT

FFUT Risk / Return Rank: 77
FFUT Sharpe Ratio Rank: 70
FFUT Sortino Ratio Rank: 69
FFUT Omega Ratio Rank: 73
FFUT Calmar Ratio Rank: 87
FFUT Martin Ratio Rank: 83

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ETHE vs. FFUT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Trust ETF (ETHE) and Fidelity Managed Futures ETF (FFUT). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ETHE	FFUT	Difference
Sharpe ratio: Return per unit of total volatility	-0.75	1.81	-2.56
Sortino ratio: Return per unit of downside risk	-0.97	2.56	-3.53
Omega ratio: Gain probability vs. loss probability	0.89	1.34	-0.45
Calmar ratio: Return relative to maximum drawdown	-0.73	3.79	-4.52
Martin ratio: Return relative to average drawdown	-1.08	12.78	-13.86

ETHE vs. FFUT - Sharpe Ratio Comparison

The current ETHE Sharpe Ratio is -0.75, which is lower than the FFUT Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of ETHE and FFUT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ETHE vs. FFUT - Drawdown Comparison

The maximum ETHE drawdown since its inception was -96.26%, which is greater than FFUT's maximum drawdown of -5.59%. Use the drawdown chart below to compare losses from any high point for ETHE and FFUT.

Drawdown Indicators

	ETHE	FFUT	Difference
Max Drawdown Largest peak-to-trough decline	-96.26%	-5.59%	-90.67%
Max Drawdown (1Y) Largest decline over 1 year	-68.17%	-5.59%	-62.58%
Max Drawdown (3Y) Largest decline over 3 years	-68.17%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-89.85%	—	—
Current Drawdown Current decline from peak	-76.25%	-3.37%	-72.88%
Average Drawdown Average peak-to-trough decline	-72.32%	-1.13%	-71.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	45.97%	1.65%	+44.32%

Volatility

ETHE vs. FFUT - Volatility Comparison

Grayscale Ethereum Trust ETF (ETHE) has a higher volatility of 11.25% compared to Fidelity Managed Futures ETF (FFUT) at 3.91%. This indicates that ETHE's price experiences larger fluctuations and is considered to be riskier than FFUT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHE	FFUT	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.25%	3.91%	+7.34%
Volatility (6M) Calculated over the trailing 6-month period	43.39%	9.31%	+34.08%
Volatility (1Y) Calculated over the trailing 1-year period	66.84%	11.69%	+55.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.93%	11.14%	+69.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	189.73%	11.14%	+178.59%

ETHE vs. FFUT - Expense Ratio Comparison

ETHE has a 2.50% expense ratio, which is higher than FFUT's 0.80% expense ratio.

Dividends

ETHE vs. FFUT - Dividend Comparison

ETHE's dividend yield for the trailing twelve months is around 1.59%, less than FFUT's 1.88% yield.

Position	TTM	2025
ETHE Grayscale Ethereum Trust ETF	1.59%	0.00%
FFUT Fidelity Managed Futures ETF	1.88%	2.09%

Frequently Asked Questions

Can I hold both ETHE and FFUT in my portfolio?

ETHE and FFUT have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETHE or FFUT?

ETHE has higher volatility (11.25%) compared to FFUT (3.91%). In terms of maximum drawdown, ETHE dropped -96.26% vs FFUT's -5.59%.

Which ETF is better, ETHE or FFUT?

On 1-year performance, FFUT leads with 21.08% vs -49.53% for ETHE. On fees, FFUT is cheaper at 0.80% per year. On volatility, FFUT has been the lower-risk option at 3.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHE or FFUT?

Over the 1-year period, FFUT has performed better with a 21.08% return vs -49.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHE or FFUT?

FFUT is cheaper with a 0.80% expense ratio, compared with 2.50% for ETHE.

Which ETF pays a higher dividend yield, ETHE or FFUT?

FFUT has the higher dividend yield at 1.88%, compared with 1.59% for ETHE.

What is the main difference between ETHE and FFUT?

ETHE is categorized as Cryptocurrency, while FFUT is Systematic Trend. They also come from different issuers: Grayscale and Fidelity. Their fees differ too: 2.50% for ETHE and 0.80% for FFUT.

Which has better risk-adjusted returns?

FFUT currently has the higher Sharpe Ratio (1.81 vs -0.74), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.