FAAA vs. FUTY

Last updated Jun 5, 2026

FAAA (Fidelity AAA CLO ETF) and FUTY (Fidelity MSCI Utilities Index ETF) are both exchange-traded funds - FAAA is a CLO fund actively managed by Fidelity, while FUTY is a Utilities Equities fund tracking the MSCI USA IMI Utilities Index. FAAA is actively managed, while FUTY is passively managed. At a 0.09 correlation, their price movements are largely independent. FAAA charges 0.20%/yr vs 0.08%/yr for FUTY.

Performance

FAAA vs. FUTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity AAA CLO ETF (FAAA) and Fidelity MSCI Utilities Index ETF (FUTY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FAAA

• 1D: 0.02%
• 1M: 0.45%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FUTY

• 1D: 0.60%
• 1M: -4.86%
• YTD: 3.78%
• 6M: 1.95%
• 1Y: 12.10%
• 3Y*: 13.73%
• 5Y*: 9.26%
• 10Y*: 9.10%

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

FAAA vs. FUTY - Yearly Performance Comparison

	2026 (YTD)
FAAA Fidelity AAA CLO ETF	1.52%
FUTY Fidelity MSCI Utilities Index ETF	-2.04%

Correlation

The correlation between FAAA and FUTY is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 13, 2026	0.09

Return for Risk

FAAA vs. FUTY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FUTY

FUTY Risk / Return Rank: 25
FUTY Sharpe Ratio Rank: 25
FUTY Sortino Ratio Rank: 24
FUTY Omega Ratio Rank: 24
FUTY Calmar Ratio Rank: 29
FUTY Martin Ratio Rank: 24

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FAAA vs. FUTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity AAA CLO ETF (FAAA) and Fidelity MSCI Utilities Index ETF (FUTY). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	FAAA	FUTY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.85	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.54	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.48	—
Sharpe Ratio (All Time) Calculated using the full available price history	5.45	0.55	+4.90

Drawdowns

FAAA vs. FUTY - Drawdown Comparison

The maximum FAAA drawdown since its inception was -0.55%, smaller than the maximum FUTY drawdown of -36.44%. Use the drawdown chart below to compare losses from any high point for FAAA and FUTY.

Drawdown Indicators

	FAAA	FUTY	Difference
Max Drawdown Largest peak-to-trough decline	-0.55%	-36.44%	+35.89%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.93%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-17.35%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.11%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-36.44%	—
Current Drawdown Current decline from peak	0.00%	-6.72%	+6.72%
Average Drawdown Average peak-to-trough decline	-0.07%	-6.03%	+5.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.98%	—

Volatility

Volatility by Period

	FAAA	FUTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.52%	—
Volatility (6M) Calculated over the trailing 6-month period	—	11.38%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.93%	14.34%	-13.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.93%	17.08%	-16.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.93%	19.05%	-18.12%

FAAA vs. FUTY - Expense Ratio Comparison

FAAA has a 0.20% expense ratio, which is higher than FUTY's 0.08% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

FAAA vs. FUTY - Dividend Comparison

FAAA's dividend yield for the trailing twelve months is around 1.32%, less than FUTY's 2.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FAAA Fidelity AAA CLO ETF	1.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FUTY Fidelity MSCI Utilities Index ETF	2.60%	2.67%	2.96%	3.31%	2.72%	2.70%	3.07%	2.82%	3.11%	3.03%	3.35%	4.33%

Frequently Asked Questions

Can I hold both FAAA and FUTY in my portfolio?

FAAA and FUTY have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FAAA or FUTY?

On fees, FUTY is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FAAA or FUTY?

FUTY is cheaper with a 0.08% expense ratio, compared with 0.20% for FAAA.

Which ETF pays a higher dividend yield, FAAA or FUTY?

FUTY has the higher dividend yield at 2.60%, compared with 1.32% for FAAA.

What is the main difference between FAAA and FUTY?

FAAA is categorized as CLO, while FUTY is Utilities Equities. Their fees differ too: 0.20% for FAAA and 0.08% for FUTY.