FFUT vs. SPY

Last updated Jun 24, 2026

FFUT (Fidelity Managed Futures ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - FFUT is a Systematic Trend fund actively managed by Fidelity, while SPY is a S&P 500 fund tracking the S&P 500 Index. FFUT is actively managed, while SPY is passively managed. Over the past year, FFUT returned 18.72% vs 23.59% for SPY. At a 0.07 correlation, their price movements are largely independent. FFUT charges 0.80%/yr vs 0.09%/yr for SPY.

Performance

FFUT vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Managed Futures ETF (FFUT) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FFUT achieves a 8.83% return, which is significantly higher than SPY's 8.15% return.

FFUT

• 1D: -0.36%
• 1M: -2.69%
• YTD: 8.83%
• 6M: 9.28%
• 1Y: 18.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPY

• 1D: -1.45%
• 1M: -1.36%
• YTD: 8.15%
• 6M: 7.20%
• 1Y: 23.59%
• 3Y*: 20.68%
• 5Y*: 13.05%
• 10Y*: 15.53%

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

FFUT vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025
FFUT Fidelity Managed Futures ETF	8.83%	8.58%
SPY State Street SPDR S&P 500 ETF	8.15%	15.43%

Correlation

The correlation between FFUT and SPY is 0.06, 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 (1Y) Calculated over the trailing 1-year period	0.06
Correlation (All Time) Calculated using the full available price history since Jun 5, 2025	0.07

Return for Risk

FFUT vs. SPY — Risk / Return Rank

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

FFUT

FFUT Risk / Return Rank: 64
FFUT Sharpe Ratio Rank: 51
FFUT Sortino Ratio Rank: 51
FFUT Omega Ratio Rank: 54
FFUT Calmar Ratio Rank: 84
FFUT Martin Ratio Rank: 79

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 56
SPY Martin Ratio Rank: 67

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.

FFUT vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Managed Futures ETF (FFUT) and State Street SPDR S&P 500 ETF (SPY). 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.

	FFUT	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.68	1.90	-0.22
Sortino ratio: Return per unit of downside risk	2.40	2.58	-0.19
Omega ratio: Gain probability vs. loss probability	1.32	1.34	-0.02
Calmar ratio: Return relative to maximum drawdown	4.35	2.67	+1.68
Martin ratio: Return relative to average drawdown	14.55	11.92	+2.63

FFUT vs. SPY - Sharpe Ratio Comparison

The current FFUT Sharpe Ratio is 1.68, which is comparable to the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of FFUT and SPY, 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

FFUT vs. SPY - Drawdown Comparison

The maximum FFUT drawdown since its inception was -4.33%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for FFUT and SPY.

Drawdown Indicators

	FFUT	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-4.33%	-55.19%	+50.86%
Max Drawdown (1Y) Largest decline over 1 year	-4.33%	-8.88%	+4.55%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-4.33%	-3.17%	-1.16%
Average Drawdown Average peak-to-trough decline	-0.96%	-9.04%	+8.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.29%	1.98%	-0.69%

Volatility

FFUT vs. SPY - Volatility Comparison

The current volatility for Fidelity Managed Futures ETF (FFUT) is 2.93%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.87%. This indicates that FFUT experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FFUT	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.93%	4.87%	-1.94%
Volatility (6M) Calculated over the trailing 6-month period	8.97%	9.85%	-0.88%
Volatility (1Y) Calculated over the trailing 1-year period	11.22%	12.50%	-1.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.02%	17.15%	-6.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.02%	17.95%	-6.93%

FFUT vs. SPY - Expense Ratio Comparison

FFUT has a 0.80% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

FFUT vs. SPY - Dividend Comparison

FFUT's dividend yield for the trailing twelve months is around 1.92%, more than SPY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFUT Fidelity Managed Futures ETF	1.92%	2.09%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.03%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both FFUT and SPY in my portfolio?

FFUT and SPY have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FFUT or SPY?

SPY has higher volatility (4.87%) compared to FFUT (2.93%). In terms of maximum drawdown, FFUT dropped -4.33% vs SPY's -55.19%.

Which ETF is better, FFUT or SPY?

On 1-year performance, SPY leads with 23.59% vs 18.72% for FFUT. On fees, SPY is cheaper at 0.09% per year. On volatility, FFUT has been the lower-risk option at 2.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FFUT or SPY?

Over the 1-year period, SPY has performed better with a 23.59% return vs 18.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FFUT or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.80% for FFUT.

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

FFUT has the higher dividend yield at 1.92%, compared with 1.03% for SPY.

What is the main difference between FFUT and SPY?

FFUT is categorized as Systematic Trend, while SPY is S&P 500. They also come from different issuers: Fidelity and State Street. Their fees differ too: 0.80% for FFUT and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.90 vs 1.68), 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.