USVN vs. FFUT

Last updated Jun 18, 2026

USVN (US Treasury 7 Year Note ETF) and FFUT (Fidelity Managed Futures ETF) are both exchange-traded funds - USVN is a Government Bonds fund tracking the ICE BofA Current 7-Year US Treasury Index - Benchmark TR Gross, while FFUT is a Systematic Trend fund actively managed by Fidelity. USVN is passively managed, while FFUT is actively managed. Over the past year, USVN returned 2.94% vs 19.11% for FFUT. At a correlation of -0.37, they often move in opposite directions. USVN charges 0.15%/yr vs 0.80%/yr for FFUT.

Performance

USVN vs. FFUT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in US Treasury 7 Year Note ETF (USVN) 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, USVN achieves a -0.76% return, which is significantly lower than FFUT's 9.80% return.

USVN

• 1D: -0.57%
• 1M: 0.60%
• YTD: -0.76%
• 6M: -0.80%
• 1Y: 2.94%
• 3Y*: 2.84%
• 5Y*: —
• 10Y*: —

FFUT

• 1D: -0.37%
• 1M: -2.96%
• YTD: 9.80%
• 6M: 10.99%
• 1Y: 19.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

USVN vs. FFUT - Yearly Performance Comparison

	2026 (YTD)	2025
USVN US Treasury 7 Year Note ETF	-0.76%	3.63%
FFUT Fidelity Managed Futures ETF	9.80%	8.58%

Correlation

The correlation between USVN and FFUT is -0.37, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.37
Correlation (All Time) Calculated using the full available price history since Jun 5, 2025	-0.37

Return for Risk

USVN vs. FFUT — Risk / Return Rank

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

USVN

USVN Risk / Return Rank: 20
USVN Sharpe Ratio Rank: 21
USVN Sortino Ratio Rank: 20
USVN Omega Ratio Rank: 18
USVN Calmar Ratio Rank: 19
USVN Martin Ratio Rank: 20

FFUT

FFUT Risk / Return Rank: 67
FFUT Sharpe Ratio Rank: 53
FFUT Sortino Ratio Rank: 53
FFUT Omega Ratio Rank: 57
FFUT Calmar Ratio Rank: 90
FFUT Martin Ratio Rank: 83

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.

USVN vs. FFUT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for US Treasury 7 Year Note ETF (USVN) 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.

	USVN	FFUT	Difference
Sharpe ratio: Return per unit of total volatility	0.70	1.71	-1.01
Sortino ratio: Return per unit of downside risk	1.06	2.44	-1.39
Omega ratio: Gain probability vs. loss probability	1.12	1.33	-0.21
Calmar ratio: Return relative to maximum drawdown	0.80	5.14	-4.34
Martin ratio: Return relative to average drawdown	2.20	15.50	-13.31

USVN vs. FFUT - Sharpe Ratio Comparison

The current USVN Sharpe Ratio is 0.70, which is lower than the FFUT Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of USVN 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

USVN vs. FFUT - Drawdown Comparison

The maximum USVN drawdown since its inception was -8.27%, which is greater than FFUT's maximum drawdown of -3.73%. Use the drawdown chart below to compare losses from any high point for USVN and FFUT.

Drawdown Indicators

	USVN	FFUT	Difference
Max Drawdown Largest peak-to-trough decline	-8.27%	-3.73%	-4.54%
Max Drawdown (1Y) Largest decline over 1 year	-3.68%	-3.73%	+0.05%
Max Drawdown (3Y) Largest decline over 3 years	-5.85%	—	—
Current Drawdown Current decline from peak	-2.72%	-3.48%	+0.76%
Average Drawdown Average peak-to-trough decline	-2.34%	-0.93%	-1.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.34%	1.24%	+0.10%

Volatility

USVN vs. FFUT - Volatility Comparison

The current volatility for US Treasury 7 Year Note ETF (USVN) is 1.38%, while Fidelity Managed Futures ETF (FFUT) has a volatility of 2.96%. This indicates that USVN experiences smaller price fluctuations and is considered to be less risky than FFUT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USVN	FFUT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.38%	2.96%	-1.58%
Volatility (6M) Calculated over the trailing 6-month period	3.10%	8.94%	-5.84%
Volatility (1Y) Calculated over the trailing 1-year period	4.22%	11.20%	-6.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.78%	11.04%	-5.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.78%	11.04%	-5.26%

USVN vs. FFUT - Expense Ratio Comparison

USVN has a 0.15% expense ratio, which is lower than FFUT's 0.80% expense ratio.

Dividends

USVN vs. FFUT - Dividend Comparison

USVN's dividend yield for the trailing twelve months is around 3.75%, more than FFUT's 1.90% yield.

Position	TTM	2025	2024	2023
FFUT Fidelity Managed Futures ETF	1.90%	2.09%	0.00%	0.00%
USVN US Treasury 7 Year Note ETF	3.75%	3.81%	4.07%	2.91%

Frequently Asked Questions

Can I hold both USVN and FFUT in my portfolio?

USVN and FFUT have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USVN or FFUT?

FFUT has higher volatility (2.96%) compared to USVN (1.38%). In terms of maximum drawdown, USVN dropped -8.27% vs FFUT's -3.73%.

Which ETF is better, USVN or FFUT?

On 1-year performance, FFUT leads with 19.11% vs 2.94% for USVN. On fees, USVN is cheaper at 0.15% per year. On volatility, USVN has been the lower-risk option at 1.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USVN or FFUT?

Over the 1-year period, FFUT has performed better with a 19.11% return vs 2.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USVN or FFUT?

USVN is cheaper with a 0.15% expense ratio, compared with 0.80% for FFUT.

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

USVN has the higher dividend yield at 3.75%, compared with 1.90% for FFUT.

What is the main difference between USVN and FFUT?

USVN is categorized as Government Bonds, while FFUT is Systematic Trend. They also come from different issuers: US Benchmark Series and Fidelity. Their fees differ too: 0.15% for USVN and 0.80% for FFUT.

Which has better risk-adjusted returns?

FFUT currently has the higher Sharpe Ratio (1.71 vs 0.70), 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.