UTWO vs. FFUT

Last updated Jun 25, 2026

UTWO (US Treasury 2 Year Note ETF) and FFUT (Fidelity Managed Futures ETF) are both exchange-traded funds - UTWO is a Government Bonds fund tracking the ICE BofA Current 2 Year US Treasury Index - Benchmark TR Gross, while FFUT is a Systematic Trend fund actively managed by Fidelity. UTWO is passively managed, while FFUT is actively managed. Over the past year, UTWO returned 2.74% vs 17.34% for FFUT. At a correlation of -0.40, they often move in opposite directions. UTWO charges 0.15%/yr vs 0.80%/yr for FFUT.

Performance

UTWO vs. FFUT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in US Treasury 2 Year Note ETF (UTWO) 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, UTWO achieves a 0.44% return, which is significantly lower than FFUT's 7.69% return.

UTWO

• 1D: 0.11%
• 1M: 0.27%
• YTD: 0.44%
• 6M: 0.57%
• 1Y: 2.74%
• 3Y*: 3.89%
• 5Y*: —
• 10Y*: —

FFUT

• 1D: -1.06%
• 1M: -3.71%
• YTD: 7.69%
• 6M: 8.36%
• 1Y: 17.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UTWO vs. FFUT - Yearly Performance Comparison

	2026 (YTD)	2025
UTWO US Treasury 2 Year Note ETF	0.44%	2.60%
FFUT Fidelity Managed Futures ETF	7.69%	8.58%

Correlation

The correlation between UTWO and FFUT is -0.39, 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	-0.39
Correlation (All Time) Calculated using the full available price history since Jun 5, 2025	-0.40

Return for Risk

UTWO vs. FFUT — Risk / Return Rank

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

UTWO

UTWO Risk / Return Rank: 73
UTWO Sharpe Ratio Rank: 71
UTWO Sortino Ratio Rank: 81
UTWO Omega Ratio Rank: 77
UTWO Calmar Ratio Rank: 69
UTWO Martin Ratio Rank: 66

FFUT

FFUT Risk / Return Rank: 60
FFUT Sharpe Ratio Rank: 50
FFUT Sortino Ratio Rank: 50
FFUT Omega Ratio Rank: 52
FFUT Calmar Ratio Rank: 72
FFUT Martin Ratio Rank: 77

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.

UTWO vs. FFUT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for US Treasury 2 Year Note ETF (UTWO) 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.

	UTWO	FFUT	Difference
Sharpe ratio: Return per unit of total volatility	2.00	1.55	+0.46
Sortino ratio: Return per unit of downside risk	3.17	2.22	+0.96
Omega ratio: Gain probability vs. loss probability	1.40	1.30	+0.11
Calmar ratio: Return relative to maximum drawdown	3.06	3.26	-0.20
Martin ratio: Return relative to average drawdown	10.66	13.04	-2.38

UTWO vs. FFUT - Sharpe Ratio Comparison

The current UTWO Sharpe Ratio is 2.00, which is comparable to the FFUT Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of UTWO 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

UTWO vs. FFUT - Drawdown Comparison

The maximum UTWO drawdown since its inception was -2.04%, smaller than the maximum FFUT drawdown of -5.34%. Use the drawdown chart below to compare losses from any high point for UTWO and FFUT.

Drawdown Indicators

	UTWO	FFUT	Difference
Max Drawdown Largest peak-to-trough decline	-2.04%	-5.34%	+3.30%
Max Drawdown (1Y) Largest decline over 1 year	-0.90%	-5.34%	+4.44%
Max Drawdown (3Y) Largest decline over 3 years	-1.08%	—	—
Current Drawdown Current decline from peak	-0.27%	-5.34%	+5.07%
Average Drawdown Average peak-to-trough decline	-0.48%	-0.97%	+0.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.26%	1.33%	-1.07%

Volatility

UTWO vs. FFUT - Volatility Comparison

The current volatility for US Treasury 2 Year Note ETF (UTWO) is 0.49%, while Fidelity Managed Futures ETF (FFUT) has a volatility of 3.07%. This indicates that UTWO 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

	UTWO	FFUT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.49%	3.07%	-2.58%
Volatility (6M) Calculated over the trailing 6-month period	1.01%	9.04%	-8.03%
Volatility (1Y) Calculated over the trailing 1-year period	1.37%	11.27%	-9.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.07%	11.05%	-8.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.07%	11.05%	-8.98%

UTWO vs. FFUT - Expense Ratio Comparison

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

Dividends

UTWO vs. FFUT - Dividend Comparison

UTWO's dividend yield for the trailing twelve months is around 3.49%, more than FFUT's 1.94% yield.

Position	TTM	2025	2024	2023	2022
FFUT Fidelity Managed Futures ETF	1.94%	2.09%	0.00%	0.00%	0.00%
UTWO US Treasury 2 Year Note ETF	3.49%	3.63%	4.22%	4.39%	1.22%

Frequently Asked Questions

Can I hold both UTWO and FFUT in my portfolio?

UTWO and FFUT have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UTWO or FFUT?

FFUT has higher volatility (3.07%) compared to UTWO (0.49%). In terms of maximum drawdown, UTWO dropped -2.04% vs FFUT's -5.34%.

Which ETF is better, UTWO or FFUT?

On 1-year performance, FFUT leads with 17.34% vs 2.74% for UTWO. On fees, UTWO is cheaper at 0.15% per year. On volatility, UTWO has been the lower-risk option at 0.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UTWO or FFUT?

Over the 1-year period, FFUT has performed better with a 17.34% return vs 2.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UTWO or FFUT?

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

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

UTWO has the higher dividend yield at 3.49%, compared with 1.94% for FFUT.

What is the main difference between UTWO and FFUT?

UTWO 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 UTWO and 0.80% for FFUT.

Which has better risk-adjusted returns?

UTWO currently has the higher Sharpe Ratio (2.00 vs 1.55), 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.