VCRM vs. FFUT

Last updated Jun 23, 2026

VCRM (Vanguard Core Tax-Exempt Bond ETF) and FFUT (Fidelity Managed Futures ETF) are both exchange-traded funds - VCRM is a Municipal Bonds fund tracking the S&P Broad AMT-Free Municipal Bond Index, while FFUT is a Systematic Trend fund actively managed by Fidelity. VCRM is passively managed, while FFUT is actively managed. Over the past year, VCRM returned 7.68% vs 18.91% for FFUT. At a correlation of -0.21, they often move in opposite directions. VCRM charges 0.12%/yr vs 0.80%/yr for FFUT.

Performance

VCRM vs. FFUT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Core Tax-Exempt Bond ETF (VCRM) 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, VCRM achieves a 2.25% return, which is significantly lower than FFUT's 9.23% return.

VCRM

• 1D: -0.01%
• 1M: 1.46%
• YTD: 2.25%
• 6M: 2.41%
• 1Y: 7.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FFUT

• 1D: -0.52%
• 1M: -2.34%
• YTD: 9.23%
• 6M: 9.36%
• 1Y: 18.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

VCRM vs. FFUT - Yearly Performance Comparison

	2026 (YTD)	2025
VCRM Vanguard Core Tax-Exempt Bond ETF	2.25%	5.92%
FFUT Fidelity Managed Futures ETF	9.23%	8.58%

Correlation

The correlation between VCRM and FFUT is -0.20, 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	-0.20
Correlation (All Time) Calculated using the full available price history since Jun 5, 2025	-0.21

Return for Risk

VCRM vs. FFUT — Risk / Return Rank

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

VCRM

VCRM Risk / Return Rank: 76
VCRM Sharpe Ratio Rank: 83
VCRM Sortino Ratio Rank: 88
VCRM Omega Ratio Rank: 90
VCRM Calmar Ratio Rank: 59
VCRM Martin Ratio Rank: 61

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: 87
FFUT Martin Ratio Rank: 80

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.

VCRM vs. FFUT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Core Tax-Exempt Bond ETF (VCRM) 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.

	VCRM	FFUT	Difference
Sharpe ratio: Return per unit of total volatility	2.57	1.69	+0.87
Sortino ratio: Return per unit of downside risk	3.80	2.42	+1.38
Omega ratio: Gain probability vs. loss probability	1.56	1.33	+0.23
Calmar ratio: Return relative to maximum drawdown	2.83	4.77	-1.94
Martin ratio: Return relative to average drawdown	10.50	15.04	-4.54

VCRM vs. FFUT - Sharpe Ratio Comparison

The current VCRM Sharpe Ratio is 2.57, which is higher than the FFUT Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of VCRM 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

VCRM vs. FFUT - Drawdown Comparison

The maximum VCRM drawdown since its inception was -4.12%, roughly equal to the maximum FFUT drawdown of -3.98%. Use the drawdown chart below to compare losses from any high point for VCRM and FFUT.

Drawdown Indicators

	VCRM	FFUT	Difference
Max Drawdown Largest peak-to-trough decline	-4.12%	-3.98%	-0.14%
Max Drawdown (1Y) Largest decline over 1 year	-2.72%	-3.98%	+1.26%
Current Drawdown Current decline from peak	-0.01%	-3.98%	+3.97%
Average Drawdown Average peak-to-trough decline	-1.10%	-0.94%	-0.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.73%	1.26%	-0.53%

Volatility

VCRM vs. FFUT - Volatility Comparison

The current volatility for Vanguard Core Tax-Exempt Bond ETF (VCRM) is 0.69%, while Fidelity Managed Futures ETF (FFUT) has a volatility of 2.92%. This indicates that VCRM 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

	VCRM	FFUT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.69%	2.92%	-2.23%
Volatility (6M) Calculated over the trailing 6-month period	2.19%	8.96%	-6.77%
Volatility (1Y) Calculated over the trailing 1-year period	3.01%	11.23%	-8.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.84%	11.03%	-7.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.84%	11.03%	-7.19%

VCRM vs. FFUT - Expense Ratio Comparison

VCRM has a 0.12% expense ratio, which is lower than FFUT's 0.80% expense ratio.

Dividends

VCRM vs. FFUT - Dividend Comparison

VCRM's dividend yield for the trailing twelve months is around 3.63%, more than FFUT's 1.91% yield.

Position	TTM	2025	2024
FFUT Fidelity Managed Futures ETF	1.91%	2.09%	0.00%
VCRM Vanguard Core Tax-Exempt Bond ETF	3.63%	3.42%	0.40%

Frequently Asked Questions

Can I hold both VCRM and FFUT in my portfolio?

VCRM and FFUT have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VCRM or FFUT?

FFUT has higher volatility (2.92%) compared to VCRM (0.69%). In terms of maximum drawdown, VCRM dropped -4.12% vs FFUT's -3.98%.

Which ETF is better, VCRM or FFUT?

On 1-year performance, FFUT leads with 18.91% vs 7.68% for VCRM. On fees, VCRM is cheaper at 0.12% per year. On volatility, VCRM has been the lower-risk option at 0.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VCRM or FFUT?

Over the 1-year period, FFUT has performed better with a 18.91% return vs 7.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VCRM or FFUT?

VCRM is cheaper with a 0.12% expense ratio, compared with 0.80% for FFUT.

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

VCRM has the higher dividend yield at 3.63%, compared with 1.91% for FFUT.

What is the main difference between VCRM and FFUT?

VCRM is categorized as Municipal Bonds, while FFUT is Systematic Trend. They also come from different issuers: Vanguard and Fidelity. Their fees differ too: 0.12% for VCRM and 0.80% for FFUT.

Which has better risk-adjusted returns?

VCRM currently has the higher Sharpe Ratio (2.57 vs 1.69), 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.