Data as of Nov 4, 2026.
FFUT vs IMF: Correlation to the S&P 500
Over the year to Nov 4, 2026, FFUT moved less with the S&P 500 than IMF: correlation +0.09 against +0.38.
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Net assets: $394m on Sep 30, 2026 for Fidelity Managed Futures ETF, and $304m on Nov 3, 2026 for Invesco Managed Futures Strategy ETF.
FFUT in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, FFUT −0.15%.
IMF in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, IMF −0.14%.
Pair scorecard
IMF costs 0.15 points a year less; their one-year returns differ by 2.9 points.
| Measure | FFUT | IMF |
|---|---|---|
| Return | ||
| Total return, 1 year | +17.2% | +20.1% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.80% | 0.65% |
| Net assets, FFUT as of Sep 30, 2026 and IMF as of Nov 3, 2026 | $394m | $304m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.08: about 0.08% for each 1% | +0.24: about 0.24% for each 1% |
| Its average week when the S&P 500 fell | fell 0.15% | fell 0.14% |
How much it diversifies a stock portfolio, ranked against 17 systematic trend alternatives ETFs with a full year. 100 is best. How it is computed
One year of weekly moves against the S&P 500, within one strategy; it ignores what the fund returned. All alternatives ETFs ranked by it →
Risk and return
Jun 13, 2025 to Oct 30, 2026 · 72 weekly returnsFrom Jun 2025 to Oct 2026, FFUT returned more: +27.4% to +22.2%. IMF swung less: 6.4% to 9.3%. IMF fell less at its worst: −3.7% to −4.2%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | FFUT | IMF | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +27.4% | +22.2% | FFUT | Price change plus distributions, reinvested. |
| Annualized | +19.1% | +15.6% | FFUT | Total return as a yearly rate. |
| Price return | +24.7% | +21.0% | FFUT | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 9.3% | 6.4% | IMF | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 5.4% | 3.8% | IMF | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −4.2% | −3.7% | IMF | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 1.52 | 1.69 | IMF | Return above Treasury bills per unit of volatility. |
| Sortino | 2.61 | 2.88 | IMF (slight) | Return above Treasury bills per unit of downside deviation. |
| Calmar | 4.54 | 4.21 | FFUT (slight) | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 72 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | ||
|---|---|---|
| Window | FFUT | IMF |
| 3 months | +0.9% | +0.4% |
| 6 months | +3.2% | 0.0% |
| 1 year | +17.2% | +20.1% |
| Since launchNot the same days: FFUT Jun 2025 · IMF Mar 2025 | +22.4% | +4.3% |
Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
FFUT and IMF both run a managed futures strategy. Over the same 52 weeks to Nov 4, 2026, FFUT’s weekly returns had a correlation of +0.09 with the S&P 500 and IMF’s +0.38. In the 26 weeks the index fell, by 1.07% a week on average, FFUT averaged −0.15% and IMF −0.14%. Over the same weeks, FFUT finished 13.4 percentage points ahead of cash and IMF finished 15.6 points ahead of cash.
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FFUT
FFUT is a managed futures fund. ETFIQ measures what every alternatives fund is sold on: whether it moves differently from the stock market. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.09 with the S&P 500’s and a beta of +0.08, so for each 1% the index moved it moved about 0.08% the same way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks FFUT fell 0.15% on average, a down-week capture of 13.6%. Over the same 52 weeks FFUT returned +17.0% and a Treasury bill fund +3.7%, so it finished 13.4 percentage points ahead of cash.
IMF
IMF is a managed futures fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.38 with the S&P 500’s and a beta of +0.24, so for each 1% the index moved it moved about 0.24% the same way. In the same weeks IMF fell 0.14% on average, a down-week capture of 13.0%. Over the same 52 weeks IMF returned +19.2% and a Treasury bill fund +3.7%, so it finished 15.6 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, FFUT or IMF?
- Over the 52 weeks to Nov 4, 2026, FFUT’s weekly returns had a correlation of +0.09 with the S&P 500 and IMF’s +0.38, so FFUT moved less with the index.
- Which did better when the S&P 500 fell, FFUT or IMF?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, FFUT averaged −0.15% and IMF −0.14%, so IMF returned more in those weeks.
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How this is computed
It is a place in a set, not a rating or a recommendation.
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, FFUT against IMF, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/ffut-vs-imf
ETFIQ. (Nov 4, 2026). FFUT against IMF. Retrieved from https://etfiq.com/compare/alternatives/ffut-vs-imf
[FFUT against IMF (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/ffut-vs-imf)
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