Which did better when the S&P 500 fell, FFUT or MFUT?

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, FFUT averaged −0.15% and MFUT −0.96%, so FFUT returned more in those weeks.

Which earned more than cash, FFUT or MFUT?

Over the same weeks, FFUT finished 13.4 percentage points ahead of cash and MFUT finished 19.1 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, FFUT or MFUT?

FFUT charges 0.80% a year and MFUT charges 0.89%, so FFUT is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

FFUT vs MFUT: Correlation to the S&P 500

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Over the year to Nov 4, 2026, FFUT moved less with the S&P 500 than MFUT: correlation +0.09 against +0.54.

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Net assets: $394m on Sep 30, 2026 for Fidelity Managed Futures ETF, and $39m on Jun 30, 2026 for Cambria Chesapeake Pure Trend ETF.

FFUT on its own →MFUT on its own →

At a glance

+0.09

FFUT correlation with the S&P 500

+0.54

MFUT correlation with the S&P 500

13.6%

FFUT down-week capture

89.9%

MFUT down-week capture

FFUT Fell 14% as much as the S&P 500

FFUT in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, FFUT −0.15%.

MFUT Fell 90% as much as the S&P 500

MFUT in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, MFUT −0.96%.

Pair scorecard

FFUT costs 0.09 points a year less; their one-year returns differ by 5.6 points.

FFUT vs MFUT: Correlation to the S&P 500
Measure	FFUT	MFUT
Return
Measure	FFUT	MFUT
Total return, 1 year	+17.2%	+22.8%
Against its benchmark
Measure	FFUT	MFUT
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	FFUT	MFUT
Expense ratio	0.80%	0.89%
Net assets, FFUT as of Sep 30, 2026 and MFUT as of Jun 30, 2026	$394m	$39m
Holdings
Measure	FFUT	MFUT
Holdings in common	not published
Risk
Measure	FFUT	MFUT
Beta to the S&P 500	+0.08: about 0.08% for each 1%	+0.74: about 0.74% for each 1%
Its average week when the S&P 500 fell	fell 0.15%	fell 0.96%

ETFIQ Stock Diversification Score · FFUT scores higher How much does it diversify a stock portfolio?

IQ Alternatives Score79.4FFUT29.4MFUT

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

FFUT 79.4

MFUT 29.4

2.9, the lowest in this set 94.2, the highest

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 →

Method

Window by window

Window by window: FFUT vs MFUT: Correlation to the S&P 500
	Total return
Window	FFUT	MFUT
3 months	+0.9%	−2.0%
6 months	+3.2%	−1.4%
1 year	+17.2%	+22.8%
Since launchNot the same days: FFUT Jun 2025 · MFUT May 2024	+22.4%	−5.4%

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Side by side

FFUT Fidelity Managed Futures ETF · Managed futures fund: follows price trends in futures on stocks, bonds, currencies and commodities, and can bet on falls as well as rises MFUT Cambria Chesapeake Pure Trend ETF · Managed futures fund: follows price trends in futures on stocks, bonds, currencies and commodities, and can bet on falls as well as rises

Issuer Fidelity Cambria

Strategy Managed futures Managed futures

Correlation with the S&P 500 +0.09 +0.54

Beta to the S&P 500 +0.08 +0.74

Down-week capture 13.6% 89.9%

Average week when the S&P 500 fell −0.15% −0.96%

The S&P 500 in those weeks −1.07% −1.07%

Total return, same 52 weeks +17.0% +22.8%

Against T-bills, percentage points +13.4 pts +19.1 pts

Expense ratio 0.80% 0.89%

First traded Jun 5, 2025 May 29, 2024

Net assets, FFUT as of Sep 30, 2026 and MFUT as of Jun 30, 2026 $394m $39m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

FFUT and MFUT 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 MFUT’s +0.54. In the 26 weeks the index fell, by 1.07% a week on average, FFUT averaged −0.15% and MFUT −0.96%. Over the same weeks, FFUT finished 13.4 percentage points ahead of cash and MFUT finished 19.1 points ahead of cash.

Alert

About each fund

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.

MFUT

MFUT is a managed futures fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.54 with the S&P 500’s and a beta of +0.74, so for each 1% the index moved it moved about 0.74% the same way. In the same weeks MFUT fell 0.96% on average, a down-week capture of 89.9%. Over the same 52 weeks MFUT returned +22.8% and a Treasury bill fund +3.7%, so it finished 19.1 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, FFUT or MFUT?: Over the 52 weeks to Nov 4, 2026, FFUT’s weekly returns had a correlation of +0.09 with the S&P 500 and MFUT’s +0.54, so FFUT moved less with the index.
Which did better when the S&P 500 fell, FFUT or MFUT?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, FFUT averaged −0.15% and MFUT −0.96%, so FFUT returned more in those weeks.
Which earned more than cash, FFUT or MFUT?: Over the same weeks, FFUT finished 13.4 percentage points ahead of cash and MFUT finished 19.1 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, FFUT or MFUT?: FFUT charges 0.80% a year and MFUT charges 0.89%, so FFUT is cheaper. Fees come from each fund's prospectus.

Other comparisons

FFUT vs KMLM FFUT vs ISMF FFUT vs ASMF FFUT vs HFMF MFUT vs PRAE MFUT vs RSST MFUT vs WTMF MFUT vs TFPN

Where to next

BIL, the T-bill fund these are measured against →SPY, the S&P 500 fund these are measured against →FFUT on its own →MFUT on its own →FFUT dividend history →MFUT dividend history →Method →Standards and sources →

Sources and dates

FFUT filings on SEC EDGAR ↗

FFUT prospectus with the expense ratio (SEC) ↗

Fidelity website ↗

MFUT filings on SEC EDGAR ↗

MFUT prospectus with the expense ratio (SEC) ↗

Cambria website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

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.

Cite this pageCitation, APA and Markdown

ETFIQ, FFUT against MFUT, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/ffut-vs-mfut

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