Data as of Nov 4, 2026.
FFLS vs SPY: Differences, Returns & Fees
Over the year to Nov 4, 2026, FFLS returned −0.1% to SPY's +14.8%, and SPY charges 0.09% to FFLS's 1.24%.
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Net assets: $43m on Aug 31, 2026 for The Future Fund Long/Short ETF, and $804.8bn on Nov 3, 2026 for SPDR S&P 500 ETF Trust.
Pair scorecard
SPY costs 1.15 points a year less; their one-year returns differ by 14.9 points.
| Measure | FFLS | SPY |
|---|---|---|
| Return | ||
| Total return, 1 year | −0.1% | +14.8% |
| Total return, 52 weeks | +1.3% | |
| Against its benchmark | ||
| What it tracks | not published | S&P 500 Index |
| Treasury bills, 52 weeks | +3.7% | |
| Against cash | 2.4 points behind | |
| Cost and size | ||
| Expense ratio | 1.24% | 0.09% |
| Net assets, FFLS as of Aug 31, 2026 and SPY as of Nov 3, 2026 | $43m | $804.8bn |
| Holdings | ||
| Holdings in common | not published | |
| In the S&P 500, by weight | 100% | |
| Top ten holdings, share of the fund | 37.3% | |
| Risk | ||
| Correlation with the S&P 500’s weekly returns | +0.65 | |
| Beta to the S&P 500 | +0.61: about 0.61% for each 1% | |
| Its average week when the S&P 500 fell | fell 0.70% | |
| Down-week capture | 65.7% | |
| Weeks the S&P 500 fell | 26 of 52, by 1.07% on average | |
Risk and return
Jun 30, 2023 to Oct 30, 2026 · 174 weekly returnsFrom Jun 2023 to Oct 2026, SPY returned more: +77.4% to +28.9%. FFLS swung less: 11.2% to 14.1%. FFLS fell less at its worst: −10.5% to −16.9%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | FFLS | SPY | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +28.9% | +77.4% | SPY | Price change plus distributions, reinvested. |
| Annualized | +7.9% | +18.7% | SPY | Total return as a yearly rate. |
| Price return | +17.0% | +70.5% | SPY | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 11.2% | 14.1% | FFLS | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 7.4% | 9.1% | FFLS | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −10.5% | −16.9% | FFLS | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.33 | 0.97 | SPY | Return above Treasury bills per unit of volatility. |
| Sortino | 0.50 | 1.49 | SPY | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.75 | 1.11 | SPY | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 174 weekly returns. Cash rate: the 13-week Treasury bill.
Side by side
FFLS and SPY on the fields both publish, as of Nov 4, 2026. Source: ETFIQ.
Client brief:
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FFLS
FFLS is a long-short equity 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 +0.65 with the S&P 500’s and a beta of +0.61, so for each 1% the index moved it moved about 0.61% the same way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks FFLS fell 0.70% on average, a down-week capture of 65.7%. Over the same 52 weeks FFLS returned +1.3% and a Treasury bill fund +3.7%, so it finished 2.4 percentage points behind cash.
SPY
SPY tracks the S&P 500. Over the year to Nov 4, 2026 it returned +14.8% with distributions reinvested, against +14.8% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.09% a year. By its holdings published by its issuer for Nov 3, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 504 positions, with the top ten at 37.3%.
Questions people ask
- Are FFLS and SPY in the same category?
- FFLS is an alternatives ETF and SPY is a stock ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
- Which returned more over the last year, FFLS or SPY?
- In the year to Nov 4, 2026, with distributions reinvested, FFLS returned −0.1% and SPY +14.8%.
- Which is cheaper, FFLS or SPY?
- SPY is cheaper, by 1.15 percentage points a year. That is about $115 on $10,000 held for a year. Fees come from each fund's prospectus.
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ETFIQ, FFLS against SPY, data as of Nov 4, 2026. https://etfiq.com/compare/any/ffls-vs-spy
ETFIQ. (Nov 4, 2026). FFLS against SPY. Retrieved from https://etfiq.com/compare/any/ffls-vs-spy
[FFLS against SPY (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/any/ffls-vs-spy)
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