Data as of Nov 4, 2026.
FFUT vs SPY: Differences, Returns & Fees
Over the year to Nov 4, 2026, FFUT returned +17.2% to SPY's +14.8%, and SPY charges 0.09% to FFUT's 0.80%.
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Net assets: $394m on Sep 30, 2026 for Fidelity Managed Futures ETF, and $804.8bn on Nov 3, 2026 for SPDR S&P 500 ETF Trust.
Pair scorecard
SPY costs 0.71 points a year less; their one-year returns differ by 2.4 points.
| Measure | FFUT | SPY |
|---|---|---|
| Return | ||
| Total return, 1 year | +17.2% | +14.8% |
| Total return, 52 weeks | +17.0% | |
| Against its benchmark | ||
| What it tracks | not published | S&P 500 Index |
| Treasury bills, 52 weeks | +3.7% | |
| Against cash | 13.4 points ahead | |
| Cost and size | ||
| Expense ratio | 0.80% | 0.09% |
| Net assets, FFUT as of Sep 30, 2026 and SPY as of Nov 3, 2026 | $394m | $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 | +0.09 | |
| Beta to the S&P 500 | +0.08: about 0.08% for each 1% | |
| Its average week when the S&P 500 fell | fell 0.15% | |
| Down-week capture | 13.6% | |
| Weeks the S&P 500 fell | 26 of 52, by 1.07% on average | |
Risk and return
Jun 13, 2025 to Oct 30, 2026 · 72 weekly returnsFrom Jun 2025 to Oct 2026, SPY returned slightly more: +28.7% to +27.4%. FFUT swung less: 9.3% to 11.6%. FFUT fell less at its worst: −4.2% to −8.4%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | FFUT | SPY | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +27.4% | +28.7% | SPY (slight) | Price change plus distributions, reinvested. |
| Annualized | +19.1% | +20.0% | SPY (slight) | Total return as a yearly rate. |
| Price return | +24.7% | +26.6% | SPY (slight) | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 9.3% | 11.6% | FFUT | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 5.4% | 6.7% | FFUT | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −4.2% | −8.4% | FFUT | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 1.52 | 1.29 | FFUT | Return above Treasury bills per unit of volatility. |
| Sortino | 2.61 | 2.23 | FFUT | Return above Treasury bills per unit of downside deviation. |
| Calmar | 4.54 | 2.38 | FFUT | 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.
Side by side
FFUT and SPY on the fields both publish, as of Nov 4, 2026. Source: ETFIQ.
Client brief:
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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.
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 FFUT and SPY in the same category?
- FFUT 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, FFUT or SPY?
- In the year to Nov 4, 2026, with distributions reinvested, FFUT returned +17.2% and SPY +14.8%.
- Which is cheaper, FFUT or SPY?
- SPY is cheaper, by 0.71 percentage points a year. That is about $71 on $10,000 held for a year. Fees come from each fund's prospectus.
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ETFIQ, FFUT against SPY, data as of Nov 4, 2026. https://etfiq.com/compare/any/ffut-vs-spy
ETFIQ. (Nov 4, 2026). FFUT against SPY. Retrieved from https://etfiq.com/compare/any/ffut-vs-spy
[FFUT against SPY (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/any/ffut-vs-spy)
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