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Data as of Nov 4, 2026.

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MFUT vs SPY: Differences, Returns & Fees

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Over the year to Nov 4, 2026, MFUT returned +22.8% to SPY's +14.8%, and SPY charges 0.09% to MFUT's 0.89%.

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Net assets: $39m on Jun 30, 2026 for Cambria Chesapeake Pure Trend ETF, and $804.8bn on Nov 3, 2026 for SPDR S&P 500 ETF Trust.

MFUT on its own →SPY on its own →
At a glance
+22.8%
MFUT total return, 1 year
+14.8%
SPY total return, 1 year
0.89%
MFUT expense ratio
0.09%
SPY expense ratio

Pair scorecard

SPY costs 0.80 points a year less; their one-year returns differ by 8.0 points.

MFUT vs SPY: Differences, Returns & Fees
MeasureMFUTSPY
Return
Total return, 1 year+22.8%+14.8%
Total return, 52 weeks+22.8%
Against its benchmark
What it tracksnot publishedS&P 500 Index
Treasury bills, 52 weeks+3.7%
Against cash19.1 points ahead
Cost and size
Expense ratio0.89%0.09%
Net assets, MFUT as of Jun 30, 2026 and SPY as of Nov 3, 2026$39m$804.8bn
Holdings
Holdings in commonnot published
In the S&P 500, by weight100%
Top ten holdings, share of the fund37.3%
Risk
Correlation with the S&P 500’s weekly returns+0.54
Beta to the S&P 500+0.74: about 0.74% for each 1%
Its average week when the S&P 500 fellfell 0.96%
Down-week capture89.9%
Weeks the S&P 500 fell26 of 52, by 1.07% on average

Method

Risk and return

Jun 7, 2024 to Oct 30, 2026 · 125 weekly returns
MFUT SPY
Return
Total return edge SPY −0.6% +45.7%
Annualized edge SPY −0.3% +16.9%
Price return edge SPY −1.0% +41.5%
Risk
Volatility edge MFUT 11.7% 14.8%
Max drawdown edge SPY −27.6% −16.9%
Risk-adjusted
Sharpe edge SPY −0.33 0.85
Sortino edge SPY −0.42 1.30
Calmar edge SPY −0.01 1.00
Reading

From Jun 2024 to Oct 2026, SPY returned more: +45.7% to −0.6%. MFUT swung less: 11.7% to 14.8%. SPY fell less at its worst: −16.9% to −27.6%.

Full scorecard

9 measures, with how each is measured Open ↓
Risk and return: MFUT vs SPY: Differences, Returns & Fees
MeasureMFUTSPYEdgeHow it is measured
Return
Total return−0.6%+45.7%SPYPrice change plus distributions, reinvested.
Annualized−0.3%+16.9%SPYTotal return as a yearly rate.
Price return−1.0%+41.5%SPYPrice change alone, distributions left out.
Risk
Volatility11.7%14.8%MFUTSpread of weekly returns, annualized. Lower is steadier.
Downside deviation8.9%9.6%MFUT (slight)Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown−27.6%−16.9%SPYDeepest fall from a high to the low after it.
Risk-adjusted
Sharpe−0.330.85SPYReturn above Treasury bills per unit of volatility.
Sortino−0.421.30SPYReturn above Treasury bills per unit of downside deviation.
Calmar−0.011.00SPYAnnualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 125 weekly returns. Cash rate: the 13-week Treasury bill.

Side by side

MFUT Cambria Chesapeake Pure Trend ETF SPY SPDR S&P 500 ETF Trust
Where it sits Alternatives ETF Stock ETF
Issuer Cambria State Street
What it is Managed futures Tracks the S&P 500
Total return, 1 year +22.8% +14.8%
Its benchmark over the same days not measured +14.8% (VOO)
Gap to its benchmark not measured 0.0 pts vs VOO
Expense ratio 0.89% 0.09%
Holdings not read by ETFIQ 504
Net assets, MFUT as of Jun 30, 2026 and SPY as of Nov 3, 2026 $39m $804.8bn

MFUT and SPY on the fields both publish, as of Nov 4, 2026. Source: ETFIQ.

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About each fund
MFUT

MFUT 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 +0.54 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. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. 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.

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 MFUT and SPY in the same category?
MFUT 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, MFUT or SPY?
In the year to Nov 4, 2026, with distributions reinvested, MFUT returned +22.8% and SPY +14.8%.
Which is cheaper, MFUT or SPY?
SPY is cheaper, by 0.80 percentage points a year. That is about $80 on $10,000 held for a year. Fees come from each fund's prospectus.
Other comparisons
MFUT vs VOOIVV vs MFUTMFUT vs QQQBND vs MFUTASMF vs SPYCTA vs SPYDBMF vs SPYHFMF vs SPY
Where to next
BIL, the T-bill fund these are measured against →MFUT on its own →SPY on its own →Hold both: look the portfolio through →Rankings →MFUT dividend history →SPY dividend history →SPY holdings →Standards and sources →
Sources and dates
MFUT filings on SEC EDGAR ↗
MFUT prospectus with the expense ratio (SEC) ↗
Cambria website ↗
SPY filings on SEC EDGAR ↗
State Street website ↗

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

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ETFIQ, MFUT against SPY, data as of Nov 4, 2026. https://etfiq.com/compare/any/mfut-vs-spy

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