FFUT vs SPY
Fidelity Managed Futures ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | FFUT | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.80% | 0.09% | |
| AUM | $247M | $789.1B | |
| Dividend Yield | 1.94% | 1.01% | |
| Holdings | 165 | 505 | |
| YTD Return | +12.18% | +13.79% | |
| 1Y Return | +21.47% | +23.66% | |
| 3Y Return (annualized) | - | +21.40% | |
| 5Y Return (annualized) | - | +13.37% | |
| Volatility (annualized) | 7.3% | 15.3% | |
| Max Drawdown | -5.6% | -56.5% | |
| Fund Family | Fidelity Investments (US) | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Jun 3, 2025 | Jan 22, 1993 |
FFUT vs SPY Performance
Fidelity Managed Futures ETF (FFUT) is a ETF from Fidelity Investments (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year FFUT returned +21.47% while SPY returned +23.66%. Year to date, FFUT is up 12.18% versus a gain of 13.79% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 7.3% for FFUT. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -5.6% for FFUT and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.09. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
FFUT charges 0.80% per year while SPY charges 0.09%. On a $10,000 position that is $80 vs $9 annually, a gap of $71 per year that compounds over a long holding period. On income, FFUT currently yields 1.94% against 1.01% for SPY.
Holdings Overlap
FFUT and SPY share 1 holdings out of 507 unique holdings combined, representing a 2.4% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in FFUT | Weight in SPY | Difference |
|---|---|---|---|
| NVDA | 2.41% | 7.31% | 4.90% |
Frequently Asked Questions
Which is cheaper, FFUT or SPY?
FFUT has an expense ratio of 0.80% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $71 per year of difference.
Which performed better, FFUT or SPY?
Over the past year FFUT returned +21.47% vs +23.66% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), FFUT annualized +18.60% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, FFUT or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 7.3% for FFUT. Worst drawdown: FFUT -5.6% vs SPY -56.5%.
Should I hold both FFUT and SPY?
FFUT and SPY have a monthly-return correlation of 0.09, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between FFUT and SPY?
FFUT and SPY share 1 common holdings with a 2.4% weight overlap. Combined, they hold 507 unique securities.
Which pays a higher dividend, FFUT or SPY?
FFUT yields 1.94% while SPY yields 1.01%, so FFUT currently pays the higher dividend yield.
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