FAAA vs SPY
Fidelity AAA CLO ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
FAAA has a lower expense ratio. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | FAAA | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.00% | 0.09% | |
| AUM | $79M | $821.1B | |
| Dividend Yield | 2.40% | 1.01% | |
| Holdings | 59 | 505 | |
| YTD Return | +2.71% | +13.47% | |
| 1Y Return | - | +20.57% | |
| 3Y Return (annualized) | - | +21.83% | |
| 5Y Return (annualized) | - | +12.88% | |
| Volatility (annualized) | - | 15.3% | |
| Max Drawdown | -0.6% | -56.5% | |
| Fund Family | Fidelity Investments (US) | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Feb 11, 2026 | Jan 22, 1993 |
FAAA vs SPY Performance
Fidelity AAA CLO ETF (FAAA) 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. Year to date, FAAA is up 2.71% versus a gain of 13.47% for SPY.
Risk: Volatility and Drawdowns
The deepest peak-to-trough decline in our data was -0.6% for FAAA and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
Fees and Cost Over Time
FAAA charges 0.00% per year while SPY charges 0.09%. On a $10,000 position that is $0 vs $9 annually, a gap of $9 per year that compounds over a long holding period. On income, FAAA currently yields 2.40% against 1.01% for SPY.
Holdings Overlap
FAAA and SPY share 0 holdings out of 506 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, FAAA or SPY?
FAAA has an expense ratio of 0.00% while SPY charges 0.09%. FAAA is the cheaper option. On a $10,000 investment, that is $9 per year of difference.
What is the holdings overlap between FAAA and SPY?
FAAA and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 506 unique securities.
Which pays a higher dividend, FAAA or SPY?
FAAA yields 2.40% while SPY yields 1.01%, so FAAA currently pays the higher dividend yield.
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