FCPI vs SPY
Fidelity Stocks for Inflation 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 | FCPI | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.15% | 0.09% | |
| AUM | $276M | $789.1B | |
| Dividend Yield | 1.60% | 1.01% | |
| Holdings | 105 | 505 | |
| YTD Return | +14.34% | +14.47% | |
| 1Y Return | +18.48% | +21.96% | |
| 3Y Return (annualized) | +20.78% | +21.70% | |
| 5Y Return (annualized) | +14.49% | +13.30% | |
| Volatility (annualized) | 17.0% | 15.3% | |
| Max Drawdown | -37.3% | -56.5% | |
| Fund Family | Fidelity Investments (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Nov 5, 2019 | Jan 22, 1993 |
FCPI vs SPY Performance
Fidelity Stocks for Inflation ETF (FCPI) 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 FCPI returned +18.48% while SPY returned +21.96%. Year to date, FCPI is up 14.34% versus a gain of 14.47% for SPY.
Over three years, FCPI compounded at +20.78% per year against +21.70% for SPY; over five years the annualized figures are +14.49% and +13.30% respectively. Across the full 7-year window we track, FCPI has the edge at +14.53% annualized vs +8.87%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FCPI has been the more volatile fund, with annualized monthly volatility of 17.0% compared with 15.3% for SPY. 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 -37.3% for FCPI 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 0.93. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
FCPI charges 0.15% per year while SPY charges 0.09%. On a $10,000 position that is $15 vs $9 annually, a gap of $6 per year that compounds over a long holding period. On income, FCPI currently yields 1.60% against 1.01% for SPY.
Holdings Overlap
FCPI and SPY share 64 holdings out of 539 unique holdings combined, representing a 37.3% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, FCPI or SPY?
FCPI has an expense ratio of 0.15% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $6 per year of difference.
Which performed better, FCPI or SPY?
Over the past year FCPI returned +18.48% vs +21.96% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (7 years), FCPI annualized +14.53% vs +8.87% for SPY. Past performance does not guarantee future results.
Which is riskier, FCPI or SPY?
FCPI has been the more volatile fund at 17.0% annualized versus 15.3% for SPY. Worst drawdown: FCPI -37.3% vs SPY -56.5%.
Should I hold both FCPI and SPY?
FCPI and SPY have a monthly-return correlation of 0.93, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between FCPI and SPY?
FCPI and SPY share 64 common holdings with a 37.3% weight overlap. Combined, they hold 539 unique securities.
Which pays a higher dividend, FCPI or SPY?
FCPI yields 1.60% while SPY yields 1.01%, so FCPI currently pays the higher dividend yield.
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